<SEC-DOCUMENT>0001193125-15-053090.txt : 20150219
<SEC-HEADER>0001193125-15-053090.hdr.sgml : 20150219
<ACCEPTANCE-DATETIME>20150218201555
ACCESSION NUMBER:		0001193125-15-053090
CONFORMED SUBMISSION TYPE:	F-10
PUBLIC DOCUMENT COUNT:		24
FILED AS OF DATE:		20150219
DATE AS OF CHANGE:		20150218

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-10
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-202166-04
		FILM NUMBER:		15629891

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

	MAIL ADDRESS:	
		STREET 1:		800, 525 - 8TH AVENUE S.W.
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 1G1

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-10
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-202166-11
		FILM NUMBER:		15629899

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

	MAIL ADDRESS:	
		STREET 1:		800, 525 - 8TH AVENUE S.W.
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 1G1

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GREY WOLF DRILLING CO LP
		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-10
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-202166-13
		FILM NUMBER:		15629901

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

	MAIL ADDRESS:	
		STREET 1:		800, 525-8TH AVENUE S.W.
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 1G1

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

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-10
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-202166-02
		FILM NUMBER:		15629889

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

	MAIL ADDRESS:	
		STREET 1:		800, 525 - 8TH AVENUE S.W.
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 1G1

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-10
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-202166-14
		FILM NUMBER:		15629902

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

	MAIL ADDRESS:	
		STREET 1:		800, 525 - 8TH AVENUE S.W.
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 1G1

FILER:

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

	FILING VALUES:
		FORM TYPE:		F-10
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-202166-10
		FILM NUMBER:		15629898

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

	MAIL ADDRESS:	
		STREET 1:		800, 525 - 8TH AVENUE S.W.
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 1G1

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Precision Drilling Oilfield Services Corp
		DATE OF NAME CHANGE:	20110412

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Precision Directional Services Ltd.
		CENTRAL INDEX KEY:			0001539284
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-10
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-202166-09
		FILM NUMBER:		15629897

	BUSINESS ADDRESS:	
		STREET 1:		800, 525 - 8TH AVENUE, S.W.
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 1G1
		BUSINESS PHONE:		(403) 716-4500

	MAIL ADDRESS:	
		STREET 1:		800, 525 - 8TH AVENUE, S.W.
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 1G1

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-10
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-202166
		FILM NUMBER:		15629887

	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:			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-10
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-202166-07
		FILM NUMBER:		15629895

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

	MAIL ADDRESS:	
		STREET 1:		800, 525 - 8TH AVENUE S.W.
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 1G1

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

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-10
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-202166-12
		FILM NUMBER:		15629900

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

	MAIL ADDRESS:	
		STREET 1:		800, 525 - 8TH AVENUE S.W.
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 1G1

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

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-10
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-202166-08
		FILM NUMBER:		15629896

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

	MAIL ADDRESS:	
		STREET 1:		800, 525 - 8TH AVENUE S.W.
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 1G1

FILER:

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

	FILING VALUES:
		FORM TYPE:		F-10
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-202166-17
		FILM NUMBER:		15629905

	BUSINESS ADDRESS:	
		STREET 1:		800, 525 - 8TH AVENUE S.W.
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 1G1
		BUSINESS PHONE:		(403)716-4500

	MAIL ADDRESS:	
		STREET 1:		800, 525 - 8TH AVENUE S.W.
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 1G1

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Precision Oilfield Personnel Services Ltd.
		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-10
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-202166-15
		FILM NUMBER:		15629903

	BUSINESS ADDRESS:	
		STREET 1:		800, 525 - 8TH AVENUE S.W.
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 1G1
		BUSINESS PHONE:		(403)716-4500

	MAIL ADDRESS:	
		STREET 1:		800, 525 - 8TH AVENUE S.W.
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 1G1

FILER:

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

	FILING VALUES:
		FORM TYPE:		F-10
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-202166-18
		FILM NUMBER:		15629906

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

	MAIL ADDRESS:	
		STREET 1:		800, 525 - 8TH AVENUE S.W.
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 1G1

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Grey Wolf Supply Inc.
		DATE OF NAME CHANGE:	20110412

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-10
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-202166-01
		FILM NUMBER:		15629888

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

	MAIL ADDRESS:	
		STREET 1:		800, 525 - 8TH AVENUE S.W.
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 1G1

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

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-10
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-202166-06
		FILM NUMBER:		15629894

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

	MAIL ADDRESS:	
		STREET 1:		800, 525 - 8TH AVENUE S.W.
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 1G1

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

	FILING VALUES:
		FORM TYPE:		F-10
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-202166-16
		FILM NUMBER:		15629904

	BUSINESS ADDRESS:	
		STREET 1:		800, 525-8TH AVENUE S.W.
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 1G1
		BUSINESS PHONE:		(403)716-4500

	MAIL ADDRESS:	
		STREET 1:		800, 525-8TH AVENUE S.W.
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 1G1

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-10
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-202166-03
		FILM NUMBER:		15629890

	BUSINESS ADDRESS:	
		STREET 1:		800, 525 - 8TH AVENUE S.W.
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 1G1
		BUSINESS PHONE:		(403)716-4500

	MAIL ADDRESS:	
		STREET 1:		800, 525 - 8TH AVENUE S.W.
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 1G1

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-10
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-202166-05
		FILM NUMBER:		15629892

	BUSINESS ADDRESS:	
		STREET 1:		800, 525 - 8TH AVENUE S.W.
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 1G1
		BUSINESS PHONE:		(403)716-4500

	MAIL ADDRESS:	
		STREET 1:		800, 525 - 8TH AVENUE S.W.
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P 1G1

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Precision Drilling International Corp
		DATE OF NAME CHANGE:	20110413
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-10
<SEQUENCE>1
<FILENAME>d850935df10.htm
<DESCRIPTION>FORM F-10
<TEXT>
<HTML><HEAD>
<TITLE>Form F-10</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>As filed with the Securities and Exchange Commission on February&nbsp;18, 2015. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Registration No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>
<P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM F-10 and
FORM F-4 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>REGISTRATION STATEMENT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><I>UNDER </I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><I>THE
SECURITIES ACT OF 1933 </I></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" ALIGN="center"><B>Form F-10</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Form F-4</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-size:18pt"><B>Precision Drilling Corporation</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>(FOR CO-REGISTRANTS, PLEASE SEE TABLE OF CO- REGISTRANTS ON THE FOLLOWING PAGE)</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B>(Exact Name of Registrant as Specified in its Charter)</B></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>Alberta, Canada</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>1381</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Not Applicable</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or Other Jurisdiction of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Incorporation or Organization)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Primary Standard Industrial</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Classification Code Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(I.R.S. Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>800, 525 &#151; 8<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Avenue S.W. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Calgary, Alberta, Canada T2P 1G1 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(403)&nbsp;716-4500 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address and telephone number of Registrant&#146;s principal executive offices) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Precision Drilling (US) Corporation </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>10350 Richmond Avenue, Suite&nbsp;700 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Houston, Texas 77042 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(713)&nbsp;435-6184 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Name, address and telephone number of agent for service) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>Copies to: </I></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>Robert J. McNally</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Christopher J. Cummings</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Mark Eade</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Executive Vice President and Chief Financial Officer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Precision Drilling Corporation</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>800, 525 &#151; 8<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Avenue S.W.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Calgary, Alberta,</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Canada
T2P 1G1</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(403) 716-4500</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Paul, Weiss, Rifkind, Wharton &amp; Garrison LLP</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>77 King Street West</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Suite
3100</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Toronto, Ontario</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Canada M5K 1J3</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(416)
504-0520</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Norton Rose Fulbright Canada LLP</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>400 3<SUP STYLE="font-size:85%; vertical-align:top">rd</SUP> Avenue SW</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Suite 3700</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Calgary,
Alberta</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Canada T2P 4H2</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(403) 267-8121</B></P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Form F-10</B></P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Form F-4</B></P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Province of Alberta, Canada</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Principal Jurisdiction Regulating this Form F-10 Offering)</B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">It is proposed that this filing shall become effective (check appropriate
box):</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="text-indent:2.00em; font-size:10pt; font-family:Times New Roman">If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) 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.&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></P></TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <DIV STYLE="position:relative;float:left; margin-right:1%; width:48%;padding-right:9pt;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A. <FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> upon filing with the Commission, pursuant to Rule 467(a)
(if in connection with an offering being made contemporaneously in the United States and Canada). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:10pt; text-indent:-10pt; font-size:10pt; font-family:Times New Roman">B. <FONT
STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT> at some future date (check appropriate box below): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:20pt; font-size:10pt; font-family:Times New Roman">1.
<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> Pursuant to Rule 467(b) on (&nbsp;&nbsp;&nbsp;&nbsp;) at (&nbsp;&nbsp;&nbsp;&nbsp;) (designate a time not sooner than seven calendar days after filing). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:20pt; font-size:10pt; font-family:Times New Roman">2. <FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> Pursuant to Rule 467(b) on (&nbsp;&nbsp;&nbsp;&nbsp;) at (&nbsp;&nbsp;&nbsp;&nbsp;)
(designate a time seven calendar days or sooner after filing) because the securities regulatory authority in the review jurisdiction has issued a receipt or notification of clearance on (&nbsp;&nbsp;&nbsp;&nbsp;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:20pt; font-size:10pt; font-family:Times New Roman">3. <FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> Pursuant to Rule 467(b) as soon as practicable after notification of the Commission by
the registrant or the Canadian securities regulatory authority of the review jurisdiction that a receipt or notification of clearance has been issued with respect hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:20pt; font-size:10pt; font-family:Times New Roman">4. <FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT> After the filing of the next amendment to this form (if preliminary material is being
filed). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:20pt; font-size:10pt; font-family:Times New Roman">If any of the securities being registered on this Form F- 10 are to be offered on a delayed or continuous basis pursuant to the
home jurisdiction&#146;s shelf prospectus offering procedures, check the following box.&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT>
</P></DIV><DIV STYLE="position:relative;float:right; width:48%;padding-right:9pt;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:20pt; font-size:10pt; font-family:Times New Roman">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.&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:20pt; font-size:10pt; font-family:Times New Roman">If applicable, place an X in the box to designate the appropriate rule provision relied upon in conducting this transaction: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:20pt; font-size:10pt; font-family:Times New Roman">Exchange Act Rule 13e-4(i) (Cross-Border Issuer Tender Offer)&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:20pt; font-size:10pt; font-family:Times New Roman">Exchange Act Rule 14d-1(d) (Cross-Border Third-Party Tender Offer)&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT>
</P></DIV><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>
 <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CALCULATION
OF REGISTRATION FEE </B></P> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD></TR>


<TR STYLE="font-size:1px; ">
<TD COLSPAN="9" VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title of each class of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Securities to be Registered</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Amount</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>to be</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Registered</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Proposed</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Aggregate</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Offering
Price</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Per Note (1)</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Proposed</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Maximum<BR>Aggregate</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Offering Price (1)</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"><B>Amount of<BR>Registration Fee</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">5.250% Senior Notes due 2024</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">US$400,000,000&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">100%</TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">US$400,000,000&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">US$46,480</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Guarantees of 5.250% Senior Notes due 2024 (2)</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">N/A</TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">N/A</TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">N/A</TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">N/A (3)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"><B>US$400,000,000&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"><B>US$400,000,000&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"><B>US$46,480</B></TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="9" VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">Estimated solely for purposes of calculating the registration fee pursuant to Rule 457 under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;). </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">See inside facing page for table of registrant guarantors. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top">Pursuant to Rule 457(n) under the Securities Act, no separate filing fee is required for the guarantees. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><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 Section&nbsp;8(a) 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;8(a), may
determine. </B></P> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TABLE OF ADDITIONAL REGISTRANT GUARANTORS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Form F-4 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="30%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exact Name of Registrant</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Guarantor as Specified in</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>its Charter (or Other</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Organizational Document)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>State&nbsp;or&nbsp;Other</B><br><B>Jurisdiction&nbsp;of</B><br><B>Incorporation&nbsp;or</B><br><B>Organization</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Primary&nbsp;Standard</B><br><B>Industrial</B><br><B>Classification</B><br><B>Code Number</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>I.R.S.&nbsp;Employer</B><br><B>Identification</B><br><B>Number</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Addresses and Telephone</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Numbers of Principal</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Executive Offices</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">Precision Completion &amp; Production Services&nbsp;Ltd.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Delaware</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">1381</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">98-0679637</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10350 Richmond Avenue,</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Suite 700</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Houston, TX 77042</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(713) 435-6184</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">Precision Diversified Oilfield Services Corp.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Alberta,<BR>Canada</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">1381</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Not&nbsp;Applicable</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">800, 525 &#151; 8<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Avenue, S.W.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Calgary, Alberta, Canada</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">T2P
1G1</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(403) 716-4500</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">Precision Limited Partnership</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Alberta,<BR>Canada</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">1381</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Not&nbsp;Applicable</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">800, 525 &#151; 8<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Avenue, S.W.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Calgary, Alberta, Canada</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">T2P
1G1</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(403) 716-4500</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">Precision Drilling Canada Limited Partnership</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Alberta,<BR>Canada</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">1381</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Not&nbsp;Applicable</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">800, 525 &#151; 8<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Avenue, S.W.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Calgary, Alberta, Canada</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">T2P
1G1</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(403) 716-4500</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">Precision Employment Services Corp.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Alberta,<BR>Canada</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">1381</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Not&nbsp;Applicable</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">800, 525 &#151; 8<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Avenue, S.W.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Calgary, Alberta, Canada</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">T2P
1G1</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(403) 716-4500</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">Precision Drilling, Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Delaware</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">1381</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">26-4435759</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10350 Richmond Avenue,</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Suite 700</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Houston, TX 77042</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(713) 435-6184</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">DI Energy, Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Texas</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">1381</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">74-2175411</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10350 Richmond Avenue,</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Suite&nbsp;700</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Houston, TX
77042</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(713)&nbsp;435-6184</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">Grey Wolf International, Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Texas</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">1381</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">76-0000351</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10350 Richmond Avenue,</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Suite&nbsp;700</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Houston, TX
77042</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(713)&nbsp;435-6184</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">Grey Wolf International Drilling Corporation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Canada</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">1381</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Not&nbsp;Applicable</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">800, 525 &#151; 8<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Avenue, S.W.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Calgary, Alberta, Canada</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">T2P
1G1</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(403) 716-4500</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="30%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exact Name of Registrant</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Guarantor as Specified in</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>its Charter (or Other</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Organizational Document)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>State&nbsp;or&nbsp;Other</B><br><B>Jurisdiction&nbsp;of</B><br><B>Incorporation&nbsp;or</B><br><B>Organization</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Primary&nbsp;Standard</B><br><B>Industrial</B><br><B>Classification</B><br><B>Code Number</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>I.R.S.&nbsp;Employer</B><br><B>Identification</B><br><B>Number</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Addresses and Telephone</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Numbers of Principal</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Executive Offices</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">Precision Drilling Holdings Company</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Nevada</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">1381</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">74-1987143</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10350 Richmond Avenue,</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Suite 700</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Houston, TX 77042</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(713) 435-6184</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">Precision Drilling LLC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Louisiana</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">1381</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">72-1433406</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10350 Richmond Avenue,</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Suite 700</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Houston, TX 77042</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(713) 435-6184</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">Precision Drilling Company, LP</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Texas</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">1381</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">76-0590999</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10350 Richmond Avenue,</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Suite 700</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Houston, TX 77042</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(713) 435-6184</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">Murco Drilling Corporation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Delaware</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">1381</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">72-0512163</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10350 Richmond Avenue,</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Suite 700</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Houston, TX 77042</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(713) 435-6184</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">DI/Perfensa Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Texas</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">1381</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">76-0378440</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10350 Richmond Avenue,</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Suite&nbsp;700</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Houston, TX
77042</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(713)&nbsp;435-6184</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">PD Supply Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Texas</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">1381</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">76-0378440</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10350 Richmond Avenue,</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Suite&nbsp;700</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Houston, TX
77042</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(713)&nbsp;435-6184</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">Precision Drilling (US) Corporation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Texas</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">1381</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">26-3638348</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10350 Richmond Avenue,</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Suite 700</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Houston, TX 77042</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(713) 435-6184</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">Precision Directional Services, Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Texas</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">1381</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">45-0603611</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10350 Richmond Avenue,</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Suite 700</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Houston, TX 77042</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(713) 435-6184</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">Precision Directional Services Ltd.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Alberta,<BR>Canada</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">1381</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Not&nbsp;Applicable</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">800, 525 &#151; 8<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Avenue, S.W.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Calgary, Alberta, Canada</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">T2P
1G1</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(403) 716-4500</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PART 1 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INFORMATION REQUIRED TO BE DELIVERED </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TO OFFEREES OR PURCHASERS </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow"><FONT COLOR="#cc062a"><B>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. </B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><FONT COLOR="#cc062a"><B>SUBJECT TO COMPLETION, DATED February&nbsp;18, 2015 </B></FONT></P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>PRELIMINARY PROSPECTUS </B></P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g850935g78f39.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:16pt; font-family:Times New Roman" ALIGN="center"><B>US$400,000,000 </B></P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>PRECISION DRILLING CORPORATION </B></P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:3%; font-size:8.5pt; font-family:Times New Roman">Offer to
Exchange all outstanding US$400,000,000 5.250%&nbsp;Senior Notes due 2024 (the &#147;Outstanding Notes&#148;) for an equal amount of 5.250%&nbsp;Senior Notes due 2024, which have been registered under the Securities Act (the &#147;Exchange
Notes&#148;). </P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:8.5pt; font-family:Times New Roman"><B>The Exchange Offer </B></P> <P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">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 in the United States. </TD></TR></TABLE>
<P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">You may withdraw tenders of Outstanding Notes at any time prior to the expiration date of the exchange offer. </TD></TR></TABLE> <P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The exchange offer expires at 11:59&nbsp;p.m., New York City time, on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2015, unless extended. We
do not currently intend to extend the expiration date. </TD></TR></TABLE> <P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The exchange of Outstanding Notes for Exchange Notes in the exchange offer will not be a taxable event for U.S.&nbsp;federal income tax purposes. </TD></TR></TABLE>
<P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">We will not receive any proceeds from the exchange offer. </TD></TR></TABLE> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:8.5pt; font-family:Times New Roman"><B>The Exchange Notes </B></P>
<P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">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></TABLE>
<P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">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 in the United States. </TD></TR></TABLE>
<P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Certain of Precision Drilling Corporation&#146;s United States and Canadian subsidiaries 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>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:8.5pt; font-family:Times New Roman"><B>Resales of Exchange Notes </B></P> <P STYLE="font-size:1pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">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>
<P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:3%; font-size:8.5pt; font-family:Times New Roman">All untendered Outstanding Notes will continue to be subject to the restrictions on transfer set forth in the Outstanding Notes and in the
indenture governing the notes. 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. </P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:4%; font-size:8.5pt; font-family:Times New Roman"><B>You should consider carefully the <A HREF="#toc850935_9">risk factors</A> beginning on page&nbsp;13 of this prospectus before participating
in the exchange offer. </B></P> <P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:3%; font-size:8.5pt; font-family:Times New Roman"><B>This offering is made by a foreign issuer that is permitted, under a multijurisdictional disclosure system
adopted by the United States, to prepare this prospectus in accordance with Canadian disclosure requirements. Prospective investors should be aware that such requirements are different from those of the United States. Financial statements included
or incorporated herein have been prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board (&#147;IFRS&#148;), and thus may not be comparable to financial statements of United
States companies. </B></P> <P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:3%; font-size:8.5pt; font-family:Times New Roman"><B>Prospective investors should be aware that the acquisition of the securities described herein may have tax
consequences both in the United States and in Canada. Such consequences for investors who are resident in, or citizens of, the United States may not be described fully herein. </B></P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:3%; font-size:8.5pt; font-family:Times New Roman"><B>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. </B></P> <P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:3%; font-size:8.5pt; font-family:Times New Roman"><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></P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:3%; font-size:8.5pt; font-family:Times New Roman"><B>Prospective investors should be aware that, during the period of the exchange offer, the registrant or its affiliates, directly or
indirectly, may bid for or make purchases of Notes to be distributed or to be exchanged, or certain related debt securities, as permitted by applicable laws or regulations of Canada, or its provinces or territories. </B></P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:3%; font-size:8.5pt; font-family:Times New Roman">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 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&nbsp;days after the Expiration Date (as defined herein), it will make this
prospectus available to any broker-dealer for use in connection with any such resale. See &#147;Plan of Distribution.&#148; </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:8.5pt; font-family:Times New Roman" ALIGN="center"><B>The date of
this prospectus is &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2015. </B></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc"></A>TABLE OF CONTENTS </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="95%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Page</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc850935_1">ENFORCEABILITY OF CIVIL LIABILITIES AGAINST FOREIGN PERSONS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc850935_2">PRESENTATION OF FINANCIAL INFORMATION</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc850935_3">CURRENCY TRANSLATION</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc850935_4">DOCUMENTS INCORPORATED BY REFERENCE AND WHERE YOU CAN FIND MORE INFORMATION</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc850935_5">MARKET AND INDUSTRY DATA</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc850935_6">TRADEMARKS AND SERVICE MARKS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc850935_7">FORWARD-LOOKING STATEMENTS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc850935_8">SUMMARY</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc850935_9">RISK FACTORS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc850935_10">USE OF PROCEEDS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc850935_11">SELECTED HISTORICAL CONSOLIDATED FINANCIAL DATA</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc850935_12">THE EXCHANGE OFFER</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc850935_13">DESCRIPTION OF THE EXCHANGE NOTES</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc850935_14">CERTAIN UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">89</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc850935_15">CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">91</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc850935_16">CERTAIN ERISA CONSIDERATIONS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">93</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc850935_17">PLAN OF DISTRIBUTION</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">95</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc850935_17b">EARNINGS COVERAGE RATIOS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">95</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc850935_18">LEGAL MATTERS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">96</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc850935_19">EXPERTS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">96</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc850935_21">DOCUMENTS FILED AS PART OF THE REGISTRATION STATEMENT</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">96</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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
(&#147;Precision&#148;). 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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">i </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc850935_1"></A>ENFORCEABILITY OF CIVIL LIABILITIES AGAINST FOREIGN PERSONS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Precision 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 U.S. courts,
because a portion of our assets and a substantial portion of the assets of these persons are located outside the United States. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 U.S. and as to the enforceability in Canadian courts of
judgments of U.S. 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. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc850935_2">
</A>PRESENTATION OF FINANCIAL INFORMATION </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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.&nbsp;dollars&#148; are to U.S. dollars. See &#147;Currency Translation&#148; below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The financial statements and financial information included and incorporated by reference in this prospectus have been prepared in accordance
with IFRS. IFRS differs in some material respects from U.S.&nbsp;generally accepted accounting principles (&#147;U.S.&nbsp;GAAP&#148;), and so these financial statements and financial information may not be comparable to the financial statements and
financial information of U.S.&nbsp;companies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The audited financial statements of Precision as of December&nbsp;31, 2013
and&nbsp;December&nbsp;31, 2012 and for the years ended December&nbsp;31, 2013, 2012 and 2011 and the unaudited financial statements of Precision as of September&nbsp;30, 2014 and for the three and nine months ended September&nbsp;30, 2014 and 2013
incorporated by reference in this prospectus have been prepared in accordance with IFRS and have not been reconciled to U.S.&nbsp;GAAP. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The financial results of Precision&#146;s subsidiaries that have guaranteed the obligations of Precision under the Outstanding Notes, the
Exchange Notes and the indenture governing the notes are included in the consolidated financial results of Precision. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc850935_3">
</A>CURRENCY TRANSLATION </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table lists, for each period presented, the high and low exchange rates, the average of the
exchange rates on the last day of each month during the period indicated and the exchange rates at the end of the period for one Canadian dollar, expressed in U.S. dollars, based on the noon exchange rate of the Bank of Canada. On February&nbsp;13,
2015, the noon exchange rate was C$1.00 per US$0.8033. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="45%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year Ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2012</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2011</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2010</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">High for the period</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">US$</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;0.9422</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">US$</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;1.0164</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">US$</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;1.0299</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">US$</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;1.0583</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">US$</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;1.0054</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Low for the period</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.8589</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.9348</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.9599</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.9430</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.9278</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">End of period</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.8620</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.9402</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.0051</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.9833</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.0054</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Average for the period&nbsp;(1)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.9027</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.9670</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.0008</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.0151</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.9671</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">Average represents the average of the rates on the last day of each month during the period. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="28%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>August 2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>September&nbsp;2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>October&nbsp;2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>November&nbsp;2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December&nbsp;2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>January&nbsp;2015</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">High for the month</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">US$</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;0.9211</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">US$</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;0.9206</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">US$</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;0.8980</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">US$</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;0.8900</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">US$</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;0.8815</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">US$</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;0.8527</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Low for the month</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.9106</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.8922</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.8858</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.8751</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.8589</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.7863</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc850935_4"></A>DOCUMENTS INCORPORATED BY REFERENCE AND WHERE YOU CAN FIND MORE
INFORMATION </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following documents of Precision, filed with various securities commissions or similar authorities in the provinces
of Canada (available on SEDAR at www.sedar.com) and filed with the SEC (available on EDGAR at www.sec.gov) include important business and financial information about Precision and are specifically incorporated by reference into and form an integral
part of this prospectus: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Precision&#146;s annual report on Form&nbsp;40-F for the year ended December&nbsp;31, 2013 (filed on EDGAR on March&nbsp;14, 2014), which includes: </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">our annual information form dated March&nbsp;14, 2014 for the fiscal year ended December&nbsp;31, 2013 (the &#147;AIF&#148;) (filed on EDGAR on Form 40-F on March&nbsp;14, 2014); </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">our audited consolidated financial statements as of December&nbsp;31, 2013 and 2012 and for each of the years in the three-year period ended December&nbsp;31, 2013, together with the notes thereto and the auditors&#146;
reports thereon;</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">our management&#146;s discussion and analysis of financial condition and results of operations for the fiscal year ended December&nbsp;31, 2013; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the management information circular of Precision dated April&nbsp;7, 2014 (filed on EDGAR on Form&nbsp;6-K on April&nbsp;11, 2014); </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">our unaudited consolidated interim financial statements as of March&nbsp;31, 2014 and for the three month periods ended March&nbsp;31, 2014 and 2013, together with the notes thereto and our corresponding
management&#146;s discussion and analysis of the financial condition and results of operations for the three month periods ended March&nbsp;31, 2014 and 2013 (filed on EDGAR on Form&nbsp;6-K on May&nbsp;2, 2014); </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">our unaudited consolidated interim financial statements as of June&nbsp;30, 2014 and for the three and six month periods ended June&nbsp;30, 2014 and 2013, together with the notes thereto and our corresponding
management&#146;s discussion and analysis of the financial condition and results of operations for the three and six month periods ended June&nbsp;30, 2014 and 2013 (filed on EDGAR on Form&nbsp;6-K on July&nbsp;25, 2014); </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">our unaudited consolidated interim financial statements as of September&nbsp;30, 2014 and for the three and nine month periods ended September&nbsp;30, 2014 and 2013, together with the notes thereto and our
corresponding management&#146;s discussion and analysis of the financial condition and results of operations for the three and nine month periods ended September&nbsp;30, 2014 and 2013 (filed on EDGAR on Form&nbsp;6-K on October&nbsp;28, 2014);
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">our Form 6-Ks filed on EDGAR on July&nbsp;16, 2014,&nbsp;August&nbsp;8, 2014,&nbsp;December&nbsp;8, 2014, December&nbsp;22, 2014 and February&nbsp;12, 2015; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">information we file, to the extent specified in such filing to be incorporated by reference in this prospectus, with the SEC or similar regulatory authority in Canada after the date of this prospectus and prior to the
closing of this exchange offer. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Any statement contained herein or in a document incorporated or deemed to be
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 or in any other subsequently filed document that also is or is deemed to be
incorporated by reference 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></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Any documents of the type required by National Instrument 44-101 </B><B><I>Short Form
Prospectus Distributions</I></B><B> to be incorporated by reference in this prospectus, including any material change reports (excluding confidential material change reports), unaudited interim consolidated financial statements, annual consolidated
financial statements and the auditors&#146; report thereon, management&#146;s discussion and analysis, information circulars, annual information forms and business acquisition reports filed by us with the securities commissions or similar
authorities in Canada subsequent to the date of this prospectus and prior to the termination of the exchange offer shall be deemed to be incorporated by reference in this prospectus. To the extent that any document or information incorporated by
reference into this prospectus is included in a report that is filed with or furnished to the SEC on Form 40-F, 20-F, 10-K, 10-Q, 8-K or <FONT STYLE="white-space:nowrap">6-K</FONT> (or any respective successor form), such document or information
shall also be deemed to be incorporated by reference as an exhibit to the registration statement of which this prospectus forms a part.</B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our SEC filings can be read and copied at the SEC&#146;s public reference room at the following location: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Public Reference Room </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">100&nbsp;F&nbsp;Street, N.E. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Room&nbsp;1580 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Washington, DC
20549 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Please call the SEC at 1-800-SEC-0330 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 http://www.sec.gov. Reports and other information concerning us also may be inspected at the offices of the New York Stock Exchange, which
is located at 20&nbsp;Broad Street, New York, New&nbsp;York 10005. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 800, 525 &#151; 8th&nbsp;Avenue, S.W., Calgary, Alberta, Canada T2P 1G1. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc850935_5"></A>MARKET AND INDUSTRY DATA </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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
neither we nor the initial purchasers make any 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. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc850935_6"></A>TRADEMARKS AND SERVICE MARKS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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:top">&reg;</SUP>, <SUP STYLE="font-size:85%; vertical-align:top">SM</SUP> and <SUP
STYLE="font-size:85%; vertical-align:top">TM</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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc850935_7"></A>FORWARD-LOOKING STATEMENTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We disclose forward-looking information to help current and prospective investors understand our future prospectus. Statements contained and
incorporated by reference in this prospectus reflect what we believe, intend and expect about developments, results and events that may or will occur in the future and are forward-looking within the meaning of Canadian securities legislation and the
safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995 (collectively, the forward-looking information and statements). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Certain statements contained and incorporated by reference in this prospectus, including without limitation, in &#147;Summary&#148;, include
statements that contain words such as &#147;anticipate&#148;, &#147;could&#148;, &#147;should&#148;, &#147;can&#148;, &#147;expect&#148;, &#147;seek&#148;, &#147;may&#148;, &#147;intend&#148;, &#147;likely&#148;, &#147;will&#148;, &#147;plan&#148;,
&#147;estimate&#148;, &#147;believe&#148; and similar expressions. Our forward-looking information and statements include the payment of our declared quarterly dividend; our new-build rig program including the timing on the delivery and number of
new build rigs to be deployed to Canada, the U.S. and internationally; the continued development of Canadian LNG and our expectations in becoming a key player in the sector; our expectations for becoming a leader in integrated directional drilling
capabilities; our expectations regarding continuing growth internationally; our enhanced operational capabilities due to the startup of our recently-completed Nisku technical support centre; the accounting effect on our assets as a result of the
change in depreciation calculation from per unit to a straight-line basis; expected volatility on uncontracted rigs as commodity prices fluctuate; our ability to react to customers&#146; spending plans as a result of the recent decline in oil
prices; our capital expenditure plans including the amounts allocated for expansion capital, sustaining and infrastructure expenditures and rig upgrades; the number of rigs we expect to upgrade; the outcome of the tax appeal proceedings involving
one of our subsidiaries; the expected use of the net proceeds from our 2014 Senior Notes offering; our expectations regarding our ability to remain compliant with our financial ratio covenants under our secured facility; and the commencement of
operations in Georgia in 2015. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The forward-looking information and statements are based on certain factors and assumptions made by us in
light of our experience and our perception of historical trends, current conditions and expected future developments as well as other factors we believe are appropriate in the circumstances. These include, among other things, our expectations
regarding our customers&#146; capital budgets and geographical areas of focus, our ability to operate our business in a safe, efficient and effective manner, the general stability of the economic and political environment in Kuwait and our knowledge
and understanding of applicable tax legislation and court proceedings. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Since forward-looking information and statements address future
events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated or implied by such forward-looking information and statements due to a number of factors
and risks including the following: volatility in the price and demand for oil and natural gas, delays or changes in plans with respect to our customers&#146; exploration or production projects or capital expenditures, liquidity of the capital
markets to fund our customers&#146; drilling programs, the availability of cash flow, debt and equity sources to fund our capital and operating requirements, as needed, general economic, market or business conditions, the impact of weather and
seasonal conditions on our operations and facilities, the availability of qualified personnel, management or other key inputs, fluctuations in foreign exchange, interest rates and tax rates, operating in foreign countries where the political and
economic systems may be less stable than in Canada or the U.S., uncertainty in judicial decision-making and proceedings and other unforeseen conditions that could affect the use of our services. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing list of risk factors is not exhaustive. All of the forward-looking information and statements made in this prospectus and the
documents incorporated by reference herein are qualified by these cautionary statements and there can be no assurance that the actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have
the expected consequences to, or effects on, us or our business or operations. Readers are therefore cautioned not to place undue reliance on such forward-looking information and statements. Except as may be required by law, we assume no obligation
to update publicly any such forward-looking information and statements, whether as a result of new information, future events or otherwise. See also &#147;Documents Incorporated by Reference and Where You Can Find More Information.&#148; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px;MARGIN-RIGHT:0px;WIDTH:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc850935_8"></A>SUMMARY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>This summary highlights information appearing elsewhere or incorporated by reference 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></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Our Company </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are an independent North American provider of oil and natural gas drilling and 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. We also have drilling operations in Mexico, Saudi Arabia, the Kurdistan region of northern Iraq, and Kuwait and are
contracted to commence operations in Georgia in 2015. We also provide well servicing and ancillary wellsite products and services in Canada and the United States. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our business is carried out in two segments: Contract Drilling Services and Completion and Production Services, which share business support
systems and corporate and administrative services. In Canada, our Contract Drilling Services segment includes land drilling services, directional drilling services, procurement and distribution of oilfield supplies and the manufacture, sale and
refurbishment of drilling and service rig equipment, and our Completion and Production Services segment includes service rigs, coil tubing and snubbing units, camp and catering services, oilfield service equipment rentals, wellsite accommodations,
and water system services. In the United States, our Contract Drilling Services segment includes land drilling services, directional drilling services and turnkey drilling services, procurement and distribution of oilfield supplies, and our
Completion and Production Services segment includes service rigs, camp services, oilfield surface equipment rental and wellsite accommodations. Internationally, we are focused on land drilling services. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Precision was formed by amalgamation under the <I>Business Corporations Act </I>(Alberta). We previously operated as an income trust, known as
Precision Drilling Trust, and converted to a corporate entity on June&nbsp;1, 2010, under a statutory plan of arrangement. Our principal executive offices are located at 800, 525&nbsp;&#151; 8th&nbsp;Avenue S.W., Calgary, Alberta, Canada T2P 1G1,
and our telephone number is (403)&nbsp;716-4500. Our website can be found at www.precisiondrilling.com. Information on, or accessible through, our website is not a part of this prospectus. </P>
 <P STYLE="margin-top:0pt;margin-bottom:0pt; font-size:8pt">&nbsp;</P></div></div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px;MARGIN-RIGHT:0px;WIDTH:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>The Exchange Offer </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On June&nbsp;3, 2014, Precision completed the private offering of US$400,000,000 aggregate principal amount of our 5.250%&nbsp;Senior Notes due
2024 (the &#147;private offering&#148;), which we refer in this prospectus as the &#147;Outstanding Notes.&#148; The term &#147;Exchange Notes&#148; refers to the 5.250%&nbsp;Senior Notes due 2024 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Precision and the guarantors of the Outstanding Notes (the &#147;guarantors&#148;) entered into
a registration rights agreement with the initial purchasers in the private offering in which Precision and the guarantors agreed to file a registration statement with the Securities and Exchange Commission (the &#147;SEC&#148;) with respect to a
registered offer to exchange the Outstanding Notes for the Exchange Notes, use commercially reasonable efforts to consummate the exchange offer within 365 days after the issue date of the Notes, and keep the exchange offer open for not less than 20
business days after the date notice of the exchange offer is mailed to the holders of the Notes. 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 that the Exchange Notes have been registered under the Securities Act and will not contain terms with respect to transfer restrictions in the United States, and are not entitled to registration rights and additional interest
provisions applicable to the Outstanding Notes. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">The Exchange Offer </P></TD>
<TD>We are offering to exchange up to US$400,000,000 aggregate principal amount of our 5.250%&nbsp;Senior Notes due 2024, which have been registered under the Securities Act, for up to US$400,000,000 aggregate principal amount of our existing
5.250%&nbsp;Senior Notes due 2024. 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></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Resale </P></TD>
<TD>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&nbsp;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></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">you are acquiring the Exchange Notes in the ordinary course of your business; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">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. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="font-family:Times New Roman; font-size:10pt">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 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 Exchange Notes received in exchange for Outstanding Notes where
</P></TD></TR></TABLE>
 <P STYLE="margin-top:0pt;margin-bottom:0pt; font-size:8pt">&nbsp;</P></div></div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px;MARGIN-RIGHT:0px;WIDTH:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:0%; font-size:10pt; font-family:Times New Roman">
such Outstanding Notes were acquired by such broker-dealer as a result of market-making activities or other trading activities. Precision has agreed that, for a period of 180 days after the
expiration date (as defined herein), it will make this prospectus available to any <FONT STYLE="white-space:nowrap">broker-dealer</FONT> for use in connection with any such resale. See &#147;Plan of Distribution.&#148; </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Any holder of Outstanding Notes who: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">is our affiliate; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">does not acquire Exchange Notes in the ordinary course of its business; or </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">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; </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">cannot rely on the position of the staff of the SEC enunciated in <I>Morgan Stanley&nbsp;&amp; Co. Incorporated </I>(available June&nbsp;5, 1991)&nbsp;and <I>Exxon Capital Holdings Corporation </I>(available
May&nbsp;13, 1988), as interpreted in <I>Shearman&nbsp;&amp; Sterling</I> (available July&nbsp;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></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Expiration Date; Withdrawal of Tender </P></TD>
<TD>The exchange offer will expire at midnight, New York City time, on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2015, 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></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Interest on the Exchange Notes </P></TD>
<TD>The Exchange Notes will accrue interest at a rate of 5.250% per annum. On the first interest payment date following the exchange, holders of Exchange Notes will receive interest for the period from and including the last interest payment date on
which interest was paid on the Outstanding Notes. No additional or other interest relating to such period will be paid to such holders. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Conditions to the Exchange Offer . </P></TD>
<TD>The exchange offer is subject to customary conditions, which we may waive. See &#147;The Exchange Offer &#151; Conditions to the Exchange Offer&#148; of this prospectus for more information. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Procedures for Tendering Outstanding Notes </P></TD>
<TD> <P STYLE="font-family:Times New Roman; font-size:10pt">If you wish to participate in the exchange offer, you must complete, sign and date the accompanying letter of transmittal according to the
</P></TD></TR></TABLE>
 <P STYLE="margin-top:0pt;margin-bottom:0pt; font-size:8pt">&nbsp;</P></div></div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px;MARGIN-RIGHT:0px;WIDTH:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:0%; font-size:10pt; font-family:Times New Roman">
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. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">If you hold Outstanding Notes through The Depository Trust&nbsp;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></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">you are not our &#147;affiliate&#148; within the meaning of Rule&nbsp;405 under the Securities Act; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">you do not have an arrangement or understanding with any person or entity to participate in the distribution of the Exchange Notes; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">you are acquiring the Exchange Notes in the ordinary course of your business; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">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. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Special Procedures for Beneficial Owners </P></TD>
<TD>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></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Guaranteed Delivery Procedures </P></TD>
<TD>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&nbsp;&#151; Guaranteed Delivery Procedures.&#148; </TD></TR></TABLE>
 <P STYLE="margin-top:0pt;margin-bottom:0pt; font-size:8pt">&nbsp;</P></div></div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px;MARGIN-RIGHT:0px;WIDTH:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Effect on Holders of Outstanding Notes </P></TD>
<TD>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 governing the notes, 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, if any, for Outstanding Notes that are not so tendered and accepted could be adversely affected. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Consequences of Failure to Exchange </P></TD>
<TD>All untendered Outstanding Notes will continue to be subject to the restrictions on transfer provided for in the Outstanding Notes and in the indenture governing the notes. 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></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Certain Federal Income Tax Consequences </P></TD>
<TD>The exchange of Outstanding Notes in the exchange offer will not constitute a taxable event for United States federal income tax purposes and no Canadian federal income tax will be payable in respect of the exchange by a Non-Canadian Holder (as
defined under the heading &#147;Certain Canadian Federal Income Tax Considerations&#148;. See &#147;Certain United States Federal Income Tax Considerations&#148; and &#147;Certain Canadian Federal Income Tax Considerations&#148;. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Accounting Treatment </P></TD>
<TD>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></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Regulatory Approvals </P></TD>
<TD>Other than compliance with the Securities Act and other applicable securities laws and qualification of the indenture governing the notes under the Trust&nbsp;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></TABLE>
 <P STYLE="margin-top:0pt;margin-bottom:0pt; font-size:8pt">&nbsp;</P></div></div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px;MARGIN-RIGHT:0px;WIDTH:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Use of Proceeds </P></TD>
<TD>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></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Exchange Agent </P></TD>
<TD>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&nbsp;&#151; Exchange Agent&#148; of this prospectus.
</TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>The Exchange Notes </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Issuer </P></TD>
<TD>Precision Drilling Corporation </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Securities Offered </P></TD>
<TD>US$400,000,000 aggregate principal amount of 5.250%&nbsp;Senior Notes due 2024. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Maturity </P></TD>
<TD>November 15, 2024. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Interest </P></TD>
<TD>The notes bear interest at a rate of 5.250% per year. We will make interest payments in U.S. dollars. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Interest Payment Dates </P></TD>
<TD>May 15 and November 15. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Guarantees </P></TD>
<TD>The notes are guaranteed, jointly and severally, by current and future U.S. and Canadian subsidiaries that also guarantee our revolving credit facility (&#147;revolving credit facility&#148;) and certain other future indebtedness.
</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Mandatory Redemption </P></TD>
<TD>We are not required to make mandatory redemption or sinking fund payments with respect to the notes. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Optional Redemption </P></TD>
<TD>Prior to May 15, 2017, we may redeem up to 35% of the notes with the net proceeds of certain equity offerings at a price of 105.250%, plus accrued and unpaid interest, if any. At any time prior to May 15, 2019, we may redeem the notes in whole
or in part at their principal amount, plus the applicable premium and accrued and unpaid interest, if any. We may redeem the notes in whole or in part at any time on or after May 15, 2019, at the redemption prices described under the heading
&#147;Description of the Exchange Notes&nbsp;&#151; Optional Redemption&#148;, plus accrued and unpaid interest, if any. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Additional Amounts and Redemption for Changes in Canadian Withholding Taxes </P></TD>
<TD> <P STYLE="font-family:Times New Roman; font-size:10pt">Except as required by law, we will make payments on the notes free of withholding or deduction for Canadian taxes. If withholding or deduction for Canadian taxes 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 that will govern the notes offered hereby, 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
</P></TD></TR></TABLE>
 <P STYLE="margin-top:0pt;margin-bottom:0pt; font-size:8pt">&nbsp;</P></div></div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px;MARGIN-RIGHT:0px;WIDTH:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:0%; font-size:10pt; font-family:Times New Roman">
accrued and unpaid interest, if any, to the redemption date. See &#147;Description of the Exchange Notes&nbsp;&#151; Payment of Additional Amounts&#148; and &#147;Description of the Exchange
Notes&nbsp;&#151; Optional Redemption&nbsp;&#151; Redemption for Changes in Tax Law.&#148; </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Change of Control Repurchase </P></TD>
<TD>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></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Ranking </P></TD>
<TD>The notes are: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">our senior unsecured obligations; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">equal in ranking (&#147;pari passu&#148;) with all of our existing and future senior unsecured indebtedness; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">senior in right of payment to our future subordinated indebtedness. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">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></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The notes are effectively subordinated to all existing and future obligations, including indebtedness and trade payables, of any of our subsidiaries that do not guarantee the notes. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Each guarantee of the notes is: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a senior unsecured obligation of that guarantor; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">pari passu in right of payment with all existing and future senior indebtedness of that guarantor; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">senior in right of payment to future subordinated indebtedness of that guarantor. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">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></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Certain Covenants </P></TD>
<TD>The indenture governing the notes limits our ability and the ability of certain of our subsidiaries to, among other things: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">incur additional indebtedness and issue preferred stock; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">create liens; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">make restricted payments; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">create or permit to exist restrictions on our ability or the ability of certain of our subsidiaries to make certain payments and distributions; </TD></TR></TABLE>
 <P STYLE="margin-top:0pt;margin-bottom:0pt; font-size:8pt">&nbsp;</P></div></div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px;MARGIN-RIGHT:0px;WIDTH:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">engage in amalgamations, mergers or consolidations; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">make certain dispositions and transfers of assets; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="40%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="right">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">engage in transactions with affiliates. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">These covenants are subject to important exceptions and qualifications, which are described under &#147;Description of the Exchange Notes&nbsp;&#151; Certain Covenants&#148; in this prospectus. </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">If the notes receive an investment grade rating by Standard&nbsp;&amp; Poor&#146;s or 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&nbsp;&#151; Certain Covenants.&#148; </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">No Prior Market </P></TD>
<TD>The Exchange Notes will be new securities for which there is currently no market. Although the initial purchasers in the private offering 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></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Use of Proceeds </P></TD>
<TD>There will be no cash proceeds to us from the exchange offer. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
 <P STYLE="margin-top:0pt;margin-bottom:0pt; font-size:8pt">&nbsp;</P></div></div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc850935_9"></A>RISK FACTORS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><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 AIF of Precision dated
March&nbsp;14, 2014 for the year ended December&nbsp;31, 2013 (filed on EDGAR on Form&nbsp;40-F on March&nbsp;14, 2014 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></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>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 offered hereby. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 offered hereby. In particular, it could: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">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></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">decrease our ability to satisfy our obligations under our revolving credit facility, our existing notes and the notes offered hereby; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">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></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">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></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">increase our exposure to exchange rate fluctuations because a change in the value of the Canadian dollar against the U.S. dollar will result in an increase or decrease in our U.S. dollar denominated debt, as expressed
in Canadian dollars, as well as in the related interest expense; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">limit our flexibility in planning for, or reacting to, changes in our business or the industry in which we operate; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">place us at a competitive disadvantage compared to our competitors that have less debt; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">limit our ability to borrow additional funds to meet our operating expenses, to make acquisitions and for other purposes; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">limit our ability to construct, purchase or acquire new rigs. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We may incur substantial
additional debt in the future, including additional secured debt. This could further exacerbate the risks associated with our substantial debt. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>The
notes and guarantees are unsecured and effectively subordinated to our and our subsidiaries&#146; existing and future secured indebtedness. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
intangible assets, including our shares of our U.S. 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 governing the notes. 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 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. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>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. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 that will govern the notes offered hereby, the credit agreement governing our revolving credit facility, the indentures 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 and/or refinance our indebtedness could
negatively impact our financial condition and results of operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, we conduct a substantial portion of our operations
through our subsidiaries, certain of which will not be 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 governing the notes limits, 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 holders of our existing notes could declare all outstanding principal and interest on our existing notes to be due and payable, the lenders under our revolving
credit facility could declare all amounts outstanding under our revolving credit facility to be due and payable and 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. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>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. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We and our subsidiaries may be able to incur significant additional indebtedness in the future. Although the indentures governing our existing
notes and the credit agreement governing our revolving credit facility contain, and the indenture that will governs the notes contains restrictions on the incurrence of additional indebtedness, these restrictions are subject to a number of
qualifications 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, all future borrowings under our revolving credit agreement would be secured indebtedness and would be effectively senior to the notes to the extent of the value of the
assets securing such 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;. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Our indebtedness contains restrictive covenants. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The indentures governing our existing notes and the credit agreement governing our revolving credit facility impose, and the indenture that
governs the notes imposes, significant operating and financial restrictions on us. These restrictions limit our ability and that of our restricted subsidiaries to, among other things: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">pay dividends on, repurchase or make distributions in respect of our capital stock or make other restricted payments; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">incur additional indebtedness and issue preferred or disqualified stock; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">create liens; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">create or permit to exist restrictions on the ability of our restricted subsidiaries to make certain payments and distributions; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">engage in amalgamations, mergers or consolidations or sell or otherwise dispose of all or substantially all of our assets; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">make certain dispositions and transfers of assets; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">alter the businesses we conduct; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">engage in transactions with affiliates; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">designate subsidiaries as unrestricted subsidiaries. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, under the credit agreement
governing 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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A breach of any of these covenants could result in a default under the credit agreement governing
our revolving credit facility, the indentures governing our existing notes or the indenture governing the notes. Upon the occurrence of an event of default under the credit agreement governing 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 the credit agreement governing our revolving credit facility, the indentures governing our existing notes and the indenture governing the 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 more restrictive than the credit
agreement governing our revolving credit facility, the indentures governing our existing notes or the indenture governing the notes. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Our variable
rate indebtedness subjects us to interest rate risk, which could cause our debt service obligations to increase significantly. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 remains the same, and our net income and cash flows, including cash available for servicing our indebtedness, will correspondingly
decrease. 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. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Claims of noteholders will be
structurally subordinated to claims of creditors of our subsidiaries that do not guarantee the notes. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The notes are not guaranteed
by any of our non-U.S.&nbsp;and 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the designation of that guarantor as an unrestricted subsidiary; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the release or discharge of any guarantee or indebtedness that resulted in the creation of the guarantee of the notes by such guarantor;&nbsp;or </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the sale or other disposition, including the sale of substantially all of the assets, of that guarantor. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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&nbsp;&#151; Guarantees.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>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. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under U.S.&nbsp;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: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">was insolvent on the date that it gave the guarantee or became insolvent as a result of giving the guarantee; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">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;&nbsp;or </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">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>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">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></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">we were a creditor of the guarantor when the guarantee or payment was given;&nbsp;and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">(1)&nbsp;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)&nbsp;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>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the sum of its debts, including contingent liabilities, is greater than all its assets, at a fair valuation; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">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;&nbsp;or </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">it could not pay its debts as they become due. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
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. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Certain bankruptcy and insolvency laws may impair your ability to enforce your rights or remedies under the indenture governing the notes. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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>Winding-up 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 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. Further, it is typical in such case for the court to grant
priority charges in favor of professionals and other parties involved in the restructuring or similar proceeding. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>You might have difficulty
enforcing your rights against us, certain of the guarantors and our directors and officers. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We and certain of the guarantors are
incorporated or otherwise organized under the laws of the province of Alberta, Canada and the federal laws of Canada, as applicable. 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. We have been advised by Norton Rose Fulbright Canada LLP, our Canadian counsel, that 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
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
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. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>We may not have the ability to finance the change of control repurchase offer required by the indenture governing the notes. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 governing the notes, which could lead to a cross-default under the credit agreement governing our revolving credit facility, the indentures governing our existing notes and under the terms of our other indebtedness. Additionally,
we may be prohibited from repurchasing the notes by the terms of our indebtedness. The credit agreement governing 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 indentures governing our existing notes also provide that upon certain change of control
events, we will be required to make an offer to repurchase those notes at a price equal to 101% of the aggregate principal amount thereof, plus accrued interest. For further information, see &#147;Description of the Exchange Notes.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 of 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. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>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. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
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. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Certain covenants contained in the indenture that governs the notes will no longer be applicable if the notes are rated investment grade by Moody&#146;s
or S&amp;P. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The indenture that governs the notes provides that certain covenants will no longer be applicable if the notes are
rated investment grade by either Moody&#146;s or S&amp;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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&nbsp;&#151; Certain Covenants&nbsp;&#151; Covenant Termination.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Credit ratings will not reflect all risks of an investment in the notes
and may change. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any credit ratings applied to the 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 the notes. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc850935_10"></A>USE OF PROCEEDS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc850935_11"></A>SELECTED HISTORICAL CONSOLIDATED FINANCIAL DATA </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our selected historical consolidated financial data as of December&nbsp;31, 2013, 2012 and 2011 and for each of the years ended
December&nbsp;31, 2013, 2012 and 2011, which are shown in IFRS, have been derived from our audited consolidated financial statements incorporated by reference in this prospectus. Our selected consolidated financial data as of and for the nine months
ended September&nbsp;30, 2014 and 2013, which are shown in IFRS, have been derived from our unaudited interim consolidated financial statements incorporated by reference in this prospectus. In the opinion of management, such unaudited financial data
contain all adjustments which are of a normal recurring nature necessary to present fairly our financial position as of September&nbsp;30, 2014 and the results of operations and cash flows for the periods indicated. The results of operations for the
interim periods are not indicative of the results to be expected for the full year or any future period. Our audited financial statements have been prepared in accordance with IFRS, which differs in certain material respects from U.S. GAAP. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The selected consolidated financial data set forth below are qualified in their 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 into this prospectus.
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="45%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year Ended December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Nine Months Ended</B><br><B>September 30,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2012</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2011</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="10" NOWRAP ALIGN="center"><B>(in thousands)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(unaudited)</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(in thousands)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Statement of Operations Data:</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Revenue</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">C$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,029,977</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">C$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,040,741</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">C$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,951,027</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">C$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,732,013</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">C$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,463,068</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Expenses:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Operating</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,248,637</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,243,301</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,131,022</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,047,148</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">913,157</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">General and administrative</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">142,507</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">126,648</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">124,941</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">118,506</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">108,822</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Earnings before income taxes, finance charges, foreign exchange, impairment charges, loss on asset decommissioning and depreciation
and amortization</B></P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">638,833</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">670,792</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">695,064</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">566,359</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">441,089</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Depreciation and amortization</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">333,159</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">307,525</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">251,483</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">319,165</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">243,017</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loss on asset decommissioning (1)</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">192,469</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">114,893</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Operating Earnings</B></P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">305,674</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">170,798</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">328,688</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">247,194</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">198,072</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other Items:</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Impairment of goodwill (2)</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">52,539</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Foreign exchange</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(9,112</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,753</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(23,674</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(2,115</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(5,425</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Finance charges</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">93,248</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">86,829</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">111,578</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">79,233</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">69,920</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Earnings before tax</B></P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">221,538</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">27,677</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">240,784</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">170,076</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">133,577</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Income taxes:</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Current</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">45,017</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">70,576</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">43,779</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6,983</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">30,336</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deferred</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(14,629</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(95,259</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,528</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">15,897</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(19,998</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total income tax</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">30,388</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(24,683</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">47,307</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">22,880</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">10,348</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Net earnings</B></P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">C$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">191,150</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">C$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">52,360</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">C$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">193,477</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">C$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">147,196</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">C$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">123,229</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Statements of Cash Flow Data:</B></P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">From operations</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">C$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">428,086</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">C$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">635,286</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">C$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">532,772</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">C$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">545,272</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">C$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">333,634</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">From investments</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(526,535</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(930,121</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(715,462</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(434,332</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(386,298</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">From financing</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21,517</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(14,899</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">366,887</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">349,954</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">(25,224</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Other Financial Data:</B></P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Ratio of earnings to fixed charges (3)</P></TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3.37x</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.31x</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3.36x</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3.12x</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2.92x</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="42%"></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>As of December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ROWSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>As of</B><br><B>September 30,</B><br><B>2014</B></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2012</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2011</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="10" ALIGN="center"><B>(in thousands)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(unaudited)</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(in&nbsp;thousands)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Balance Sheet Data:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash and cash equivalents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">C$</TD>
<TD VALIGN="bottom" ALIGN="right">80,606</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">C$</TD>
<TD VALIGN="bottom" ALIGN="right">152,768</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">C$</TD>
<TD VALIGN="bottom" ALIGN="right">467,476</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">C$</TD>
<TD VALIGN="bottom" ALIGN="right">558,091</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,579,123</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,300,263</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,427,874</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,317,581</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Long-term debt</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,323,268</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,218,796</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,239,616</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,794,319</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total shareholders&#146; equity</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,399,343</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,171,300</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,132,591</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,544,084</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">In 2012, we incurred a C$192.5 million (C$114.9 million in 2011) loss on the decommissioning of certain drilling and service rigs. The assets were decommissioned due to the inefficient nature of the asset and the high
cost to maintain. The charge was allocated C$192.5 million (C$113.4 million in 2011) to the Contract Drilling Services segment and C$nil (C$1.5 million in 2011) to the Completion and Production Services segment. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">During 2012, we determined that the carrying value of the goodwill allocated to the Canadian directional drilling cash generating unit exceeded its recoverable amount and recognized an impairment loss of C$52.5 million.
</TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top">For purposes of computing the ratio of earnings to fixed charges, prepared in accordance with IFRS, (A)&nbsp;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)&nbsp;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>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc850935_12"></A>THE EXCHANGE OFFER </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Purpose and Effect of the Exchange Offer </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 and to use our commercially reasonable efforts to consummate the exchange offer within
365&nbsp;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 June&nbsp;3, 2014. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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)&nbsp;two years from the Issue Date or (B)&nbsp;the date on which all notes registered thereunder are disposed of in accordance therewith. These circumstances include: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) applicable interpretations of the staff of the SEC do not permit us to effect this exchange offer;&nbsp;or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) for any other reason we do not consummate the exchange offer within 365&nbsp;days of the issue date of the Outstanding
Notes;&nbsp;or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) 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;&nbsp;or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) certain
holders are not eligible to participate in the exchange offer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the registration rights agreement, in the event that (i)&nbsp;the
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)&nbsp;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&nbsp;(i) and (ii), 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%&nbsp;per annum for the first 90&nbsp;days of the Registration Default Period, and such rate will increase by an additional 0.25%&nbsp;per annum with respect to each subsequent 90-day period until all Registration Defaults have
been cured, up to a maximum additional interest rate of 1.00%&nbsp;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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">you are not our affiliate or an affiliate of any guarantor within the meaning of Rule&nbsp;405 of the Securities Act; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">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></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">you are not engaged in, and do not intend to engage in, a distribution of the Exchange Notes;&nbsp;and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">you are acquiring the Exchange Notes in the ordinary course of your business. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Resale of
Exchange Notes </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">you are not our affiliate or an affiliate of any guarantor within the meaning of Rule&nbsp;405 under the Securities Act; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">you do not have an arrangement or understanding with any person to participate in a distribution of the Exchange Notes; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">you are not engaged in, and do not intend to engage in, a distribution of the Exchange Notes;&nbsp;and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">you are acquiring the Exchange Notes in the ordinary course of your business. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">you cannot rely on the position of the SEC set forth in<I> Morgan Stanley&nbsp;&amp; Co. Incorporated</I> (available June&nbsp;5, 1991)&nbsp;and <I>Exxon Capital Holdings Corporation</I> (available May&nbsp;13, 1988),
as interpreted in the SEC&#146;s letter to <I>Shearman&nbsp;&amp; Sterling</I>, dated July&nbsp;2, 1993, or similar no-action letters;&nbsp;and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">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> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Terms of the Exchange Offer </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 a principal amount identical to Outstanding Notes surrendered in the exchange
offer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
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 continuing debt as is evidenced by the Outstanding
Notes and will not constitute a new debt. 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; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The exchange offer is not conditioned upon any minimum aggregate principal amount of Outstanding Notes being tendered for exchange. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of the date of this prospectus, US$400&nbsp;million aggregate principal amount of the 5.250%&nbsp;Senior Notes due 2024 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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;&nbsp;Conditions to the Exchange Offer.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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;&nbsp;Fees and Expenses&#148; below for more details regarding fees and expenses incurred in the exchange offer. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Expiration Date, Extensions and Amendments </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As used in this prospectus, the term &#147;expiration date&#148; means midnight, New York City time, on,
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2015. 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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&nbsp;a.m., New York City time, on the next business day after the previously scheduled expiration date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We reserve the right, in our sole discretion: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">to delay accepting for exchange any Outstanding Notes (only in the case that we amend or extend the exchange offer); </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">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;&nbsp;Conditions to the Exchange
Offer&#148; have not been satisfied, by giving written notice of such delay, extension or termination to the exchange agent;&nbsp;and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">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>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Conditions to the Exchange Offer </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the exchange offer or the making of any exchange by a holder violates any applicable law or interpretation of the SEC;&nbsp;or </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">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> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, we will not be obligated to accept for exchange the
Outstanding Notes of any holder that has not made to us: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the representations described under &#147;&#151;&nbsp;Purpose and Effect of the Exchange Offer,&#148; &#147;&#151; Procedures for Tendering Outstanding Notes&#148; and &#147;Plan of Distribution&#148;;&nbsp;or
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">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> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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&nbsp;a.m., New York City time, on the next
business day after the previously scheduled expiration date. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">27 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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&nbsp;Indenture Act of 1939, as
amended (the &#147;TIA&#148;). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Interest on the Exchange Notes </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Exchange Notes will accrue interest at the rate of 5.250%&nbsp;per annum. On the first interest payment date following the exchange,
holders of Exchange Notes will receive interest for the period from and including the last interest payment date on which interest was paid on the Outstanding Notes; <I>provided</I> that holders of Outstanding Notes who become holders on or after
the record date for an interest payment date and who participate in the exchange will receive interest from and including such interest payment date. Interest on the Exchange Notes is payable on May&nbsp;15 and November&nbsp;15, beginning on
May&nbsp;15, 2015. No additional or other interest relating to such period will be paid to such holders. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Procedures for Tendering Outstanding Notes
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To tender your Outstanding Notes in the exchange offer, you must comply with either of the following: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">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 a copy
thereof if the letter of transmittal does not require a signature guarantee), to the exchange agent at the address set forth below under &#147;&#151;&nbsp;Exchange Agent&#148; prior to the expiration date;&nbsp;or </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">comply with DTC&#146;s Automated Tender Offer Program procedures described below. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In
addition, either: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the exchange agent must receive certificates for the Outstanding Notes along with the letter of transmittal prior to the expiration date; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">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;&nbsp;or </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">you must comply with the guaranteed delivery procedures described below. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">28 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">make appropriate arrangements to register ownership of the Outstanding Notes in your name;&nbsp;or </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">obtain a properly completed bond power from the registered holder of Outstanding Notes. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 Rule&nbsp;17A(d)-15 under the Exchange Act unless the Outstanding Notes surrendered for exchange are tendered: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">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;&nbsp;or
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">for the account of an eligible guarantor institution. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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, 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: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">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></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">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;&nbsp;and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">we may enforce that agreement against such participant. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">DTC is referred to herein as a
&#147;book-entry transfer facility.&#148; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">29 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Acceptance of Exchange Notes </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">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;&nbsp;and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">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>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">By tendering Outstanding Notes pursuant to the exchange offer, you will represent to us that, among other things: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">you are not our affiliate or an affiliate of any guarantor within the meaning of Rule&nbsp;405 under the Securities Act; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">you do not have an arrangement or understanding with any person or entity to participate in a distribution of the Exchange Notes;&nbsp;and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">you are acquiring the Exchange Notes in the ordinary course of your business. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Book-Entry Delivery Procedures </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">30 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Guaranteed Delivery
Procedures </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the tender is made through an eligible guarantor institution; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">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)&nbsp;sets forth your name and address, the certificate number(s) of such Outstanding Notes and the principal
amount of Outstanding Notes tendered; (2)&nbsp;states that the tender is being made thereby; and (3)&nbsp;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;&nbsp;and
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">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> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon request, the exchange agent will
send to you a notice of guaranteed delivery if you hold certificated notes and you wish to tender your Outstanding Notes according to the guaranteed delivery procedures. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Withdrawal Rights </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except as otherwise
provided in this prospectus, you may withdraw your tender of Outstanding Notes at any time prior to midnight, New York City time, on the expiration date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For a withdrawal to be effective: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the exchange agent must receive a written notice of withdrawal at its address set forth below under &#147;&#151;&nbsp;Exchange Agent&#148;, such notice of withdrawal may be delivered by mail or hand delivery or by
facsimile transmission (if no medallion guarantee of signatures is required);&nbsp;or </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">you must comply with the appropriate procedures of DTC&#146;s Automated Tender Offer Program system. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any notice of withdrawal must: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">specify the name of the person who tendered the Outstanding Notes to be withdrawn; </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">31 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">identify the Outstanding Notes to be withdrawn, including the certificate numbers and principal amount of the Outstanding Notes;&nbsp;and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">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>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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;&nbsp;Procedures for Tendering Outstanding Notes&#148; above at any time on or prior to the expiration date. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Exchange Agent </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="31%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="30%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>By Registered or Certified Mail:</I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">The Bank of New York Mellon</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Corporate Trust Operations&nbsp;&#151;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Reorganization Unit</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">111 Sanders
Creek Pkwy</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">East Syracuse, NY 13057</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Attn: Dacia Brown-Jones</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Telephone:
315-414-3349</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>By Regular Mail:</I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">The Bank of New York Mellon</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Corporate Trust Operations&nbsp;&#151;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Reorganization Unit</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">111 Sanders
Creek Pkwy</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">East Syracuse, NY 13057</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Attn: Dacia Brown-Jones</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Telephone:
315-414-3349</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>By&nbsp;Facsimile&nbsp;Transmission (eligible&nbsp;institutions&nbsp;only):</I></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">732-667-9408</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>By Overnight Courier or</I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Hand Delivery:</I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">The Bank of
New York Mellon</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Corporate Trust Operations&nbsp;&#151;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Reorganization Unit</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">111 Sanders
Creek Pkwy</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">East Syracuse, NY 13057</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Attn: Dacia Brown-Jones</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Telephone:
315-414-3349</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Fees and Expenses </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">32 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
others. We will pay the exchange agent reasonable and customary fees for its services and reasonable out-of-pocket 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Accounting Treatment </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Transfer Taxes
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">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></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">tendered Outstanding Notes are registered in the name of any person other than the person signing the letter of transmittal;&nbsp;or </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">a transfer tax is imposed for any reason other than the exchange of Outstanding Notes under the exchange offer. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Consequences of Failure to Exchange </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">as set forth in the legend(s) 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/or applicable state and other securities laws;&nbsp;and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">as otherwise set forth in the offering circular distributed in connection with the private offering. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">33 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Other </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">34 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc850935_13"></A>DESCRIPTION OF THE EXCHANGE NOTES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Precision Drilling Corporation issued the Outstanding Notes, and will issue the Exchange Notes, described in this prospectus under an
Indenture dated as of June&nbsp;3, 2014 (the &#147;Indenture&#148;), among the Issuer, the Guarantors, The Bank of New York Mellon, as trustee (the &#147;U.S.&nbsp;Trustee&#148;) and Valiant Trust&nbsp;Company, as Canadian co-trustee (the
&#147;Canadian Trustee&#148; and, together with the U.S.&nbsp;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&nbsp;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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;&nbsp;Certain Definitions.&#148; References to &#147;US$&#148; are to U.S.&nbsp;dollars and to &#147;C$&#148; are to Canadian dollars. The Notes will be denominated in
U.S.&nbsp;dollars and all payments on the Notes will be made in U.S.&nbsp;dollars. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Principal, Maturity and Interest </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Notes will mature on November&nbsp;15, 2024. The Notes bear interest at the rate shown on the cover page of this prospectus, payable in
cash semi-annually in arrears on May&nbsp;15 and November&nbsp;15 of each year to Holders of record at the close of business on May&nbsp;1 or November&nbsp;1, as the case may be (whether or not a Business Day), immediately preceding the related
interest payment date. Interest on the Exchange Notes will accrue from and including the most recent date to which interest has been paid on the Outstanding Notes surrendered in exchange therefor or, if no interest has been paid on such Outstanding
Notes, from and including the date of issuance of such Outstanding Notes; <I>provided</I> that if Outstanding Notes are surrendered for exchange on or after a record date for an interest payment date that will occur on or after the date of such
exchange and as to which interest will be paid, interest on the Exchange Notes received in exchange therefor will accrue from the date of such interest payment date. Interest on the Notes will be computed on the basis of a 360-day year of twelve
30-day months. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 will accrue at the applicable interest rate on the Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Notes are issued in registered form, without coupons, and in
denominations of US$2,000 and integral multiples of US$1,000 in excess thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">An aggregate principal amount of Outstanding Notes equal
to US$400.0&nbsp;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, 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;&nbsp;Certain Covenants&nbsp;&#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;&nbsp;Certain Covenants &#151;Limitation on Additional Indebtedness,&#148; references to the Notes include Additional Notes, if any. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">35 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Payment of Additional Amounts </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 taxes imposed by any Canadian taxing authority from any payment made with respect to the Notes, the Issuer or such Guarantor will: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) make such withholding or deduction; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) remit the full amount deducted or withheld to the relevant government authority in accordance with the applicable law; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) 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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) make commercially reasonable efforts to obtain and furnish to the Trustee for the benefit of the Holders,
within 60&nbsp;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;&nbsp;and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) at
least 15&nbsp;days prior to each date on which any Additional Amounts are payable, deliver to the Trustee an Officer&#146;s Certificate setting forth the calculation of the Additional Amounts to be paid and such other information as the
U.S.&nbsp;Trustee may request to enable the U.S.&nbsp;Trustee to pay such Additional Amounts to Holders on the payment date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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;): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) 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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) 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 present or
former connection with, Canada or any province or territory thereof otherwise than by the mere acquisition, holding, enforcement or disposition of the Notes or the receipt of payments thereunder; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) 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&nbsp;days of a written request therefor by the Issuer or such Guarantor; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) for or on account of any estate, inheritance, gift, sales, transfer, capital gains, excise, personal property or similar
tax, assessment or other governmental charge; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) 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&nbsp;803 of the <I>Income Tax Act </I>(Canada), or any similar successor provision); </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">36 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) 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&nbsp;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;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7) 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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8) that is a &#147;specified non-resident shareholder&#148; of the Issuer or such Guarantor or a non-resident person who does
not deal at arm&#146;s length with a specified shareholder of the Issuer, both for the purposes of subsection 18(5) of the <I>Income Tax Act</I> (Canada); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(9) in respect of amounts imposed as a result of the failure of the Holder or beneficial owner to properly comply with their
obligations imposed under the <I>Income Tax Act </I>(Canada) as a result of the <I>Canada United States Enhanced Tax Information Exchange Agreement Implementation Act </I>(Canada); or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(10) any combination of items (1)&nbsp;through (9)&nbsp;above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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, will be 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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)&nbsp;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)&nbsp;any Canadian taxes levied or imposed
and paid by such Holder with respect to any reimbursement under (x)&nbsp;above, but excluding any such taxes with respect to which such Holder is an Excluded Holder. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Methods of Receiving Payments on the Notes </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If a Holder has given wire transfer instructions to the U.S.&nbsp;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.&nbsp;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 and/or
any Restricted Subsidiary may act as Paying Agent or Registrar. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Ranking </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Notes are senior 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 (including the Existing Notes). Each Guarantee is a
general unsecured obligation of the applicable 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 the applicable Guarantee and equal in
right of payment with all existing and future senior obligations of such Guarantor that are not so subordinated (including such Guarantor&#146;s guarantee of the Existing Notes). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">37 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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.&nbsp;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 United States&nbsp;or Canada. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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;&nbsp;Certain
Covenants&nbsp;&#151; Limitation on Additional Indebtedness&#148; and &#147;&#151;&nbsp;Certain Covenants&nbsp;&#151; Limitation on Liens.&#148; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Guarantees </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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.&nbsp;or 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 (including the Existing 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 US$20.0&nbsp;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 have agreed 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Not all of the Issuer&#146;s Subsidiaries will 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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;&nbsp;Certain Covenants&nbsp;&#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: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) an Unrestricted Subsidiary will not be subject to any of the restrictive covenants in the Indenture; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) an Unrestricted Subsidiary will not guarantee the Notes; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) 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;&nbsp;and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The obligations of each Guarantor under its Guarantee are 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 the Existing Notes) and after giving effect to any collections from or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">38 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
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, transfer at undervalue, 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, or were incurred with the intent to defraud, defeat, or delay a creditor of the Guarantor or prefer the Issuer over a
creditor of the Guarantor. 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 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&nbsp;&#151; Risks Related to the Notes&nbsp;&#151; U.S.&nbsp;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; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 IFRS. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A Guarantor shall be released from its obligations under its Guarantee and its obligations under the Indenture and the Registration Rights
Agreement upon: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) (a)&nbsp;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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;the proper designation of any Restricted Subsidiary that is a Guarantor as an Unrestricted Subsidiary; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;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 (including the Existing Indentures); <I>provided </I>that such Guarantor has not incurred any Indebtedness in reliance on its status as a Guarantor under the
covenant &#147;&#151;&nbsp;Certain Covenants&nbsp;&#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;&nbsp;Certain Covenants&nbsp;&#151; Limitation on Additional Indebtedness&#148;;&nbsp;or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;legal defeasance or satisfaction and discharge of the Indenture as provided below under the captions
&#147;&#151;&nbsp;Legal Defeasance and Covenant Defeasance&#148; and &#147;Satisfaction and Discharge&#148;;&nbsp;and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;the Issuer delivering to the Trustee an Officer&#146;s 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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">39 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Optional Redemption </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>General </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except as
set forth below, the Issuer is not entitled to redeem the Notes at its option prior to May&nbsp;15, 2019. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At any time or from time to
time on or after May&nbsp;15, 2019, 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 relevant interest payment date), if redeemed during the 12-month
period beginning on May&nbsp;15 of the years indicated: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="82%"></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:16.90pt; font-size:8pt; font-family:Times New Roman"><B>Year</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Optional</B><br><B>redemption</B><br><B>price</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2019</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">102.625</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2020</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">101.750</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2021</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100.875</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2022 and thereafter</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100.000</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Redemption with Proceeds from Equity Offerings </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At any time or from time to time prior to May&nbsp;15, 2017, 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
105.250% 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: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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 (unless all of such Notes are redeemed or repurchased pursuant to another provision of the Indenture) immediately
after giving effect to any such redemption;&nbsp;and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) the redemption occurs not more than 90&nbsp;days after the date
of the closing of any such Qualified Equity Offering. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Redemption at Applicable Premium </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Notes may also be redeemed, in whole or in part, at any time prior to May&nbsp;15, 2019 at the option of the Issuer, 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: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1)&nbsp;1.0% of the principal amount of such Note;&nbsp;and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;the excess, if any, of: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;the present value at such redemption date of (i)&nbsp;the redemption price of such Note at May&nbsp;15, 2019 (such
redemption price being set forth in the table appearing above under the caption &#147;&#151;&nbsp;Optional Redemption&nbsp;&#151; General&#148;) plus (ii)&nbsp;all required interest payments (excluding accrued and unpaid interest to such redemption
date) due on such Note through May&nbsp;15, 2019, computed using a discount rate equal to the Treasury Rate as of such redemption date plus 50&nbsp;basis points; over </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;the principal amount of such Note. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">40 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Calculation of the Applicable Premium will be made by the Issuer or on behalf of the Issuer by
such Person as the Issuer shall designate; <I>provided</I> that such calculation or the correctness thereof shall not be a duty or obligation of the Trustee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><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)&nbsp;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 May&nbsp;15, 2019; <I>provided</I>, <I>however</I>, that if the period from the redemption
date to May&nbsp;15, 2019 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 May&nbsp;15, 2019 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Redemption for Changes in Tax Law </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 Officer&#146;s 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&nbsp;days&#146; notice (such notice to be provided not more than 90&nbsp;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. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Selection
and Notice of Redemption </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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.&nbsp;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.&nbsp;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 and after any redemption, a Holder may only hold an authorized principal amount of Notes. In addition, if a partial redemption is made pursuant to the provisions described under &#147;&#151;&nbsp;Optional
Redemption&nbsp;&#151; Redemption with Proceeds from Equity Offerings,&#148; selection of the Notes or portions thereof for redemption shall be made by the U.S.&nbsp;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&nbsp;Company (&#147;DTC&#148;)), unless that method is otherwise prohibited. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notice of redemption will be delivered to the Holders at least 15, but not more than 60, days before the date of redemption, except that
redemption notices may be delivered more than 60&nbsp;days prior to a redemption date if </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">41 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any redemption or notice may, at the
Issuer&#146;s discretion be subject to the satisfaction of one or more conditions precedent, including, without limitation, the occurrence of a Change of Control or the completion of a Qualified Equity Offering. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Change of Control </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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;&nbsp;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1)&nbsp;describing the transaction or transactions that constitute the Change of Control; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;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&nbsp;days, nor later than 60&nbsp;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;&nbsp;and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3)&nbsp;describing the procedures, as determined by the Issuer, consistent with the Indenture, that Holders must follow to
accept the Change of Control Offer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On the Change of Control Payment Date, the Issuer will, to the extent lawful: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1)&nbsp;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;&nbsp;and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;deliver or cause to be delivered to the
U.S.&nbsp;Trustee the Notes so accepted together with an Officer&#146;s Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Issuer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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.&nbsp;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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">42 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the
event that Holders of not less than 90% of the aggregate principal amount of the outstanding Notes accept a Change of Control Offer and the Issuer purchases all of the Notes held by such Holders, the Issuer will have the right, upon not less than
30&nbsp;days&#146; nor more than 60&nbsp;days&#146; prior notice, which notice shall be delivered not more than 30&nbsp;days following the purchase pursuant to the Change of Control Offer, to redeem all of the Notes that remain outstanding following
such purchase at a redemption price equal to the Change of Control Purchase Price plus, to the extent not included in the Change of Control Purchase Price, accrued and unpaid interest on the Notes to the date of redemption (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). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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&nbsp;&#151; Risks Related to the Notes &#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 Existing Indentures 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 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;&nbsp;Certain Covenants
&#151;&nbsp;Limitation on Additional Indebtedness&#148; and &#147;&#151;&nbsp;Certain Covenants&nbsp;&#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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">43 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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;&nbsp;Certain Covenants&nbsp;&#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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Issuer will comply with all applicable securities
legislation in Canada and the United States, including, without limitation, the requirements of Rule&nbsp;14e-1 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Certain Covenants </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Covenant
Termination </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Following the first date that the Notes have a Moody&#146;s rating of Baa3 or higher or an S&amp;P rating of BBB- or
higher 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: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1)&nbsp;&#147;&#151; Certain Covenants&nbsp;&#151; Limitation on Additional Indebtedness&#148;; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;&#147;&#151; Certain Covenants&nbsp;&#151; Limitation on Restricted Payments (except to the extent applicable under
the definition of &#147;Unrestricted Subsidiary&#148;)&#148;; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3)&nbsp;&#147;&#151; Certain Covenants&nbsp;&#151;
Limitation on Dividend and Other Restrictions Affecting Restricted Subsidiaries&#148;; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4)&nbsp;&#147;&#151; Certain
Covenants&nbsp;&#151; Limitation on Transactions with Affiliates&#148;; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5)&nbsp;&#147;&#151; Certain
Covenants&nbsp;&#151; Limitation on Asset Sales&#148;; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6)&nbsp;clause&nbsp;(3) of the covenant described under
&#147;&#151;&nbsp;Certain Covenants&nbsp;&#151; Limitation on Mergers, Consolidations, Etc.&#148;;&nbsp;and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7)&nbsp;&#147;&nbsp;&#151; Certain Covenants&nbsp;&#151; Conduct of Business.&#148; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Limitation on Additional Indebtedness </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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;). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">44 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding the above, each of the following incurrences of Indebtedness shall be permitted
(the &#147;Permitted Indebtedness&#148;): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1)&nbsp;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;US$1,000.0&nbsp;million and (b)&nbsp;25.0% of the Issuer&#146;s Consolidated Tangible Assets; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;Indebtedness under (a)&nbsp;the Notes and the Guarantees issued on the Issue Date and (b)&nbsp;the Exchange Notes and
the Guarantees in respect thereof issued pursuant to the Registration Rights Agreement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3)&nbsp;Indebtedness of the
Issuer and its Restricted Subsidiaries to the extent outstanding on the Issue Date, including without limitation, the Existing Notes and the guarantees thereof (other than Indebtedness referred to in clauses (1), (2), (4), (6), (7), (8), (9), (10),
(12)&nbsp;and (16)); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4)&nbsp;(a)&nbsp;guarantees by 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
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 the Indenture; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5)&nbsp;Indebtedness under Hedging Obligations entered into for <I>bona fide </I>hedging purposes of the Issuer or any
Restricted Subsidiary and not for the purpose of speculation; <I>provided </I>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 covenant, 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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6)&nbsp;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: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;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;&nbsp;and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;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;&nbsp;and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;any sale or other
transfer of any such Indebtedness to a Person other than the Issuer or any other Restricted Subsidiary; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">shall be deemed, in each case of
this clause (c), to constitute an incurrence of such Indebtedness not permitted by this clause (6); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7)&nbsp;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-or-pay obligations in supply arrangements, self-insurance obligations or completion, performance, bid performance, appeal or surety bonds; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">45 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8)&nbsp;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;US$100.0&nbsp;million and (b)&nbsp;2.5% of the Issuer&#146;s Consolidated Tangible
Assets; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(9)&nbsp;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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(10)&nbsp;Indebtedness arising in connection with endorsement of instruments for deposit in the ordinary course of business;
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(11)&nbsp;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)&nbsp;above, this clause (11), or clause&nbsp;(17) or (18)&nbsp;below; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(12)&nbsp;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)&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)&nbsp;(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&nbsp;(12) shall
at no time exceed the gross proceeds actually received by the Issuer and the Restricted Subsidiaries in connection with such disposition; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(13)&nbsp;Indebtedness of Foreign Restricted Subsidiaries in an aggregate amount outstanding at any one time not to exceed the
greater of (a)&nbsp;US$50.0&nbsp;million and (b)&nbsp;10.0% of such Foreign Restricted Subsidiaries&#146; Consolidated Tangible Assets; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(14)&nbsp;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&nbsp;(14) and then outstanding, will not exceed the greater of (a)&nbsp;US$200.0&nbsp;million and (b)&nbsp;5.0% of the Issuer&#146;s Consolidated Tangible
Assets; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(15)&nbsp;Indebtedness in respect of Specified Cash Management Agreements entered into in the ordinary course of
business; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(16)&nbsp;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 US$100.0&nbsp;million, at any one time outstanding; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(17)&nbsp;Indebtedness incurred to finance the Contingent Tax Liabilities in an aggregate principal amount not to exceed
US$200.0&nbsp;million at any one time outstanding; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(18)&nbsp;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); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><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&nbsp;(18) and any other related Indebtedness, either
(i)&nbsp;the Issuer would have been able to incur US$1.00 of additional Indebtedness pursuant to the first paragraph of this covenant; or (ii)&nbsp;the Consolidated Interest Coverage Ratio of the Issuer
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">46 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
and its Restricted Subsidiaries would be greater than or equal to such Consolidated Interest Coverage Ratio immediately prior to such acquisition, merger or consolidation;&nbsp;and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(19)&nbsp;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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&nbsp;(1) 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&nbsp;(1) above, and may later reclassify any item of Indebtedness described in clauses&nbsp;(1) through (19)&nbsp;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)&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 IFRS. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For the purposes of determining compliance with any U.S.&nbsp;dollar-denominated restriction on the incurrence of Indebtedness denominated in
a foreign currency, the U.S.&nbsp;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.&nbsp;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.&nbsp;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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;&nbsp;Limitation on Additional Indebtedness&#148; covenant, the Issuer shall be in Default of this covenant). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Limitation on Restricted Payments </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) a Default shall have occurred and be continuing or shall occur as a consequence thereof; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) the Issuer is not able to incur at least US$1.00 of additional Indebtedness pursuant to the Coverage Ratio
Exception;&nbsp;or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">47 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3)&nbsp;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 the next paragraph), exceeds the sum (the &#147;Restricted Payments Basket&#148;)
of (without duplication): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;50.0% of Consolidated Net Income of the Issuer and the Restricted Subsidiaries for the
period (taken as one accounting period) commencing on October&nbsp;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), </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>plus</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;100.0% of (A)&nbsp;(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 &#147;Optional Redemption &#151;&nbsp;Redemption with Proceeds from Equity
Offerings&#148;), 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&nbsp;(A) above, <I>plus </I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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,
<I>plus </I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;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 or any Restricted Subsidiary after the Issue Date (other than the release of any guarantee), 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, <I>plus</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) in the case of the release of any guarantee that was treated as a Restricted Payment made by the Issuer or any Restricted
Subsidiary after the Issue Date, an amount equal to the amount of such guarantee that was treated as a Restricted Payment <I>less</I> any amount paid under such guarantee, <I>plus </I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;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)&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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">48 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing, the provisions set forth in the immediately preceding paragraph
will not prohibit: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1)&nbsp;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 the Indenture; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;any Restricted Payment made in exchange for, or out of the proceeds of, the substantially concurrent issuance and sale
of Qualified Equity Interests; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3)&nbsp;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;&#151;&nbsp;Limitation on Additional Indebtedness&#148; covenant and the other terms of the Indenture; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4)&nbsp;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 the covenant described under &#147;&#151;&nbsp;Change of Control&#148; or (b)&nbsp;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;&nbsp;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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5)&nbsp;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, 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)&nbsp;US$5.0&nbsp;million during any calendar year (with unused
amounts in any calendar year being carried forward to succeeding calendar years) <I>plus</I> (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), <I>plus </I>(C)&nbsp;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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6)&nbsp;(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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7)&nbsp;dividends on Disqualified Equity Interests of the Issuer issued in compliance with the covenant
&#147;&#151;&nbsp;Limitation on Additional Indebtedness&#148; to the extent such dividends are included in the definition of Consolidated Interest Expense; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8) the payment of cash in lieu of fractional Equity Interests of the Issuer; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">49 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(9) 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;&nbsp;Limitation on Mergers, Consolidations, Etc.&#148;; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(11) the payment of cash dividends on the Issuer&#146;s outstanding common shares; <I>provided</I> that the amount of such
dividends in any fiscal quarter of the Issuer shall not exceed $0.06 per share (such per share amount subject to <I>pro rata</I> adjustments for any share splits, share dividends, share combinations, reverse share splits or similar events); or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(12) payment of other Restricted Payments from time to time in an aggregate amount not to exceed the greater of
(a)&nbsp;US$250.0&nbsp;million and (b)&nbsp;6.0% of the Issuer&#146;s Consolidated Tangible Assets.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>provided </I>that (a)&nbsp;in the case of any
Restricted Payment pursuant to clauses (4), (5), (11)&nbsp;or (12)&nbsp;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), (11)&nbsp;or (12)&nbsp;above shall not be deemed to be a Default under this covenant), and (b)&nbsp;no issuance and sale of Qualified Equity Interests used to make a payment pursuant to clauses&nbsp;(2) or (5)(B)&nbsp;above shall increase the
Restricted Payments Basket to the extent of such payment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For the purposes of determining compliance with any
U.S.&nbsp;dollar-denominated restriction on Restricted Payments denominated in a foreign currency, the U.S.&nbsp;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Issuer will not permit any Unrestricted Subsidiary to become a Restricted Subsidiary
except pursuant the covenant described under &#147;&#151;&nbsp;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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For purposes of determining compliance with this covenant, in the event that a proposed Restricted Payment (or a portion thereof) meets the
criteria of clauses (1)&nbsp;through (12)&nbsp;above or is entitled to be made pursuant to the Restricted Payments Basket or as a Permitted Investment, the Issuer will be entitled to divide, classify or later reclassify (based on circumstances
existing on the date of such reclassification) such Restricted Payment (or portion thereof) among such clauses (1)&nbsp;through (12), the Restricted Payments Basket and any such Permitted Investments in a manner that otherwise complies with this
covenant, and following such reclassification such Restricted Payment or Permitted Investment shall be treated as having been made pursuant to only the clause or clauses of this covenant to which such Restricted Payment or Permitted Investment has
been reclassified. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Limitation on Dividend and Other Restrictions Affecting Restricted Subsidiaries </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)
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); </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">50 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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);&nbsp;or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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&nbsp;(a) or (b)&nbsp;above); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">except for, in each case: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) encumbrances or restrictions existing under agreements existing on the Issue Date (including, without limitation, the
Credit Agreement, the Existing Indentures and the Sale and Repurchase Agreement) as in effect on that date; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)
encumbrances or restrictions existing under the Indenture, the Notes and the Guarantees; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3)&nbsp;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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4)&nbsp;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); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) any amendment, restatement, modification, renewal, supplement, refunding, replacement or refinancing of an agreement
referred to in clauses (1), (2), (3), (4), (5)&nbsp;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 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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6)&nbsp;encumbrances or restrictions
existing under or by reason of applicable law, regulation or order; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7)&nbsp;non-assignment provisions of any contract or
any lease entered into in the ordinary course of business; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8)&nbsp;in the case of clause&nbsp;(c) above, Liens permitted
to be incurred under the provisions of the covenant described under &#147;&#151;&nbsp;Limitation on Liens&#148; that limit the right of the debtor to dispose of the assets securing such Indebtedness; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(9)&nbsp;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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(10)&nbsp;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;contains any such encumbrance or restriction 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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(11)&nbsp;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; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">51 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(12)&nbsp;Purchase Money Indebtedness and any Refinancing Indebtedness in respect
thereof incurred in compliance with the covenant described under &#147;&#151;&nbsp;Limitation on Additional Indebtedness&#148; that imposes restrictions of the nature described in clause&nbsp;(c) above on the assets acquired;&nbsp;and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(13)&nbsp;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. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Limitation on Transactions with Affiliates </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 for the benefit of, any Affiliate (an
&#147;Affiliate Transaction&#148;) involving aggregate payments or consideration in excess of US$2.5&nbsp;million, unless: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1)&nbsp;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; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;the Issuer delivers to the Trustee, with respect to any Affiliate Transaction involving aggregate value in excess of
US$25.0&nbsp;million, an Officer&#146;s Certificate certifying that such Affiliate Transaction complies with clause&nbsp;(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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing restrictions shall not apply to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1)&nbsp;transactions exclusively between or among (a)&nbsp;the Issuer and one or more Restricted Subsidiaries or
(b)&nbsp;Restricted Subsidiaries; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3)&nbsp;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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4)&nbsp;any Permitted Investments (other than pursuant to
clause&nbsp;(1) of the definition thereof); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5)&nbsp;any Restricted Payments which are made in accordance with the
covenant described under &#147;&#151;&nbsp;Limitation on Restricted Payments&#148;; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6)&nbsp;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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7)&nbsp;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;&nbsp;and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8)&nbsp;(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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">52 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Limitation on Liens </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1)&nbsp;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;&nbsp;and
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;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, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">in each case, for so long as such obligation is secured by such Lien. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Limitation on Asset Sales </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Issuer will not, and will not permit any Restricted Subsidiary to, directly or indirectly, consummate any Asset Sale unless: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1)&nbsp;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;&nbsp;and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For purposes of clause&nbsp;(2) above and for no other purpose, the
following shall be deemed to be cash: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;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, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;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), </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;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&nbsp;(c) that is at that time outstanding, not to exceed the greater of (i)&nbsp;US$100.0&nbsp;million and
(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,&nbsp;and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;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). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">53 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
(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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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&nbsp;(1) and (2)&nbsp;of the first paragraph of this covenant. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 (or, if with respect to clause (3)&nbsp;below, within 365 days after the receipt of any Net Available Proceeds from any Asset Sale the Issuer or any
Restricted Subsidiary entered into a contractual commitment, pursuant to a binding agreement, to apply any such Net Available Proceeds, then, within 545 days following the consummation thereof), apply all or any of the Net Available Proceeds
therefrom to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1)&nbsp;permanently reduce (and permanently reduce commitments with respect thereto): (x)&nbsp;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); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;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;&nbsp;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;&nbsp;or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3)&nbsp;(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)&nbsp;a combination of (A)&nbsp;and (B). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The amount of Net
Available Proceeds not applied or invested as provided in clauses&nbsp;(1) through (3)&nbsp;of the preceding paragraph will constitute &#147;Excess Proceeds.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">When the aggregate amount of Excess Proceeds equals or exceeds US$50.0&nbsp;million, the Issuer will be required to make an offer to purchase
or redeem (a &#147;Net Proceeds Offer&#148;) from all Holders (unless the Issuer has previously or concurrently exercised its right to redeem all of the Notes as described under &#147;&#151;&nbsp;Optional Redemption&#148;) 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 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">54 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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;), 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 Officer&#146;s 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.&nbsp;Trustee, upon delivery of an Officer&#146;s 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
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">55 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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;&nbsp;Change of Control&#148; and/or the provisions described under the
caption &#147;&#151;&nbsp;Limitation on Mergers, Consolidations, Etc.&#148; and not by the provisions of the Asset Sale covenant. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
Issuer will comply with all applicable securities laws and regulations in Canada and the United States, including, without limitation, the requirements of Rule&nbsp;14e-1 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;&#151; 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;&#151; Limitation on Asset Sales&#148; provisions of the Indenture by virtue of such compliance. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Limitation on Designation of
Unrestricted Subsidiaries </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1)&nbsp;no Default shall have occurred and be continuing at the time of or after giving effect to such Designation;&nbsp;and
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;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 the first paragraph of &#147;&#151;&nbsp;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No Subsidiary shall be Designated as an &#147;Unrestricted Subsidiary&#148;
unless: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1)&nbsp;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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3)&nbsp;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;&nbsp;and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">56 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4)&nbsp;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 Officer&#146;s 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;&nbsp;Limitation on
Additional Indebtedness&#148; or the Lien is not permitted under the covenant described under &#147;&#151;&nbsp;Limitation on Liens,&#148; the Issuer shall be in default of the applicable covenant. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Board of Directors of the Issuer may redesignate an Unrestricted Subsidiary as a Restricted Subsidiary (a &#147;Redesignation&#148;) only
if: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1)&nbsp;no Default shall have occurred and be continuing at the time of and after giving effect to such
Redesignation;&nbsp;and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 Officer&#146;s Certificate certifying that such Redesignation complies with the foregoing conditions. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Limitation on Mergers, Consolidations, Etc. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1)&nbsp;either: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;the Issuer will be the surviving or continuing Person;&nbsp;or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;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.&nbsp;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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;immediately after giving effect to such transaction and the
assumption of the obligations as set forth in clause (1)(b)&nbsp;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; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">57 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3)&nbsp;immediately after giving pro forma effect to such transaction and the
assumption of the obligations as set forth in clause (1)(b)&nbsp;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 US$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;&nbsp;and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4)&nbsp;the Issuer shall have delivered to the Trustee an Officer&#146;s 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 the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to certain limitations governing releases of
Guarantors described in the sixth paragraph under the caption &#147;&#151;&nbsp;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: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1)&nbsp;(a) (i)&nbsp;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, merger, amalgamation, winding-up or dissolution is another Guarantor or assumes, by agreements in form and substance reasonably
satisfactory to the U.S.&nbsp;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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;immediately after giving effect to such transaction, no Default shall have occurred and be continuing;&nbsp;and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;the Issuer shall have delivered to the Trustee an Officer&#146;s 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 the Indenture;&nbsp;or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;the transaction is made in compliance with the covenant described under &#147;&#151;&nbsp;Limitation on Asset
Sales.&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">58 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Additional Guarantees </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 Existing 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 US$20.0&nbsp;million in the aggregate, then the Issuer shall cause such Restricted Subsidiary to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1)&nbsp;execute and deliver to the Trustee a supplemental indenture 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;&nbsp;and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;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. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Conduct of Business </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Reports </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;all annual financial information that would be required to be contained in a filing with the SEC on Forms&nbsp;40-F 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 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; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;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 Form&nbsp;6-K (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, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">in each case including a &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of
Operations&#148;;&nbsp;and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">59 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;all current reports that would otherwise be required to be filed or
furnished by the Issuer with the SEC on Form&nbsp;6-K if the Issuer were required to file or furnish, as applicable, such form as if the Issuer was a reporting issuer under the securities laws of the Province of Alberta or Ontario. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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&nbsp;(1) and (2)&nbsp;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&nbsp;(1) and (2)&nbsp;above on its website within the time periods that would apply if the Issuer were required to file those reports with the SEC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Issuer and the Guarantors have agreed that, for so long as any Notes remain outstanding and &#147;restricted securities&#148; within the
meaning of Rule 144(a)(3) under the Securities Act and not eligible to be resold pursuant to Rule 144(b)(1) of the Securities Act, 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&nbsp;144A(d)(4) under the Securities Act (for so long as such information is required in order to permit resales of the Notes pursuant to Rule 144A). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding anything to the contrary contained herein, the Issuer will be deemed to have complied with its obligations under this covenant
following the filing of this registration statement and prior to the effectiveness hereof if this registration statement includes the information specified in clause&nbsp;(1) above at the times it would otherwise be required to file such Forms. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Events of Default </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each of the following
is an &#147;Event of Default&#148;: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1)&nbsp;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&nbsp;days; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3)&nbsp;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;&nbsp;Certain Covenants&nbsp;&#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;&nbsp;Change of Control&#148;; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4)&nbsp;(a)&nbsp;except with respect to the covenant described under the
heading &#147;&#151;&nbsp;Certain Covenants&nbsp;&#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&nbsp;days after notice
of the failure has been given to the Issuer by the U.S.&nbsp;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 U.S.&nbsp;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;&nbsp;Certain Covenants&nbsp;&#151; Reports&#148;; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">60 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5)&nbsp;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: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;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,&nbsp;or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;results in the
acceleration of such Indebtedness prior to its Stated Maturity (which acceleration is not rescinded, annulled or otherwise cured within 30&nbsp;days of receipt by the Issuer or such Restricted Subsidiary of notice of any such acceleration), </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">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&nbsp;(a) or (b)&nbsp;has occurred and is continuing, aggregates US$50.0&nbsp;million or more; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6)&nbsp;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&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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7)&nbsp;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;&nbsp;or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8)&nbsp;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). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If an Event of Default (other than an Event of Default specified in clause&nbsp;(7) above),
shall have occurred and be continuing under the Indenture, the U.S.&nbsp;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.&nbsp;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 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&nbsp;(7) occurs, all outstanding Notes shall become due and payable without any further action or notice to the extent permitted by applicable law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">61 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 U.S. Trustee. However, the U.S. Trustee may refuse to follow any direction that conflicts with law or the Indenture, that may involve the
U.S. Trustee in personal liability, or that the U.S. 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: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1)&nbsp;the Holder gives a Responsible Officer of the U.S. Trustee written notice of a continuing Event of Default; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;the Holder or Holders of at least 25.0% in aggregate principal amount of outstanding Notes make a written request to
the U.S. Trustee to pursue the remedy; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3)&nbsp;such Holder or Holders offer the U.S. Trustee indemnity satisfactory to
the U.S. Trustee against any costs, liability or expense; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4)&nbsp;the U.S. Trustee does not comply with the request
within 60&nbsp;days after receipt of the request and the offer of indemnity;&nbsp;and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5)&nbsp;during such 60-day period,
the Holders of a majority in aggregate principal amount of the outstanding Notes do not give a Responsible Officer of the U.S. Trustee a direction that is inconsistent with the request. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Holders of a majority in aggregate principal amount of the Notes then outstanding by written notice to the U.S. 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Issuer is required to deliver to a Responsible Officer of the U.S. 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 a Responsible Officer of the U.S. Trustee of any default or defaults in the performance of any covenants or agreements under the Indenture. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Legal Defeasance and Covenant Defeasance </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 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: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1)&nbsp;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 funds referred to below; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3)&nbsp;the rights, powers, trust, duties, and immunities of the Trustee, and the obligations of the Issuer and the Guarantors
in connection therewith;&nbsp;and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4)&nbsp;the Legal Defeasance provisions of the Indenture. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">62 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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;&nbsp;Change of Control&#148; and under &#147;&#151;&nbsp;Covenants&#148; (other than the covenant described under
&#147;&#151;&nbsp;Covenants&nbsp;&#151; Limitation on Mergers, Consolidations, Etc.,&#148; except to the extent described below) and the limitation imposed by clause&nbsp;(3) under &#147;&#151;&nbsp;Covenants&nbsp;&#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&nbsp;days after the date of deposit of funds provided for in clause&nbsp;(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&nbsp;(3) through (8)&nbsp;under the caption &#147;&#151;&nbsp;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In
order to exercise either Legal Defeasance or Covenant Defeasance: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1)&nbsp;the Issuer must irrevocably deposit with the
U.S.&nbsp;Trustee in trust solely for the benefit of the Holders, U.S.&nbsp;legal tender, U.S.&nbsp;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, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;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.&nbsp;Trustee confirming that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;the Issuer has received from, or there has been published by the Internal Revenue Service, a ruling,&nbsp;or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;since the date of the Indenture, there has been a change in the applicable U.S.&nbsp;federal income tax law, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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.&nbsp;federal income tax purposes as a result of the Legal Defeasance and will be subject to U.S.&nbsp;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, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3)&nbsp;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.&nbsp;Trustee confirming that the Holders of the outstanding Notes will not recognize income, gain or loss for U.S.&nbsp;federal income tax purposes as a result of
the Covenant Defeasance and will be subject to U.S.&nbsp;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, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4)&nbsp;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.&nbsp;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 should 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 should 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, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5)&nbsp;no Default shall have occurred and be continuing, either (a)&nbsp;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)&nbsp;insofar as Defaults from bankruptcy or insolvency events are concerned, at any time in the period ending on the
91st&nbsp;day after the date of deposit, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">63 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6)&nbsp;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, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7)&nbsp;the Issuer has delivered to the Trustee an Opinion of Counsel to the effect that after the 91st&nbsp;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, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8)&nbsp;the Issuer shall have delivered to the Trustee an Officer&#146;s 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,&nbsp;and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(9)&nbsp;the Issuer shall have delivered to the Trustee an Officer&#146;s Certificate and an Opinion of Counsel, each stating
that the conditions precedent provided for in clauses&nbsp;(1) through (8)&nbsp;have been complied with. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the funds deposited with the
U.S.&nbsp;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. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Satisfaction and Discharge </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1)&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,&nbsp;or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;(a)&nbsp;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 the provisions described under &#147;&#151;&nbsp;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.&nbsp;legal tender, U.S.&nbsp;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, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;the Issuer has paid all other sums payable by it under the
Indenture,&nbsp;and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, the Issuer must deliver an
Officer&#146;s Certificate and an Opinion of Counsel stating that all conditions precedent to satisfaction and discharge of the Indenture have been complied with. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Transfer and Exchange </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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)&nbsp;to register the transfer of or exchange any Note selected for redemption, (2)&nbsp;to register the transfer of or exchange
any Note for a period of 15&nbsp;days before a selection of Notes to be redeemed or (3)&nbsp;to register the transfer or exchange of a Note between a record date and the next succeeding interest payment date. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">64 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Notes are 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). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Amendment, Supplement and Waiver </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Without the consent of each Holder affected, an
amendment or waiver may not (with respect to any Notes held by a non-consenting Holder): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1)&nbsp;reduce, or change the
maturity of, the principal of any Note; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;reduce the rate of or extend the time for payment of interest on any
Note; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3)&nbsp;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;&nbsp;Change of Control&#148; and &#147;&#151;&nbsp;Certain Covenants&nbsp;&#151; Limitation on Asset Sales&#148;) shall not be deemed a redemption of the
Notes; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4)&nbsp;make any Note payable in money or currency other than that stated in the Notes; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5)&nbsp;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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6)&nbsp;reduce the percentage of Holders necessary to consent
to an amendment or waiver to the Indenture or the Notes; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7)&nbsp;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); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8)&nbsp;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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(9)&nbsp;release any Guarantor from any of its obligations under its Guarantee or the Indenture, except as permitted by the
Indenture;&nbsp;or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(10)&nbsp;make any change in these amendment and waiver provisions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing, the Issuer and the Trustee may amend the Indenture, the Guarantees or the Notes without the consent of any
Holder: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1)&nbsp;to cure any ambiguity, defect or inconsistency; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;to provide for uncertificated Notes in addition to or in place of certificated Notes; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3)&nbsp;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
&#147;&#151;&nbsp;Certain Covenants&nbsp;&#151; Limitation on Mergers, Consolidations, Etc.&#148;; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">65 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4)&nbsp;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); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5)&nbsp;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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6)&nbsp;to effect or maintain the qualification of the Indenture under the
Trust&nbsp;Indenture Act; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7)&nbsp;to secure the Notes or any Guarantees or any other obligation under the Indenture; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8)&nbsp;to evidence and provide for the acceptance of appointment by a successor Trustee; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(9)&nbsp;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;&nbsp;or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(10)&nbsp;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>No Personal Liability of Directors, Officers, Employees and Stockholders </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Concerning the
Trustee </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The U.S.&nbsp;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&nbsp;days, apply to the SEC for permission to continue (if the Indenture
has been qualified under the Trust&nbsp;Indenture Act) or resign. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">66 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Governing Law </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Indenture, the Notes, and the Guarantees are governed by, and construed in accordance with, the laws of the State of New York. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Enforceability of Judgments </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Since a
substantial portion of the Issuer&#146;s assets and the assets of many of the Guarantors are outside the United States, any judgment obtained in the United States against the Issuer or any non-U.S. domiciled Guarantor in respect of its Guarantee,
including judgments with respect to the payment of principal, or interest on the Notes may not be collectible within the United States. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Issuer has been informed by its Alberta counsel, Norton Rose Fulbright Canada LLP, that the laws of the Province of Alberta permit an
action to be brought against the Issuer or a Guarantor over which it has jurisdiction in a court of competent jurisdiction in such province in accordance with its normal procedural rules on any final and conclusive civil judgment <I>in personam</I>
of any federal or state court located in the Borough of Manhattan in The City of New York (&#147;<I>New York Court</I>&#148;) for a sum certain with respect to the Indenture, the Notes or a Guarantee, that has not been stayed or satisfied, is not
under appeal or appealable, is not impeachable as void or voidable under the internal laws of the State of New York and in respect of which there is no other subsisting judgment in any other jurisdiction relating to the same cause of action if
(1)&nbsp;the New York Court rendering such judgment has jurisdiction over the judgment debtor and the subject matter of the action under the laws of New York and the Province of Alberta (and submission by the Issuer or a Guarantor in the Indenture
or in a supplemental indenture to the non-exclusive jurisdiction of the New York Court will be sufficient for the latter purpose); (2)&nbsp;such judgment was not obtained by fraud or in a manner contrary to natural justice and the enforcement
thereof would not be inconsistent with public policy, as such term is understood under the laws of the Province of Alberta and the laws of Canada applicable therein, for example because that would be contrary to any order made by the Attorney
General of Canada under the <I>Foreign Extraterritorial Measures Act</I> (Canada) or the Competition Tribunal under the <I>Competition Act</I> (Canada), or the enforcement of such judgment would constitute, directly or indirectly, the enforcement of
foreign revenue, expropriatory, penal or other public laws; (3)&nbsp;the New York Court did not assume jurisdiction or render judgment as a result of a fraud practice on such court; (4)&nbsp;there is no new evidence that the judgment was obtained by
fraud as to the merits of the claim which was not discoverable with due diligence before the judgment was granted; (5)&nbsp;there is no manifest error on the face of the judgment; (6)&nbsp;no new admissible evidence, right or defense relevant to the
action accrues or is discovered prior to the rendering of judgment by a court of the Province of Alberta; and (7)&nbsp;the action to enforce such judgment is commenced within the applicable limitation period under the law of the Province of Alberta
or the federal laws of Canada applicable therein for avoiding enforcement of such judgments of New York Courts under the Indenture, the Notes or a Guarantee based upon public policy. An Action in the Province of Alberta to enforce such judgment of
the New York Court may be affected by Canadian laws relating to bankruptcy, insolvency or the enforcement of creditors&#146; rights generally and to general principles of equity including the availability of defenses such as laches, waiver or
estoppel. If the judgment of the New York Court includes an interest component, such interest component to the date of the judgment of the New York Court would be included in the principal amount of the applicable court judgment in respect thereof,
with interest accruing on the amount of the New York Court judgment to the date of the applicable court judgment at the applicable pre-judgment interest rate under the laws of the Province of Alberta and from the date of such applicable court
judgment at the applicable post-judgment interest rate under the laws of the Province of Alberta. Further, any order of a court in the Province of Alberta will only be payable in Canadian dollars and the exchange rate used by such court may be
different than that specified in the Indenture, the Notes or a Guarantee, as applicable. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Indemnification for Judgment Currency Fluctuations </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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.&nbsp;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
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">67 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
the rate of exchange used shall be that at which in accordance with normal banking procedures such Holder could purchase U.S.&nbsp;dollars with such other currency in New York City, New York on
the Business Day preceding the day on which final judgment is given. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Issuer&#146;s obligations to any Holder will, notwithstanding
any judgment in a currency (the &#147;judgment currency&#148;) other than U.S.&nbsp;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 or Trustee may in accordance with normal banking procedures purchase U.S.&nbsp;dollars with the judgment currency. If the amount of the U.S.&nbsp;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 U.S.&nbsp;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. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Consent to Jurisdiction and Service </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each of the Issuer and each non-U.S.&nbsp;Guarantor has appointed CT Corporation System, 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 have submitted to the non-exclusive jurisdiction of such courts. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Certain Definitions </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Acquired Indebtedness&#148; </I>means (1)&nbsp;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)&nbsp;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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Additional Interest&#148; </I>has the meaning set forth in the Registration Rights Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;asset&#148; </I>means
any asset or property, including, without limitation, Equity Interests. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">68 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Asset Acquisition&#148;</I> means: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1)&nbsp;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 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;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). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Asset Sale&#148;</I> means: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;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;&nbsp;or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;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;&nbsp;Certain Covenants&nbsp;&#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&nbsp;(a) and (b), collectively, for purposes of this definition, a &#147;transfer&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For purposes of this definition, the term &#147;Asset Sale&#148; shall not include: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1)&nbsp;transfers of cash or Cash Equivalents; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;transfers of assets (including Equity Interests) that are governed by, and made in accordance with, the covenants
described under &#147;&#151;&nbsp;Change of Control&#148; or &#147;&#151;&nbsp;Certain Covenants&nbsp;&#151; Limitation on Mergers, Consolidations, Etc.&#148;; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3)&nbsp;Permitted Investments and Restricted Payments permitted under the covenant described under &#147;&#151;&nbsp;Certain
Covenants&nbsp;&#151; Limitation on Restricted Payments&#148;; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4)&nbsp;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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5)&nbsp;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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6)&nbsp;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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7)&nbsp;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 joint venture agreement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8)&nbsp;a disposition of
inventory in the ordinary course of business; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(9)&nbsp;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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(10)&nbsp;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 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">69 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
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 and/or Cash Equivalents received shall be deemed proceeds of an &#147;Asset Sale,&#148; subject to the following clause (11);&nbsp;and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(11)&nbsp;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 US$20.0&nbsp;million per occurrence. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Board of Directors&#148;</I> 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, in each case, other than for purposes of the definition of &#147;Change of Control,&#148; any duly authorized committee of such body. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Capitalized Lease&#148;</I> means a lease (whether entered into
before or after November&nbsp;17, 2010) required to be capitalized for financial reporting purposes in accordance with IFRS. Notwithstanding the foregoing, any lease that would have been classified as an operating lease by the Issuer pursuant to
Canadian generally accepted accounting principles as in effect on November&nbsp;17, 2010 shall be deemed not to be a Capitalized Lease. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><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 IFRS. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Cash Equivalents&#148;</I> means: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1)&nbsp;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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;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.&nbsp;or Canadian branch of any other Eligible Bank maturing within one year of
the date of acquisition thereof; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3)&nbsp;commercial paper issued by any Person incorporated in the United States or
Canada rated at least A1 or the equivalent thereof by S&amp;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&amp;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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4)&nbsp;repurchase obligations with a term of not more than one year for underlying securities of the types described in
clause&nbsp;(1) above entered into with any Eligible Bank and maturing not more than one year after such time; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5)&nbsp;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&nbsp;&amp; Poor&#146;s Rating Services and having maturities of not more
than one year from the date of acquisition; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6)&nbsp;investments in money market or other mutual funds substantially all
of whose assets comprise securities of the types described in clauses&nbsp;(1) through (5)&nbsp;above; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">70 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7)&nbsp;demand deposit accounts maintained in the ordinary course of
business;&nbsp;and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8)&nbsp;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&nbsp;(1)
through (7)&nbsp;above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Change of Control&#148;</I> means the occurrence of any of the following events: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1)&nbsp;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 &#147;person&#148; (as that term is used in Section&nbsp;13(d)(3) of the
Exchange Act); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;any &#147;person&#148; or &#147;group&#148; (as such terms are used in Sections&nbsp;13(d) and
14(d) of the Exchange Act) is or becomes the beneficial owner of (as defined in Rules&nbsp;13d-3 and 13d-5 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; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4)&nbsp;the adoption by the
stockholders of the Issuer of a Plan of Liquidation; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>provided </I>that if the Notes are rated at or above the ratings
assigned to the Notes on the Issue Date by either of the Rating Agencies, then none of the events listed in clauses (1)&nbsp;through (3)&nbsp;above shall constitute a &#147;Change of Control&#148; unless a Ratings Decline also occurs in connection
therewith. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For purposes of this definition, a Person shall not be deemed to have beneficial ownership of securities subject to a stock
purchase agreement, merger or amalgamation agreement or similar agreement until the consummation of the transactions contemplated by such agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><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 IFRS. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><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: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1)&nbsp;Consolidated Net Income, <I>plus </I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;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, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;Consolidated Income Tax Expense, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;Consolidated Amortization Expense (but only to the extent not included in Consolidated Interest Expense), </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">71 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;Consolidated Depreciation Expense, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;Consolidated Interest Expense, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;all 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, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;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&nbsp;(f) shall not exceed US$25.0&nbsp;million in any Four-Quarter Period,&nbsp;and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g)&nbsp;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), including: (i)&nbsp;such fees, expenses or
charges related to the offering of the Notes, the Existing Notes and the Credit Facilities and (ii)&nbsp;any amendment or other modification of the Notes or the Existing 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&nbsp;(g) shall not exceed US$15.0&nbsp;million per occurrence, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">in each case determined on a consolidated basis in accordance with IFRS, <I>minus </I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3)&nbsp;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); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4)&nbsp;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;&nbsp;and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5)&nbsp;increased or decreased by (without duplication) any unrealized gain or loss resulting in such period from Hedging Obligations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><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 IFRS. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><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 IFRS. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Consolidated Interest Coverage Ratio&#148; </I>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 IFRS 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)&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: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1)&nbsp;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 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">72 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
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;&nbsp;and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;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 Officer&#146;s 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In calculating Consolidated Interest Expense for purposes of determining the denominator (but
not the numerator) of this Consolidated Interest Coverage Ratio: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;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;&nbsp;and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3)&nbsp;notwithstanding clause&nbsp;(1) 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><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 IFRS, including, without duplication: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1)&nbsp;imputed interest on Capitalized Lease Obligations; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;commissions, discounts and other fees and charges owed with respect to letters of credit securing financial
obligations, bankers&#146; acceptance financing and receivables financings; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3)&nbsp;the net costs associated with Hedging
Obligations related to interest rates; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4)&nbsp;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); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5)&nbsp;the interest portion of any deferred
payment obligations; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6)&nbsp;all other non-cash interest expense; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7)&nbsp;capitalized interest; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">73 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8)&nbsp;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); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(9)&nbsp;all interest payable with respect to discontinued operations;&nbsp;and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(10)&nbsp;all interest on any Indebtedness described in clause&nbsp;(7) or (8)&nbsp;of the definition of Indebtedness,&nbsp;and
excluding, without duplication, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1)&nbsp;the cumulative effect of any change in accounting principles or policies&nbsp;and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;any penalties and interest related to the Contingent Tax Liabilities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><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 IFRS; <I>provided </I>that there shall be excluded from such net income (to the extent otherwise included therein), without duplication: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1)&nbsp;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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3)&nbsp;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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4)&nbsp;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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5)&nbsp;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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6)&nbsp;gains
and losses due solely to fluctuations in currency values and the related tax effects according to IFRS; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7)&nbsp;unrealized gains and losses with respect to Hedging Obligations; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8)&nbsp;the cumulative effect of any change in accounting principles or policies; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(9)&nbsp;extraordinary gains and losses and the related tax effect;&nbsp;and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(10)&nbsp;any income tax expenses, penalties and interest related to the Contingent Tax Liabilities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, any return of capital with respect to an Investment that increased the Restricted Payments Basket pursuant to clause
(3)(d)&nbsp;of the first paragraph under &#147;&#151;&nbsp;Certain Covenants&nbsp;&#151; Limitation on Restricted Payments&#148; or decreased the amount of Investments outstanding pursuant to clause&nbsp;(11) 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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">74 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Consolidated Tangible Assets&#148; </I>means, with respect to any Person as of any date,
the amount which, in accordance with IFRS, 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&nbsp;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 IFRS. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Contingent Tax Liabilities&#148; </I>means the contingent tax liabilities disclosed in the financial statements of the Issuer as of
December&nbsp;31, 2013,&nbsp;December&nbsp;31, 2012,&nbsp;December&nbsp;31, 2011,&nbsp;December&nbsp;31, 2010 and January&nbsp;1, 2010 and for the years ended December&nbsp;31, 2013, 2012, 2011 and 2010. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><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;&nbsp;Certain Covenants&nbsp;&#151; Limitation on Additional Indebtedness.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Credit Agreement&#148; </I>means
the Credit Agreement entered into on August&nbsp;30, 2012, 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Default&#148; </I>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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><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 Officer&#146;s
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 connection with a subsequent sale of or collection on such Designated Non-cash
Consideration. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Designation&#148; </I>has the meaning given to this term in the covenant described under
&#147;&#151;&nbsp;Certain Covenants&nbsp;&#151; Limitation on Designation of Unrestricted Subsidiaries.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Designation
Amount&#148;</I> has the meaning given to this term in the covenant described under &#147;&#151;&nbsp;Certain Covenants&nbsp;&#151; Limitation on Designation of Unrestricted Subsidiaries.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><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 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">75 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
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&nbsp;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&nbsp;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;&nbsp;Change of Control&#148; and &#147;&#151;&nbsp;Certain Covenants&nbsp;&#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;&nbsp;Change of Control&#148; and &#147;&#151;&nbsp;Certain Covenants&nbsp;&#151; Limitation on Asset Sales,&#148; respectively. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><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&nbsp;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Equity Interests&#148; </I>of any Person means (1)&nbsp;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)&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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Exchange Act&#148;
</I>means the U.S.&nbsp;Securities Exchange Act of 1934, as amended. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Exchange Notes&#148; </I>means any notes issued in exchange
for the Notes pursuant to the terms of the Indenture and the Registration Rights Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Existing Indentures&#148;</I> 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.&nbsp;trustee and Valiant Trust&nbsp;Company as Canadian trustee, as amended, supplemented or
restated from time to time, the Indenture dated as of March&nbsp;15, 2011 among the Issuer, the guarantors listed on the signature pages thereto and Valiant Trust&nbsp;Company as trustee, as amended, supplemented or restated from time to time, and
the Indenture, dated as of July&nbsp;29, 2011 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Existing Notes&#148;</I> means the US$650,000,000 6.625% Senior Notes due 2020, the C$200,000,000 6.50%
Senior Notes due 2019 and the U.S.$400,000,000 6.50% Senior Notes due 2021 issued by the Issuer pursuant to the applicable Existing Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><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 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">76 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
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)&nbsp;in the case of an asset whose price would
be greater than US$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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><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)&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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><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 or the Existing Indentures, 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Holder&#148; </I>means any registered holder, from time to time, of the Notes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;IFRS&#148; </I>means international financial reporting standards issued by the International Accounting Standards Board to the extent
adopted in Canada and which were in effect on June&nbsp;14, 2011; provided that all ratios, computations and other determinations in the Indenture that require the application of IFRS for periods that include fiscal quarters ended prior to
January&nbsp;1, 2011 shall remain as previously calculated or determined in accordance with 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><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)&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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Indebtedness&#148; </I>of any Person at any date means, without duplication: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1)&nbsp;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); </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">77 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;all obligations of such Person evidenced by bonds, debentures,
banker&#146;s acceptances, notes or other similar instruments; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3)&nbsp;all reimbursement obligations of such Person in
respect of letters of credit, letters of guaranty and similar credit transactions; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4)&nbsp;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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5)&nbsp;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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6)&nbsp;all Capitalized Lease Obligations of such Person; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7)&nbsp;all Indebtedness of others secured by a Lien on any asset of such Person, whether or not such Indebtedness is assumed
by such Person; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8)&nbsp;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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(9)&nbsp;to the extent not otherwise included in this definition, Hedging Obligations of such
Person;&nbsp;and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(10)&nbsp;all obligations of such Person under conditional sale or other title retention agreements
relating to assets purchased by such Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 the Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Independent Director&#148; </I>means a director of the Issuer who: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1)&nbsp;is independent with respect to the transaction at issue; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;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);&nbsp;and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3)&nbsp;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><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.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">78 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Investments&#148; </I>of any Person means: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1)&nbsp;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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;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&nbsp;(2) of the definition thereof); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3)&nbsp;all other items that would be classified as investments on a balance sheet of such Person prepared in accordance with
IFRS (including, if required by IFRS, purchases of assets outside the ordinary course of business);&nbsp;and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4)&nbsp;the
Designation of any Subsidiary as an Unrestricted Subsidiary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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&nbsp;(4) shall be the Designation Amount determined in accordance with
the covenant described under &#147;&#151;&nbsp;Certain Covenants&nbsp;&#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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Issue Date&#148; </I>means the date on which the original
Outstanding Notes were originally issued. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><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;&nbsp;Certain Covenants&nbsp;&#151; Limitation on Mergers, Consolidations, Etc.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><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&nbsp;1(1) (tt) (ii)&nbsp;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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Moody&#146;s&#148; </I>means Moody&#146;s Investors Service, Inc., and its successors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Multijurisdictional Disclosure System&#148; </I>means the Canada-U.S.&nbsp;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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><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: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1)&nbsp;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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;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 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">79 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
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); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3)&nbsp;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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4)&nbsp;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;&nbsp;and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5)&nbsp;appropriate amounts to be provided by the Issuer
or any Restricted Subsidiary, as the case may be, as a reserve required in accordance with IFRS 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 Officer&#146;s 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Non-Recourse Debt&#148; </I>means Indebtedness of an Unrestricted Subsidiary: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1)&nbsp;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;&nbsp;and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><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 Senior Vice President, any Vice President, any trustee, the Treasurer or the Secretary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Officer&#146;s Certificate&#148; </I>means a certificate signed an Officer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Opinion of Counsel&#148; </I>means a written opinion from legal counsel acceptable to the U.S.&nbsp;Trustee. The counsel may be an
employee of or counsel to the Issuer or the Trustee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Permitted
Business&#148; </I>means the businesses engaged in by the Issuer and its Subsidiaries on the Issue Date as described in the offering circular for the Outstanding Notes and businesses that are reasonably related, incidental or ancillary thereto or
reasonable extensions thereof (other than, in each case, material exploration or production businesses). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Permitted Business
Investments&#148;</I> means Investments by the Issuer or any of its Restricted Subsidiaries in any Unrestricted Subsidiary or in any joint venture entity; <I>provided</I> that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) the Issuer would, at the time of such Investment and after giving pro forma effect thereto as if such Investment had been
made at the beginning of the applicable Four-Quarter Period, have been permitted to incur at least $1.00 of additional Indebtedness pursuant to the Coverage Ratio Exception; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">80 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) if such Unrestricted Subsidiary or joint venture entity has outstanding
Indebtedness at the time of such Investment, either (a)&nbsp;all such Indebtedness is Non-Recourse Debt or (b)&nbsp;any such Indebtedness that is recourse to the Issuer or any of its Restricted Subsidiaries (which shall include, without limitation,
all Indebtedness for which the Issuer or any of its Restricted Subsidiaries may be directly or indirectly, contingently or otherwise, obligated to pay, whether pursuant to the terms of such Indebtedness, by law or pursuant to any guarantee,
including, without limitation, any &#147;claw back,&#148; &#147;make-well&#148; or &#147;keep-well&#148; arrangement) would, at the time of such Investment and after giving pro forma effect thereto as if such Investment had been made at the
beginning of the applicable Four-Quarter Period, have been permitted to be incurred by the Issuer and its Restricted Subsidiaries pursuant to the Coverage Ratio Exception; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) such Unrestricted Subsidiary&#146;s or joint venture entity&#146;s activities are not outside the scope of the Permitted
Business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Permitted Investment&#148;</I> means: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1)&nbsp;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; <I>provided </I>the surviving or continuing Person of such merger or consolidation is either
the Issuer or a Restricted Subsidiary; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;Investments in the Issuer by any Restricted Subsidiary; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3)&nbsp;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 Section&nbsp;402 of the Sarbanes
Oxley Act) and (ii)&nbsp;to purchase Equity Interests of the Issuer not in excess of US$2.5&nbsp;million individually and US$5.0&nbsp;million in the aggregate outstanding at any one time; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4)&nbsp;Hedging Obligations entered into for <I>bona fide</I> hedging purposes of the Issuer or any Restricted Subsidiary not
for the purpose of speculation; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5)&nbsp;Investments in cash and Cash Equivalents; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6)&nbsp;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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7)&nbsp;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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8)&nbsp;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;&nbsp;Certain Covenants&nbsp;&#151; Limitation on Asset Sales&#148;; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(9)&nbsp;lease, utility and other similar deposits in the ordinary course of business; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(10)&nbsp;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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(11)&nbsp;Permitted Business Investments that
do not exceed 12.5% of the Issuer&#146;s Consolidated Tangible Assets; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(12)&nbsp;guarantees of Indebtedness of the Issuer
or any of its Restricted Subsidiaries permitted in accordance with &#147;&#151;&nbsp;Certain Covenants&nbsp;&#151; Limitation on Additional Indebtedness&#148;; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(13)&nbsp;repurchases of, or other Investments in the Notes; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">81 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(14)&nbsp;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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(15)&nbsp;Investments existing on the Issue Date; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(16)&nbsp;Investments the payment for which consists of Qualified Equity Interests of the Issuer; <I>provided, however,
</I>that such Qualified Equity Interests will not increase the amount available for Restricted Payments under the Restricted Payments Basket; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(17)&nbsp;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&nbsp;(17) since the Issue Date, do not exceed the greater of (a)&nbsp;US$250.0&nbsp;million and
(b)&nbsp;6.0% of the Issuer&#146;s Consolidated Tangible Assets;&nbsp;and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(18)&nbsp;performance guarantees of any trade or
non-financial operating contract (other than such contract that itself constitutes Indebtedness) in the ordinary course of business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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;&nbsp;Certain Covenants&nbsp;&#151; Limitation on Restricted Payments.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Permitted Liens&#148; </I>means the
following types of Liens: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1)&nbsp;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
IFRS; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3)&nbsp;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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4)&nbsp;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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5)&nbsp;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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6)&nbsp;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; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">82 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7)&nbsp;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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8)&nbsp;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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(9)&nbsp;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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(10)&nbsp;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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(11)&nbsp;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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(12)&nbsp;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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(13)&nbsp;Liens securing all of the Notes and Liens securing any Guarantee; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(14)&nbsp;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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(15)&nbsp;Liens existing on the Issue Date securing Indebtedness
outstanding on the Issue Date; <I>provided </I>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); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(16)&nbsp;Liens in favor of the Issuer or a Guarantor; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(17)&nbsp;Liens securing Indebtedness under the Credit Facilities incurred and then outstanding pursuant to clause&nbsp;(1) of
the second paragraph of &#147;&#151;&nbsp;Certain Covenants&nbsp;&#151; Limitation on Additional Indebtedness&#148; and related Hedging Obligations; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(18)&nbsp;Liens arising pursuant to Purchase Money Indebtedness incurred pursuant to clause&nbsp;(8) of the second paragraph of
&#147;&#151;&nbsp;Certain Covenants&nbsp;&#151; Limitation on Additional Indebtedness&#148;; <I>provided </I>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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(19)&nbsp;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 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">83 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(20)&nbsp;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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(21)&nbsp;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); <I>provided </I>that such Liens do not extend to any additional assets (other than improvements thereon and replacements thereof); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(22)&nbsp;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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(23)&nbsp;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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(24)&nbsp;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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(25)&nbsp;Liens securing Specified Cash Management Agreements entered into in the ordinary course of business; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(26)&nbsp;Liens on assets of any Foreign Restricted Subsidiary to secure Indebtedness of such Foreign Restricted Subsidiary
which Indebtedness is permitted by the Indenture; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(27)&nbsp;Liens securing Indebtedness incurred under clause&nbsp;(16) of
the second paragraph of &#147;&#151;&nbsp;Certain Covenants&nbsp;&#151; Limitation on Additional Indebtedness&#148;;&nbsp;and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(28)&nbsp;other Liens with respect to obligations which do not in the aggregate exceed the greater of
(a)&nbsp;US$200.0&nbsp;million and (b)&nbsp;5.0% of the Issuer&#146;s Consolidated Tangible Assets at any time outstanding. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Person&#148; </I>means any individual, corporation, partnership, limited liability company, joint venture, entity, 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><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)&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; 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;principal&#148; </I>means, with respect to the Notes, the principal of, and premium, if any, on the Notes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Prior Credit Agreement&#148;</I> 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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">84 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><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)&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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><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)&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 options, warrants or rights, registered on Form&nbsp;S-4 or S-8, or
(c)&nbsp;any offering of Qualified Equity Interests issued in connection with a transaction that constitutes a Change of Control. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Rating Agencies&#148; </I>means Moody&#146;s and S&amp;P (or, if either such entity ceases to rate the Notes for reasons outside of
the control of the Issuer, any other &#147;nationally recognized statistical rating organization&#148; within the meaning of Section&nbsp;3(a)(62) under the Exchange Act, selected by the Issuer as a replacement agency (a&nbsp;&#147;<I>Replacement
Agency</I>&#148;)). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Rating Categories&#148;</I> means: (1)&nbsp;with respect to S&amp;P, any of the following categories: AAA,
AA, A, BBB, BB, B, CCC, CC, C and D (or equivalent successor categories); (2)&nbsp;with respect to Moody&#146;s, any of the following categories: Aaa, Aa, A, Baa, Ba, B, Caa, Ca, C and D (or equivalent successor categories) and (3)&nbsp;with respect
to any Replacement Agency, equivalent categories. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Rating Decline&#148;</I> means a decrease in the rating of the Notes by either
of the Rating Agencies by one or more gradations (including gradations within Rating Categories as well as between Rating Categories) on any date from the date of the public notice of an arrangement that results in a Change of Control until the end
of the 90-day period following public notice of the occurrence of a Change of Control (which period shall be extended so long as the rating of the Notes is under publicly announced consideration for downgrade by either of the Rating Agencies). In
determining whether a Change of Control has occurred for purposes of this definition, the proviso at the end of the first paragraph of the definition of Change of Control shall be disregarded. In determining whether the rating of the Notes has
decreased by one or more gradations, gradations within Rating Categories, namely + or &#150; for S&amp;P, and 1, 2 and 3 for Moody&#146;s, will be taken into account. For example, in the case of S&amp;P, a rating decline either from BB+ to BB or BB-
to B+ will constitute a decrease of one gradation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Redesignation&#148; </I>has the meaning given to such term in the covenant described under &#147;&#151;&nbsp;Certain
Covenants&nbsp;&#151; Limitation on Designation of Unrestricted Subsidiaries.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;refinance&#148; </I>means to refinance,
repay, prepay, replace, renew or refund. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">85 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Refinancing Indebtedness&#148; </I>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;Refinanced Indebtedness&#148;); <I>provided </I>that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1)&nbsp;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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3)&nbsp;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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4)&nbsp;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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5)&nbsp;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;&nbsp;and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6)&nbsp;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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Registration Rights Agreement&#148; </I>means (i)&nbsp;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)&nbsp;any other registration rights agreement entered into in connection with an
issuance of Additional Notes in a private offering after the Issue Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Responsible Officer&#148;</I> means, when used with
respect to the Trustee, any officer within the corporate trust department of the Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who
customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person&#146;s knowledge of and familiarity with the
particular subject and who shall have direct responsibility for the administration of the Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Restricted Payment&#148;
</I>means any of the following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1)&nbsp;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 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">86 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
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 Stock on a pro rata basis); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;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); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3)&nbsp;any Investment other than a Permitted
Investment;&nbsp;or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4)&nbsp;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&nbsp;(6) of the definition of &#147;Permitted Indebtedness&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><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;&nbsp;Certain Covenants&nbsp;&#151; Limitation on Restricted Payments.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Restricted Subsidiary&#148; </I>means
any Subsidiary other than an Unrestricted Subsidiary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Sale and Repurchase Agreement&#148; </I>means the Sale and Repurchase
Agreement, dated as of December&nbsp;23, 2008, by and between the Issuer and Precision Drilling (US) 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&nbsp;23, 2008, and the applicable covenants therein are qualified so as to permit exceptions thereto (i)&nbsp;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&nbsp;23,
2008, (ii)&nbsp;to permit the granting of Liens under the Notes and the Indenture and (iii)&nbsp;to subordinate any Liens (including backup Liens) thereunder to any Liens under the Notes and the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;S&amp;P&#148; </I>means Standard&nbsp;&amp; Poor&#146;s Ratings Services and its successors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;SEC&#148; </I>means the U.S.&nbsp;Securities and Exchange Commission. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Secretary&#146;s Certificate&#148; </I>means a certificate signed by the Secretary of the Issuer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Securities Act&#148; </I>means the U.S.&nbsp;Securities Act of 1933, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Significant Subsidiary&#148; </I>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 June&nbsp;14, 2011 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 clause&nbsp;(7) under &#147;&#151;&nbsp;Events of Default&#148; has occurred and is continuing, would constitute a Significant Subsidiary under clause&nbsp;(1) of
this definition. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><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 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">87 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><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, as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Subsidiary&#148; </I>means, with respect to any Person: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1)&nbsp;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);&nbsp;and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;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). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless otherwise specified, &#147;Subsidiary&#148; refers to a Subsidiary of the Issuer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Trust&nbsp;Indenture Act&#148; </I>means the Trust&nbsp;Indenture Act of 1939, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;Unrestricted Subsidiary&#148; </I>means (1)&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 the covenant described under &#147;&#151;&nbsp;Certain Covenants&nbsp;&#151; Limitation on Designation of Unrestricted Subsidiaries&#148; and (2)&nbsp;any Subsidiary of an
Unrestricted Subsidiary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>&#147;U.S.&nbsp;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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><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)&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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">88 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc850935_14"></A>CERTAIN UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following discussion pertains to the material United States federal income tax consequences of the exchange of Outstanding Notes for
Exchange Notes pursuant to the exchange offer, and the ownership and disposition of Exchange Notes acquired pursuant to the exchange offer, but does not purport to be a complete analysis of all the potential tax considerations. Except where noted,
this discussion deals only with U.S. holders (as defined below) that acquired the Outstanding Notes at their initial public offering price, that acquire Exchange Notes pursuant to the exchange offer, and that held the Exchange Notes and will hold
the Outstanding Notes as capital assets for U.S. federal income tax purposes (generally, property held for investment). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A
&#147;U.S.&nbsp;holder&#148; means a beneficial owner of the notes that is: (1)&nbsp;an individual who is a citizen or resident of the United States as determined for United States federal income tax purposes, (2)&nbsp;a corporation (or any other
entity treated as a corporation for United States federal income tax purposes) created or organized in or under the laws of the United States, any state thereof or the District of Columbia, (3)&nbsp;an estate the income of which is subject to United
States federal income taxation regardless of its source, or (4)&nbsp;a trust if it (A)&nbsp;is subject to the primary supervision of a court within the United States and one or more United States persons have the authority to control all substantial
decisions of the trust or (B)&nbsp;has a valid election in effect under applicable United States Treasury regulations to be treated as a United States person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This discussion is based upon the provisions of the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;), and Treasury
regulations, rulings and judicial decisions as of the date hereof. Those authorities may be changed, perhaps retroactively, so as to result in United States federal income tax consequences different from those summarized below. This discussion does
not address all aspects of United States federal income taxes that may be relevant to U.S.&nbsp;holders in light of their personal circumstances. In addition, it does not represent a detailed description of the United States federal income tax
consequences applicable to you if you are subject to special treatment under the United States federal income tax laws. For example, this discussion does not address: (1)&nbsp;tax consequences to holders that may be subject to special tax treatment,
such as dealers in securities or currencies, traders in securities that elect to use the mark-to-market method of accounting for their securities, financial institutions, regulated investment companies, real estate investment trusts, partnerships or
other pass-through entities for United States federal income tax purposes, tax-exempt entities or insurance companies, (2)&nbsp;tax consequences to persons holding the notes as part of a hedging, integrated, constructive sale or conversion
transaction or a straddle, (3)&nbsp;tax consequences to holders of the notes whose &#147;functional currency&#148; is not the United States dollar, (4)&nbsp;alternative minimum tax consequences, if any, or (5)&nbsp;any United States federal estate
and gift tax consequences or any state, local or foreign tax consequences. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If a partnership or other pass-through entity holds the
Exchange Notes, the tax treatment of a partner in or owner of the partnership or pass-through entity will generally depend upon the status of the partner or owner and the activities of the entity. If you are a partner in or owner of a partnership or
other pass-through entity that is considering holding Exchange Notes, you are urged to consult your own tax advisors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you are
considering the exchange of Outstanding Notes for Exchange Notes, you are urged to consult your own tax advisors concerning the particular United States federal income tax consequences to you of the exchange and the ownership and disposition of the
Exchange Notes, as well as the consequences to you arising under the laws of any other taxing jurisdiction. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Exchange Offer </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The exchange of an Outstanding Note for an Exchange Note in the exchange offer will not be treated as a taxable event to U.S. 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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">89 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Payments of Stated Interest </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Stated interest on an Exchange Note will generally be taxable to you as ordinary income at the time it is paid or accrued in accordance with
your method of accounting for United States federal income tax purposes. In addition to interest on the Exchange Notes (which includes any foreign tax withheld from the interest payments you receive), you will be required to include in income any
Additional Amounts (as described under &#147;Description of the Notes &#151; Payment of Additional Amounts&#148;) paid in respect of such foreign tax withheld. You may be entitled to deduct or credit this tax, subject to certain limitations
(including that the election to deduct or credit foreign taxes applies to all of your foreign taxes for a particular tax year). Interest income (including any Additional Amounts) on an Exchange Note generally will be considered foreign source income
and, for purposes of the United States foreign tax credit, generally will be considered passive category income. You will generally be denied a foreign tax credit for foreign taxes imposed with respect to the Exchange Notes where you do not meet a
minimum holding period requirement during which you are not protected from risk of loss. The rules governing the foreign tax credit are complex. You are urged to consult your own tax advisors regarding the availability of the foreign tax credit
under your particular circumstances. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Sale, Exchange or Retirement of Notes </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Your adjusted tax basis in a note will, in general, be your cost for that Exchange Note. Upon the sale, exchange, retirement or other taxable
disposition of an Exchange Note, you will recognize gain or loss equal to the difference between the amount you realize upon the sale, exchange, retirement or other disposition (less an amount equal to any accrued but unpaid stated interest, which
will be taxable as interest income to the extent not previously included in income) and your adjusted tax basis in the Exchange Note. Such gain or loss will be capital gain or loss and will generally be treated as United States source gain or loss.
Capital gains of non-corporate holders, including individuals, derived in respect of capital assets held for more than one year are eligible for reduced rates of taxation. The deductibility of capital losses is subject to limitations. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Backup Withholding and Information Reporting </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Generally, information reporting requirements will apply to all payments we make to you, and the proceeds from a sale of an Exchange Note paid
to you, unless you are an exempt recipient. Additionally, if you fail to provide your taxpayer identification number, or in the case of interest payments, fail either to report in full dividend and interest income or to make certain certifications,
you may be subject to backup withholding. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Backup withholding is not an additional tax. Any amounts withheld under the backup withholding
rules will be allowed as a refund or a credit against your United States federal income tax liability provided that the required information is timely furnished to the Internal Revenue Service. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Certain U.S.&nbsp;holders that are individuals may be required to report information relating to an interest in Exchange Notes subject to
certain exceptions (including an exception for notes held in accounts maintained by domestic financial institutions). You are urged to consult your own tax advisors regarding your reporting requirements. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Additional Tax on Passive Income </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Certain
U.S.&nbsp;holders that are individuals, estates or trusts will be required to pay a 3.8&nbsp;percent tax on, among other things, interest income and capital gains from the sale or other disposition of Exchange Notes. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">90 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc850935_15"></A>CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following is, as of the date hereof, a general summary of the principal Canadian federal income tax considerations generally applicable to
a Non-Canadian Holder (as defined below) who acquires, as beneficial owner, Exchange Notes issued in exchange for Outstanding Notes pursuant to this exchange offer. This summary is based on the current provisions of the Income Tax Act (Canada) and
the regulations thereunder (collectively, the <B>&#147;Tax Act&#148;</B>), relevant jurisprudence, and our understanding of the current administrative policies and assessing practices of the Canada Revenue Agency (the <B>&#147;CRA&#148;</B>)
published in writing and publicly available, all as in effect as of the date hereof. Except for specifically proposed amendments to the Tax Act that have been publicly announced by or on behalf of the Canadian Minister of Finance prior to the date
hereof, this summary does not otherwise take into account or anticipate proposed or possible changes in law, whether by judicial or legislative action, or changes in the administrative policies and assessing practices of the CRA nor does it consider
the income tax legislation of any province, territory or foreign jurisdiction. This summary is not exhaustive of all possible Canadian federal income tax considerations and 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 Non-Canadian Holder. The tax considerations applicable to a Non-Canadian will depend on such Non-Canadian Holder&#146;s personal circumstances. Accordingly, prospective Non-Canadian Holders are
urged to consult their own tax advisors regarding the income tax consequences associated with the exchange of Outstanding Notes for Exchange notes pursuant to this exchange offer, having regard to their own particular circumstances. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This summary is only applicable to a holder of Outstanding Notes who, at all relevant times, for the purposes of the Tax Act and any relevant
income tax treaty or convention is not resident in Canada and is not deemed to be resident in Canada and who, at all relevant times for the purposes of the Tax Act: (i)&nbsp;does not use or hold, and is not deemed to use or hold, Outstanding Notes
or Exchange Notes in, or in the course of, carrying on a trade or business in Canada; (ii)&nbsp;is not an insurer who carries on an insurance business, or is deemed to carry on an insurance business, in Canada or elsewhere; (iii)&nbsp;deals at
arm&#146;s length with us, the guarantors, and with any transferee who is resident in Canada for the purposes of the Tax Act and to whom the holder assigns or otherwise transfers an Exchange Note; (iv)&nbsp;is not affiliated with us or the
guarantors; (v)&nbsp;holds the Outstanding Notes and Exchange Notes as capital property; and (vi)&nbsp;is not a &#147;specified non-resident shareholder&#148; of us or a guarantor, or a person that does not deal at arm&#146;s length for purposes of
the Tax Act with a &#147;specified shareholder&#148; of us or a guarantor, in each case, for purposes of subsection 18(5) of the Tax Act (each such holder is referred to herein as a <B>&#147;Non-Canadian Holder&#148;</B>). Generally, Outstanding
Notes and Exchange Notes will be capital property to a Non-Canadian Holder, provided such 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 in the nature
of trade. No representation or warranty is made as to the tax consequences to a Canadian resident of acquiring Exchange Notes in exchange for Outstanding Notes. Canadian residents are advised that acquiring Exchange Notes in exchange for Outstanding
Notes may give rise to particular tax consequences affecting them and are strongly encouraged to consult with their tax advisors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This
summary assumes that no interest paid on the Exchange Notes will be in respect of a debt or other obligation to pay an amount to a person with whom we or a guarantor does not deal at arm&#146;s length within the meaning of the Tax Act. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Exchange of Outstanding Notes for Exchange Notes </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No tax will be payable by a Non-Canadian Holder on the exchange of Outstanding Notes for Exchange Notes made pursuant to this exchange offer.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">91 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Holding and disposing of Exchange Notes </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No Canadian withholding tax will apply to interest, principal, or premium paid or credited, or deemed to be paid or credited to a Non-Canadian
Holder by us or a guarantor in respect of an Exchange Note, or to the proceeds received by a Non-Canadian Holder on the disposition of an Exchange Note, including on a redemption, payment on maturity or repurchase. No other tax on income or gains
will be payable by a Non-Canadian Holder on interest, principal, or premium received in respect of an Exchange Note or on the proceeds received by a Non-Canadian Holder on the disposition of an Exchange Note, including a redemption, payment on
maturity, or repurchase. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">92 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc850935_16"></A>CERTAIN ERISA CONSIDERATIONS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following is a summary of certain considerations associated with the holding of Exchange Notes by employee benefit plans that are subject
to Title&nbsp;I of the U.S.&nbsp;Employee Retirement Income Security Act of 1974, as amended (&#147;ERISA&#148;), plans, individual retirement accounts and other arrangements that are subject to Section&nbsp;4975 of the U.S.&nbsp;Internal Revenue
Code of 1986, as amended (the &#147;Code&#148;), or provisions under any other federal, state, local, non-U.S.&nbsp;or 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;). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>General Fiduciary Matters </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">ERISA and the
Code impose certain duties on persons who are fiduciaries of a Plan subject to Title&nbsp;I of ERISA or Section&nbsp;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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In considering an investment in the Exchange 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. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Prohibited Transaction Issues </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;406 of ERISA and Section&nbsp;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&nbsp;4975 of the Code, unless an exemption is applicable to the transaction. 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 and/or holding of an interest in the Exchange Notes by an ERISA Plan with respect to which we are considered a party in interest
or a disqualified person may constitute or result in a direct or indirect prohibited transaction under Section&nbsp;406 of ERISA and/or Section&nbsp;4975 of the Code, unless the investment is acquired and is held in accordance with an applicable
statutory, class or individual administrative prohibited transaction exemption. In this regard, the U.S.&nbsp;Department of Labor has issued prohibited transaction class exemptions, or &#147;PTCEs,&#148; that may apply to the acquisition and holding
of an interest in the notes (or the Exchange Notes). These class exemptions include, without limitation, PTCE&nbsp;84-14 respecting transactions determined by independent qualified professional asset managers, PTCE&nbsp;90-1 respecting insurance
company pooled separate accounts, PTCE&nbsp;91-38 respecting bank collective investment funds, PTCE&nbsp;95-60 respecting life insurance company general accounts and PTCE&nbsp;96-23 respecting transactions determined by in-house asset managers. In
addition, Section&nbsp;408(b)(17) of ERISA and Section&nbsp;4975(d)(20) of the Code provide limited relief from the prohibited transaction provisions of ERISA and Section&nbsp;4975 of the Code for certain transactions between an ERISA Plan and
certain &#147;service provider&#148; parties in interest or disqualified persons with respect to the Plan, provided that neither the service provider 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 the ERISA Plan involved in the transaction and provided further that the ERISA Plan pays no more than, and receives no less than, adequate consideration in connection with the
transaction. There can be no assurance that all of the conditions of any of the foregoing exemptions, or any other exemption, will be satisfied with respect to any transaction involving an interest in the Exchange Notes. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">93 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Plans such as non U.S. plans, governmental plans and certain church plans not subject to the
fiduciary responsibility and prohibited transaction provisions of ERISA or the Code may nevertheless be subject to Similar Laws. Before purchasing any interest in the Exchange Notes, fiduciaries of such Plans should confirm that such purchase and
holding will satisfy applicable Similar Laws and determine the need for, and the availability of, if necessary, any exemptive relief under any applicable Similar Laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Because of the foregoing, no interest in the Exchange Notes should be acquired or held by any person investing &#147;plan assets&#148; of any
Plan, unless 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. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Representation </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Accordingly, by
exchanging an Outstanding Note for an Exchange Note, each purchaser and subsequent transferee will be deemed to have represented and warranted that either (i)&nbsp;no portion of the assets used by such purchaser or transferee to acquire or hold the
Exchange Notes constitutes assets of any Plan or (ii)&nbsp;the acquisition and holding of the Exchange Notes by such purchaser or transferee will not constitute a non-exempt prohibited transaction under Section&nbsp;406 of ERISA or Section&nbsp;4975
of the Code or a similar violation under any applicable Similar Laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 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&nbsp;4975 of the Code and any Similar Laws to such investment and whether an
exemption would be applicable to the purchase and holding of an interest in the Exchange Notes. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">94 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc850935_17"></A>PLAN OF DISTRIBUTION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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&nbsp;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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 over-the-counter 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 and/or 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For a period of 180&nbsp;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 (including the reasonable expenses of one counsel for the holders of the
securities) other than commissions or concessions of any brokers or dealer and will indemnify the holders of Outstanding Notes (including any broker-dealers) against certain liabilities, including liabilities under the Securities Act.<B> </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc850935_17b"></A>EARNINGS COVERAGE RATIOS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our interest requirements after giving effect to the issue described herein amounted to $110&nbsp;million for the twelve months ended
December&nbsp;31, 2013 and $115&nbsp;million for the twelve months ended September&nbsp;30, 2014. Net<B> </B>income before interest and income taxes for the twelve months ended December&nbsp;31, 2013 was $310&nbsp;million which is 2.8&nbsp;times our
pro forma interest cost requirements for this period.<B> </B>Net<B> </B>income before interest and income taxes for the twelve months ended September&nbsp;30, 2014 was $358&nbsp;million which is 3.1&nbsp;times our pro forma interest cost
requirements for this period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">These coverage ratios are based on audited and unaudited financial information for the twelve months ended
December&nbsp;31, 2013 and for the twelve months ended September&nbsp;30, 2014, respectively, prepared in accordance with IFRS. These ratios give pro&nbsp;forma effect to the exchange offering under this prospectus and have been adjusted to reflect:
the issuance of all financial liabilities, as defined in accordance with IFRS, since the date of the annual financial statements or interim financial report; the repayment, redemption or other retirement of all financial liabilities, as defined in
accordance with the IFRS, since the date of the annual financial statements or interim financial report; and all financial liabilities to be repaid or redeemed from the proceeds to be realized from the securities distributed under the short form
prospectus. These ratios do not purport to be indicative of coverage ratios for any future&nbsp;periods. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">95 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc850935_18"></A>LEGAL MATTERS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The validity of the Exchange Notes and the related guarantees offered hereby will be passed upon by Paul, Weiss, Rifkind, Wharton&nbsp;&amp;
Garrison LLP, Toronto, Ontario. Certain legal matters relating to Canada and Alberta law will be passed upon for us by Norton Rose Fulbright Canada LLP. The partners and associates of Norton Rose Fulbright Canada LLP as a group beneficially own,
directly or indirectly, less than 1% of any class of our securities. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc850935_19"></A>EXPERTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The consolidated financial statements of Precision as of December&nbsp;31, 2013 and 2012, and for each of the years in the three-year period
ended December&nbsp;31, 2013, and management&#146;s assessment of the effectiveness of internal control over financial reporting as of December&nbsp;31, 2013 have been incorporated by reference herein in reliance upon the reports of KPMG LLP,
independent registered public accounting firm within the meaning of the Rules of Professional Conduct of the Institute of Chartered Accountants of Alberta, incorporated by reference herein, and upon the authority of said firm as experts in
accounting and auditing. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc850935_21"></A>DOCUMENTS FILED AS PART OF THE REGISTRATION STATEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following documents have been filed with the Commission as part of the registration statement of which this prospectus is a part: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The documents listed as being incorporated by reference in this prospectus under the heading &#147;Documents Incorporated by Reference&#148;; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The organizational documents of the guarantors; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The Indenture relating to the notes; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The Registration Rights Agreement relating to the Outstanding Notes; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Opinions and consents of counsel; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Consent of KPMG LLP; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Powers of attorney (included on the signature pages of the registration statement); </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The statement of eligibility of the U.S. Trustee on Form T-1; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The form of letter of transmittal; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The form of notice of guaranteed delivery. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">96 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORM F-10 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PART II </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INFORMATION
NOT REQUIRED TO BE DELIVERED TO OFFEREES OR PURCHASERS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Indemnification </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Precision Drilling Corporation is incorporated under the laws of Alberta, Canada. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
bylaws of Precision Drilling Corporation provide that, subject to section&nbsp;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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-10&nbsp;-&nbsp;II-1
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBITS TO FORM F-10 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The exhibits to this registration statement are listed in the exhibit index, which appears elsewhere herein. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-10&nbsp;-&nbsp;II-2
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORM F-10 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PART III </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>UNDERTAKING
AND CONSENT TO SERVICE OF PROCESS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Item&nbsp;1. Undertaking </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Registrant undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff,
and to furnish promptly, when requested to do so by the Commission staff, information relating to the securities registered pursuant to this Form F-10 or to transactions in said securities. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Item&nbsp;2. Consent to Service of Process </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Concurrently with the filing of this Registration Statement on Form F-10, the Registrant has filed with the Commission a written
irrevocable consent and power of attorney on Form F-X. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Any change to the name or address of the agent for service of the Registrant
shall be communicated promptly to the Commission by amendment to Form F-X referencing the file number of the Registration Statement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-10&nbsp;-&nbsp;III-1
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORM F-10 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to
the requirements of the Securities Act, Precision Drilling Corporation certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-10 and has duly caused this registration statement to be signed on
its behalf by the undersigned, thereunto duly authorized, in Calgary, Alberta, Canada on this 17<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day of February, 2015. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>PRECISION DRILLING CORPORATION</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Kevin A. Neveu</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Name:&nbsp;&nbsp;Kevin A. Neveu</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Title:&nbsp;&nbsp;&nbsp;&nbsp;President and Chief Executive Officer</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-10&nbsp;-&nbsp;III-2
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>POWERS OF ATTORNEY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each person whose signature appears below constitutes and appoints Veronica H. Foley, Kevin A. Neveu, Robert J. McNally and Douglas J. Strong,
or any of them, as his or her true and lawful attorneys-in-fact and agents, each of whom may act alone, with full powers of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign
any or all amendments to this Registration Statement, including post-effective amendments, and to file the same, with all exhibits thereto, and other documents and in connection therewith, with the Securities and Exchange Commission, granting unto
said attorneys-in-fact and agents, and each of them full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or
could do in person, and hereby ratifies and confirms all his or her said attorneys-in-fact and agents or any of them or his or her substitute or substitutes may lawfully do or cause to be done by virtue hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Power of Attorney may be executed in multiple counterparts, each of which shall be deemed an original, but which taken together shall
constitute one instrument. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Act, this registration statement has been signed by the
following persons in the capacities and on the dates indicated. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="48%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="18%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:33.30pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Signature</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:15.95pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:16.00pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Date</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Kevin A. Neveu</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Kevin A. Neveu</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>President,&nbsp;Chief&nbsp;Executive&nbsp;Officer and
Director</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Principal Executive Officer)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">February&nbsp;17, 2015</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Robert J. McNally</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Robert J. McNally</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Executive Vice President and</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Chief Financial Officer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Principal&nbsp;Financial&nbsp;and&nbsp;Accounting&nbsp;Officer)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">February&nbsp;17, 2015</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ William T. Donovan</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>William T. Donovan</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Director</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">February&nbsp;17, 2015</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Brian J. Gibson</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Brian J. Gibson</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Director</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">February&nbsp;17, 2015</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Allen R. Hagerman</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Allen R. Hagerman</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Director</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">February&nbsp;17, 2015</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Catherine J. Hughes</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Catherine J. Hughes</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Director</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">February&nbsp;17, 2015</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Stephen J. J. Letwin</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Stephen J. J. Letwin</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Director</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">February&nbsp;17, 2015</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Kevin O. Meyers</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Kevin O. Meyers</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Director</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">February&nbsp;17, 2015</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Patrick M. Murray</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Patrick M. Murray</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Director</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">February&nbsp;17, 2015</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Robert L. Phillips</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Robert L. Phillips</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Director</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">February&nbsp;17, 2015</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-10&nbsp;-&nbsp;III-3
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AUTHORIZED REPRESENTATIVE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of Section&nbsp;6(a) of the Securities Act, the undersigned has signed this registration statement, solely in the
capacity of the duly authorized representative of Precision Drilling Corporation in the United States, in Houston, Texas on this 17<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day of February, 2015. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="76%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><B>PRECISION DRILLING (US) CORPORATION</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Veronica H. Foley</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Veronica H. Foley</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Vice-President and Corporate Secretary</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-10&nbsp;-&nbsp;III-4
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORM F-4 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PART II </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INFORMATION
NOT REQUIRED IN PROSPECTUS </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;20.</B></TD>
<TD ALIGN="left" VALIGN="top"><B></B><B><I>Indemnification of Directors and Officers</I></B><B> </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Alberta Registrants </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Precision Directional Services Ltd., Precision Diversified Oilfield Services Corp. and Precision Employment Services Corp. are incorporated under the
laws of Alberta, Canada </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The bylaws of Precision Directional 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The bylaws of Precision Employment Services Corp. 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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-4&nbsp;-&nbsp;II-1 </P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Precision Drilling Canada Limited Partnership and Precision Limited Partnership are formed
under the laws of Alberta, Canada. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the <I>Partnership Act</I> (Alberta) (the &#147;Alberta Partnership Act&#148;), a
limited partner is not liable for the&nbsp;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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 circumstances beyond the GP&#146;s control. The GP will indemnify the
Partnership for damages incurred as a result of its gross negligence or willful misconduct. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Canadian Registrants </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Grey Wolf International Drilling Corporation is incorporated under the Canada Business Corporations Act. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A CBCA corporation may not indemnify such an individual unless the individual has
(a)&nbsp;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)&nbsp;in </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-4&nbsp;-&nbsp;II-2 </P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
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)&nbsp;and (b)&nbsp;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)&nbsp;and (b)&nbsp;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Delaware Registrants </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Murco Drilling Corporation, Precision Completion&nbsp;&amp; Production Services Ltd. and Precision Drilling, Inc. are incorporated under
the laws of Delaware. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;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 the corporation or enterprise, against expenses, including attorneys&#146; fees, judgments, fines and amounts paid in settlement actually
and reasonably incurred by the person 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;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)&nbsp;for any breach of the
directors&#146; duty of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-4&nbsp;-&nbsp;II-3 </P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
loyalty to the corporation or its stockholders, (ii)&nbsp;for acts or omissions not in good faith or that involve intentional misconduct or a knowing violation of law, (iii)&nbsp;pursuant to
Section&nbsp;174 of the DGCL (providing for liability of directors for unlawful payment of dividends or unlawful stock purchases or redemptions) or (iv)&nbsp;for any transaction from which a director derived an improper personal benefit. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The certificate of incorporation of each of Murco Drilling Corporation, Precision Completion&nbsp;&amp; 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&nbsp;&amp; 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. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Louisiana Registrant </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Precision Drilling LLC is formed under the laws of the state of Louisiana. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1315 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 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 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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-4&nbsp;-&nbsp;II-4 </P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Nevada Registrant </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Precision Drilling Holdings Company is incorporated under the laws of Nevada. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;78.138(7) of Chapter 78 of the Nevada Revised Statutes (&#147;NRS&#148;), which Chapter is entitled &#147;Private
Corporations&#148; (&#147;Nevada Corporation Law&#148;), provides that with certain specified statutory exceptions or unless the articles of incorporation provide for greater individual liability, a director or officer of a Nevada corporation is not
individually liable to the corporation or its stockholders or creditors for any damages as a result of any act or failure to act in his or her capacity as a director or officer unless it is proven that: (a) the director&#146;s or officer&#146;s act
or failure to act constituted a breach of his or her fiduciary duties as a director or officer; and (b) the breach of those duties involved intentional misconduct, fraud or a knowing violation of law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under NRS 78.7502(1) a corporation may 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 (except an action by or in the right of the corporation), by reason of the fact that the person 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 expenses, including attorneys&#146;
fees, judgments, fines, and amounts paid in settlement, actually and reasonably incurred by the person in connection with the action, suit, or proceeding, if the person (a)&nbsp;is not liable pursuant to NRS 78.138(7) or (b)&nbsp;acted in good faith
and in a manner which he or she 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 the conduct was unlawful. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under NRS 78.7502(2) a corporation may 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 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 the corporation or another entity at the request
of the corporation, 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 (a)&nbsp;is not liable pursuant to NRS 78.138(7) or
(b)&nbsp;acted in good faith and in a manner which he or she reasonably believed to be in, or not opposed to, the best interests of the corporation. However, indemnification may not be made for any claim, issue or matter as to which the person
seeking indemnification has been adjudged by a court of competent jurisdiction, after all exhaustion of 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 other 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under NRS 78.7502(3) a corporation shall indemnify a director, officer, employee or agent to the extent he or she has been successful on the
merits or otherwise in defense of any action, suit, or proceeding referred to in NRS 78.7502(1) or (2), against expenses, including attorneys&#146; fees, actually and reasonably incurred by him or her in connection with the defense. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under NRS 78.751(1) any discretionary indemnification pursuant to NRS 78.7502, unless ordered by a court or advanced by a corporation upon the
receipt of an undertaking by or on behalf of the indemnified party in accordance with NRS 78.751(2), may be made by the corporation 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 (a)&nbsp;by the stockholders; (b)&nbsp;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;
(c)&nbsp;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 (d)&nbsp;if a quorum consisting of directors who were not parties
to the action, suit or proceeding cannot be obtained, by independent legal counsel in a written opinion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under NRS 78.751(2) the articles
of incorporation, the bylaws or an agreement made by the corporation may provide that the corporation will advance expenses incurred by directors or officers in defending a civil or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-4&nbsp;-&nbsp;II-5 </P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
criminal action, suit, or proceeding as they are incurred and in advance of the final disposition of the action, suit, or proceeding, 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 the corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to NRS 78.751(3), a right to indemnification or to advancement of expenses arising under a provision of the articles of incorporation
or any bylaw is not eliminated or impaired by an amendment to such provision after the occurrence of the act or omission that is the subject of the civil, criminal, administrative or investigative action, suit or proceeding for which indemnification
or advancement of expenses is sought, unless the provision in effect at the time of such act or omission explicitly authorizes such elimination or impairment after such action or omission has occurred. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Articles of Incorporation of Precision Drilling Holdings Company provide that it shall, to the fullest extent permitted by the Nevada
Corporation Law, as the same may be amended or supplemented, indemnify any and all persons whom it shall have power to indemnify under Nevada Corporation Law from and against any and all of the expenses, liabilities or other matters referred to in
or covered by 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 Holding Company&#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. The Bylaws of Precision Drillings Holding Corporation contain similar provisions for
indemnification of the directors and officers of the corporation. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Texas Registrants </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>DI Energy, Inc., DI/Perfensa Inc., Grey Wolf International, Inc., PD Supply Inc., Precision Drilling (US) 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. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to Chapter 8 of the Texas Business Organizations Code (the &#147;TBOC&#148;), controlling persons, directors or officers of the
registrants formed under the laws of Texas may be insured or indemnified against liability which may be incurred in their capacities as such. The following paragraphs describe the general effect of certain provisions of Chapter 8 of the TBOC and are
qualified in their entirety by reference to Chapter 8 of the Texas Business Organizations Code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under Section&nbsp;8.101 of TBOC, a
corporation or limited partnership (an &#147;enterprise&#148;), and a predecessor to any such enterprise may indemnify a person serving as part of the governing authority (including the board of directors, general partners, managers, members) of the
enterprise (a &#147;governing person&#148;), a former governing person, or a person who, while serving as a governing person of the enterprise, is or was serving at the enterprise&#146;s request as a representative of another enterprise,
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)&nbsp;the person seeking indemnification acted in good faith, reasonably believed that his
or her conduct was in (or, if not acting in the person&#146;s official capacity, at least not opposed to) the best interests of the enterprise and, in the case of a criminal proceeding, has no reasonable cause to believe his or her conduct was
unlawful, (b)&nbsp;expenses (other than a judgment) are reasonable, and (c)&nbsp;indemnification should be paid, except that if the person is found liable to the enterprise or improperly received a personal benefit, the enterprise 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&nbsp;8.102 of the TBOC prohibits an enterprise from indemnifying </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-4&nbsp;-&nbsp;II-6 </P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
any such person in respect of any such proceeding in which the person is found liable (as established by a non-appealable court order) for willful or intentional misconduct in the performance of
the person&#146;s duties to the enterprise, breach of the person&#146;s duty of loyalty owed to the enterprise, or an act or omission not in good faith that constitutes a breach of a duty owed by such person to the enterprise. Under
Section&nbsp;8.105 of the TBOC, an enterprise may indemnify and advance expenses to an officer, employee, agent, or other person that is not a governing person as provided by (i)&nbsp;the enterprise&#146;s governing documents, (ii)&nbsp;action of
the enterprise&#146;s board of directors or other governing authority, (iii)&nbsp;resolution of the enterprise&#146;s owners or members, (iv)&nbsp;contract, or (v)&nbsp;common law. A person who is not a governing person also may seek indemnification
or advancement of expenses to the same extent that a governing person may seek indemnification or advancement under Chapter 8 of the TBOC. Section&nbsp;8.105 of the TBOC also provides that an enterprise may pay or reimburse, in advance of the final
disposition of a proceeding and on terms the enterprise considers appropriate, reasonable expenses incurred by a former governing person or delegate, or present or former employee, agent, officer or other person that is not a governing person, who
was or is threatened to be made a named defendant or respondent in the proceeding. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">An enterprise is required by Sections&nbsp;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, judgments, 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. Under Section&nbsp;8.052 of the TBOC, on application and after notice is provided, a court may order an enterprise 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, without regard to whether the governing person, former governing person, or delegate applying to the court satisfies the
requirements of Section&nbsp;8.101 of the TBOC or has been found liable to the enterprise or for improperly receiving a personal benefit whether or not resulting from action taken in such person&#146;s official capacity; however, if the person is
found liable to the enterprise 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, judgments, penalties, settlements,
fines, excise and similar taxes, and reasonable attorney&#146;s fees). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under Section&nbsp;8.151 of the TBOC, an enterprise 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 enterprise otherwise would have had the power to indemnify the person against that liability under Chapter 8 of the TBOC, subject to certain conditions. Additionally, an enterprise
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 enterprise&#146;s assets to secure the indemnity obligation, or
establishing a letter of credit, guaranty, or surety arrangement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under Section&nbsp;8.104 of the TBOC, an enterprise may pay or
reimburse reasonable expenses (including court costs, judgments, 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 named defendant or respondent in a proceeding in advance of the final disposition of the proceeding upon the enterprise&#146;s receipt of a written affirmation by the person of the person&#146;s 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 Section&nbsp;8.102 of the TBOC. Subject to Section&nbsp;8.003 of the TBOC and to the extent consistent with law, Section&nbsp;8.105 of the TBOC provides that an enterprise may advance expenses to an officer, employee, agent, or
other person that is not a governing person as provided by (i)&nbsp;the enterprise&#146;s governing documents, (ii)&nbsp;action of the enterprise&#146;s board of directors or other governing authority, (iii)&nbsp;resolution of the enterprise&#146;s
owners, (iv)&nbsp;contract, or (v)&nbsp;common law. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-4&nbsp;-&nbsp;II-7 </P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under Section&nbsp;8.106 of the TBOC, an enterprise may pay or reimburse reasonable expenses
incurred by a governing person, officer, employee, agent, delegate, or other person in connection with that person&#146;s appearance as a witness or other participant in a proceeding at a time when the person is not a named defendant or respondent
in the proceeding. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under Section&nbsp;8.003 of the TBOC, the circumstances in which an enterprise may or is required to indemnify, or may
advance expenses to, a person under the TBOC may be restricted by the enterprise&#146;s certificate of formation or partnership agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The certificates, bylaws, articles and agreement of limited partnership of the registrants formed under the laws of Texas include certain
provisions under which controlling persons, directors, or officers of such entities may be insured or indemnified against liability which may be incurred in their capacity as such, the general effect of which is described below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each of the certificates of formation of PD Supply Inc. and of Precision Drilling (US) 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The bylaws of PD Supply Inc. and of Precision Drilling (US) 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&nbsp;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&nbsp;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&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 the indemnitee against all expenses actually and reasonably incurred by
the indemnitee or on the indemnitee&#146;s behalf relating to each claim. To the extent an indemnitee is, by reason of his corporate status, a witness or otherwise participates in the proceeding at a time when the indemnitee is not a named defendant
or respondent in the proceeding, he or she shall be indemnified against all expenses actually and reasonably incurred by the indemnitee or on the indemnitee&#146;s behalf in connection with the proceeding. The bylaws further provide that if a person
seeks a judicial adjudication to enforce the indemnitee&#146;s rights under or to recover damages for breach of rights created pursuant to Article 8 of the bylaws, the indemnitee shall be entitled to recover from and be indemnified by the
corporation against any and all expenses actually and reasonably incurred by the indemnitee in such judicial adjudication but only if the indemnitee prevails. The corporation also </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-4&nbsp;-&nbsp;II-8 </P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
may purchase and maintain insurance on behalf of a 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, venture, proprietor, trustee, employee, agent, or similar function of another enterprise against any liability asserted against or incurred by the person in that capacity or arising out of his or her status as such a
person, regardless of whether the corporation would have the power to indemnify the person against that liability under the TBOC or Article 8 of the bylaws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. In the event such a determination is made under the bylaws 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. 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 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 (each an &#147;indemnitee&#148;),
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 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-4&nbsp;-&nbsp;II-9 </P>



<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
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 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, if such person has been wholly successful, on the merits or otherwise, in defense of the proceeding. Reasonable expenses (including court costs and attorney&#146;s 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 intervals in advance of the final disposition of such proceeding and without
making the determination of proper indemnification specified in the bylaws, after receipt by the corporation of a written affirmation by the indemnitee of his good faith belief that he has met the standard of conduct necessary for indemnification by
the corporation under the bylaws and a written undertaking by or on behalf of the indemnitee to repay the amount paid or reimbursed by the corporation if it is ultimately determined that he is not entitled to be indemnified by the corporation. The
bylaws further provide that the corporation may pay or reimburse expenses incurred by an indemnitee in connection with his appearance as a witness or other participant in a proceeding at a time when he is not a named defendant or respondent in the
proceeding. 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 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 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 the 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 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-4&nbsp;-&nbsp;II-10
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
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 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)&nbsp;a breach
of the person&#146;s duty of loyalty 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Indemnification Agreements </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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)&nbsp;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)&nbsp;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 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 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-4&nbsp;-&nbsp;II-11
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
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. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;21.</B></TD>
<TD ALIGN="left" VALIGN="top"><B></B><B><I>Exhibits and Financial Statement Schedules.</I></B><B> </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The exhibits to this registration
statement are listed in the exhibit index, which appears elsewhere herein. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;22.</B></TD>
<TD ALIGN="left" VALIGN="top"><B></B><B><I>Undertakings.</I></B><B> </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Each of the undersigned registrants hereby
undertakes: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this
registration statement: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) to include any prospectus required by section&nbsp;10(a)(3) of the Securities Act of 1933;
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) 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&nbsp;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;&nbsp;and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) 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. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) 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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) 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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) To file a post-effective amendment to the registration statement to include
any financial statements required by Item&nbsp;8.A. of Form 20-F at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by Section&nbsp;10(a)(3) of the Act need not be
furnished, provided, that the Registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to this paragraph and other information necessary to ensure that all other information in the
prospectus is at least as current as the date of those financial statements; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) That, for the purpose of determining
liability under the Securities Act of 1933 to any purchaser: each prospectus filed pursuant to Rule&nbsp;424(b) as part of a registration statement relating to an offering, other </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-4&nbsp;-&nbsp;II-12
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
than registration statements relying on Rule&nbsp;430B or other than prospectuses filed in reliance on Rule&nbsp;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;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) 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: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) any preliminary prospectus or prospectus of the undersigned registrant relating to the
offering required to be filed pursuant to Rule&nbsp;424; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) 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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;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;&nbsp;and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;any
other communication that is an offer in the offering made by the undersigned registrant to the purchaser. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6)&nbsp;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&nbsp;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&nbsp;15(d) of the Securities Exchange Act of 1934)&nbsp;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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each of the undersigned registrants hereby undertakes to: (i)&nbsp;respond to requests for information that is incorporated by reference into
the prospectus pursuant to Items&nbsp;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; and (ii)&nbsp;to arrange or provide
for a facility in the U.S. for the purpose of responding to such requests. The undertaking in subparagraph (i)&nbsp;above includes information contained in documents filed subsequent to the effective date of the registration statement through the
date of responding to the request. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-4&nbsp;-&nbsp;II-13
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORM F-4 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 17<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> day of February, 2015. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="85%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PRECISION DRILLING CORPORATION</B></P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman"><B>/s/ Kevin A. Neveu</B></P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Name:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>Kevin A. Neveu</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Title:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>President and Chief Executive Officer</B></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES AND POWERS OF ATTORNEY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each person whose signature appears below authorizes Veronica H. Foley, Kevin A. Neveu, Robert J. McNally and Douglas J. Strong, or any of
them, as his attorney in fact and agent, with full power of substitution and resubstitution to sign any or all amendments to this Registration Statement, including post-effective amendments, and to file the same, with all exhibits thereto, and other
documents and in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them full power and authority to do and perform each and every act and thing requisite and necessary to
be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, and hereby ratifies and confirms all his or her said attorneys-in-fact and agents or any of them or his or her substitute or
substitutes may lawfully do or cause to be done by virtue hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Power of Attorney may be executed in multiple counterparts, each
of which shall be deemed an original, but which taken together shall constitute one instrument. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="18%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:33.30pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Signature</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:15.95pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:16.00pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Date</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Kevin A. Neveu</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Kevin A. Neveu</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>President,&nbsp;Chief&nbsp;Executive&nbsp;Officer&nbsp;and&nbsp;Director<BR>(Principal Executive Officer)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February 17, 2015</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Robert J. McNally</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Robert J. McNally</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Executive Vice President and<BR>Chief Financial Officer (Principal&nbsp;Financial&nbsp;and&nbsp;Accounting&nbsp;Officer)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February 17, 2015</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ William T. Donovan</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>William T. Donovan</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Director</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February 17, 2015</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Brian J. Gibson</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Brian J. Gibson</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Director</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February 17, 2015</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Allen R. Hagerman</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Allen R. Hagerman</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Director</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February 17, 2015</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Catherine J. Hughes</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Catherine J. Hughes</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Director</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February 17, 2015</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-4&nbsp;-&nbsp;II-14
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="18%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:33.30pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Signature</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:15.95pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:16.00pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Date</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Stephen J. J. Letwin</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Stephen J. J. Letwin</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Director</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;17, 2015</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Kevin O. Meyers</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Kevin O. Meyers</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Director</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;17, 2015</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Patrick M. Murray</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Patrick M. Murray</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Director</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;17, 2015</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Robert L. Phillips</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Robert L. Phillips</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Director</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;17, 2015</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-4&nbsp;-&nbsp;II-15
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 17<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day of February, 2015. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="85%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PRECISION COMPLETION &amp;</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PRODUCTION SERVICES LTD.</B></P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>/s/ Grant M. Hunter</B></P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000"><B>Name:</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000"><B>Grant M. Hunter</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Title:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>President</B></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES AND POWERS OF ATTORNEY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each person whose signature appears below authorizes Veronica H. Foley, Kevin A. Neveu, Robert J. McNally and Douglas J. Strong, or any of
them, as his attorney in fact and agent, with full power of substitution and resubstitution to sign any or all amendments to this Registration Statement, including post-effective amendments, and to file the same, with all exhibits thereto, and other
documents and in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them full power and authority to do and perform each and every act and thing requisite and necessary to
be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, and hereby ratifies and confirms all his or her said attorneys-in-fact and agents or any of them or his or her substitute or
substitutes may lawfully do or cause to be done by virtue hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Power of Attorney may be executed in multiple counterparts, each
of which shall be deemed an original, but which taken together shall constitute one instrument. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="46%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="18%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:33.30pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Signature</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:15.95pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:16.00pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Date</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Grant M. Hunter</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Grant M. Hunter</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>President&nbsp;and&nbsp;Director</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Principal Executive Officer)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;17,&nbsp;2015</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Greg Mathews</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Greg Mathews</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Vice President and Director (Principal&nbsp;Financial&nbsp;and&nbsp;Accounting&nbsp;Officer)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;17,&nbsp;2015</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Wane J. Stickland</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Wane J. Stickland</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Director</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;17,&nbsp;2015</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-4&nbsp;-&nbsp;II-16
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 17<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day of February, 2015.</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="85%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PRECISION DIVERSIFIED OILFIELD</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SERVICES CORP.</B></P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>/s/ Douglas J. Strong</B></P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000"><B>Name:</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000"><B>Douglas J. Strong</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Title:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>President</B></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES AND POWERS OF ATTORNEY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each person whose signature appears below authorizes Veronica H. Foley, Kevin A. Neveu, Robert J. McNally and Douglas J. Strong, or any of
them, as his attorney in fact and agent, with full power of substitution and resubstitution to sign any or all amendments to this Registration Statement, including post-effective amendments, and to file the same, with all exhibits thereto, and other
documents and in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them full power and authority to do and perform each and every act and thing requisite and necessary to
be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, and hereby ratifies and confirms all his or her said attorneys-in-fact and agents or any of them or his or her substitute or
substitutes may lawfully do or cause to be done by virtue hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Power of Attorney may be executed in multiple counterparts, each
of which shall be deemed an original, but which taken together shall constitute one instrument. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="30%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="49%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="17%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:33.30pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Signature</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:15.95pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:16.00pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Date</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Douglas J. Strong</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Douglas J. Strong</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>President&nbsp;and&nbsp;Director</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Principal Executive Officer)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;17,&nbsp;2015</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Wane J. Stickland</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Wane J. Stickland</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Vice&nbsp;President,&nbsp;Finance&nbsp;and&nbsp;Treasurer&nbsp;and&nbsp;Director (Principal&nbsp;Financial&nbsp;and&nbsp;Accounting&nbsp;Officer)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;17,&nbsp;2015</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Darren J. Ruhr</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Darren J. Ruhr</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Senior Vice President, Corporate Services and Director</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;17,&nbsp;2015</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-4&nbsp;-&nbsp;II-17
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 17<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day of February, 2015. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="84%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PRECISION DIVERSIFIED OILFIELD SERVICES CORP., AS GENERAL</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PARTNER, FOR AND ON BEHALF OF PRECISION LIMITED PARTNERSHIP</B></P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>/s/ Douglas J. Strong</B></P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000"><B>Name:</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000"><B>Douglas J. Strong</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Title:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>President</B></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES AND POWERS OF ATTORNEY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each person whose signature appears below authorizes Veronica H. Foley, Kevin A. Neveu, Robert J. McNally and Douglas J. Strong, or any of
them, as his attorney in fact and agent, with full power of substitution and resubstitution to sign any or all amendments to this Registration Statement, including post-effective amendments, and to file the same, with all exhibits thereto, and other
documents and in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them full power and authority to do and perform each and every act and thing requisite and necessary to
be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, and hereby ratifies and confirms all his or her said attorneys-in-fact and agents or any of them or his or her substitute or
substitutes may lawfully do or cause to be done by virtue hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Power of Attorney may be executed in multiple counterparts, each
of which shall be deemed an original, but which taken together shall constitute one instrument. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="52%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="18%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:33.30pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Signature</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:15.95pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:16.00pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Date</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Douglas J. Strong</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Douglas J. Strong</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>President&nbsp;and&nbsp;Director</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Principal Executive Officer)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">February&nbsp;17,&nbsp;2015</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Wane J. Stickland</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Wane J. Stickland</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Vice President, Finance and Treasurer and Director
(Principal&nbsp;Financial&nbsp;and&nbsp;Accounting&nbsp;Officer)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">February&nbsp;17,&nbsp;2015</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Darren J. Ruhr</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Darren J. Ruhr</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Senior Vice President, Corporate Services and
Director</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">February&nbsp;17,&nbsp;2015</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-4&nbsp;-&nbsp;II-18
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 17<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day of February, 2015.</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="49%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PRECISION DIVERSIFIED OILFIELD</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SERVICES CORP., AS GENERAL</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PARTNER, FOR AND ON BEHALF
OF</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PRECISION DRILLING CANADA</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>LIMITED
PARTNERSHIP</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman"><B>/s/ Douglas J.
Strong</B></P></TD></TR></TABLE></DIV> <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Name:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>Douglas J. Strong</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Title:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>President</B></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES AND POWERS OF ATTORNEY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each person whose signature appears below authorizes Veronica H. Foley, Kevin A. Neveu, Robert J. McNally and Douglas J. Strong, or any of
them, as his attorney in fact and agent, with full power of substitution and resubstitution to sign any or all amendments to this Registration Statement, including post-effective amendments, and to file the same, with all exhibits thereto, and other
documents and in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them full power and authority to do and perform each and every act and thing requisite and necessary to
be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, and hereby ratifies and confirms all his or her said attorneys-in-fact and agents or any of them or his or her substitute or
substitutes may lawfully do or cause to be done by virtue hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Power of Attorney may be executed in multiple counterparts, each
of which shall be deemed an original, but which taken together shall constitute one instrument. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="30%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="17%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:33.30pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Signature</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:15.95pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:16.00pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Date</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Douglas J. Strong</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Douglas J. Strong</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>President&nbsp;and&nbsp;Director</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Principal Executive Officer)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">February&nbsp;17,&nbsp;2015</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Wane J. Stickland</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Wane J. Stickland</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Vice President, Finance and Treasurer and
Director</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Principal&nbsp;Financial&nbsp;and&nbsp;Accounting&nbsp;Officer)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">February&nbsp;17,&nbsp;2015</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Darren J. Ruhr</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Darren J. Ruhr</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Senior Vice President, Corporate Services and
Director</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">February&nbsp;17,&nbsp;2015</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-4&nbsp;-&nbsp;II-19
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 17<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day of February, 2015. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="49%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>PRECISION EMPLOYMENT SERVICES CORP.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman"><B>/s/ Douglas J.
Strong</B></P></TD></TR></TABLE></DIV> <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Name:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>Douglas J. Strong</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Title:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>President</B></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES AND POWERS OF ATTORNEY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each person whose signature appears below authorizes Veronica H. Foley, Kevin A. Neveu, Robert J. McNally and Douglas J. Strong, or any of
them, as his attorney in fact and agent, with full power of substitution and resubstitution to sign any or all amendments to this Registration Statement, including post-effective amendments, and to file the same, with all exhibits thereto, and other
documents and in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them full power and authority to do and perform each and every act and thing requisite and necessary to
be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, and hereby ratifies and confirms all his or her said attorneys-in-fact and agents or any of them or his or her substitute or
substitutes may lawfully do or cause to be done by virtue hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Power of Attorney may be executed in multiple counterparts, each
of which shall be deemed an original, but which taken together shall constitute one instrument. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="30%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="17%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:33.30pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Signature</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:15.95pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:16.00pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Date</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Douglas J. Strong</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Douglas J. Strong</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>President&nbsp;and&nbsp;Director</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Principal Executive Officer)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">February&nbsp;17,&nbsp;2015</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Wane J. Stickland</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Wane J. Stickland</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Vice President, Finance and Treasurer and Director
(Principal&nbsp;Financial&nbsp;and&nbsp;Accounting&nbsp;Officer)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">February&nbsp;17,&nbsp;2015</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Darren J. Ruhr</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Darren J. Ruhr</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Senior Vice President, Corporate Services and
Director</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">February&nbsp;17,&nbsp;2015</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-4&nbsp;-&nbsp;II-20
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 17<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day of February, 2015.</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="49%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>PRECISION DRILLING, INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman"><B>/s/ Grant M.
Hunter</B></P></TD></TR></TABLE></DIV> <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Name:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>Grant M. Hunter</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Title:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>President</B></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES AND POWERS OF ATTORNEY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each person whose signature appears below authorizes Veronica H. Foley, Kevin A. Neveu, Robert J. McNally and Douglas J. Strong, or any of
them, as his attorney in fact and agent, with full power of substitution and resubstitution to sign any or all amendments to this Registration Statement, including post-effective amendments, and to file the same, with all exhibits thereto, and other
documents and in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them full power and authority to do and perform each and every act and thing requisite and necessary to
be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, and hereby ratifies and confirms all his or her said attorneys-in-fact and agents or any of them or his or her substitute or
substitutes may lawfully do or cause to be done by virtue hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Power of Attorney may be executed in multiple counterparts, each
of which shall be deemed an original, but which taken together shall constitute one instrument. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="30%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="17%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:33.30pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Signature</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:15.95pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:16.00pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Date</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Grant M. Hunter</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Grant M. Hunter</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>President&nbsp;and&nbsp;Director</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Principal Executive Officer)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">February&nbsp;17,&nbsp;2015</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Greg Mathews</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Greg Mathews</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Vice President and Director
(Principal&nbsp;Financial&nbsp;and&nbsp;Accounting&nbsp;Officer)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">February&nbsp;17,&nbsp;2015</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Wane J. Stickland</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Wane J. Stickland</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Director</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">February&nbsp;17,&nbsp;2015</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-4&nbsp;-&nbsp;II-21
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 17<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>&nbsp;day of February, 2015. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="49%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>DI ENERGY, INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman"><B>/s/ Gene Stahl</B></P></TD></TR></TABLE></DIV>
<DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Name:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>Gene Stahl</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Title:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>President</B></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES AND POWERS OF ATTORNEY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each person whose signature appears below authorizes Veronica H. Foley, Kevin A. Neveu, Robert J. McNally and Douglas J. Strong, or any of
them, as his attorney in fact and agent, with full power of substitution and resubstitution to sign any or all amendments to this Registration Statement, including post-effective amendments, and to file the same, with all exhibits thereto, and other
documents and in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them full power and authority to do and perform each and every act and thing requisite and necessary to
be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, and hereby ratifies and confirms all his or her said attorneys-in-fact and agents or any of them or his or her substitute or
substitutes may lawfully do or cause to be done by virtue hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Power of Attorney may be executed in multiple counterparts, each
of which shall be deemed an original, but which taken together shall constitute one instrument. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="30%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="17%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:33.30pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Signature</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:15.95pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:16.00pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Date</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Gene Stahl</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Gene Stahl</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>President&nbsp;and&nbsp;Director</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Principal Executive Officer)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="middle" NOWRAP ALIGN="center">February&nbsp;17,&nbsp;2015</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Wane J. Stickland</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Wane J. Stickland</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Vice President, Finance and Treasurer (Principal&nbsp;Financial&nbsp;and&nbsp;Accounting&nbsp;Officer)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="middle" NOWRAP ALIGN="center">February&nbsp;17,&nbsp;2015</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Grant M. Hunter</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Grant M. Hunter</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Senior Vice President, Operations and Director</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">February&nbsp;17,&nbsp;2015</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-4&nbsp;-&nbsp;II-22
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 17<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>&nbsp;day of February, 2015. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>GREY WOLF INTERNATIONAL, INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman"><B>/s/ Gene Stahl</B></P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Name:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>Gene Stahl</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Title:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>President</B></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES AND POWERS OF ATTORNEY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each person whose signature appears below authorizes Veronica H. Foley, Kevin A. Neveu, Robert J. McNally and Douglas J. Strong, or any of
them, as his attorney in fact and agent, with full power of substitution and resubstitution to sign any or all amendments to this Registration Statement, including post-effective amendments, and to file the same, with all exhibits thereto, and other
documents and in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them full power and authority to do and perform each and every act and thing requisite and necessary to
be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, and hereby ratifies and confirms all his or her said attorneys-in-fact and agents or any of them or his or her substitute or
substitutes may lawfully do or cause to be done by virtue hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Power of Attorney may be executed in multiple counterparts, each
of which shall be deemed an original, but which taken together shall constitute one instrument. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="30%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="17%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:33.30pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Signature</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:15.95pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:16.00pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Date</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Gene Stahl</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Gene Stahl</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>President&nbsp;and&nbsp;Director</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Principal Executive Officer)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;17,&nbsp;2015</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Wane J. Stickland</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Wane J. Stickland</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Vice President, Finance and Treasurer (Principal&nbsp;Financial&nbsp;and&nbsp;Accounting&nbsp;Officer)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;17,&nbsp;2015</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Grant M. Hunter</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Grant M. Hunter</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Senior Vice President, Operations and Director</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;17,&nbsp;2015</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-4&nbsp;-&nbsp;II-23
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 17<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>&nbsp;day of February, 2015. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="49%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>GREY WOLF INTERNATIONAL</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>DRILLING CORPORATION</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman"><B>/s/ Douglas J.
Strong</B></P></TD></TR></TABLE></DIV> <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Name:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>Douglas J. Strong</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Title:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>President</B></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES AND POWERS OF ATTORNEY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each person whose signature appears below authorizes Veronica H. Foley, Kevin A. Neveu, Robert J. McNally and Douglas J. Strong, or any of
them, as his attorney in fact and agent, with full power of substitution and resubstitution to sign any or all amendments to this Registration Statement, including post-effective amendments, and to file the same, with all exhibits thereto, and other
documents and in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them full power and authority to do and perform each and every act and thing requisite and necessary to
be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, and hereby ratifies and confirms all his or her said attorneys-in-fact and agents or any of them or his or her substitute or
substitutes may lawfully do or cause to be done by virtue hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Power of Attorney may be executed in multiple counterparts, each
of which shall be deemed an original, but which taken together shall constitute one instrument. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="30%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="17%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:33.30pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Signature</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:15.95pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:16.00pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Date</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Douglas J. Strong</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Douglas J. Strong</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>President&nbsp;and&nbsp;Director</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Principal Executive Officer)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;17,&nbsp;2015</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Wane J. Stickland</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Wane J. Stickland</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Vice President, Finance and Treasurer and Director (Principal&nbsp;Financial&nbsp;and&nbsp;Accounting&nbsp;Officer)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;17,&nbsp;2015</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Darren J. Ruhr</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Darren J. Ruhr</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Senior Vice President, Corporate Services and Director</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;17,&nbsp;2015</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-4&nbsp;-&nbsp;II-24
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 17<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day of February, 2015.</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PRECISION DRILLING HOLDINGS</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>COMPANY</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman"><B>/s/ Grant M. Hunter</B></P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Name:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>Grant M. Hunter</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Title:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>President</B></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES AND POWERS OF ATTORNEY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each person whose signature appears below authorizes Veronica H. Foley, Kevin A. Neveu, Robert J. McNally and Douglas J. Strong, or any of
them, as his attorney in fact and agent, with full power of substitution and resubstitution to sign any or all amendments to this Registration Statement, including post-effective amendments, and to file the same, with all exhibits thereto, and other
documents and in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them full power and authority to do and perform each and every act and thing requisite and necessary to
be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, and hereby ratifies and confirms all his or her said attorneys-in-fact and agents or any of them or his or her substitute or
substitutes may lawfully do or cause to be done by virtue hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Power of Attorney may be executed in multiple counterparts, each
of which shall be deemed an original, but which taken together shall constitute one instrument. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="30%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="17%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:33.30pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Signature</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:15.95pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:16.00pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Date</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Grant M. Hunter</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Grant M. Hunter</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>President&nbsp;and&nbsp;Director</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Principal Executive Officer)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;17,&nbsp;2015</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Greg Mathews</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Greg Mathews</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Vice President and Director (Principal&nbsp;Financial&nbsp;and&nbsp;Accounting&nbsp;Officer)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;17,&nbsp;2015</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Wane J. Stickland</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Wane J. Stickland</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Director</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;17,&nbsp;2015</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-4&nbsp;-&nbsp;II-25
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 17<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day of February, 2015. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>PRECISION DRILLING LLC</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman"><B>/s/ Grant M. Hunter</B></P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Name:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>Grant M. Hunter</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Title:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>President</B></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES AND POWERS OF ATTORNEY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each person whose signature appears below authorizes Veronica H. Foley, Kevin A. Neveu, Robert J. McNally and Douglas J. Strong, or any of
them, as his attorney in fact and agent, with full power of substitution and resubstitution to sign any or all amendments to this Registration Statement, including post-effective amendments, and to file the same, with all exhibits thereto, and other
documents and in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them full power and authority to do and perform each and every act and thing requisite and necessary to
be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, and hereby ratifies and confirms all his or her said attorneys-in-fact and agents or any of them or his or her substitute or
substitutes may lawfully do or cause to be done by virtue hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Power of Attorney may be executed in multiple counterparts, each
of which shall be deemed an original, but which taken together shall constitute one instrument. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="30%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="17%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:33.30pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Signature</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:15.95pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:16.00pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Date</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Grant M. Hunter</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Grant M. Hunter</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>President&nbsp;and&nbsp;Director</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Principal Executive Officer)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;17,&nbsp;2015</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Greg Mathews</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Greg Mathews</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Vice President and Director (Principal&nbsp;Financial&nbsp;and&nbsp;Accounting&nbsp;Officer)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;17,&nbsp;2015</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Wane J. Stickland</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Wane J. Stickland</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Director</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;17,&nbsp;2015</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-4&nbsp;-&nbsp;II-26
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 17<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day of February, 2015.</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3" NOWRAP STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PRECISION DRILLING HOLDINGS<BR>COMPANY, AS GENERAL PARTNER, FOR<BR>AND ON
BEHALF OF PRECISION<BR>DRILLING COMPANY, LP</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>/s/ Grant M.
Hunter</B></P></TD></TR></TABLE></DIV> <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP><B>Name:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>Grant M. Hunter</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP><B>Title:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>President</B></TD></TR></TABLE></DIV> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES AND POWERS OF ATTORNEY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each person whose signature appears below authorizes Veronica H. Foley, Kevin A. Neveu, Robert J. McNally and Douglas J. Strong, or any of
them, as his attorney in fact and agent, with full power of substitution and resubstitution to sign any or all amendments to this Registration Statement, including post-effective amendments, and to file the same, with all exhibits thereto, and other
documents and in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them full power and authority to do and perform each and every act and thing requisite and necessary to
be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, and hereby ratifies and confirms all his or her said attorneys-in-fact and agents or any of them or his or her substitute or
substitutes may lawfully do or cause to be done by virtue hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Power of Attorney may be executed in multiple counterparts, each
of which shall be deemed an original, but which taken together shall constitute one instrument. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="41%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="18%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:33.30pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Signature</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:15.95pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:16.00pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Date</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Grant M. Hunter</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Grant M. Hunter</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>President&nbsp;and&nbsp;Director</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Principal Executive Officer)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;17,&nbsp;2015</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Greg Mathews</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Greg Mathews</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Vice President and Director (Principal&nbsp;Financial&nbsp;and&nbsp;Accounting&nbsp;Officer)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;17,&nbsp;2015</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Wane J. Stickland</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Wane J. Stickland</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Director</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">February&nbsp;17,&nbsp;2015</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-4&nbsp;-&nbsp;II-27
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 17<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day of February, 2015. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3" NOWRAP STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>MURCO DRILLING CORPORATION</B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>/s/ Gene
Stahl</B></P></TD></TR></TABLE></DIV> <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP><B>Name:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>Gene Stahl</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP><B>Title:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>President</B></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES AND POWERS OF ATTORNEY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each person whose signature appears below authorizes Veronica H. Foley, Kevin A. Neveu, Robert J. McNally and Douglas J. Strong, or any of
them, as his attorney in fact and agent, with full power of substitution and resubstitution to sign any or all amendments to this Registration Statement, including post-effective amendments, and to file the same, with all exhibits thereto, and other
documents and in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them full power and authority to do and perform each and every act and thing requisite and necessary to
be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, and hereby ratifies and confirms all his or her said attorneys-in-fact and agents or any of them or his or her substitute or
substitutes may lawfully do or cause to be done by virtue hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Power of Attorney may be executed in multiple counterparts, each
of which shall be deemed an original, but which taken together shall constitute one instrument. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="41%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="18%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:33.30pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Signature</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:15.95pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:16.00pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Date</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Gene Stahl</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Gene Stahl</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>President&nbsp;and&nbsp;Director</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Principal Executive Officer)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;17,&nbsp;2015</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Wane J. Stickland</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Wane J. Stickland</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Vice President, Finance and Treasurer (Principal&nbsp;Financial&nbsp;and&nbsp;Accounting&nbsp;Officer)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;17,&nbsp;2015</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Grant M. Hunter</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Grant M. Hunter</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Senior Vice President, Operations and Director</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;17,&nbsp;2015</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-4&nbsp;-&nbsp;II-28
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 17<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>&nbsp;day of February, 2015. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3" NOWRAP STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>DI/PERFENSA INC.</B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>/s/ Gene
Stahl</B></P></TD></TR></TABLE></DIV> <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP><B>Name:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>Gene Stahl</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP><B>Title:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>President</B></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES AND POWERS OF ATTORNEY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each person whose signature appears below authorizes Veronica H. Foley, Kevin A. Neveu, Robert J. McNally and Douglas J. Strong, or any of
them, as his attorney in fact and agent, with full power of substitution and resubstitution to sign any or all amendments to this Registration Statement, including post-effective amendments, and to file the same, with all exhibits thereto, and other
documents and in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them full power and authority to do and perform each and every act and thing requisite and necessary to
be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, and hereby ratifies and confirms all his or her said attorneys-in-fact and agents or any of them or his or her substitute or
substitutes may lawfully do or cause to be done by virtue hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Power of Attorney may be executed in multiple counterparts, each
of which shall be deemed an original, but which taken together shall constitute one instrument. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="41%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="18%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:33.30pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Signature</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:15.95pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:16.00pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Date</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Gene Stahl</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Gene Stahl</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>President&nbsp;and&nbsp;Director</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Principal Executive Officer)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;17,&nbsp;2015</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Wane J. Stickland</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Wane J. Stickland</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Vice President, Finance and Treasurer (Principal&nbsp;Financial&nbsp;and&nbsp;Accounting&nbsp;Officer)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;17,&nbsp;2015</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Grant M. Hunter</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Grant M. Hunter</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Senior Vice President, Operations and Director</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;17,&nbsp;2015</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-4&nbsp;-&nbsp;II-29
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 17<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day of February, 2015. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PD SUPPLY INC.</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>/s/ Grant M. Hunter</B></P></TD></TR></TABLE></DIV> <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-TOP:1px solid #000000"><B>Name:</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000"><B>Grant M. Hunter</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP><B>Title:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>President</B></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES AND POWERS OF ATTORNEY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each person whose signature appears below authorizes Veronica H. Foley, Kevin A. Neveu, Robert J. McNally and Douglas J. Strong, or any of
them, as his attorney in fact and agent, with full power of substitution and resubstitution to sign any or all amendments to this Registration Statement, including post-effective amendments, and to file the same, with all exhibits thereto, and other
documents and in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them full power and authority to do and perform each and every act and thing requisite and necessary to
be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, and hereby ratifies and confirms all his or her said attorneys-in-fact and agents or any of them or his or her substitute or
substitutes may lawfully do or cause to be done by virtue hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Power of Attorney may be executed in multiple counterparts, each
of which shall be deemed an original, but which taken together shall constitute one instrument. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="41%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="18%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:33.30pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Signature</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:15.95pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:16.00pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Date</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Grant M. Hunter</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Grant M. Hunter</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>President&nbsp;and&nbsp;Director</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Principal Executive Officer)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;17,&nbsp;2015</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Greg Mathews</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Greg Mathews</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Vice President and Director (Principal&nbsp;Financial&nbsp;and&nbsp;Accounting&nbsp;Officer)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;17,&nbsp;2015</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Wane J. Stickland</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Wane J. Stickland</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Director</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;17,&nbsp;2015</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-4&nbsp;-&nbsp;II-30
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 17<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day of February, 2015. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3" NOWRAP STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PRECISION DRILLING (US) CORPORATION</B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>/s/ Grant M.
Hunter</B></P></TD></TR></TABLE></DIV> <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP><B>Name:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>Grant M. Hunter</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP><B>Title:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>President</B></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES AND POWERS OF ATTORNEY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each person whose signature appears below authorizes Veronica H. Foley, Kevin A. Neveu, Robert J. McNally and Douglas J. Strong, or any of
them, as his attorney in fact and agent, with full power of substitution and resubstitution to sign any or all amendments to this Registration Statement, including post-effective amendments, and to file the same, with all exhibits thereto, and other
documents and in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them full power and authority to do and perform each and every act and thing requisite and necessary to
be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, and hereby ratifies and confirms all his or her said attorneys-in-fact and agents or any of them or his or her substitute or
substitutes may lawfully do or cause to be done by virtue hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Power of Attorney may be executed in multiple counterparts, each
of which shall be deemed an original, but which taken together shall constitute one instrument. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="41%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="18%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:33.30pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Signature</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:15.95pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:16.00pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Date</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Grant M. Hunter</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Grant M. Hunter</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>President&nbsp;and&nbsp;Director</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Principal Executive Officer)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;17,&nbsp;2015</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Greg Mathews</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Greg Mathews</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Vice President and Director (Principal&nbsp;Financial&nbsp;and&nbsp;Accounting&nbsp;Officer)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;17,&nbsp;2015</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Wane J. Stickland</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Wane J. Stickland</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Director</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;17,&nbsp;2015</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-4&nbsp;-&nbsp;II-31
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 17<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day of February, 2015. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3" NOWRAP STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PRECISION DIRECTIONAL SERVICES, INC.</B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>/s/ Grant M.
Hunter</B></P></TD></TR></TABLE></DIV> <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP><B>Name:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>Grant M. Hunter</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP><B>Title:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>President</B></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES AND POWERS OF ATTORNEY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each person whose signature appears below authorizes Veronica H. Foley, Kevin A. Neveu, Robert J. McNally and Douglas J. Strong, or any of
them, as his attorney in fact and agent, with full power of substitution and resubstitution to sign any or all amendments to this Registration Statement, including post-effective amendments, and to file the same, with all exhibits thereto, and other
documents and in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them full power and authority to do and perform each and every act and thing requisite and necessary to
be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, and hereby ratifies and confirms all his or her said attorneys-in-fact and agents or any of them or his or her substitute or
substitutes may lawfully do or cause to be done by virtue hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Power of Attorney may be executed in multiple counterparts, each
of which shall be deemed an original, but which taken together shall constitute one instrument. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="41%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="18%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:33.30pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Signature</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:15.95pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:16.00pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Date</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Grant M. Hunter</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Grant M. Hunter</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>President&nbsp;and&nbsp;Director</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Principal Executive Officer)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;17,&nbsp;2015</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Greg Mathews</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Greg Mathews</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Vice President and Director (Principal&nbsp;Financial&nbsp;and&nbsp;Accounting&nbsp;Officer)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;17,&nbsp;2015</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Wane J. Stickland</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Wane J. Stickland</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Director</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;17,&nbsp;2015</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-4&nbsp;-&nbsp;II-32
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 17<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day of February, 2015.</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3" NOWRAP STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PRECISION DIRECTIONAL SERVICES LTD.</B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>/s/ Douglas J.
Strong</B></P></TD></TR></TABLE></DIV> <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP><B>Name:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>Douglas J. Strong</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP><B>Title:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>President</B></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES AND POWERS OF ATTORNEY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each person whose signature appears below authorizes Veronica H. Foley, Kevin A. Neveu, Robert J. McNally and Douglas J. Strong, or any of
them, as his attorney in fact and agent, with full power of substitution and resubstitution to sign any or all amendments to this Registration Statement, including post-effective amendments, and to file the same, with all exhibits thereto, and other
documents and in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them full power and authority to do and perform each and every act and thing requisite and necessary to
be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, and hereby ratifies and confirms all his or her said attorneys-in-fact and agents or any of them or his or her substitute or
substitutes may lawfully do or cause to be done by virtue hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Power of Attorney may be executed in multiple counterparts, each
of which shall be deemed an original, but which taken together shall constitute one instrument. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="41%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="18%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:33.30pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Signature</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:15.95pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:16.00pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Date</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Douglas J. Strong</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Douglas J. Strong</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>President&nbsp;and&nbsp;Director</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Principal Executive Officer)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;17,&nbsp;2015</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Wane J. Stickland</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Wane J. Stickland</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Vice&nbsp;President,&nbsp;Finance&nbsp;and&nbsp;Treasurer&nbsp;and Director (Principal&nbsp;Financial&nbsp;and&nbsp;Accounting&nbsp;Officer)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;17,&nbsp;2015</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>/s/ Darren J. Ruhr</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Darren J. Ruhr</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Senior Vice President, Corporate Services and Director</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">February&nbsp;17,&nbsp;2015</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-4&nbsp;-&nbsp;II-33
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AUTHORIZED REPRESENTATIVE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of Section&nbsp;6(a) of the Securities Act of 1933, Precision Drilling (US) 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 Directional Services Ltd., Precision
Diversified Oilfield Services Corp., Precision Drilling Canada Limited Partnership, Grey Wolf International Drilling Corporation, Precision Limited Partnership and Precision Employment Services Corp. in the United States, in the City of Houston,
State of Texas, on February&nbsp;17, 2015. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PRECISION DRILLING (US)</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>CORPORATION</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>By:</B></P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman"><B>/s/ Grant M. Hunter</B></P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Name:</B></P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><B>Grant M. Hunter</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Title:</B></P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><B>President</B></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">F-4&nbsp;-&nbsp;II-34
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INDEX TO EXHIBITS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Exhibits to Form F-10 <U> </U></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Exhibit No.</U>
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="93%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>1.1</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Form of Letter of Transmittal (included in Exhibit 99.1 to Form F-4).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>1.2</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Form of Notice of Guaranteed Delivery (included in Exhibit 99.4 to Form F-4).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>3.2</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Registration Rights Agreement dated as of June 3, 2014 among Precision Drilling Corporation, the named guarantors, and Credit Suisse Securities (USA) LLC, RBC Capital Markets, LLC, Morgan Stanley &amp; Co. LLC, Merrill Lynch,
Pierce, Fenner &amp; Smith Incorporated, HSBC Securities (USA) Inc., Scotia Capital (USA) Inc., TD Securities (USA) LLC and Wells Fargo Securities, LLC as representatives of the initial purchasers named therein (included in Exhibit 4.3 to Form
F-4).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>4.1</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Annual Information Form of Precision Drilling Corporation for the year ended December 31, 2013 (incorporated by reference to Exhibit 99.1 to Precision Drilling Corporation&#146;s Form 40-F filed with the Securities and Exchange
Commission on March 14, 2014 (the &#147;<B>Form 40-F</B>&#148;)).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>4.2</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">The Management&#146;s Discussion and Analysis of Precision Drilling Corporation for the financial year ended December 31, 2013 (incorporated by reference to Exhibit 99.2 of the Form 40-F).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>4.3</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">The Management&#146;s Discussion and Analysis of Precision Drilling Corporation for the three and nine months ended September 31, 2014 (incorporated by reference to Exhibit 99.1 of Precision Drilling Corporation&#146;s Form 6-K
furnished to the Commission on October 28, 2014).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>4.4</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">The management information circular of Precision Drilling Corporation dated April 7, 2014, in connection with the annual and special meeting of Precision Drilling Corporation&#146;s shareholders to be held on May 14, 2014
(incorporated by reference to Exhibit 99.1 to Precision Drilling Corporation&#146;s Form 6-K, furnished to the Commission on April 11, 2014).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>5.1</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Consent of KPMG LLP in respect of Precision Drilling Corporation (included as Exhibit 23.1 to <FONT STYLE="white-space:nowrap">Form&nbsp;F-4).</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>5.2</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Consent of Paul, Weiss, Rifkind, Wharton &amp; Garrison LLP, U.S. counsel to Precision Drilling Corporation and the guarantors named herein (included as Exhibit 5.1 to Form F-4).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>5.4</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Consent of Norton Rose Fulbright Canada LLP, Canadian counsel to Precision Drilling Corporation (included as Exhibit 5.2 to Form F-4).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>6.1</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Powers of Attorney (included on the signature pages of this Registration Statement on Form F-10).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>7.1</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Indenture dated as of June 3, 2014 (included as Exhibit 4.2 to Form F-4).</TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Exhibits to Form F-4 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Exhibit No. </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>3.1</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Certificate of Amalgamation of Precision Drilling Corporation (incorporated by reference to Exhibit 3.1 to Precision Drilling Corporation&#146;s Form F-4 filed on May 4, 2011 (file number 333-173926))</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>3.2</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Bylaws of Precision Drilling Corporation (incorporated by reference to Exhibit 3.2 to Precision Drilling Corporation&#146;s Form F-4 filed on May 4, 2011 (file number 333-173926))</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>3.3</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Articles of Incorporation of DI Energy, Inc. (incorporated by reference to Exhibit 3.3 to Precision Drilling Corporation&#146;s Form F-4 filed on May 4, 2011 (file number 333-173926))</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>3.4</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Bylaws of DI Energy, Inc. (incorporated by reference to Exhibit 3.4 to Precision Drilling Corporation&#146;s Form F-4 filed on May 4, 2011 (file number 333-173926))</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>3.5</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Articles of Incorporation of DI/Perfensa Inc., as amended (incorporated by reference to Exhibit 3.5 to Precision Drilling Corporation&#146;s Form F-4 filed on May 4, 2011 (file number 333-173926))</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>3.6</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Bylaws of DI/Perfensa Inc. (incorporated by reference to Exhibit 3.6 to Precision Drilling Corporation&#146;s Form F-4 filed on May 4, 2011 (file number 333-173926))</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>3.7</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Articles of Incorporation of Grey Wolf International, Inc., as amended (incorporated by reference to Exhibit 3.7 to Precision Drilling Corporation&#146;s Form F-4 filed on May 4, 2011 (file number 333-173926))</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>3.8</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Bylaws of Grey Wolf International, Inc. (incorporated by reference to Exhibit 3.8 to Precision Drilling Corporation&#146;s Form F-4 filed on May 4, 2011 (file number 333-173926))</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>3.9</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Certificate of Formation of PD Supply Inc. (incorporated by reference to Exhibit 3.9 to Precision Drilling Corporation&#146;s Form F-4 filed on May 4, 2011 (file number 333-173926))</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>3.10</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Bylaws of PD Supply Inc. (incorporated by reference to Exhibit 3.10 to Precision Drilling Corporation&#146;s Form F-4 filed on May 4, 2011 (file number 333-173926))</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>3.11</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Certificate of Incorporation of Murco Drilling Corporation, as amended (incorporated by reference to Exhibit 3.11 to Precision Drilling Corporation&#146;s Form F-4 filed on May 4, 2011 (file number 333-173926))</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>3.12</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Bylaws of Murco Drilling Corporation (incorporated by reference to Exhibit 3.12 to Precision Drilling Corporation&#146;s Form F-4 filed on May 4, 2011 (file number 333-173926))</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>3.13</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Certificate of Incorporation of Precision Completion &amp; Production Services Ltd. (incorporated by reference to Exhibit 3.13 to Precision Drilling Corporation&#146;s Form F-4 filed on May 4, 2011 (file number
333-173926))</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>3.14</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Bylaws of Precision Completion &amp; Production Services Ltd. (incorporated by reference to Exhibit 3.14 to Precision Drilling Corporation&#146;s Form F-4 filed on May 4, 2011 (file number 333-173926))</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>3.15</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Certificate of Formation of Precision Directional Services, Inc. (incorporated by reference to Exhibit 3.15 to Precision Drilling Corporation&#146;s Form F-4 filed on May&nbsp;4, 2011 (file number 333-173926))</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>3.16</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Bylaws of Precision Directional Services, Inc. (incorporated by reference to Exhibit 3.16 to Precision Drilling Corporation&#146;s Form F-4 filed on May&nbsp;4, 2011 (file number 333-173926))</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>3.17</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Certificate of Incorporation of Precision Diversified Oilfield Services Corp., as amended (incorporated by reference to Exhibit 3.17 to Precision Drilling Corporation&#146;s Form F-4 filed on May&nbsp;4, 2011 (file number
333-173926))</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>3.18</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Bylaws of Precision Diversified Oilfield Services Corp. (incorporated by reference to Exhibit 3.18 to Precision Drilling Corporation&#146;s Form F-4 filed on May 4, 2011 (file number 333-173926))</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>3.19</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Certificate of Limited Partnership of Precision Drilling Canada Limited Partnership (incorporated by reference to Exhibit 3.19 to Precision Drilling Corporation&#146;s Form F-4 filed on May 4, 2011 (file number
333-173926))</TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>3.20</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Limited Partnership Agreement of Precision Drilling Canada Limited Partnership (incorporated by reference to Exhibit 3.20 to Precision Drilling Corporation&#146;s Form F-4 filed on May 4, 2011 (file number 333-173926))</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>3.21</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Certificate of Limited Partnership of Precision Drilling Company, LP, as amended (incorporated by reference to Exhibit 3.21 to Precision Drilling Corporation&#146;s Form F-4 filed on May 4, 2011 (file number 333-173926))</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>3.22</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Agreement of Limited Partnership of Precision Drilling Company, LP, as amended (incorporated by reference to Exhibit 3.22 to Precision Drilling Corporation&#146;s Form F-4 filed on May 4, 2011 (file number 333-173926))</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>3.23</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Articles of Incorporation of Precision Drilling Holdings Company, as amended (incorporated by reference to Exhibit 3.23 to Precision Drilling Corporation&#146;s Form F-4 filed on May 4, 2011 (file number 333-173926))</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>3.24</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Bylaws of Precision Drilling Holdings Company (incorporated by reference to Exhibit 3.24 to Precision Drilling Corporation&#146;s Form F-4 filed on May 4, 2011 (file number 333-173926))</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>3.25</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Amended and Restated Certificate of Incorporation of Precision Drilling, Inc. (incorporated by reference to Exhibit 3.25 to Precision Drilling Corporation&#146;s Form F-4 filed on May 4, 2011 (file number 333-173926))</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>3.26</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Bylaws of Precision Drilling, Inc. (incorporated by reference to Exhibit 3.26 to Precision Drilling Corporation&#146;s Form F-4 filed on May 4, 2011 (file number 333-173926))</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>3.27</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Certificate of Incorporation of Grey Wolf International Drilling Corporation, as amended (incorporated by reference to Exhibit 3.27 to Precision Drilling Corporation&#146;s Form F-4 filed on May&nbsp;4, 2011 (file number
333-173926))</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>3.28</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Bylaws of Grey Wolf International Drilling Corporation (incorporated by reference to Exhibit 3.28 to Precision Drilling Corporation&#146;s Form F-4 filed on May 4, 2011 (file number 333-173926))</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>3.29</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Articles of Organization of Precision Drilling LLC, as amended (incorporated by reference to Exhibit 3.29 to Precision Drilling Corporation&#146;s Form F-4 filed on May 4, 2011 (file number 333-173926))</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>3.30</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Regulations of Precision Drilling LLC, as amended (incorporated by reference to Exhibit 3.30 to Precision Drilling Corporation&#146;s Form F-4 filed on May 4, 2011 (file number 333-173926))</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>3.31</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Certificate of Formation of Precision Drilling (US) Corporation, as amended (included as Exhibit 3.31 to Form F-4 filed on February&nbsp;8, 2012).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>3.32</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Bylaws of Precision Drilling (US) Corporation (incorporated by reference to Exhibit 3.32 to Precision Drilling Corporation&#146;s Form F-4 filed on May 4, 2011 (file number 333-173926))</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>3.33</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Certificate of Limited Partnership of Precision Limited Partnership, as amended (incorporated by reference to Exhibit 3.33 to Precision Drilling Corporation&#146;s Form F-4 filed on May 4, 2011 (file number 333-173926))</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>3.34</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Limited Partnership Agreement of Precision Limited Partnership, as amended (incorporated by reference to Exhibit 3.34 to Precision Drilling Corporation&#146;s Form F-4 filed on May 4, 2011 (file number 333-173926))</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>3.35</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Certificate of Amalgamation of Precision Directional Services Ltd. (included as Exhibit 3.37 to Form&nbsp;F-4 filed on February 8, 2012).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>3.36</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Bylaws of Precision Directional Services Ltd. (included as Exhibit 3.38 to Form F-4 filed on February&nbsp;8, 2012).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>3.37</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Certificate of Amalgamation of Precision Employment Services Corp., dated as of January&nbsp;1,&nbsp;2015*</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>3.38</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Bylaws of Precision Employment Services Corp., dated May 16, 2011, adopted by the amalgamated company as of January&nbsp;1,&nbsp;2015.*</TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.1</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Form of 5.250% Senior Notes due 2024 of Precision Drilling Corporation*</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.2</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Indenture dated as of June 3, 2014.*</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.3</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Registration Rights Agreement dated as of June 3, 2014 among Precision Drilling Corporation, the named guarantors, and Credit Suisse Securities (USA) LLC, RBC Capital Markets, LLC, Morgan Stanley &amp; Co. LLC, Merrill Lynch,
Pierce, Fenner &amp; Smith Incorporated, HSBC Securities (USA) Inc., Scotia Capital (USA) Inc., TD Securities (USA) LLC and Wells Fargo Securities, LLC as representatives of the initial purchasers named therein*</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;5.1</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Opinion of Paul, Weiss, Rifkind, Wharton &amp; Garrison LLP, U.S. counsel to Precision Drilling Corporation and the guarantors named herein*.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;5.2</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Opinion of Norton Rose Fulbright Canada LLP, Canadian counsel to Precision Drilling Corporation*</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;5.3</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Opinion of Norton Rose Fulbright US LLP, Texas counsel.*</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;5.4</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Opinion of Fennemore Craig, P.C., Nevada counsel.*</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;5.5</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Opinion of Slattery, Marino &amp; Roberts, Louisiana counsel.*</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>12.1</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Statement of Computation of Ratio of Earnings to Fixed Charges.*</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>21.1</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Subsidiaries of Precision Drilling Corporation*</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>23.1</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Consent of KPMG LLP in respect of Precision Drilling Corporation*</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>24.1</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Powers of Attorney (included on signature pages to the F-4 Registration Statement).*</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>25.1</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Statement of Eligibility and Qualification under the Trust Indenture Act of 1939 of The Bank of New York Mellon as trustee, on Form T-1.*</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Form of Letter of Transmittal.*</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.2</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Form of Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees.*</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.3</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Form of Letter to Clients.*</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.4</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Form of Notice of Guaranteed Delivery.*</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top">Filed herewith. </TD></TR></TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.37
<SEQUENCE>2
<FILENAME>d850935dex337.htm
<DESCRIPTION>EX-3.37
<TEXT>
<HTML><HEAD>
<TITLE>EX-3.37</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 3.37 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CORPORATE ACCESS NUMBER: 2018683249 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Government </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>of Alberta
</B><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT><B></B><B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BUSINESS CORPORATIONS ACT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CERTIFICATE </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OF
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMALGAMATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PRECISION EMPLOYMENT SERVICES CORP. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">IS THE RESULT OF AN AMALGAMATION FILED ON 2015/01/01. </P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="right">


<IMG SRC="g850935dsp_003.jpg" ALT="LOGO">
 </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Articles of Amalgamation </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PRECISION EMPLOYMENT
SERVICES CORP. </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="71%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Share Structure:</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">SEE ATTACHED SCHEDULE &#147;A&#148;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Share Transfers Restrictions:</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">THE RIGHT TO TRANSFER SHARES IS RESTRICTED IN THAT NO SHARES MAY BE TRANSFERRED WITHOUT THE APPROVAL OF THE DIRECTORS OF THE CORPORATION.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Number of Directors:</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Min Number of Directors:</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">1</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Max Number of Directors:</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">9</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Business Restricted To:</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">NO RESTRICTIONS</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Business Restricted From:</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">NO RESTRICTIONS</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Other Provisions:</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">SEE ATTACHED SCHEDULE &#147;B&#148;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right"><B>Registration Authorized By:</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">KATHY KRUG</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">SOLICITOR</TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BUSINESS CORPORATIONS ACT</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(SECTION 179)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center">FORM 9</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="right">


<IMG SRC="g850935dsp_005a.jpg" ALT="LOGO">
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">MUNICIPAL AFFAIRS</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Registries</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><B>Articles of Amalgamation</B></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">1. NAME OF AMALGAMATED CORPORATION</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">2. CORPORATE ACCESS NUMBER</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>PRECISION EMPLOYMENT SERVICES CORP.</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. THE CLASSES OF SHARES, AND ANY MAXIMUM NUMBER OF SHARES THAT THE CORPORATION IS AUTHORIZED TO ISSUE: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">See attached Schedule &#147;A&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4. RESTRICTIONS ON SHARE
TRANSFERS (IF ANY): </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The right to transfer shares is restricted in that no shares may be transferred without the approval of the Directors of the
Corporation. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5. NUMBER, OR MINIMUM AND MAXIMUM NUMBER OF DIRECTORS: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Minimum 1 - Maximum 9 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6. Restrictions if any on business the
corporation may carry on </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">No Restrictions </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7. OTHER
PROVISIONS (IF ANY): </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">See attached Schedule &#147;B&#148; </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="44%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="43%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">8. NAME OF AMALGAMATING CORPORATIONS</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center">CORPORATE ACCESS NUMBER</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Precision Employment Services Corp.</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center">2016073294</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Precision Oilfield Personnel Services Ltd.</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center">2011936792</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">1198430 Alberta Ltd.</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center">2011984305</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">9. DATE</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center">SIGNATURE</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center">TITLE</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">January&nbsp;1, 2015</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Joanne L. Alexander</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Joanne L. Alexander</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center">Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">FOR DEPARTMENTAL USE ONLY</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center">FILED</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="right">


<IMG SRC="g850935dsp_005.jpg" ALT="LOGO">
 </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SCHEDULE &#147;A&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">AUTHORIZED SHARE STRUCTURE </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Corporation is authorized to
issue an unlimited number of shares of the following classes: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Class &#147;A&#148; Common Voting Shares </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Class &#147;B&#148; Common Non-voting Shares </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Class &#147;C&#148;
Preferred Non-voting Shares </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">to which the following rights and restrictions shall attach: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">Voting </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The holders of Class &#147;A&#148; Shares shall be entitled to vote at all meetings of the shareholders
of the Corporation except meetings at which only holders of a specified class of shares are, by the provision of the Business Corporations Act (Alberta), entitled to vote. The Class &#147;B&#148; and Class &#147;C&#148; Shares shall be non-voting
subject always to the provisions of the Business Corporations Act (Alberta). </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">Dividends </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">The holders of the Class &#147;C&#148; Shares shall in each year, at the discretion of the directors, but without preference or priority with respect to payment of dividends to holders of any other class of shares, be
entitled out of all or any profits or surplus available for dividends, to non-cumulative dividends at a rate no greater than ten (10%)&nbsp;per cent per annum on the Redemption Amount thereof (as described in paragraph 2(c)(i) herein) as may be
determined by the directors, payable at such time or times and at such place or places as the directors may determine. The said dividends shall be non-cumulative whether earned or not earned, and if in any fiscal year the directors in their
discretion shall not declare the said dividends or any part thereof, then the right of the holders of Class &#147;C&#148; Shares to such dividends or any greater dividend than the dividend actually declared for the fiscal year shall be extinguished.
The holders of the Class &#147;C&#148; Shares shall in no circumstances be entitled to any dividends other than or in excess of the non-cumulative dividends at the maximum rate of ten (10%)&nbsp;per cent per annum herein provided for.
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">Exclusive </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The holders of each share of any class of shares shall be entitled to receive
dividends as and when declared by the directors, acting in their sole discretion, which dividends may be declared on one class of shares wholly or partially to the exclusion of any other class of shares. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top">Restriction on Dividends </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">No dividends or distributions of any kind whatsoever shall be
declared or made in respect of any of the shares of the Corporation which would be contrary to any applicable law or which would have the effect of reducing the net assets, including goodwill, of the Corporation to an amount insufficient to enable
the redemption by the Corporation, at the aggregate of the Redemption Amounts, of the issued and outstanding Class &#147;C&#148; Shares. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">Redemption Amount on Class &#147;C&#148; Shares </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">Formula for Calculation of Redemption Amount: </TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The Redemption Amount for each Class &#147;C&#148; Share shall be equal to the fair market value
of the property or issued shares of the Corporation of a different class (the &#147;Assets&#148;) for which Class &#147;C&#148; Shares, as the case may be, were issued by the Corporation (the &#147;Asset Value&#148;) less the aggregate value of any
non-share consideration given or assumed by the Corporation as partial consideration for the assets (the &#147;Non-share Value&#148;) divided by the respective number of Class &#147;C&#148; Shares. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">Fair Market Value Adjustment </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Notwithstanding the provision of the foregoing paragraph 2(c)(i)
hereof, if the Minister of National Revenue, the Minister of Finance for the Province of Alberta, their authorized representative or any similar authority shall assess or reassess the Corporation or its shareholders for income tax (or propose such
an assessment or reassessment) on the basis of a determination or assumption that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">A.</TD>
<TD ALIGN="left" VALIGN="top">the fair market value of the Assets received in respect of the issuance of any particular Class &#147;C&#148; Shares does not equal the Asset Value; or </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">B.</TD>
<TD ALIGN="left" VALIGN="top">the Non-share Value should have been a greater or lesser amount than the amount determined upon issuance of such Class &#147;C&#148; Shares; then the Asset Value shall be adjusted (&#147;the &#147;Adjusted Asset
Value&#148;) and/or the Non-share Value shall be adjusted (the &#147;Adjusted Non-Share Value&#148;), as the case may be, and shall be deemed to be: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">C.</TD>
<TD ALIGN="left" VALIGN="top">subject to subparagraph E hereof, the fair market value of the Assets or Non-share Value as determined by the authority making or proposing such an assessment or reassessment, provided that the directors agree that such
determination is accurate; or </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">D.</TD>
<TD ALIGN="left" VALIGN="top">subject to subparagraph E hereof, where the directors do not agree that the authority&#146;s determination is accurate, the fair market value of the Assets or the Non-Share Value as determined by a qualified person whom
the directors shall appoint to make that determination forthwith following the making or proposing of such an assessment or reassessment; or </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">E.</TD>
<TD ALIGN="left" VALIGN="top">where any such assessment or reassessment is the subject of an appeal to a Court of competent jurisdiction, the fair market value of the Assets of Non-share Value as determined by the Court. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top">Adjustment or Redemption Amount </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">In the event of a determination of an Adjusted Asset Value or
an Adjusted Non-Share Value, as the case may be, then the Redemption Amount payable for each Class &#147;C&#148; Share issued in exchange for the Assets shall be adjusted by the directors and shall be equal to the Adjusted Asset Value (or if there
has been no adjustment, the Asset Value) less the Adjusted Non-shares Value (or if there has been no adjustment, the Non-share Value divided by the total number of Class &#147;C&#148; Shares issued in exchange for the Assets. If any non-share
consideration shall have been given, any Class &#147;C&#148; Shares shall have been redeemed, or any dividends shall have been declared thereon prior to the Redemption Amount thereof being adjusted as aforesaid, any resulting over-payment by the
Corporation shall be a debt due on demand to the Corporation from the holder of such Glass &#147;C&#148; Share and any resulting underpayment shall be a debt due on demand from the Corporation to the holder of such Class &#147;C&#148; Share. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top">Procedure </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Subject to the provisions of the Business Corporations Act (Alberta), the Corporation may, upon
giving notice as hereinafter provided, redeem the whole or any part of the Class &#147;C&#148; Shares on payment for each Class &#147;C&#148; Shares to be redeemed of the Redemption Amount thereof, together with all dividends declared thereon and
unpaid. If at any time only part of the then outstanding Class &#147;C&#148; Shares is to be redeemed, the redemption shall be pro rata from the Class &#147;C&#148; Shareholders, as the case may be, provided that the directors may make such
adjustments as shall be necessary to avoid the redemption of fractional parts of the Class &#147;C&#148; Shares. Unless waived by the registered holder of the shares to be redeemed, the Corporation shall give not less than thirty (30)&nbsp;days
notice to the registered holder of each Class &#147;C&#148; Share to be redeemed, specifying the date and place or places of redemption. If notice of any such redemption be given by the Corporation in the manner aforesaid and an amount sufficient to
redeem such shares be deposited with any trust company or chartered bank in Canada as specified in the notice on or before the date fixed for redemption, dividends on the Class &#147;C&#148; Shares to be redeemed shall cease after the date so fixed
for redemption and the holders thereof shall thereafter have no rights against the Corporation in respect thereof, except, upon the surrender of certificates for such Class &#147;C&#148; Shares, to receive payment therefore out of the monies so
deposited. Upon the amount sufficient to redeem such Class &#147;C&#148; Shares being deposited with any trust company or chartered bank in Canada as aforesaid, notice shall be given to the holders of the Class &#147;C&#148; Shares called for
redemption who have failed to present the certificates representing such Class &#147;C&#148; Shares within two (2)&nbsp;months of the date specified for redemption, to the effect that the monies have been so deposited and may be obtained by the
holders of the said Class &#147;C&#148; Shares upon presentation of the certificates representing such Class &#147;C&#148; Shares for redemption at the said trust company or chartered bank in Canada. If any part of the total monies so deposited has
not been paid to or to the order of the respective holders of the Class &#147;C&#148; Shares which were called for redemption within two (2)&nbsp;years after that date upon which such deposit was made or the date specified for redemption in the said
notice, whichever is later, such balance of monies remaining in the account shall be returned to the Corporation without prejudice to the rights of the holders of the Class &#147;C&#148; Shares being redeemed to claim the monies so deposited without
interest from the Corporation. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top">Retractable </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each holder of a Class &#147;C&#148; Share has the right, exercisable by depositing the
holder&#146;s share certificate with the Corporation at its registered office, to require the Corporation to redeem such Class &#147;C&#148; Share within thirty (30)&nbsp;days after the date the certificate is deposited, for an amount equal to one
hundred (100%)&nbsp;per cent of the Redemption Amount of the Class &#147;C&#148; Share so deposited, together with all dividends declared thereon and unpaid. The Corporation will not be obligated to redeem any Class &#147;C&#148; Share pursuant to
this provision if and so long as such redemption would be contrary to any applicable law. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top">Liquidation </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the event of the liquidation, dissolution or winding up of the Corporation, whether voluntary
or involuntary: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">firstly, the holders of the Class &#147;C&#148; Shares shall rank equally amongst themselves and shall be entitled to receive, in respect of each Class &#147;C&#148; Share held, before distribution of any part of the
assets of the Corporation amongst the holders of shares of any other class in the capital of the Corporation, an amount equal to one hundred (100%)&nbsp;per cent of the Redemption Amount of such Class &#147;C&#148; Share and any dividends declared
thereon and unpaid and no more. In the event that less than one hundred (100%)&nbsp;per cent of the amount necessary for redemption of each Class &#147;C&#148; Share is available for distribution to the holders of the Class &#147;C&#148; Shares,
then the holders of such shares shall be entitled to participate in such distribution in equal proportions, having regard to the respective Redemption Amounts, of the Class &#147;C&#148; Shares and the amounts of the dividends declared thereon and
unpaid; </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">thereafter the holders of the Class &#147;A&#148; and Class &#147;B&#148; Shares shall be entitled to participate equally amongst themselves in respect of each Class &#147;A&#148; and Class &#147;B&#148; Share held in
any further distribution of the assets of the Corporation. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(g)</TD>
<TD ALIGN="left" VALIGN="top">Stated Capital </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The directors shall add to the appropriate stated capital accounts being maintained for each of
the Class &#147;A&#148; and Class &#147;B&#148; Shares the full amount of any consideration the Corporation receives for any such Shares issued. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
Class &#147;C&#148; Shares shall only be issued by the Corporation in exchange for: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">property, other than a promissory note or promise to pay, or; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">issued shares of the Corporation of a difference class or series; </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">and the directors may add to the
appropriate stated capital accounts maintained for the said Class &#147;C&#148; Shares the whole or any part of the consideration received by the Corporation in exchange for any Class &#147;C&#148; Shares respectively that the Corporation issues.
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(h)</TD>
<TD ALIGN="left" VALIGN="top">Issuance in Series </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Any class of shares may at any time be issued in one or more series, each series to consist
of such number of shares as may be determined by the board of directors of the Corporation. The directors may determine at the time of issuance the designation, rights, privileges, restrictions and conditions attaching to the shares of each series,
subject to the rights, privileges, restrictions and conditions attaching to the class of shares to which the series belongs as set forth herein. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SCHEDULE &#147;B&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Other rules or provisions (if any): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top">The number of shareholders of the Corporation, exclusive of: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">persons who are in its employment and are shareholders of the Corporation, and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">persons who, having been formerly in the employment of the Corporation were, while in that employment, shareholders of the Corporation and have continued to be shareholders of the Corporation after termination of that
employment, </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">is limited to not more than fifty (50)&nbsp;persons, two or more person who are the joint registered owners of
one or more shares being counted as one shareholder. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">Any invitation to the public to subscribe for securities issued by the Corporation is prohibited. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top">The Corporation shall have a lien on all shares registered in the name of a shareholder or his legal representative for any debt of that shareholder to the Corporation. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top">The directors of the Corporation may, between annual meetings of the Corporation, appoint one or more additional directors of the Corporation to hold office 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 close of the last annual meeting of the Corporation. </TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Articles of Amalgamation </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PRECISION EMPLOYMENT
SERVICES CORP. </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="24%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="74%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Share Structure:</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">SEE ATTACHED SCHEDULE &#147;A&#148;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Share Transfers Restrictions:</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">THE RIGHT TO TRANSFER SHARES IS RESTRICTED IN THAT NO SHARES MAY BE TRANSFERRED WITHOUT THE APPROVAL OF THE DIRECTORS OF THE CORPORATION.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Number of Directors:</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Min Number of Directors:</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">1</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Max Number of Directors:</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">9</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Business Restricted To:</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">NO RESTRICTIONS</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Business Restricted From:</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">NO RESTRICTIONS</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Other Provisions:</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">SEE ATTACHED SCHEDULE &#147;B&#148;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right"><B>Registration Authorized By:</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">KATHY KRUG</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">SOLICITOR</TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P>&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="right">


<IMG SRC="g850935dsp_012.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>STATUTORY DECLARATION </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="89%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">CANADA</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">IN THE MATTER of the <I>Business Corporations Act </I></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">(Alberta), and IN THE MATTER of the amalgamation</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">of Precision Employment Services Corp., Precision</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Oilfield Personnel Services Ltd. &amp; 1198430 Alberta Ltd.</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">(the &#147;Amalgamating Corporations&#148;) as a Corporation to</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">be known as Precision Employment Services Corp.</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">TO WIT:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">(the &#147;Amalgamated Corporation&#148;)</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">I, Joanne L. Alexander, of the City of Calgary, in the Province of Alberta, businesswoman, do solemnly declare
that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">I am a proposed director of the Amalgamated Corporation and as such have personal knowledge of the matters herein declared to. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top">I have conducted, or caused to be conducted, such examinations of the books and records of the amalgamating corporations and have made such enquiries and investigations as are necessary to enable me to make this
declaration. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top">I have satisfied myself that there are reasonable grounds for believing that: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">the Amalgamated Corporation will be able to pay its liabilities as they become due; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">the realizable value of the assets of the Amalgamated Corporation will not be less than the aggregate of its liabilities and stated capital of all classes; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top">no creditor will be prejudiced by the amalgamation. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">And I make this solemn declaration
conscientiously believing the same to be true and knowing that it is of the same force and effect as if made under oath and by virtue of the <I>Canada Evidence Act.</I> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">DECLARED before me at the City of Calgary,</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="middle" ROWSPAN="7"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Joanne L. Alexander</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Joanne L. Alexander</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">in the Province of Alberta, this 18<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day of</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">December, 2014.</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Theresa Kim</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Theresa Kim</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right">)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Barrister&nbsp;&amp; Solicitor</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">A Commissioner for oaths in and for the Province of Alberta</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PRECISION EMPLOYMENT SERVICES CORP. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>DIRECTORS&#146; RESOLUTIONS </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following resolutions of the first directors of Precision Employment Services Corp. (the <B>Corporation)</B>,<B> </B>being in writing and
signed by all of the directors of the Corporation entitled to vote thereon, shall in accordance with Section&nbsp;117 of the <I>Business Corporations Act</I> (Alberta) be as valid and effectual as if passed at a meeting of the directors of the
Corporation duly called and constituted, and shall be effective as of January&nbsp;1, 2015. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS </B>the Corporation is the
continuing corporation resulting from the amalgamation of Precision Employment Services Corp. <B>(PESC), </B>Precision Oilfield Personnel Services Ltd. and 1198430 Alberta Ltd. under the <I>Business Corporations Act</I> (Alberta) pursuant to a
Certificate of Amalgamation Number 2018683249; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>AND WHEREAS </B>it is necessary or advisable to attend to certain organizational
matters with respect to the Corporation; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>AND WHEREAS </B>the Corporation wishes to continue certain intercompany agreements between
PESC and Precision Drilling Corporation <B>(PDC) </B>pursuant to an Assumption and Consent and Acknowledgment Agreement between the Corporation and PDC (the <B>Assumption Agreement)</B>;<B></B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>AND WHEREAS </B>the directors of the Corporation have been provided with a copy of the Assumption Agreement for their review and approval;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>NOW THEREFORE BE IT RESOLVED THAT:</B> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>By-Law No.&nbsp;1</U> </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
By-Laws of the Corporation shall be the By-Laws of the former Precision Employment Services Corp. and the Secretary of the Corporation is hereby authorized and directed to place the said By-Laws in the post amalgamation minute book. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Form of Share Certificate </U></I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The form of share certificate attached to these resolutions is adopted as the form of share certificate for shares in the capital of the
Corporation, and if more than one such form is attached, each such form is adopted as the respective form of share certificate for shares of the capital of the Corporation of the class stated on such form. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Replacement of Share Certificates </U></I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The shareholder be requested to surrender his or her existing share certificate for replacement with a certificate in the form approved by the
directors. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Appointment of Officers </U></I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following persons are hereby appointed to hold the office set out opposite their respective names during the pleasure of the Board: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="18%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="77%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-bottom:1.00pt solid #000000; width:64.20pt; font-size:8pt; font-family:Times New Roman"><B>N<SMALL>AME</SMALL>&nbsp;<SMALL>OF</SMALL>&nbsp;O<SMALL>FFICER</SMALL></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-bottom:1.00pt solid #000000; width:54.10pt; font-size:8pt; font-family:Times New Roman"><B>P<SMALL>OSITION</SMALL>&nbsp;H<SMALL>ELD</SMALL></B></P></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Douglas J. Strong</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">President</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Joanne L. Alexander</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Sr. Vice President, General Counsel &amp; Corporate Secretary</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Darren J. Ruhr</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Sr. Vice President, Corporate Services</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Ross W. Pickering</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Sr. Vice President, Operations</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Roland H. Marks</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Sr. Vice President, Operations</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Wane J. Stickland</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Vice President, Finance &amp; Treasurer</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Josh Almario</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Assistant Corporate Secretary</TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Fiscal Year </U></I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The fiscal year of the Corporation shall terminate on December&nbsp;31st each year. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Appointment of Bank </U></I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
bank of the Corporation shall be the bank of the former Precision Employment Services Corp. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Assumption and Consent and Acknowledgment Agreement
</U></I></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">The continuance of the intercompany agreements between PESC and PDC, namely, the Technical and Consulting Services Agreement dated January&nbsp;1, 2013, the Cost Recovery Agreement dated January&nbsp;1, 2013, and the
Trademark License Agreement dated January&nbsp;1, 2013, be and is hereby authorized on and subject to the terms and conditions of the Assumption Agreement and these resolutions. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top">The Corporation be and is hereby authorized to enter into and deliver the Assumption Agreement in the form or substantially in the form presented to the directors of the Corporation for their review and approval, with
such amendments or variations, if any, as any director or officer executing the same may approve. </TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>General Authorization
</U></I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any one director or officer of the Corporation be and is hereby authorized and directed to take all actions and measures on
behalf of the Corporation, enter into all transactions on behalf of the Corporation, and execute and deliver all documents and instruments on behalf of the Corporation, including the Assumption Agreement and anything else required, advisable or
contemplated by these resolutions (in each case with or without the corporate seal of the Corporation and by facsimile or other electronic means or in counterpart version), and the actions and measures so taken and the transactions so entered and
the documents, instruments and anything else so executed and delivered are those which are approved by these resolutions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page
Follows] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 2 - </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The undersigned, being all of the directors of the Corporation, do hereby adopt and approve each
of the foregoing resolutions, waive notice of any meeting, waive all other formalities or irregularities in the conduct or manner of proceeding, and consent to the execution and delivery of these written resolutions in original, by facsimile or
other electronic means, or by counterpart signature. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Douglas J. Strong</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">DOUGLAS J. STRONG</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Joanne L. Alexander</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">JOANNE L. ALEXANDER</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Wane J. Stickland</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">WANE J. STICKLAND</TD></TR>
</TABLE></DIV>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.38
<SEQUENCE>3
<FILENAME>d850935dex338.htm
<DESCRIPTION>EX-3.38
<TEXT>
<HTML><HEAD>
<TITLE>EX-3.38</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 3.38 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BY-LAW NO. 1 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">A by-law
relating generally to the conduct of the business and affairs of PRECISION EMPLOYMENT SERVICES CORP. (hereinafter called the &#147;Corporation&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IT IS HEREBY ENACTED as a by-law of the Corporation as follows: </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>DEFINITIONS </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. In this by-law and all other
by-laws of the Corporation, unless the context otherwise specified or requires: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">&#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></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">&#147;Articles&#148; 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 and articles of revival and includes an amendment to any of them; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">&#147;Board&#148; means the board of directors of the Corporation; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top">&#147;By-laws&#148; means the by-laws of the Corporation from time to time in force and effect; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top">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></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top">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></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(g)</TD>
<TD ALIGN="left" VALIGN="top">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>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>REGISTERED OFFICE</U></B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. The Corporation shall at all times have a registered office within Alberta. Subject to the Act, the directors of the Corporation may at any time: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">change the address of the registered office within Alberta; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">designate, or revoke or change a designation of, a separate records office within Alberta; or </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">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>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>SEAL </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. The corporate seal of the Corporation
shall be such as the directors may by resolution from time to time adopt. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>DIRECTORS </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5. <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 may be determined from time to time within such limits by resolution of the board of directors. Subject to the Act, at least one quarter of the directors shall be resident
Canadians. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5. <U>Vacancies</U>. Subject to 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 a shareholder. Subject to the Act, 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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">A director appointed or elected to fill a vacancy holds office for the unexpired term of his
predecessor. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 prohibited by the Act, the articles, the by-laws, any special resolution of the Corporation, a unanimous shareholder agreement or
by statute, or by statute, the articles, the by-laws, any special resolution of the Corporation, or a unanimous shareholder agreement, expressly directed or required to be done in some other manner. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7. <U>Duties</U>. Every director and officer of the Corporation in exercising his powers and discharging his duties shall: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">act honestly and in good faith with a view to the best interests of the Corporation; and, </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8. <U>Qualification</U>. The following persons are disqualified from being a director of the Corporation: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">anyone who is less than 18 years of age; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">anyone who, </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">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></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">is a formal patient as defined in the <I>Mental Health Act</I>, </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top">is the subject of an order under the <I>Mentally Incapacitated Persons Act</I> appointing a committee of his person or estate or both, or </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top">has been found to be a person of unsound mind by a court elsewhere than in Alberta; </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">a person who is not an individual; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top">a person who has the status of bankrupt. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Unless the articles otherwise provide a director of the Corporation
is not required to hold shares issued by the Corporation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 or unless he was elected by the board to fill a vacancy) shall be from the date of the meeting at which he is elected
or appointed until the close of the next annual meeting of shareholders following his election or appointment or until his successor is elected or appointed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">10. <U>Election</U>. Subject to 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 third annual meeting of shareholders following the election. Notwithstanding the foregoing,
shareholders may elect directors for the said term at any shareholders meeting. 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. If directors are not elected at a meeting of shareholders, the incumbent directors continue in office until their successors are elected. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 ten (10)&nbsp;days after it or he
has acted as a director pursuant to the election or appointment. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">12. <U>Removal</U>. Subject to 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 by a majority of the votes cast at the meeting, elect any person in his stead for the remainder of his term. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">13. <U>Vacation of Office</U>. A director of the Corporation ceases to hold office when: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">he dies or resigns; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">he is removed from office; or </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">he becomes disqualified. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">15. <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. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>MEETINGS OF DIRECTORS
</U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">16. <U>Notice</U>. Notice of the time and place for the holding of any meeting of directors or any committee of directors shall be sent to each director not
less than two (2)&nbsp;days (exclusive of the day on which the notice is sent but inclusive of the day for which notice is given) before the date of the meeting; provided that meetings of directors or of any committee of directors may be held at any
time without notice if all the directors are present (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 if all the absent
directors have waived notice. The notice of a meeting of directors shall specify any matter referred to in subsection (3)&nbsp;of section 110 of the Act that is to be dealt with at the meeting, but need not otherwise specify the purpose or the
business to be transacted at the meeting. Each Director shall provide an address in Calgary to which notice can be delivered. In absence of providing such an address in writing, notice shall be conclusively deemed delivered upon delivery to the
registered office of the Corporation. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">For the 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 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 the meeting, except when
a director attends a meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting is not lawfully called. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 any such meeting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">19. <U>Telephone 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 hear each other, and a director participating in a
meeting by those means is deemed for the purposes of the Act to be present at that meeting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 any adjourned meeting which might have been brought before or dealt with at the original meeting in accordance with the notice calling the same. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">21. <U>Quorum and Voting</U>. Subject to the Articles, a majority of the number of directors or where a minimum
number of directors is required by the articles, the minimum number of directors so required, constitute 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 the Act, directors shall not transact business at a meeting of directors unless a quorum is present and at least one quarter 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 and shall be held to be effective as of the date specified therein.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>COMMITTEES OF DIRECTORS </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 one quarter 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: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">submit to the shareholders any question or matter requiring the approval of the shareholders; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">fill a vacancy among the directors or in the office of auditor; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">issue securities except in the manner and on the terms authorized by the directors; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top">declare dividends; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top">purchase, redeem or otherwise acquire shares issued by the Corporation, except in the manner and on the terms authorized by the directors; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top">pay a commission to any person in consideration of his purchasing or agreeing to purchase shares of the Corporation from the Corporation or from any other person, or procuring or agreeing to procure purchasers for
shares of the Corporation; </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(g)</TD>
<TD ALIGN="left" VALIGN="top">approve a management proxy circular; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(h)</TD>
<TD ALIGN="left" VALIGN="top">approve any annual financial statements to be placed before the shareholders of the Corporation; or </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">adopt, amend or repeal by-laws of the Corporation. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">25. <U>Audit Committee</U>. Subject to 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 (15)
shareholders, the directors shall elect annually from among their number an audit committee to be composed of not fewer than three (3)&nbsp;directors, a majority of whom are not officers or employees of the Corporation or any of its affiliates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>REMUNERATION OF DIRECTORS, OFFICERS AND EMPLOYEES </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">25. Subject to the articles or any unanimous shareholder agreement, the directors of the Corporation may fix the remuneration of the directors of the
Corporation and such remuneration shall be in addition to the salary paid to any officer or employee of the Corporation who is also a director. The directors may also by resolution award special remuneration to any director for 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. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>SUBMISSION OF CONTRACTS OR TRANSACTIONS TO SHAREHOLDERS FOR APPROVAL </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>CONFLICT OF INTEREST </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 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, </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">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 the directors or committee of directors that authorized the contract, and, </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">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. </TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>FOR THE PROTECTION OF
DIRECTORS AND OFFICERS </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">28. 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 or
disposed of 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 any 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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>INDEMNITIES TO DIRECTORS AND OTHERS </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">29. Subject to 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 against the
director or officer in question, 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 any 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: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">he acted honestly and in good faith with a view to the best interests of the Corporation; and, </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">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>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>OFFICERS </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 (2)&nbsp;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 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 advisable who shall have the 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 Act, vary, add to or limit the duties and powers of any officer. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">31. <U>Removal of Officers, etc</U>. Subject to the articles or any unanimous shareholder agreement, all
officers, employees and agents, in the absence of agreement by the directors to the contrary, shall be subject to removal by resolution of the directors at any time, with or without cause. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">32. <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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">35. <U>President</U>. The President shall be the chief executive officer of the Corporation 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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, 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 also 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">36. <U>Secretary</U>. The Secretary shall give or cause to be given
notices for all meetings of directors, and 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 (l), (3)&nbsp;and (5)&nbsp;of section 20
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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 of banks or with such other depository or depositories 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 seek any indemnity thereby provided. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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, of 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 imposed by the Act. The Managing Director shall conform to all lawful directions given to him by the directors of the Corporation 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">50. <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 in the case of any other officers,
appoint an individual to fill such vacancy. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>SHAREHOLDERS&#146; MEETING </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">51. <U>Annual Meeting</U>. Subject to 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 or outside Alberta if all the shareholders who are entitled to vote agree on such day in each year and at such time as the directors may determine. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">52. <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 the Act, at such place within or outside Alberta if all the shareholders who are entitled to vote agree as the directors may determine. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">53. <U>Meeting on Requisition of Shareholders</U>. The holders of not less than five (5%)&nbsp;per cent 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 which may consist of several documents of like form each signed by one or more
shareholders, shall state the business to be transacted at the meeting and a copy of the requisition shall be sent to each director and the original of the requisition shall be sent to the registered office of the Corporation. Subject to the
provisos set out in subsection 3 of section 137 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
(21)&nbsp;days after receiving the requisition call a meeting, any shareholder who signed the requisition may call the meeting. Unless the shareholders otherwise resolve at such a meeting, the corporation shall reimburse the shareholders the
expenses reasonably incurred by them in requisitioning, calling and holding the meeting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">55. <U>Notice.</U> A printed, written or typewritten notice
stating the day, hour and place of meeting and if special business is to be transacted thereat, stating, </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">the nature of that business in sufficient detail to permit the shareholder to form a reasoned judgment on that business, and, </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">the text of any special resolution to be submitted to the meeting, </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 twenty-one
(21)&nbsp;days and not more than </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
fifty (50)&nbsp;days (exclusive of the day of mailing and of the day for which notice is given) before the date of every meeting; provided that a meeting of shareholders may be held for any
purpose on any day and at any time and, subject to 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">55. <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 auditor of the Corporation in writing or by 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 at a meeting of shareholders is a waiver of notice of the 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">56. <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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">57. <U>Record Dates</U>. Subject to the Act, the directors may fix in advance a date as the record date for the determination of shareholders, </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">entitled to receive payment of a dividend, </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">entitled to participate in a liquidation distribution or, </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">for any other purpose except the right to receive notice of or to vote at a meeting of shareholders, </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">but such record date shall not precede by more than fifty (50)&nbsp;days the particular action to be taken. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Subject to the Act, 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 fifty (50)&nbsp;days or by less than twenty-one (21)&nbsp;days the date on which the meeting is to be held. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">If no record date is fixed, </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">the record date for the determination of shareholders entitled to receive notice of a meeting of shareholders shall be </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">at the close of business on the last business day preceding the day on which the notice is sent; or </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">if no notice is sent, the day on which the meeting is held; and, </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">the record date for the determination of shareholders </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">58. <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
the chairman. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">59. <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 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. 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
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
every shareholder present or 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">At any meeting, unless a ballot is demanded by a shareholder or proxyholder entitled to vote at the meeting, either before or after any vote
by a show of hands, a declaration by the chairman of the meeting that a resolution has been carried or 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 of proportion of votes recorded in favour of or against the resolution. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">50. <U>Right to Vote</U>. Subject to Article 59 hereof and unless the articles otherwise provide, each share of the Corporation entitles the
holder of it to one (1)&nbsp;vote at a meeting of shareholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Where two (2)&nbsp;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 (2)&nbsp;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 and if they do not vote as one
they shall be deemed to have abstained. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Any instrument appointing a proxyholder may be in the following form or in any other form which complies with the requirements of the Act:
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">&#147;The undersigned shareholder of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;hereby appoints
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of whom failing, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;day of
200&nbsp;&nbsp;&nbsp;&nbsp;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. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Dated the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;day &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;, 200&nbsp;&nbsp;&nbsp;&nbsp;. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Signature of Shareholder</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The directors may specify in a notice calling a meeting of shareholders a time not exceeding forty-eight
(58)&nbsp;hours, excluding Saturdays 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The chairman of the meeting of shareholders may in his discretion accept telegraphic, telex, cable or written communication 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 telegraphic,
telex, cable or written communication accepted by the chairman of the meeting shall be valid and shall be counted. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">52. <U>Telephone 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 hear each other and a person participating in such a meeting by those means is deemed for the
purposes of the Act to be present at the meeting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 (1)&nbsp;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 (1)&nbsp;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 and if the meeting is adjourned by one (1)&nbsp;or more adjournments for an aggregate of more than ninety (90)&nbsp;days, then the provisions of subsections (1), (2)&nbsp;and (3)&nbsp;of section 153 of the Act shall apply. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">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 any adjourned meeting which might have been brought before or dealt with at the original meeting in accordance with the notice calling the same. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">55. <U>Quorum</U>. One (1)&nbsp;person present and holding or representing by proxy at least one (1)&nbsp;issued share of the Corporation shall be a quorum of
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 one (1)&nbsp;person present and
holding or representing by proxy a majority 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing, if the Corporation has only one
(1)&nbsp;shareholder, or only one (1)&nbsp;holder of any class or series of shares, the shareholder present in person or by proxy constitutes a meeting and a quorum for such meeting. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 and shall be held to be effective as of any date mentioned therein. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>SHARES AND TRANSFERS </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">56. <U>Issuance</U>. Subject
to the articles, any unanimous shareholder agreement and 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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-transferrable
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 the Act) be in such form as the directors
may from time to time by resolution approve and such certificates shall be signed manually by at least one (1)&nbsp;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, and any additional signatures required on a security certificate may be printed or otherwise mechanically reproduced thereon. 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 officer at the date of its issue. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">58. <U>Agent</U>. The directors may from time to time by resolution appoint or remove, </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">one (1)&nbsp;or more trust companies registered under the <I>Trust Companies Act</I> as its agent or agents to maintain a central securities register or registers, or, </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">an agent or agents to maintain a branch securities register or registers for the Corporation. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">59. <U>Dealings
with the 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, dividends or other payments in respect of the
security, and otherwise to exercise all the rights and powers of an owner of the security. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 shareholder, and provided that neither the Corporation nor the Corporation&#146;s agent has received notice that the security has been acquired by a purchaser described in section 65 of the Act, and before such
a 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 President, a Vice-President, the Secretary or the Treasurer of the Corporation or by resolution of the directors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">62. <U>Enforcement
of Lien for Indebtedness</U>. Subject to the Act, if the articles of the Corporation provide that the Corporation has a lien on a share 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 refuse to permit the registration of a transfer of any such share or shares until the debt has been paid in full. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>DIVIDENDS </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The directors shall not declare and the Corporation shall not pay a dividend if there are reasonable
grounds for believing that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">the Corporation is, or would after the payment be, unable to pay its liabilities as they become due; or, </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">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>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Subject to the Act, the Corporation may pay a dividend in money or property or by issuing fully paid shares of the Corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">65. 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. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>VOTING SECURITIES
IN OTHER BODIES CORPORATE </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>NOTICES, ETC. </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">the shareholder at his latest address as shown in the records of the Corporation or its transfer agent; and, </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">the director at his latest address as shown in the records of the Corporation in the last notice filed under section&nbsp;101 or 108 of the Act. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">67. If the Corporation sends a notice or document to a
shareholder and the notice or document is returned on three (3)&nbsp;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 sufficient notice or delivery of such document to
all the holders of such shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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, directly or indirectly, he derives his title to such shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">71. <U>Signatures to Notices</U>. The signature of any director or officer
of the Corporation to any notice may be written, stamped, typewritten or printed or partly written, stamped, typewritten or printed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">72. <U>Computation
of Time</U>. Where a given number of days&#146; notice or notice extending over any period is required to be given under any provisions of the articles or by-laws of the Corporation, the day the notice is sent shall be counted in such number of days
or other period and such notice shall be deemed to have been sent on the day of personal delivery or mailing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>CHEQUES, DRAFTS, NOTES, ETC. </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">75. All cheques,
drafts or orders for the payment of money and all notes, acceptances and bills of exchange shall be signed by such officer or officers or other person or persons, whether or not officers of the Corporation, and in such manner as the directors may
from time to time designate by resolution. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>CUSTODY OF SECURITIES </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">75. All securities (including warrants) owned by the Corporation shall be lodged (in the name of the Corporation) with a chartered bank or trust company or in
a safety deposit box, or if so authorized by resolution of the directors, with such other depositories or in such other manner as may be determined from time to time by the directors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">All securities (including 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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>EXECUTION OF CONTRACTS, ETC. </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">76. Contracts, documents or instruments in writing requiring the signature of the Corporation may be signed by any one (1)&nbsp;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 directors are authorized from time to time by resolution to appoint any officer or officers or any
other person or persons on behalf of the Corporation either to sign contracts, documents or instruments in writing generally or to sign specific contracts, documents or instruments in writing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The corporate seal of the Corporation when required, be affixed by either one of the President or the Secretary, to contracts, documents or
instruments in writing signed by either one as aforesaid or by an officer or officers, person or persons appointed as aforesaid by resolution of the board of directors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The term &#147;contracts, documents or instruments in writing&#148; as used in this by-law shall include deeds, mortgages, hypothecs, charges,
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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">In particular, without limiting the generality of the foregoing, any one (1)&nbsp;director or officer, are authorized to
sell, assign, transfer, exchange, confer or convey all securities owned by or registered in the name of the Corporation and to sign and execute (under the seal of the Corporation or otherwise) all assignments, transfers, conveyances, powers of
attorney and other instruments that may be necessary for the purpose of selling, assigning, transferring, exchanging, converting or conveying any such securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The signature or signatures of any officer or director of the Corporation and/or of any other officer or officers, person or persons appointed
as aforesaid by resolution of the directors 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 officers, directors or persons shall be so reproduced, by authorization by </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
resolution of the directors, shall be deemed to have been manually signed by such officers, directors or 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 officers, directors or 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. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>FISCAL PERIOD </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">77. 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">ENACTED by the Board the 16<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day of May, 2011 and confirmed by the sole Shareholder in
accordance with the <I>Business Corporations Act</I>, this 16<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day of May, 2011. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Douglas S. Strong</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Joanne L. Alexander</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PRESIDENT</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">SECRETARY</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>4
<FILENAME>d850935dex41.htm
<DESCRIPTION>EX-4.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-4.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 4.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">FORM OF NOTE </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Face of 5.250%
Senior Note) </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5.250% Senior Notes due 2024 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE ISSUER OR
ITS AGENT FOR REGISTRATION OR TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE&nbsp;&amp; CO. OR TO SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY OR
SUCH OTHER REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT HEREON IS MADE TO CEDE&nbsp;&amp; CO. OR TO SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE&nbsp;&amp; CO., HAS AN INTEREST HEREIN. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE&nbsp;&amp; CO. OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR&#146;S NOMINEE. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">UNLESS PERMITTED UNDER APPLICABLE CANADIAN 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THIS NOTE EVIDENCES THE SAME CONTINUING DEBT OF PRECISION DRILLING CORPORATION AS
WAS EVIDENCED BY THE NOTE FOR WHICH THIS NOTE WAS EXCHANGED AND DOES NOT CONSTITUTE A NEW DEBT ISSUED BY PRECISION DRILLING CORPORATION. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PRECISION DRILLING CORPORATION </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5.250% Notes due 2024 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="text-indent:2.00em; font-size:10pt; font-family:Times New Roman">No.&nbsp;1</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">$[&nbsp;&nbsp;&nbsp;&nbsp;]</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">CUSIP NO.&nbsp;74022D AJ9</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">ISIN
NO.&nbsp;US74022DAJ90</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Precision Drilling Corporation (including any successor thereto) promises to pay to Cede&nbsp;&amp; Co. or
registered assigns, the principal sum set forth on the Schedule of Increases and Decreases attached hereto, not to exceed US$400,000,000, on November&nbsp;15, 2024. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Interest Payment Dates: May&nbsp;15 and November&nbsp;15, beginning May&nbsp;15, 2015. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Record Dates: May&nbsp;1 and November&nbsp;1 (whether or not a Business Day) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Reference is made to further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the
same effect as if set forth at this place. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless the certificate of authentication hereon has been executed by the U.S. Trustee referred
to on the reverse hereof by manual signature, this Note shall not be entitled to any benefits under the Indenture referred to on the reverse hereof or be valid or obligatory for any purpose. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">PRECISION DRILLING CORPORATION</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" COLSPAN="3">
<P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">By<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This is one of the Notes referred to in the within-mentioned Indenture: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="47%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">THE BANK OF NEW YORK MELLON, as U.S. Trustee</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">By:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;</U></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Dated:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Back of 5.250% Senior Note) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5.250% Senior Notes due 2024 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) <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 5.250% Senior Note due 2024 (a &#147;<I>Note</I>&#148;) at a fixed rate of 5.250%&nbsp;per annum. The Issuer will pay
interest in U.S. dollars (except as otherwise provided herein) semiannually in arrears on May&nbsp;15 and November&nbsp;15, commencing on May&nbsp;15, 2015 (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 and Additional Interest, if
any (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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) <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 May&nbsp;1 and November&nbsp;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. The Issuer will make all payments of principal, premium, interest and Additional Interest, if any, on such Holder&#146;s
Notes by check, except, in the case of a Holder of $1,000,000 or more in aggregate principal amount of Notes, who has given the U.S. Trustee wire transfer instructions at least 10 Business Days prior to the applicable payment date, in which case the
Issuer shall make such payment to such Holder 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 U.S. Trustee or
Paying Agent 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. Such payment shall be in such coin or currency of the
United States of America as at the time of payment is legal tender for payment of public and private debts. All payments to DTC or its nominee shall be made by wire transfer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 U.S. Trustee or the U.S. 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 Depositary. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) <U>Paying Agent and Registrar</U>. Initially, The Bank of New York Mellon shall act as Paying
Agent and Registrar. The Issuer may change any Paying Agent or Registrar without notice to any Holder, and the Issuer and/or any Restricted Subsidiaries may act as Paying Agent or Registrar. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) <U>Indenture</U>. The Issuer issued the Notes under an Indenture, dated as of June&nbsp;3, 2014 (the &#147;<I>Indenture</I>&#148;), among
the Issuer, the Guarantors thereto and the Trustees. The terms of the Notes include those stated in the Indenture and those made a part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (15 U.S. Code
&#167;&#167;&nbsp;77aaa-77bbbb) (the &#147;<I>TIA</I>&#148;). 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 and the TIA for a statement of such terms. The Initial Notes issued on the Issue Date are senior obligations of the Issuer limited to U.S.$400,000,000 in aggregate principal amount, plus amounts, if any, sufficient to pay
premium, interest and Additional Interest, if any, on outstanding Notes as set forth in Paragraph&nbsp;(2) hereof. The Indenture permits the issuance of Additional Notes subject to compliance with certain conditions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The payment of principal, interest and Additional Interest, if any, on the Notes and all other amounts under the Indenture is unconditionally
guaranteed, jointly and severally, on a senior unsecured basis by the Guarantors. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) <U>Optional Redemption</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Notes may be redeemed, in whole or in part, at any time prior to May&nbsp;15, 2019 at the option of the Issuer 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). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) 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 May&nbsp;15, 2019, upon not less than 15 nor more than 60&nbsp;days&#146; notice at the following redemption prices (expressed as
percentages of the principal amount to be redeemed) set forth below, plus accrued and unpaid interest and Additional 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 May&nbsp;15 of the years indicated below: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="80%"></TD>
<TD VALIGN="bottom" WIDTH="13%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:16.90pt; font-size:8pt; font-family:Times New Roman"><B>Year</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Redemption&nbsp;Price</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2019</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">102.625</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2020</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">101.750</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2021</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100.875</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2022 and thereafter</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100.000</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) At any time or from time to time prior to May&nbsp;15, 2017, 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 105.250% 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); provided that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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 (unless all of such Notes are redeemed or repurchased pursuant to another
provision of the Indenture) immediately after giving effect to any such redemption; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) the redemption occurs not more
than 90 days after the date of the closing of any such Qualified Equity Offering. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) 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 Officer&#146;s Certificate to the U.S. 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 days&#146; notice (such notice to be provided not more than 90 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% 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 U.S. 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) <U>Mandatory Redemption</U>. The Issuer shall not be required to make mandatory redemption or sinking fund payments with respect to Notes.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7) <U>Repurchase at Option of Holder</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) If a Change of Control occurs, unless the Issuer at such time has given notice of redemption pursuant to Paragraph&nbsp;(8) hereof with
respect to all outstanding Notes, each Holder will have the right to require the Issuer to repurchase all or any part&nbsp;(equal to U.S.$2,000 or an integral multiple of U.S.$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 and Additional Interest, if any, to the date of purchase; <I>provided</I> that no partial redemption shall
result in a Note having a principal amount of less than U.S.$2,000. Within 30 days following any Change of Control unless the Issuer at such time has given notice of redemption pursuant to Paragraph&nbsp;(5) hereof with respect to all outstanding
Notes, the Issuer will deliver a notice to each Holder (with a copy to each of the Trustees) describing the transaction or transactions that constitute the Change of Control and setting forth the procedures governing the Change of Control Offer
required by the Indenture. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Upon the occurrence of certain Asset Sales, the Issuer may be required to offer to purchase
Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8) <U>Notice of Redemption</U>. Notice of redemption shall be delivered at least 15 days but not more than 60 days
before the redemption date to each Holder whose Notes are to be redeemed in accordance with the Indenture. Notes in denominations larger than U.S.$2,000 may be redeemed in part but only in minimum denominations of U.S.$2,000 and integral multiples
of U.S.$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 U.S.$2,000. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(9) [<U>Reserved</U>.] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(10)
<U>Denominations, Transfer, Exchange</U>. The Notes are in registered form without coupons in initial denominations of U.S.$2,000 and integral multiples of U.S.$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, any 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(g)(2) of the Indenture. 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 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. </P>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(11) <U>Persons Deemed Owners</U>. The registered Holder of a Note may be treated as its owner
for all purposes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(12) <U>Amendment, Supplement and Waiver</U>. The Indenture, the Notes and the Guarantees may be amended or
supplemented, and provisions thereof may be waived, pursuant to <U>Article IX</U> of the Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(13) <U>Defaults and Remedies</U>.
The Events of Default are set forth in <U>Article VI</U> of the Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(14) <U>No Recourse Against Others</U>. 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, to the extent permitted by applicable law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(15) <U>Authentication</U>. This Note shall not be valid until authenticated by the manual signature of the U.S. Trustee or an authenticating
agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(16) <U>Abbreviations</U>. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants
in common), TEN ENT (=&nbsp;tenants by the entireties), JT TEN (=&nbsp;joint tenants with right of survivorship and not as tenants in common), CUST (=&nbsp;custodian) and U/G/M/A (=&nbsp;Uniform Gifts to Minors Act). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(17) <U>CUSIP Numbers</U>. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer
has caused CUSIP numbers to be printed on the Notes, and either Trustee may use CUSIP numbers in notices of redemption as a convenience to the Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as
contained in any notice of redemption, and reliance may be placed only on the other identification numbers placed thereon. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Issuer
shall furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Precision Drilling
Corporation </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">800, 525-8 Avenue, S.W. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Calgary, Alberta </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Canada T2P 1GI
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Facsimile: (403)&nbsp;206-2506 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Attention: General Counsel </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ASSIGNMENT FORM </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">To assign this Note, fill in the form below: (I)&nbsp;or (we) assign and transfer this Note to </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Insert assignee&#146;s soc. sec. or tax I.D. no.) </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Print or type assignee&#146;s name,
address and zip code) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">and irrevocably appoint </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="72%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">to transfer this Note on the books of the Issuer. The agent may substitute another to act for him. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Date: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="29%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="69%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Your&nbsp;Signature:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">(Sign exactly as your name appears on the face of this Note)</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Signature guarantee: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">OPTION OF HOLDER TO ELECT PURCHASE </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="48%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD WIDTH="43%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">[&nbsp;&nbsp;&nbsp;&nbsp;]&nbsp;Section&nbsp;4.10</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">[&nbsp;&nbsp;&nbsp;&nbsp;]&nbsp;Section&nbsp;4.14</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you want to elect to have only part of the Note purchased by the Issuer pursuant to Section&nbsp;4.10 or
Section&nbsp;4.14 of the Indenture, state the amount you elect to have purchased: U.S.$ </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="29%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="69%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Your&nbsp;Signature:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">(Sign exactly as your nameappears on the face of this Note)</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Tax Identification No.: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Signature guarantee: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE OF INCREASES AND DECREASES OF 5.250% SENIOR NOTES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following transfers, exchanges and redemption of this Global Note have been made: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="24%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="24%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="24%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="24%"></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:71.25pt; font-size:8pt; font-family:Times New Roman">Date of<BR>Transfer,&nbsp;Exchange&nbsp;or<BR>Redemption</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Amount&nbsp;of<BR>Decrease&nbsp;in<BR>Principal<BR>Amount&nbsp;of&nbsp;this<BR>Global Note</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Amount&nbsp;of<BR>Increase&nbsp;in<BR>Principal<BR>Amount&nbsp;of&nbsp;this<BR>Global Note</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Principal<BR>Amount&nbsp;of&nbsp;this<BR>Global Note<BR>Following<BR>Such<BR>Decrease<BR>(or Increase)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Signature&nbsp;of&nbsp;U.S.<BR>Trustee&nbsp;or&nbsp;Note<BR>Custodian</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom"> <P STYLE="border-bottom:1.00pt solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-bottom:1.00pt solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-bottom:1.00pt solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-bottom:1.00pt solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-bottom:1.00pt solid #000000">&nbsp;</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>5
<FILENAME>d850935dex42.htm
<DESCRIPTION>EX-4.2
<TEXT>
<HTML><HEAD>
<TITLE>EX-4.2</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 4.2 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><I>Execution Version</I></B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PRECISION DRILLING CORPORATION </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5.250% SENIOR
NOTES DUE 2024 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">INDENTURE </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">DATED AS OF
JUNE&nbsp;3, 2014 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">THE BANK OF NEW YORK MELLON </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">U.S.
Trustee </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">VALIANT TRUST COMPANY </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Canadian Trustee </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CROSS-REFERENCE TABLE* </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="91%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:96.15pt; font-size:8pt; font-family:Times New Roman"><B>Trust&nbsp;Indenture Act&nbsp;Section</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Section<BR>Indenture</B></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">310 (a)(1)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">7.10</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)(2)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">7.10</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)(3)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">N.A.</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)(4)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">N.A.</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)(5)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">7.10</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">7.10</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">311 (a)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">7.11</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">7.11</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">312 (a)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">2.5</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">11.3</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">11.3</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">313 (a)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">7.6</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">7.6</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)(2)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">7.7</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">7.6;&nbsp;11.2</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">7.6</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">314 (a)(4)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">4.4, 11.5</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">11.4,&nbsp;11.5</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)(1)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">11.4,&nbsp;11.5</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)(2)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">N.A.</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)(3)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">N.A.</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">N.A.</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">11.5</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">N.A.</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">315 (a)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">7.1</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">7.5</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">7.1</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">7.1</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">6.11</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">316 (a) (last sentence)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">2.9</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)(1)(A)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">6.5</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)(1)(B)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">6.4</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)(2)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">N.A.</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">6.7</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">9.4</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">317 (a)(1)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">6.8</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)(2)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">6.9</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">2.4</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">318 (a)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">N.A.</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">N.A.</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">11.1</TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">N.A. means not applicable. </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top">This Cross-Reference Table is not part of this Indenture. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ii </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>TABLE OF CONTENTS </U></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="83%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Page</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE&nbsp;I DEFINITIONS AND INCORPORATION BY REFERENCE</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;1.1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Definitions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;1.2.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other Definitions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;1.3.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Incorporation by Reference of Trust Indenture Act</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;1.4.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Rules of Construction</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE&nbsp;II THE NOTES</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Form and Dating</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.2.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Execution and Authentication</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.3.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Registrar; Paying Agent</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.4.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Paying Agent to Hold Money in Trust</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.5.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Holder Lists</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.6.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Book-Entry Provisions for Global Notes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.7.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Replacement Notes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.8.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Outstanding Notes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.9.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Treasury Notes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.10.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Temporary Notes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.11.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cancellation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.12.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Defaulted Interest</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.13.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Computation of Interest</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.14.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">CUSIP Number</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.15.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Special Transfer Provisions</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.16.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Issuance of Additional Notes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.17.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Payment of Additional Amounts</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE&nbsp;III REDEMPTION AND PREPAYMENT</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Notices to U.S. Trustee</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.2.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Selection of Notes to Be Redeemed</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.3.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Notice of Redemption</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.4.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Effect of Notice of Redemption</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.5.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deposit of Redemption Price</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.6.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Notes Redeemed in Part</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.7.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Optional Redemption</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE&nbsp;IV COVENANTS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Payment of Notes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.2.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Maintenance of Office or Agency</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.3.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Provision of Financial Information</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.4.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Compliance Certificate</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">52</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.5.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Taxes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">52</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.6.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Stay, Extension and Usury Laws</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">52</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.7.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Limitation on Restricted Payments</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">52</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.8.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Limitations on Dividend and Other Restrictions Affecting Restricted Subsidiaries</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">56</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- i - </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>TABLE OF CONTENTS </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Continued) </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="83%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><FONT STYLE="font-size:8pt"><B>Page</B></FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.9.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Limitations on Additional Indebtedness</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.10.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Limitations on Asset Sales</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">62</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.11.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Limitation on Transactions with Affiliates</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.12.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Limitations on Liens</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">67</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.13.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Payments for Consent.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">68</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.14.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Offer to Purchase upon Change of Control</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">68</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.15.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Corporate Existence</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">70</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.16.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Business Activities</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">70</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.17.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Additional Guarantees</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">70</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.18.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Limitations on Designation of Unrestricted Subsidiaries</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">71</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.19.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Further Instruments and Acts</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.20.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Covenant Termination</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE&nbsp;V SUCCESSORS</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">73</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.1.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Consolidation, Merger, Conveyance, Transfer or Lease</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">73</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE&nbsp;VI DEFAULTS AND REMEDIES</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">75</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.1.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Events of Default</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">75</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.2.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Acceleration</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">77</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.3.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other Remedies</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.4.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Waiver of Past Defaults</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.5.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Control by Majority</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.6.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Limitation on Suits</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.7.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Rights of Holders of Notes to Receive Payment</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">79</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.8.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Collection Suit by U.S. Trustee</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">79</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.9.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">U.S. Trustee May File Proofs of Claim</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">79</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.10.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Priorities</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.11.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Undertaking for Costs</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE&nbsp;VII TRUSTEE</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.1.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Duties of U.S. Trustee</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.2.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Rights of U.S. Trustee</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">81</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.3.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Individual Rights of the U.S. Trustee</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">83</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.4.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">U.S. Trustee&#146;s Disclaimer</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">83</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.5.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Notice of Defaults</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">83</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.6.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Reports by U.S Trustee to Holders of the Notes</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">83</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.7.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Compensation and Indemnity</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">84</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.8.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Replacement of Trustees</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">85</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.9.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Successor Trustees by Merger, Etc.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">86</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.10.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Eligibility; Disqualification</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">86</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.11.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Preferential Collection of Claims Against the Issuer</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">86</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.12.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">No Liability for Co-Trustee</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">86</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- ii - </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>TABLE OF CONTENTS </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Continued) </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="82%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><FONT STYLE="font-size:8pt"><B>Page</B></FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.13.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Canadian Trustee</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">86</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.14.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Tax Witholding</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">86</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE&nbsp;VIII DEFEASANCE; DISCHARGE OF THIS INDENTURE</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">87</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.1.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Option to Effect Legal Defeasance or Covenant Defeasance</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">87</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.2.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Legal Defeasance</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">87</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.3.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Covenant Defeasance</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">87</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.4.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Conditions to Legal or Covenant Defeasance</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">88</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.5.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deposited Money and U.S. Government Obligations to Be Held in Trust; Other Miscellaneous Provisions</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">90</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.6.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Repayment to Issuer</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">90</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.7.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Reinstatement</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">91</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.8.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Discharge</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">91</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE&nbsp;IX AMENDMENT, SUPPLEMENT AND WAIVER</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">92</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;9.1.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Without Consent of Holders of the Notes</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">92</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;9.2.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">With Consent of Holders of Notes</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">93</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;9.3.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Compliance with Trust Indenture Act</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">94</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;9.4.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Revocation and Effect of Consents</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">94</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;9.5.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Notation on or Exchange of Notes</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">94</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;9.6.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Trustees to Sign Amendments, Etc.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">94</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE&nbsp;X GUARANTEES</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">95</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.1.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Guarantees</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">95</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.2.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Execution and Delivery of Guarantee</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">96</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.3.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Severability</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">97</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.4.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Limitation of Guarantors&#146; Liability</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">97</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.5.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Releases</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">97</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.6.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Benefits Acknowledged</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">98</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE&nbsp;XI MISCELLANEOUS</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">98</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.1.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Trust Indenture Act Controls</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">98</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.2.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Notices</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">98</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.3.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Communication by Holders of Notes with Other Holders of Notes</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.4.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Certificate and Opinion as to Conditions Precedent</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.5.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Statements Required in Certificate or Opinion</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">101</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.6.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Rules by U.S. Trustee and Agents</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">101</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.7.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">No Personal Liability of Directors, Officers, Employees and Stockholders</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">101</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.8.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Governing Law; Consent to Jurisdiction</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">101</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.9.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">No Adverse Interpretation of Other Agreements</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">101</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.10.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Successors</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">102</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- iii - </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>TABLE OF CONTENTS </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Continued) </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="82%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><FONT STYLE="font-size:8pt"><B>Page</B></FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.11.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Severability</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">102</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.12.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Counterpart Originals</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">102</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.13.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Table of Contents, Headings, Etc.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">102</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.14.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Acts of Holders</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">102</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.15.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Waiver of Jury Trial</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">103</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.16.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Force Majeure</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">103</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.17.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Documents in English</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">103</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.18.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Conversion of Currency</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">103</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.19.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Service of Process</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">104</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.20.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Legal Holidays</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">104</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.21.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Immunity</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">104</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>EXHIBITS </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="85%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exhibit A</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">FORM OF NOTE</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exhibit B</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">FORM OF SUPPLEMENTAL INDENTURE TO BE DELIVERED BY SUBSEQUENT GUARANTORS</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exhibit C</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">FORM OF CERTIFICATE TO BE DELIVERED IN CONNECTION WITH TRANSFERS PURSUANT TO RULE&nbsp;144A</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exhibit D</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">FORM OF CERTIFICATE TO BE DELIVERED IN CONNECTION WITH TRANSFERS PURSUANT TO REGULATION S</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- iv - </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Indenture, dated as of June&nbsp;3, 2014 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, The Bank of New York Mellon as U.S. trustee (the &#147;<I>U.S. Trustee</I>&#148;), paying agent and registrar, and Valiant Trust
Company as Canadian trustee (the &#147;<I>Canadian Trustee</I>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Issuer, the Guarantors, the U.S. Trustee and the Canadian
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 5.250% Senior Notes due 2024 issued on the date hereof (the &#147;<I>Initial
Notes</I>&#148;) and (ii)&nbsp;Additional Notes (as defined herein): </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;I </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">DEFINITIONS AND INCORPORATION BY REFERENCE </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;1.1. <U>Definitions</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Acquired Indebtedness</I>&#148; means: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Additional Interest</I>&#148; has the meaning set forth in the Registration Rights Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Additional Notes</I>&#148; means Notes (other than the Initial Notes, but including any Exchange Notes) issued pursuant to
ARTICLE&nbsp;II and otherwise in compliance with the provisions of this Indenture, whether or not they bear the same CUSIP number as the Initial Notes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Agent</I>&#148; means any Registrar, Paying Agent, co-registrar or
other agent appointed pursuant to this Indenture. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Applicable Premium</I>&#148;
means, with respect to any Note on any applicable redemption date, the greater of: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) 1.0% of the principal amount of
such Note; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) the excess, if any, of: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) the present value at such redemption date of (i)&nbsp;the redemption price of such Note at May&nbsp;15, 2019 (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 May&nbsp;15, 2019, computed using
a discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) the principal amount
of such Note. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Calculation of the Applicable Premium will be made by the Issuer or on behalf of the Issuer by such Person as the Issuer shall designate;
<I>provided</I> that such calculation or the correctness thereof shall not be a duty or obligation of the Trustees. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>asset</I>&#148; means any asset or property, including, without limitation, Equity Interests. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Asset Acquisition</I>&#148; means: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Asset Sale</I>&#148; means: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) any issuance of Equity Interests of a
Restricted Subsidiary (other than Preferred Stock of Restricted Subsidiaries issued in compliance with SECTION&nbsp;4.9) to </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
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&nbsp;(1) and (2), collectively, for
purposes of this definition, a &#147;<I>transfer</I>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For purposes of this definition, the term &#147;Asset Sale&#148; shall not
include: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) transfers of cash or Cash Equivalents; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Permitted Investments and Restricted Payments permitted under SECTION&nbsp;4.7; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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 joint venture agreement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) a disposition of inventory in the ordinary course of business; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; <I>provided</I>, <I>that</I> 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</I>, <I>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 and/or Cash Equivalents received shall be deemed proceeds of an
&#147;Asset Sale,&#148; subject to the following clause&nbsp;(k); and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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.$20.0 million per
occurrence. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Bankruptcy Law</I>&#148; means Title&nbsp;11, U.S. Code or any similar federal, state or
foreign law for the relief of debtors, including the Bankruptcy and Insolvency Act (Canada), the Companies&#146; Creditors Arrangement Act (Canada) and the Winding Up and Restructuring Act (Canada), 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 the United States or Canada or other insolvency law in
the applicable jurisdictions from time to time in effect and affecting the rights of creditors generally. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#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, in each case, other than for
purposes of the definition of &#147;Change of Control,&#148; any duly authorized committee of such body. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Business Day</I>&#148;
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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Canadian Trustee</I>&#148; has the
meaning set forth in the preamble of this Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Capitalized Lease</I>&#148; means a lease (whether entered into before or
after November&nbsp;17, 2010) required to be capitalized for financial reporting purposes in accordance with IFRS. Notwithstanding the foregoing, any lease that would have been classified as an operating lease by the Issuer pursuant to Canadian
generally accepted accounting principles as in effect on November&nbsp;17, 2010 shall be deemed not to be a Capitalized Lease. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#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 IFRS. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Cash Equivalents</I>&#148; means: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) marketable obligations issued or directly and fully guaranteed or insured by the United States, 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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) commercial paper issued by any Person incorporated in the United States or Canada
rated at least A1 or the equivalent thereof by S&amp;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&amp;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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4)
repurchase obligations with a term of not more than one year for underlying securities of the types described in clause&nbsp;(1) above entered into with any Eligible Bank and maturing not more than one year after such time; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) securities issued and fully guaranteed by any state, commonwealth or territory of the United States, 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&amp;P and having maturities of not more than one year from the date of acquisition; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) investments in money market or other mutual funds substantially all of whose assets comprise securities of the types
described in clauses&nbsp;(1) through (5)&nbsp;above; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7) demand deposit accounts maintained in the ordinary course of
business; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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&nbsp;(1) through
(7)&nbsp;above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Change of Control</I>&#148; means the occurrence of any of the following events: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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 &#147;person&#148; (as that term is used in Section&nbsp;13(d)(3) of the
Exchange Act); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) any &#147;person&#148; or &#147;group&#148; (as such terms are used in Sections&nbsp;13(d) and 14(d) of
the Exchange Act) is or becomes the beneficial owner of (as defined in Rules&nbsp;13d-3 and 13d-5 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; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) the adoption by the stockholders of the
Issuer of a Plan of Liquidation; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>provided</I> that if the Notes are rated at or above the ratings assigned to the Notes on the Issue Date by
either of the Rating Agencies, then none of the events listed in clauses (1)&nbsp;through (3)&nbsp;above shall constitute a &#147;Change of Control&#148; unless a Ratings Decline also occurs in connection therewith. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For purposes of this definition, a Person shall not be deemed to have beneficial ownership of securities subject to a stock purchase
agreement, merger or amalgamation agreement or similar agreement until the consummation of the transactions contemplated by such agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Common Stock</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) 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#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 IFRS. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#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: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) Consolidated Net Income, <I>plus</I> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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
stockholders, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Consolidated Income Tax Expense, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Consolidated Amortization Expense (but only to the extent not included in Consolidated Interest Expense), </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Consolidated Depreciation Expense, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Consolidated Interest Expense, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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&nbsp;(f) shall not exceed U.S.$25.0 million in any Four-Quarter Period, and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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 Existing Notes and the Credit Facilities and (ii)&nbsp;any amendment or other modification of the Notes or the Existing 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&nbsp;(g) shall not exceed U.S.$15.0 million per occurrence, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">in each case determined on a consolidated basis in accordance with IFRS, minus </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) increased or decreased by (without duplication) any unrealized gain or loss resulting in such period from Hedging
Obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#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 IFRS. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#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 IFRS. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#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 IFRS 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: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) 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; and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; <I>provided</I> that such pro forma
calculations shall be determined in good faith by an Officer of the Issuer and shall be set forth in an Officer&#146;s 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 months following such transaction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In calculating Consolidated Interest Expense for purposes of determining the denominator (but not
the numerator) of this Consolidated Interest Coverage Ratio: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) notwithstanding clause&nbsp;(1) 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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#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 IFRS, including, without duplication: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) imputed interest on Capitalized Lease Obligations; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) the net costs associated with Hedging Obligations
related to interest rates; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) the interest portion of any deferred payment obligations;
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) all other non-cash interest expense; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7) capitalized interest; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8) 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); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(9) all interest payable with respect to discontinued operations; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(10) all interest on any Indebtedness described in clause&nbsp;(7) or (8)&nbsp;of the definition of Indebtedness, and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">excluding, without duplication, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) the cumulative effect of any change in accounting principles or policies and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) any penalties and interest related to the Contingent Tax Liabilities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#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 with IFRS; <I>provided</I> that there shall be excluded from such net income (to the extent otherwise included therein), without duplication: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) except to the extent includible in the net income (or loss) of the Issuer
pursuant to the foregoing clause&nbsp;(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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) gains and
losses due solely to fluctuations in currency values and the related tax effects according to IFRS; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7) unrealized gains
and losses with respect to Hedging Obligations; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8) the cumulative effect of any change in accounting principles or
policies; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(9) extraordinary gains and losses and the related tax effect; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(10) any income tax expenses, penalties and interest related to the Contingent Tax Liabilities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Investments outstanding pursuant to clauses&nbsp;(11) 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Consolidated Tangible Assets</I>&#148; means, with respect to any Person as of any
date, the amount which, in accordance with IFRS, 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
write-downs 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 IFRS. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Contingent Tax Liabilities</I>&#148; means the contingent tax liabilities disclosed in the financial statements of the Issuer as of
December&nbsp;31, 2013,&nbsp;December&nbsp;31, 2012,&nbsp;December&nbsp;31, 2011,&nbsp;December&nbsp;31, 2010 and January&nbsp;1, 2010 and for the years ended December&nbsp;31, 2013, 2012, 2011 and 2010. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Corporate Trust Office</I>&#148; means the offices of the respective Trustees at which at any time its corporate trust business shall
be principally administered, which office as of the date hereof is located at, in the case of the Canadian Trustee, Valiant Trust Company, 310, <FONT STYLE="white-space:nowrap">606-4th&nbsp;Street</FONT> SW, Calgary, AB T2P 1T1, Attention: Corporate
Trust Department or, in the case of the U.S. Trustee, The Bank of New York Mellon, 101 Barclay Street, Floor 7 East, New York, New York 10286, or such other address as the U.S. Trustee or Canadian Trustee, as applicable, 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). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Credit Agreement</I>&#148; means the Credit Agreement entered into on August&nbsp;30, 2012, 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#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 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Depositary</I>&#148; means with respect to the Notes issuable or issued in whole or in part in global form, the Person specified in
SECTION&nbsp;2.3 hereof as the Depositary with respect to the Global Notes, and any and all successors thereto appointed as depositary hereunder and having become such pursuant to the applicable provision of this Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#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 Designated Non-cash Consideration pursuant to an Officer&#146;s 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#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; <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</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 favorable 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.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Dollars</I>&#148;, &#147;<I>U.S. dollars</I>&#148; and &#147;<I>U.S.$</I>&#148; means dollars in lawful currency of the United
States. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>DTC</I>&#148; means The Depository Trust Company and any successor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#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 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Equity Interests</I>&#148; of any Person means (1)&nbsp;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)&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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Exchange Act</I>&#148;
means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Exchange Offer</I>&#148; has the meaning set forth in the Registration Rights Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Exchange Notes</I>&#148; means any notes issued in exchange for the Notes pursuant to Section&nbsp;2.6(h) hereof and the other terms
of this Indenture and pursuant to the Registration Rights Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Existing Indentures</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, the
indenture dated as of March&nbsp;15, 2011 among the Issuer, the guarantors listed on the signature pages thereto and Valiant Trust Company as trustee, as amended, supplemented or restated from time to time and the indenture dated as of July&nbsp;29,
2011 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Existing Notes</I>&#148; means the U.S.$650,000,000 6.625% Senior Notes due 2020, the C$200,000,000 6.50% Senior Notes due 2019 and
the U.S.$400,000,000 6.50% Senior Notes due 2021 issued by the Issuer pursuant to the applicable Existing Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#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 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 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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Global Note Legend</I>&#148; means the legend identified as such in <U>Exhibit&nbsp;A</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#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 Depositary or its nominee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#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 Existing Indentures, 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Holder</I>&#148; means any registered holder, from time to time, of the Notes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>IFRS</I>&#148; means international financial reporting standards issued by the International Accounting Standards Board to the extent
adopted in Canada and which were in effect on June&nbsp;14, 2011; <I>provided</I> that all ratios, computations and other determinations in this Indenture that require the application of IFRS for periods that include fiscal quarters ended prior to
January&nbsp;1, 2011 shall remain as previously calculated or determined in accordance with 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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#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; <I>provided</I> 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Indebtedness</I>&#148; of any Person at any date means, without duplication: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) all obligations of such Person evidenced by
bonds, debentures, banker&#146;s acceptances, notes or other similar instruments; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) all reimbursement obligations of
such Person in respect of letters of credit, letters of guaranty and similar credit transactions; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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 days unless subject to a bona fide dispute; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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 Stock; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) all Capitalized Lease Obligations of such Person; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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;
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(9) to the extent not otherwise included in this definition, Hedging Obligations of such Person; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(10) all obligations of such Person under conditional sale or other title retention agreements relating to assets purchased by
such Person. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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&nbsp;(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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Indenture</I>&#148; means this Indenture, as amended or supplemented from time to time.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Independent Director</I>&#148; means a director of the Issuer who: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) is independent with respect to the transaction at issue; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Initial Notes</I>&#148; has the meaning set forth in the preamble hereto.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Investments</I>&#148; of any Person means: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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&nbsp;(2) of the definition thereof); </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) all other items that would be classified as investments on a balance sheet of
such Person prepared in accordance with IFRS (including, if required by IFRS, purchases of assets outside the ordinary course of business); and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) the Designation of any Subsidiary as an Unrestricted Subsidiary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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&nbsp;(4) 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Issue Date</I>&#148; means the date on which the Initial Notes are originally issued. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#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&nbsp;5.1. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#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&nbsp;1(1)(tt)(ii) of the Personal Property Security Act (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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Moody&#146;s</I>&#148; means Moody&#146;s Investors Service, Inc. and its successors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Multijurisdictional Disclosure System</I>&#148; means the Canada-U.S. 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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#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: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) payments of unassumed liabilities (not constituting Indebtedness) relating to the assets sold at the time of, or within 30
days after the date of, such Asset Sale; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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 IFRS 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 Officer&#146;s Certificate delivered to the Trustees; provided, however, that any amounts remaining after adjustments, revaluations or liquidations of such reserves shall constitute Net Available Proceeds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Non-Recourse Debt</I>&#148; means Indebtedness of an Unrestricted Subsidiary: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Note Custodian</I>&#148; means the Person appointed as custodian for the Depositary
with respect to the Global Notes, or any successor entity thereto. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Notes</I>&#148; means the Initial Notes and any Additional Notes, including any Exchange
Notes. The Initial Notes and the Additional Notes (including any Exchange Notes), if any, shall be treated as a single class for all purposes under this Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Offering Circular</I>&#148; means the
Issuer&#146;s offering circular, dated May&nbsp;29, 2014, relating to the offer and sale of the Initial Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#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 Senior Vice President, any Vice President, any trustee, the Treasurer or
the Secretary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Officer&#146;s Certificate</I>&#148; means a certificate signed by an Officer that meets the requirements of
SECTION&nbsp;11.5 of this Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Opinion of Counsel</I>&#148; means a written opinion from legal counsel acceptable to the
U.S. Trustee. The counsel may be an employee of or counsel to the Issuer or any Trustee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Participant</I>&#148; means, with respect to the Depositary, a Person who has an account with the Depositary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Paying Agent</I>&#148; means any Person authorized by the Issuer to pay the principal of, premium, if any, or interest on any Notes
on behalf of the Issuer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#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 Circular and businesses that are reasonably related, incidental or ancillary thereto or reasonable extensions thereof (other than, in each case, material exploration or production businesses). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Permitted Business Investments</I>&#148; means Investments by the Issuer or any of its Restricted Subsidiaries in any Unrestricted
Subsidiary or in any joint venture entity; <I>provided</I> that: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) the Issuer would, at the time of such Investment and after giving
pro forma effect thereto as if such Investment had been made at the beginning of the applicable Four-Quarter Period, have been permitted to incur at least $1.00 of additional Indebtedness pursuant to the Coverage Ratio Exception; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) if such Unrestricted Subsidiary or joint venture entity has outstanding Indebtedness at the time of such Investment, either (a)&nbsp;all
such Indebtedness is Non-Recourse Debt or (b)&nbsp;any such Indebtedness that is recourse to the Issuer or any of its Restricted Subsidiaries (which shall include, without limitation, all Indebtedness for which the Issuer or any of its Restricted
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Subsidiaries may be directly or indirectly, contingently or otherwise, obligated to pay, whether pursuant to the terms of such Indebtedness, by law or pursuant to any guarantee, including,
without limitation, any &#147;claw back,&#148; &#147;make-well&#148; or &#147;keep-well&#148; arrangement) would, at the time of such Investment and after giving pro forma effect thereto as if such Investment had been made at the beginning of the
applicable Four-Quarter Period, have been permitted to be incurred by the Issuer and its Restricted Subsidiaries pursuant to the Coverage Ratio Exception; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) such Unrestricted Subsidiary&#146;s or joint venture entity&#146;s activities are not outside the scope of the Permitted Business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Permitted Investment</I>&#148; means: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) Investments in the Issuer by any Restricted Subsidiary; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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 Section&nbsp;402 of the Sarbanes
Oxley Act) 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 million in the aggregate outstanding at any one time; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) Hedging Obligations entered into for bona fide hedging purposes of the Issuer or any Restricted Subsidiary not for the
purpose of speculation; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) Investments in cash and Cash Equivalents; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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 creditors or customers or received in compromise or resolution of litigation, arbitration or other disputes with such parties; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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&nbsp;4.10; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(9) lease, utility and other similar deposits in the ordinary course of business;
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(11) Permitted Business Investments that do
not exceed 12.5% of the Issuer&#146;s Consolidated Tangible Assets; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(12) guarantees of Indebtedness of the Issuer or any
of its Restricted Subsidiaries permitted in accordance with SECTION&nbsp;4.9; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(13) repurchases of, or other Investments
in, the Notes; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(15) Investments
existing on the Issue Date; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(16) Investments the payment for which consists of Qualified Equity Interests of the Issuer;
<I>provided, however,</I> that such Qualified Equity Interests will not increase the amount available for Restricted Payments under the Restricted Payments Basket; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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&nbsp;(17) since the Issue Date, do not exceed the greater of (a)&nbsp;U.S.$250.0 million and (b)&nbsp;6.0% of
the Issuer&#146;s Consolidated Tangible Assets; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Permitted Liens</I>&#148; means the following types of Liens: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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 IFRS; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(13) Liens
securing all of the Notes and Liens securing any Guarantee; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(15) Liens existing
on the Issue Date securing Indebtedness outstanding on the Issue Date; <I>provided</I> 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); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(16) Liens in favor of the Issuer or a Guarantor; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(17) Liens securing Indebtedness under the Credit Facilities incurred and then outstanding pursuant to SECTION&nbsp;4.9(b)(1)
and related Hedging Obligations; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(18) Liens arising pursuant to Purchase Money Indebtedness incurred pursuant to
SECTION&nbsp;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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(19) Liens securing Acquired Indebtedness permitted to be incurred under this
Indenture; provided 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 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
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;
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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 favorable in any material respect to the lienholders than the existing Lien; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(21) Liens to secure Refinancing Indebtedness of Indebtedness secured by Liens referred to in the foregoing clauses&nbsp;(15),
(18), (19), (20)&nbsp;and this clause&nbsp;(21); <I>provided </I>that such Liens do not extend to any additional assets (other than improvements thereon and replacements thereof); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(24) Liens in favor of either of the
Trustees as provided for in this Indenture on money or property held or collected by either Trustee in its capacity as Trustee; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(25) Liens securing Specified Cash Management Agreements entered into in the ordinary course of business; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(26) Liens on assets of any Foreign Restricted Subsidiary to secure Indebtedness of such Foreign Restricted Subsidiary which
Indebtedness is permitted by this Indenture; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(27) Liens securing Indebtedness incurred under SECTION&nbsp;4.9(b)(16); and
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(28) other Liens with respect to obligations which do not in the aggregate exceed the greater of (a)&nbsp;U.S.$200.0
million and (b)&nbsp;5.0% of the Issuer&#146;s Consolidated Tangible Assets at any time outstanding. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Person</I>&#148; means any
individual, corporation, partnership, limited liability company, joint venture entity, 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#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 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
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)&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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Preferred Stock</I>&#148; 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>principal</I>&#148; means, with respect to the Notes, the principal of, and premium, if any, on the Notes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#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;
<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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Qualified Equity Interests</I>&#148; 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)&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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#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 options, warrants or rights, registered on Form S-4 or S-8, or
(c)&nbsp;any offering of Qualified Equity Interests issued in connection with a transaction that constitutes a Change of Control. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Rating Agencies</I>&#148; means Moody&#146;s and S&amp;P (or, if either such entity ceases to rate the Notes for reasons outside of
the control of the Issuer, any other &#147;nationally recognized statistical rating organization&#148; within the meaning of Section&nbsp;3(a)(62) under the Exchange Act, selected by the Issuer as a replacement agency (a &#147;<I>Replacement
Agency</I>&#148;)). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Rating Categories</I>&#148; means: (1)&nbsp;with respect to S&amp;P, any of the
following categories: AAA, AA, A, BBB, BB, B, CCC, CC, C and D (or equivalent successor categories); (2)&nbsp;with respect to Moody&#146;s, any of the following categories: Aaa, Aa, A, Baa, Ba, B, Caa, Ca, C and D (or equivalent successor
categories) and (3)&nbsp;with respect to any Replacement Agency, equivalent categories. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Rating Decline</I>&#148; means a
decrease in the rating of the Notes by either of the Rating Agencies by one or more gradations (including gradations within Rating Categories as well as between Rating Categories) on any date from the date of the public notice of an arrangement that
results in a Change of Control until the end of the 90-day period following public notice of the occurrence of a Change of Control (which period shall be extended so long as the rating of the Notes is under publicly announced consideration for
downgrade by either of the Rating Agencies). In determining whether a Change of Control has occurred for purposes of this definition, the proviso at the end of the first paragraph of the definition of Change of Control shall be disregarded. In
determining whether the rating of the Notes has decreased by one or more gradations, gradations within Rating Categories, namely + or &#150; for S&amp;P, and 1, 2 and 3 for Moody&#146;s, will be taken into account. For example, in the case of
S&amp;P, a rating decline either from BB+ to BB or BB- to B+ will constitute a decrease of one gradation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>refinance</I>&#148; means to refinance, repay, prepay, replace, renew or refund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#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;); <I>provided</I> that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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;
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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 days after the maturity date of the Notes; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; <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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Registration Rights Agreement</I>&#148; means (i)&nbsp;the Registration Rights Agreement dated as of the Issue Date among the Issuer,
the Guarantors and the initial purchasers of the Initial Notes, together with any joinder agreement executed thereafter by the Guarantors and (ii)&nbsp;any other registration rights agreement entered into in connection with an issuance of Additional
Notes in a private offering after the Issue Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Regulation S Legend</I>&#148; means the legend identified as such in
<U>Exhibit A</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Responsible Officer</I>&#148; means, when used with respect to either Trustee, any officer within the
corporate trust department of the Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those
performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person&#146;s knowledge of and familiarity with the particular subject and who shall have direct
responsibility for the administration of this Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Restricted Notes Legend</I>&#148; means the legend identified as such
in <U>Exhibit&nbsp;A</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Restricted Payment</I>&#148; means any of the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">27 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
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 Stock on a pro rata basis); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) any Investment other than a
Permitted Investment; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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&nbsp;(6) of the definition of &#147;Permitted Indebtedness&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Restricted Payments Basket</I>&#148; has the meaning set forth in SECTION&nbsp;4.7(a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Restricted Subsidiary</I>&#148; means any Subsidiary other than an Unrestricted Subsidiary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Sale and Repurchase Agreement</I>&#148; means the Sale and Repurchase Agreement, dated as of December&nbsp;23, 2008, by and between
the Issuer and Precision Drilling (US) 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&nbsp;23, 2008, and the applicable covenants therein are qualified so as to permit exceptions thereto (i)&nbsp;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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>S&amp;P</I>&#148; means Standard&nbsp;&amp; Poor&#146;s Ratings Services and its successors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>SEC</I>&#148; means the U.S. Securities and Exchange Commission. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Secretary&#146;s Certificate</I>&#148; means a certificate signed by the Secretary of the Issuer. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">28 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#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 S-X promulgated pursuant to the Securities Act as such Regulation was in effect on June&nbsp;14, 2011 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&nbsp;(1) of this definition. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Specified Cash Management Agreements</I>&#148; 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#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, as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Subsidiary</I>&#148; means, with respect to any Person: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless otherwise specified, &#147;Subsidiary&#148; refers to a Subsidiary of the Issuer. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">29 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>TIA</I>&#148; or &#147;<I>Trust Indenture Act</I>&#148; means the Trust Indenture Act of
1939 (15 U.S. Code &#167;&#167;&nbsp;77aaa-77bbbb), as amended. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Transfer Restricted Notes</I>&#148; means Notes that bear or are
required to bear the Restricted Notes Legend. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Treasury Rate</I>&#148; 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)&nbsp;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 May&nbsp;15, 2019; <I>provided</I>,
<I>however</I>, that if the period from the redemption date to May&nbsp;15, 2019 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 May&nbsp;15, 2019 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Trustees</I>&#148; means the U.S. Trustee and the Canadian Trustee and each of their successors and assigns. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>U.S. Government Obligations</I>&#148; 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>U.S. Trustee</I>&#148;
has the meaning set forth in the preamble of this Indenture and any successor thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>Voting Stock</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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">30 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;1.2. <U>Other Definitions</U>. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="92%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:19.10pt; font-size:8pt; font-family:Times New Roman"><B>Term</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Defined&nbsp;in<BR>Section</B></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;acceleration declaration&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>6.2</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Act&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>11.14</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Additional Amounts&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>2.17(c)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Affiliate Transaction&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>4.11(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Change of Control Offer&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>4.14</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Change of Control Payment Date&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>4.14</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Change of Control Purchase Price&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>4.14</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Covenant Defeasance&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>8.3</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Coverage Ratio Exception&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>4.9(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Deposit Trustee&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>8.5</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Designation&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>4.18</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Designation Amount&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>4.18</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Event of Default&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>6.1</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Excess Proceeds&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>4.10(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Excluded Holder&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>2.17(2)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Judgment Currency&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>11.18</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Legal Defeasance&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>8.2</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Net Proceeds Offer&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>4.10(c)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Net Proceeds Offer Amount&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>4.10(d)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Net Proceeds Offer Period&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>4.10(d)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Net Proceeds Purchase Date&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>4.10(d)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Permitted Indebtedness&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>4.9(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;QIBs&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>2.1(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Redesignation&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>4.18</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Registrar&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>2.3</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Regulation S&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>2.1(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Regulation S Global Note&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>2.1(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Restricted Payments Basket&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>4.7(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Restricted Period&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>2.15(a)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Rule&nbsp;144A&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>2.1(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Rule 144A Global Note&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>2.1(b)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#147;Successor&#148;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>5.1(a)(1)(b)</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;1.3. <U>Incorporation by Reference of Trust Indenture Act</U>. Whenever this Indenture refers to
a provision of the TIA, the provision is incorporated by reference in, and made a part of, this Indenture. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">31 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following TIA terms have the following meanings: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>indenture securities</I>&#148; means the Notes and any Guarantee; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>indenture security holder</I>&#148; means a Holder; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>indenture to be qualified</I>&#148; means this Indenture; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>indenture trustee</I>&#148; or &#147;<I>institutional trustee</I>&#148; means the U.S. Trustee; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<I>obligor</I>&#148; on the Notes means the Issuer and any successor obligor upon the Notes or any Guarantor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by the SEC rule
under the TIA have the meanings so assigned to them therein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;1.4. <U>Rules of Construction</U>. Unless the context otherwise
requires: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) a term has the meaning assigned to it herein; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) an accounting term not otherwise defined herein has the meaning assigned to it in accordance with IFRS; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) &#147;or&#148; is not exclusive; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) words in the singular include the plural, and in the plural include the singular; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) provisions apply to successive events and transactions; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7) references to sections of or rules under the Securities Act or the Exchange Act shall be deemed to include substitute,
replacement or successor sections or rules adopted by the SEC from time to time. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;II </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">THE NOTES </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.1.
<U>Form and Dating</U>. The Notes and the U.S. 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 U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof. The registered
Holder will be treated as the owner of such Note for all purposes. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">32 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 Trustees, 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. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Notes
shall be issued initially in the form of one or more Global Notes, which shall be deposited on behalf of the purchasers of the Notes represented thereby with the Note Custodian, and registered in the name of the Depositary or a nominee of the
Depositary, duly executed by the Issuer and authenticated by the U.S. Trustee as hereinafter provided. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 U.S. Trustee or the Note Custodian, at the direction of the U.S. Trustee, in accordance with instructions given by the Holder thereof as required by SECTION&nbsp;2.6. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Initial Notes are being issued by the Issuer only (i)&nbsp;to &#147;qualified institutional buyers&#148; (as defined in
Rule&nbsp;144A under the Securities Act (&#147;<I>Rule&nbsp;144A</I>&#148;)) (&#147;<I>QIBs</I>&#148;) and (ii)&nbsp;in reliance on Regulation&nbsp;S under the Securities Act (&#147;<I>Regulation&nbsp;S</I>&#148;). Initial Notes are being issued by
the Issuer to buyers in Canada in accordance with Canadian Securities Laws. After such initial issuance, Initial Notes that are Transfer Restricted Notes may be transferred to QIBs in reliance on Rule&nbsp;144A or outside the United States pursuant
to Regulation&nbsp;S or to the Issuer, in accordance with certain transfer restrictions. Initial Notes that are offered in reliance on Rule&nbsp;144A shall be issued in the form of one or more permanent Global Notes substantially in the form set
forth in <U>Exhibit&nbsp;A</U> and bear the Restricted Notes Legend (collectively, the &#147;<I>Rule 144A Global Note</I>&#148;), deposited with the Note Custodian, duly executed by the Issuer and authenticated by the U.S. Trustee as hereinafter
provided. Initial Notes that are offered in offshore transactions in reliance on Regulation&nbsp;S shall be issued in the form of one or more permanent Global Notes substantially in the form set forth in <U>Exhibit&nbsp;A</U> and bear the Regulation
S Legend (collectively, the &#147;<I>Regulation&nbsp;S Global Note</I>&#148;) deposited with the Note Custodian. The Rule 144A Global Note and the Regulation&nbsp;S Global Note shall each be issued with separate CUSIP numbers. The aggregate
principal amount of each Global Note may from time to time be increased or decreased by adjustments made on the Notes and on the records of the Note Custodian. Transfers of Notes among QIBs and to or by purchasers pursuant to Regulation&nbsp;S shall
be represented by appropriate increases and decreases to the respective amounts of the appropriate Global Notes, as more fully provided in SECTION&nbsp;2.15. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) SECTION&nbsp;2.1(b) shall apply only to Global Notes deposited with or on behalf of the Depositary. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Issuer shall execute and the U.S. Trustee shall, in accordance with SECTION&nbsp;2.1(a) and SECTION&nbsp;2.1(b) and this
SECTION&nbsp;2.1(c) and SECTION&nbsp;2.2, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">33 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
authenticate and deliver the Global Notes that (i)&nbsp;shall be registered in the name of the Depositary or the nominee of the Depositary and (ii)&nbsp;shall be delivered by the U.S. Trustee to
the Depositary or pursuant to the Depositary&#146;s instructions or held by the Note Custodian for the Depositary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.2.
<U>Execution and Authentication</U>. An Officer shall sign the Notes for the Issuer by manual or facsimile signature. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A Note
shall not be valid until authenticated by the manual signature of a Responsible Officer of the U.S. Trustee. The signature of a Responsible Officer of the U.S. Trustee shall be conclusive evidence that the Note has been authenticated under this
Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The U.S. Trustee shall, upon receipt of a written order of the Issuer signed by one Officer directing the U.S. 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The U.S. 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 U.S. Trustee may do so. Each reference in this Indenture to authentication by the U.S. 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.3. <U>Registrar; Paying Agent</U>. The Issuer shall maintain (i)&nbsp;an office or agency where Notes may be presented for
registration of transfer or for exchange (&#147;<I>Registrar</I>&#148;) and (ii)&nbsp;an office or agency where Notes may be presented for payment to a Paying Agent. The Registrar shall keep a register of the Notes and of their transfer and
exchange. The Issuer may appoint one or more co-registrars and one or more additional Paying Agents. The term &#147;Registrar&#148; includes any co-registrar, and the term &#147;Paying Agent&#148; includes any additional Paying Agent. The Issuer may
change any Paying Agent or Registrar without notice to any Holder. The Issuer and/or any Restricted Subsidiary may act as Paying Agent or Registrar. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Issuer shall notify the Trustees in writing, and the U.S. Trustee shall notify the Holders, of the name and address of any Agent not a
party to this Indenture. The Issuer shall enter into an appropriate agency agreement with any Agent not a party to this Indenture, which shall incorporate the relevant provisions of the TIA that relate to such Agent. If the Issuer fails to appoint
or maintain a Registrar or Paying Agent, or fails to give the foregoing notice, and either such failure is actually known to a Responsible Officer, the U.S. Trustee shall act as such, and shall be entitled to appropriate compensation in accordance
with SECTION&nbsp;7.7. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Issuer initially appoints the U.S. Trustee to act as the Registrar and Paying Agent. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">34 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Issuer initially appoints DTC to act as the Depositary with respect to the Global Notes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.4. <U>Paying Agent to Hold Money in Trust</U>. The Issuer shall require each Paying Agent other than the U.S. Trustee to agree
in writing that the Paying Agent shall hold in trust for the benefit of the Holders or the U.S. Trustee all money held by the Paying Agent for the payment of principal, premium or Additional Interest, if any, or interest on the Notes, and shall
notify the U.S. Trustee of any Default by the Issuer in making any such payment. While any such Default continues, the U.S. Trustee may require a Paying Agent to pay to the U.S. Trustee all money held by it in trust for the benefit of the Holders or
the U.S. Trustee. The Issuer at any time may require a Paying Agent to pay all money held by it in trust for the benefit of the Holders or the U.S. Trustee to the U.S. Trustee. Upon payment over to the U.S. Trustee, the Paying Agent (if other than
the Issuer, a Guarantor or a Subsidiary) shall have no further liability for such money. If the Issuer or any of its Restricted Subsidiaries acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the Holders
and the U.S. Trustee all money held by it as Paying Agent. Upon the occurrence of any of the events specified in SECTION&nbsp;6.1, the U.S. Trustee shall serve as Paying Agent for the Notes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.5. <U>Holder Lists</U>. The U.S. Trustee, as Registrar, 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 and shall otherwise comply with TIA &#167;&nbsp;312(a). If the U.S. Trustee is not the Registrar, the Issuer shall furnish to the U.S. Trustee at least seven
(7)&nbsp;Business Days before each interest payment date and at such other times as the U.S. Trustee may request in writing, a list in such form and as of such date as the U.S. Trustee may reasonably require of the names and addresses of the
Holders, including the aggregate principal amount of the Notes held by each Holder thereof, and the Issuer shall otherwise comply with TIA &#167;&nbsp;312(a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.6. <U>Book-Entry Provisions for Global Notes</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Each Global Note shall (i)&nbsp;be registered in the name of the Depositary for such Global Note or the nominee of such Depositary,
(ii)&nbsp;be delivered to the Note Custodian for such Depositary and (iii)&nbsp;bear the Global Note legends as required by SECTION&nbsp;2.6(e). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Members of, or Participants in, the Depositary shall have no rights under this Indenture with respect to any Global Note held on their behalf
by the Depositary, or the Note Custodian, or under such Global Note, and the Depositary may be treated by the Issuer, and any Trustee or 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, any Trustee or any Agent or their respective agents from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as
between the Depositary 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">None of the Trustees or any Agent shall have any responsibility or obligation to any Holder that is a member of (or a Participant in) the
Depositary or any other Person with respect to the accuracy of the records of the Depositary (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
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">35 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
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. Each of the Trustees and the
Agents may rely (and shall be fully protected in relying) upon information furnished by the Depositary with respect to its members, Participants and any beneficial owners in the Notes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Transfers of a Global Note shall be limited to transfers of such Global Note in whole, but not in part, to the Depositary, its successors
or their respective nominees. Interests of beneficial owners in a Global Note may be transferred in accordance with SECTION&nbsp;2.15 and the rules and procedures of the Depositary. In addition, certificated Notes shall be transferred to beneficial
owners in exchange for their beneficial interests only if (i)&nbsp;the Depositary notifies the Issuer that it is unwilling or unable to continue as Depositary for the Global Notes or the Depositary ceases to be a &#147;clearing agency&#148;
registered under the Exchange Act and, in each case, a successor depositary is not appointed by the Issuer within 90&nbsp;days of such notice, (ii)&nbsp;an Event of Default of which a Responsible Officer of the U.S. Trustee has actual notice has
occurred and is continuing and the Registrar has received a request from any Holder of Global Note to issue such certificated Notes or (iii)&nbsp;the Issuer, in its sole discretion, notifies the Trustees that it elects to cause the issuance of
certificated Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) In connection with the transfer of the entire Global Note to beneficial owners pursuant to clause&nbsp;(b) of
this Section, such Global Note shall be deemed to be surrendered to the U.S. Trustee for cancellation, and the Issuer shall execute, and the U.S. Trustee shall authenticate and deliver to each beneficial owner identified by the Depositary in
exchange for its beneficial interest in such Global Note an equal aggregate principal amount of certificated Notes of authorized denominations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Each
Global Note shall bear the Global Note Legend on the face thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) 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 U.S. 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 U.S. Trustee or the Note Custodian, at the direction of the U.S. Trustee, to reflect such reduction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) <U>General Provisions
Relating to Transfers and Exchanges</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) To permit registrations of transfers and exchanges, the Issuer shall execute
and the U.S. Trustee shall authenticate Global Notes and certificated Notes at the Registrar&#146;s request. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">36 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
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;2.6(h), 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). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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 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.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) Prior to due presentment for the registration of a transfer of any Note, the Trustees, 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 Trustees, any Agent, or the
Issuer shall be affected by notice to the contrary. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) The U.S. Trustee shall authenticate Global Notes and certificated
Notes in accordance with the provisions of SECTION&nbsp;2.2. Except as provided in SECTION&nbsp;2.6(b), neither the U.S. Trustee nor the Registrar shall authenticate or deliver any certificated Note in exchange for a Global Note. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7) Each Holder agrees to provide reasonable indemnity to the Issuer and each 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 United States federal or state securities law. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8) None of the Trustees or 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) <U>Exchange Offer</U>. Upon the occurrence of the Exchange Offer in
accordance with the Registration Rights Agreement, the Issuer shall issue and, upon receipt of a written order of the Issuer in accordance with SECTION&nbsp;2.2, the U.S. Trustee shall authenticate (i)&nbsp;one or more
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">37 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
unrestricted Global Notes in an aggregate principal amount equal to the principal amount of the beneficial interests in the Global Notes accepted for exchange by the Issuer and
(ii)&nbsp;unrestricted certificated Notes in an aggregate principal amount equal to the principal amount of the certificated Notes that are accepted for exchange in the Exchange Offer, all as set forth in the written instructions of the Issuer.
Concurrently with the issuance of such Notes, the U.S. Trustee shall cause the aggregate principal amount of the Global Notes to be reduced in accordance with the beneficial interests tendered in the Exchange Offer, and the U.S. Trustee shall
deliver to the Persons designated by the Issuer the unrestricted Global Notes or unrestricted certificated Notes, as the case may be, issued and authenticated in accordance with the preceding sentence in the principal amounts specified by the
Issuer. Notwithstanding the foregoing, the unrestricted Global Notes or unrestricted certificated Notes, as the case may be, issued and authenticated in accordance herewith may, at the written direction of the Issuer, bear a legend prescribed under
applicable Canadian Securities Laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.7. <U>Replacement Notes</U>. If any mutilated Note is surrendered to the U.S.
Trustee, or the Issuer and the U.S. Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, the Issuer shall issue and the U.S. Trustee, upon the written order of the Issuer signed by an Officer of the Issuer,
shall authenticate a replacement Note if the U.S. Trustee&#146;s requirements are met. If required by the U.S. Trustee or the Issuer, an indemnity bond must be supplied by the Holder that is sufficient in the judgment of the U.S. Trustee and the
Issuer to protect the Issuer, the U.S. Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced. The Issuer, the U.S. Trustee and the Agents may charge for their expenses in replacing a Note.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.8. <U>Outstanding Notes</U>. The Notes outstanding at any
time are all the Notes authenticated by the U.S. Trustee except for those cancelled by it, those delivered to it for cancellation, those redeemed, those reductions in the interest in a Global Note effected by the U.S. 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If a Note is replaced pursuant to SECTION&nbsp;2.7, it ceases to be outstanding unless the U.S. Trustee receives proof satisfactory to it that
the replaced Note is held by a protected purchaser. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the Paying Agent (other than the Issuer, a Subsidiary or an Affiliate of any
thereof) 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;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 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">38 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
outstanding, except that for the purposes of determining whether the U.S. Trustee shall be protected in relying on any such direction, waiver or consent, only Notes of which a Responsible Officer
of the U.S. Trustee 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.10. <U>Temporary
Notes</U>. Until certificated Notes are ready for delivery, the Issuer may prepare and the U.S. 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 U.S. 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Holders of temporary Notes shall be
entitled to all of the benefits of this Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.11. <U>Cancellation</U>. The Issuer at any time may deliver to the U.S.
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 U.S. Trustee. All Notes surrendered for
registration of transfer, exchange or payment, if surrendered to any Person other than the U.S. Trustee, shall be delivered to the U.S. Trustee. The U.S. 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 U.S. Trustee for cancellation. All cancelled Notes held
by the U.S. 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;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&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 Trustees of any such date. At least 15 days before the special record date, the Issuer (or the U.S. 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.13. <U>Computation of Interest</U>. Interest and
Additional Interest, if any, on the Notes shall be computed on the basis of a 360-day year comprised of twelve 30-day months. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;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 U.S.
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
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">39 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
notice or on the Notes and that reliance may be placed only on the other identification numbers printed on the Notes. The Issuer shall promptly notify the Trustees in writing of any change in any
CUSIP number. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.15. <U>Special Transfer Provisions</U>. Each Note issued pursuant to an exemption from registration under
the Securities Act (other than in reliance on Regulation S) or transferred pursuant to an exemption from the prospectus and registration requirements of applicable Canadian Securities Laws will constitute a Transfer Restricted Note and be required
to bear the Restricted Notes Legend until the date that is one year after the later of the date of original issue and the last date on which the Issuer or any affiliate (within the meaning of Rule 405 under the Securities Act) of the Issuer was the
owner of such Notes (or any predecessor thereto), unless and until such Transfer Restricted Note is transferred or exchanged pursuant to an effective registration statement under the Securities Act. Notwithstanding the foregoing, Notes issued
pursuant to such transfer or exchange may, at the written direction of the Issuer, bear a legend required under applicable Canadian Securities Laws. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Transfers to QIBs</U>. The following provisions shall apply with respect to the registration of any proposed transfer of
a Note issued in reliance on Regulation S to a QIB: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) The Registrar shall register the transfer of a Note issued in
reliance on Regulation S by a Holder to a QIB if such transfer is being made by a proposed transferor who has provided the Registrar with (a)&nbsp;an appropriately completed certificate of transfer in the form attached to the Note and (b)&nbsp;a
letter substantially in the form set forth in <U>Exhibit&nbsp;C</U> from the proposed transferor; provided that the letter required by paragraph 2.15(a)(i)(b) shall only be required on or prior to the
40<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day after the later of the commencement of the offering of such Note and the issue date of such Note (such period through and including such
40<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day, the &#147;<I>Restricted Period</I>&#148;). The Issuer shall provide written notice to the U.S. Trustee of the date that constitutes the final day of the Restricted Period in respect of
any Notes issued in reliance on Regulation S; <I>provided, however, </I>that no such notice shall be required with respect to any Initial Notes issued in reliance on Regulation S and July&nbsp;13, 2014 shall&nbsp;constitute the final day of the
Restricted Period for such Initial Notes. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) If the proposed transferee is a Participant and the Note to be transferred
consists of an interest in the Regulation&nbsp;S Global Note, upon receipt by the Registrar of (x)&nbsp;the items required by paragraph&nbsp;(i)&nbsp;above and (y)&nbsp;instructions given in accordance with the Depositary&#146;s and the
Registrar&#146;s procedures therefor, the Registrar shall reflect on its books and records the date and an increase in the principal amount of the Rule 144A&nbsp;Global Note in an amount equal to the principal amount of the beneficial interest in
the Regulation&nbsp;S Global Note to be so transferred, and the Registrar shall reflect on its books and records the date and a corresponding decrease in the principal amount of such Regulation&nbsp;S Global Note in an amount equal to the principal
amount of the beneficial interest in such Regulation&nbsp;S Global Note to be so transferred. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">40 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Transfers Pursuant to Regulation&nbsp;S</U>. The following provisions
shall apply with respect to registration of any proposed transfer of a Transfer Restricted Note pursuant to Regulation&nbsp;S: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) The Registrar shall register any proposed transfer of a Transfer Restricted Note by a Holder pursuant to Regulation&nbsp;S
upon receipt of (a)&nbsp;an appropriately completed certificate of transfer in the form attached to the Note and (b)&nbsp;a letter substantially in the form set forth in <U>Exhibit&nbsp;D</U> hereto from the proposed transferor. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) If the proposed transferee is a Participant and the Transfer Restricted Note to be transferred consists of an interest in
the Rule 144A Global Note upon receipt by the Registrar of (x)&nbsp;the letter, if any, required by paragraph&nbsp;(i) above and (y)&nbsp;instructions in accordance with the Depositary&#146;s and the Registrar&#146;s procedures therefor, the
Registrar shall reflect on its books and records the date and an increase in the principal amount of the Regulation&nbsp;S Global Note in an amount equal to the principal amount of the beneficial interest in the Rule 144A Global Note to be
transferred, and the Registrar shall reflect on its books and records the date and a corresponding decrease in the principal amount of the Rule 144A Global Note in an amount equal to the principal amount of the beneficial interest in such Rule 144A
Global Note to be transferred. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) In the event that a Global Note is exchanged for Notes in certificated, registered form
pursuant to SECTION&nbsp;2.6, such Notes may be exchanged only in accordance with such procedures as are substantially consistent with the provisions of clauses&nbsp;(a) and (b)&nbsp;above (including the certification requirements intended to ensure
that such transfers comply with Rule&nbsp;144A or Regulation S, as the case may be) and such other procedures as may from time to time be adopted by the Issuer and notified to the U.S. Trustee in writing. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>Restricted Notes Legend</U>. Upon the transfer, exchange or replacement of Notes not bearing the Restricted Notes Legend
(other than the text of such legend which may be required under applicable Canadian Securities Laws and is specified in the written direction of the Issuer), the Registrar shall deliver Notes that do not bear the Restricted Notes Legend (other than
the text of such legend which may be required under applicable Canadian Securities Laws and is specified in the written direction of the Issuer). Upon the transfer, exchange or replacement of Notes bearing the Restricted Notes Legend, the Registrar
shall deliver only Notes that bear the Restricted Notes Legend unless there is delivered to the Registrar an Opinion of Counsel reasonably satisfactory to the Issuer to the effect that neither such legend (other than the text of such legend which
may be required under applicable Canadian Securities Laws and is specified in the written direction of the Issuer) nor the related restrictions on transfer are required in order to maintain compliance with the provisions of the Securities Act. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">41 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <U>Regulation S Legend</U>. Upon the transfer, exchange or replacement of
Notes not bearing the Regulation S Legend (other than the text of such legend which may be required under applicable Canadian Securities Laws and is specified in the written direction of the Issuer), the Registrar shall deliver Notes that do not
bear the Regulation S Legend (other than the text of such legend which may be required under applicable Canadian Securities Laws and is specified in the written direction of the Issuer). Upon the transfer, exchange or replacement of Notes bearing
the Regulation S Legend, the Registrar shall deliver only Notes that bear the Regulation S Legend unless there is delivered to the Registrar an Opinion of Counsel reasonably satisfactory to the Issuer to the effect that neither such legend (other
than the text of such legend which may be required under applicable Canadian Securities Laws and is specified in the written direction of the Issuer) nor the related restrictions on transfer are required in order to maintain compliance with the
provisions of the Securities Act. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <U>General</U>. By its acceptance of any Note bearing the Restricted Notes Legend or
the Regulation S Legend, as applicable, each Holder of such a Note acknowledges the restrictions on transfer of such Note set forth in this Indenture and in the Restricted Notes Legend or the Regulation S Legend, as applicable, and agrees that it
shall transfer such Note only as provided in this Indenture. A transfer of a beneficial interest in a Global Note that does not involve an exchange of such interest for a certificated Note or a beneficial interest in another Global Note shall be
subject to compliance with applicable law and the applicable procedures of the Depositary but is not subject to any procedure required by this Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with any proposed transfer pursuant to Regulation S or pursuant to any other available exemption from the registration
requirements of the Securities Act (other than pursuant to Rule&nbsp;144A), the Issuer may require the delivery of an Opinion of Counsel, other certifications or other information satisfactory to the Issuer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Registrar shall retain copies of all letters, notices and other written communications received pursuant to this SECTION&nbsp;2.15. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.16. <U>Issuance of Additional Notes</U>. The Issuer shall be entitled to issue Additional Notes, including Exchange 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, transfer restrictions, any registration rights agreement and additional interest 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 or Exchange Notes shall be treated as a single class for all purposes under this Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">With respect to any Additional Notes, the Issuer shall set forth in a resolution of its Board of Directors and in an Officer&#146;s
Certificate, a copy of each of which shall be delivered to the U.S. Trustee, the following information: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) the aggregate
principal amount of such Additional Notes to be authenticated and delivered pursuant to this Indenture; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">42 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) 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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) whether such Additional Notes shall be Transfer Restricted Notes; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) that such issuance is not prohibited by this Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The U.S. Trustee shall, upon receipt of the resolution of the Issuer&#146;s Board of Directors and Officer&#146;s Certificate, authenticate
the Additional Notes in accordance with the provisions of Section&nbsp;2.2 of this Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;2.17. <U>Payment of Additional
Amounts</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) 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 taxes imposed by any Canadian taxing authority from any payment made with respect to the Notes, the Issuer or such Guarantor will: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) make such withholding or deduction; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) remit the full amount deducted or withheld to the relevant government authority in accordance with the applicable law; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) subject to the limitations below, pay to each Holder, as additional interest, such additional amounts (&#147;<I>Additional
Amounts</I>&#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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) make commercially reasonable efforts to obtain and furnish to the U.S. Trustee for the benefit
of the Holders, within 60 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; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) at
least 15 days prior to each date on which any Additional Amounts are payable, deliver to the U.S. Trustee an Officer&#146;s Certificate instructing the U.S. Trustee and each Paying Agent as to whether any payment of principal of or any interest on
such Notes shall be made without deduction or withholding for or on account of any tax, duty, assessment or other governmental charge. If any such deduction or withholding shall be required, then such certificate shall specify the amount, if any,
required to be deducted or withheld on such payment to the relevant recipient, shall certify that the Issuer shall pay such deduction or withholding amount to the appropriate taxing authority, and shall
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">43 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
certify that the Issuer shall pay or cause to be paid to the U.S. Trustee or Paying Agent Additional Amounts. The Issuer agrees to indemnify the U.S. Trustee and each Paying Agent for, and to
hold each harmless against, any loss, liability or expense reasonably incurred without bad faith on its part arising out of or in connection with actions taken or omitted by it in reliance on any such Officer&#146;s Certificate or any failure to
furnish such a certificate. The obligations of the Issuer hereunder shall survive the payment of the Notes, the resignation or removal of the U.S. Trustee or any Paying Agent and/or termination of this Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) 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;<I>Excluded Holder</I>&#148;): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) with which the Issuer or such Guarantor does
not deal at arm&#146;s length (within the meaning of the Income Tax Act (Canada)) at the time of making such payment; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)
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 present
or former connection with, Canada or any province or territory thereof otherwise than by the mere acquisition, holding, enforcement or disposition of the Notes or the receipt of payments thereunder; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) 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 days of a written request therefor by the Issuer or such Guarantor; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) for or on account of any estate, inheritance, gift, sales, transfer, capital gains, excise, personal property or similar
tax, assessment or other governmental charge; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) 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&nbsp;803 of the Income Tax Act (Canada), or any similar successor provision); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) 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 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; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">44 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) 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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) that is a &#147;specified non-resident shareholder&#148; of the Issuer or such Guarantor or a non-resident person who does
not deal at arm&#146;s length with a specified shareholder of the Issuer, both for the purposes of subsection 18(5) of the <I>Income Tax Act </I>(Canada); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) in respect of amounts imposed as a result of the failure of the Holder or beneficial owner to properly comply with their
obligations imposed under the <I>Income Tax Act</I> (Canada) as a result of the <I>Canada-United States Enhanced Tax Information Exchange Agreement Implementation Act</I> (Canada); or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) or any combination of items (a)&nbsp;through (i)&nbsp;above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) 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)&nbsp;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)&nbsp;any Canadian taxes levied or
imposed and paid by such Holder with respect to any reimbursement under (x)&nbsp;above, but excluding any such taxes with respect to which such Holder is an Excluded Holder. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;III </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">REDEMPTION AND
PREPAYMENT </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.1. <U>Notices to U.S. 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 U.S. Trustee, at least 30&nbsp;days (or such shorter period as is acceptable to the U.S. Trustee) before a redemption date, an Officer&#146;s 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 U.S.
Trustee, at least 30&nbsp;days (or such shorter period as is acceptable to the U.S. Trustee) before the scheduled purchase date, an Officer&#146;s Certificate setting forth the (i)&nbsp;section of this Indenture pursuant to which the offer to
purchase shall occur, (ii)&nbsp;terms of the offer, (iii)&nbsp;principal amount of Notes to be purchased, (iv)&nbsp;purchase price and (v)&nbsp;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 Proceeds aggregating an amount equal to more than U.S.$50.0 million or (b)&nbsp;a Change of Control has occurred, as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Issuer will also provide the U.S. Trustee with any additional information that the U.S. Trustee reasonably requests in connection with any
redemption or offer. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">45 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;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 U.S. Trustee shall select the Notes to be redeemed among the Holders 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 so
listed, on a <I>pro rata</I> basis, by lot or by such method as the U.S. 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 U.S.$2,000 in original principal amount or less shall be redeemed in part and after any redemption, a Holder may only hold an authorized principal amount of Notes. 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 U.S. 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 Depositary), unless that method
is otherwise prohibited. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On and after the redemption date, interest will cease to accrue on Notes or portions of them called for
redemption. The U.S. Trustee shall make the selection from the Notes outstanding and not previously called for redemption as long as the Issuer has deposited with the Paying Agent 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 U.S. Trustee may select for redemption portions (equal to U.S.$1,000 or any integral multiples of U.S.$1,000 thereof) of the principal of the
Notes that have denominations larger than U.S.$2,000. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;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 this Indenture, a notice of redemption to each Holder whose Notes are to be redeemed (with a copy to the U.S. Trustee), at least 15 days
but not more than 60 days before a redemption date (except that notices may be delivered more than 60 days before a redemption date if the notice is issued in accordance with SECTION&nbsp;8.8). Any redemption or notice pursuant to this Indenture
may, at the Issuer&#146;s discretion, be subject to the satisfaction of one or more conditions precedent, including, without limitation, the occurrence of a Change of Control or the completion of a Qualified Equity Offering. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The notice shall identify the Notes to be redeemed and shall state: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) the redemption date; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) the redemption price; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) the name and address of the U.S. Trustee; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) that Notes called for redemption must be surrendered to the U.S. Trustee to collect the redemption price; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">46 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7) the paragraph of the Notes
and/or Section of this Indenture pursuant to which the Notes called for redemption are being redeemed; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At
the Issuer&#146;s written request, the U.S. 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 U.S. Trustee, at least
45 days prior to the redemption date (or such shorter period as is acceptable to the U.S. Trustee), an Officer&#146;s Certificate requesting that the U.S. 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.4. <U>Effect of
Notice of Redemption</U>. Except with respect to notices of redemption given in accordance with SECTION&nbsp;3.7(d), 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 and Additional Interest, if any, to such date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.5. <U>Deposit of Redemption Price</U>. On or before 10:00&nbsp;a.m. (New York City 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 U.S. Trustee or with the Paying Agent (other than the Issuer or an Affiliate of the
Issuer) money sufficient to pay the redemption price of and accrued and unpaid interest and Additional Interest, if any, on all Notes to be redeemed or purchased on that date. The U.S. Trustee or the Paying Agent shall promptly return to the Issuer
any money deposited with the U.S. Trustee or the Paying Agent by the Issuer in excess of the amounts necessary to pay the redemption price of (including any applicable premium), and accrued interest and Additional Interest, if any, on, all Notes to
be redeemed or purchased. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 U.S. Trustee or Paying Agent 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 and Additional Interest, if any, 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 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">47 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;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 U.S. 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 U.S.$2,000 or integral multiples of U.S.$1,000 in excess thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;3.7. <U>Optional Redemption</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Notes may be redeemed, in whole or in part, at any time prior to May&nbsp;15, 2019 at the option of the Issuer 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). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) 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 May&nbsp;15, 2019, at the following redemption prices (expressed as percentages of the principal amount to be redeemed) set forth below,
plus accrued and unpaid interest and Additional 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 May&nbsp;15 of the years indicated below: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="80%"></TD>
<TD VALIGN="bottom" WIDTH="14%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:16.90pt; font-size:8pt; font-family:Times New Roman"><B>Year</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Redemption&nbsp;Price</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2019</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">102.625</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2020</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">101.750</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2021</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100.875</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2022 and thereafter</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100.000</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) At any time or from time to time prior to May&nbsp;15, 2017, 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 105.250% 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); provided that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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 (unless all of such Notes are redeemed or repurchased pursuant to another provision of this
Indenture) immediately after giving effect to any such redemption; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) the redemption occurs not more than 90 days
after the date of the closing of any such Qualified Equity Offering. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">48 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) 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 this Indenture and such Additional Amounts cannot (as certified in an Officer&#146;s Certificate to the U.S. 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 days&#146; notice (such notice to be provided not more than 90 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% 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 U.S. 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. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;IV </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">COVENANTS </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.1. <U>Payment of Notes</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) 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 U.S. Trustee or the Paying Agent, if other than the Issuer or a Subsidiary thereof, holds, as of 10:00 a.m. (New York
City time) on the Business Day prior to the relevant payment date, U.S. 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. The Issuer
shall pay all Additional Interest, if any, in the same manner on the dates and amounts set forth in the Registration Rights Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) 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 and Additional Interest, if
any (without regard to any applicable grace period), at the same rate to the extent lawful. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) In the event the Issuer is required to
pay Additional Interest pursuant to any Registration Rights Agreement, the Issuer will provide written notice to the Trustees of the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">49 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Issuer&#146;s obligation to pay Additional Interest no later than 15 days prior to the next interest payment date, which notice shall set forth the amount of Additional Interest to be paid by the
Issuer. Neither of the Trustees shall at any time be under any duty or responsibility to the Issuer, any Holders or any other Person to determine whether such Additional Interest is payable or the amount thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.2. <U>Maintenance of Office or Agency</U>. The Issuer shall maintain an office or agency where Notes may be surrendered for
registration of transfer or for exchange and where notices and demands to or upon the Issuer and Guarantors in respect of the Notes and this Indenture (other than the type contemplated by SECTION&nbsp;11.19) may be served. The Issuer shall give
prompt written notice to each of the Trustees of the location, and any change in the location, of such office or agency. If at any time the Issuer shall fail to maintain any such required office or agency or shall fail to furnish the each of the
Trustees with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the U.S. Trustee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Issuer may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any
or all such purposes and may from time to time rescind such designations. The Issuer shall give prompt written notice to each of the Trustees of any such designation or rescission and of any change in the location of any such other office or agency.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Issuer hereby designates the Corporate Trust Office of the U.S. Trustee as one such office or agency of the Issuer in accordance with
SECTION&nbsp;2.3. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.3. <U>Provision of Financial Information</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Whether or not required by the SEC, so long as any Notes are outstanding, the Issuer will furnish to each of the Trustees 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: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) (i) all
annual financial information that would be required to be contained in a filing with the SEC on Forms&nbsp;40-F 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 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;
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) 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 Form&nbsp;6-K (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, in each case including a &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&#148;; and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">50 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) all current reports that would otherwise be required to be filed or furnished
by the Issuer with the SEC on Form&nbsp;6-K if the Issuer were required to file or furnish, as applicable, such form as if the Issuer was a reporting issuer under the securities laws of the Province of Alberta or Ontario. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the Issuer has designated any of its Subsidiaries as Unrestricted Subsidiaries, then the quarterly and annual financial
information required by this SECTION&nbsp;4.3(a) 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) In addition, whether or not required by the SEC, the Issuer shall file a copy of all of the information and reports referred to in clauses
(1)&nbsp;and (2)&nbsp;of Section&nbsp;4.3(a) 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 (1)&nbsp;and (2)&nbsp;of Section&nbsp;4.3(a) above on its website within the time periods that would apply if the Issuer were required to file those
reports with the SEC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For so long as any Notes remain outstanding and are &#147;restricted securities&#148; within the meaning of Rule
144(a)(3) under the Securities Act and not eligible to be resold pursuant to Rule 144(b)(1) of the Securities Act, the Issuer shall furnish to the Holders and to securities analysts and prospective investors, upon their request, the information
required to be delivered pursuant to Rule&nbsp;144A(d)(4) under the Securities Act (for so long as such information is required in order to permit resales of the Notes pursuant to Rule 144A). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding anything to the contrary contained herein, the Issuer shall be deemed to have complied with its obligations in this
SECTION&nbsp;4.3 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 Section&nbsp;4.3(a)(1) at the times it would
otherwise be required to file such Forms. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Issuer shall notify the U.S. Trustee in writing if the Issuer is not permitted by the SEC
to file, or has not filed, electronically with the SEC through the SEC&#146;s Electronic Data Gathering, Analysis and Retrieval System (or any successor system) the information and reports referred to in clauses (1)&nbsp;and (2)&nbsp;of
Section&nbsp;4.3(a) above. The U.S. Trustee shall have no obligation to determine if and when the Issuer&#146;s information is available on the SEC&#146;s website. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Delivery of the above reports to the Trustees is for informational purposes only and the Trustees&#146; receipt of such reports shall not
constitute constructive notice of any information contained therein or determinable from information contained therein, including the Issuer&#146;s compliance with any of its covenants in this Indenture (as to which the Trustees are entitled to rely
exclusively on Officer&#146;s Certificates) or any other agreement or document. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">51 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.4. <U>Compliance Certificate</U>. The Issuer shall deliver to a Responsible
Officer of the U.S. Trustee, within 90 days after the end of each fiscal year beginning with the fiscal year ending December&nbsp;31, 2014, an Officer&#146;s 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 or Additional Interest, if any, 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Issuer shall, so long as any of the Notes are outstanding, deliver to a Responsible Officer of the U.S. Trustee, forthwith upon any
Officer becoming aware of any Default or Event of Default, an Officer&#146;s Certificate specifying such Default or Event of Default and what action the Issuer is taking or proposes to take with respect thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;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 IFRS or where the failure to effect such payment
is not adverse in any material respect to the Holders of the Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;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 Trustees, but shall suffer and permit the execution of every such power as though no such law has
been enacted. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.7. <U>Limitation on Restricted Payments</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) 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: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) a Default shall have occurred and be continuing or shall occur as a consequence
thereof; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">52 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) the Issuer is not able to incur at least U.S.$1.00 of additional Indebtedness
pursuant to the Coverage Ratio Exception; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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&nbsp;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), </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">plus </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(B) 100.0% of (A)&nbsp;(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&nbsp;(A) above, plus </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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 or any Restricted Subsidiary after the Issue Date (other than the release of any guarantee), 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 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">53 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">
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 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(E) in the case of the release of any guarantee that was treated as a Restricted Payment made by the Issuer or any Restricted
Subsidiary after the Issue Date, an amount equal to the amount of such guarantee that was treated as a Restricted Payment less any amount paid under such guarantee; plus </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(F) 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)&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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Notwithstanding the foregoing, SECTION&nbsp;4.7(a) will not prohibit: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) the payment of any dividend or redemption payment or the making of any distribution within 60 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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) any Restricted Payment made in exchange for, or out of the proceeds of, the substantially concurrent issuance and sale of
Qualified Equity Interests; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">54 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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, stockholders&#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 million during any calendar year (with unused amounts in any calendar year being carried forward to succeeding
calendar years) 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&nbsp;(5), plus (C)&nbsp;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&nbsp;(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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) (a) 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;
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8) the payment of cash in lieu of fractional
Equity Interests of the Issuer; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(9) payments or distributions to dissenting stockholders pursuant to applicable law in
connection with a merger, amalgamation, consolidation or transfer of assets that complies with SECTION&nbsp;5.1; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(11) the payment of cash dividends on the Issuer&#146;s outstanding common shares; <I>provided</I> that the
amount of such dividends in any fiscal quarter of the Issuer shall not exceed $0.06 per share (such per share amount subject to pro rata adjustments for any share splits, share dividends, share combinations, reverse share splits or similar events);
or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">55 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(12) payment of other Restricted Payments from time to time in an aggregate
amount not to exceed the greater of (a)&nbsp;U.S.$250.0 million and (b)&nbsp;6.0% of the Issuer&#146;s Consolidated Tangible Assets. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>provided that</I> (a)&nbsp;in the case of any Restricted Payment pursuant to clauses&nbsp;(4), (5), (11)&nbsp;or (12)&nbsp;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&nbsp;(4), (5), (11)&nbsp;or (12)&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&nbsp;(2) or (5)(B)&nbsp;above shall increase the Restricted Payments Basket to the extent of such payment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For the purposes of determining compliance with any U.S.&nbsp;Dollar denominated restriction on Restricted Payments denominated in a foreign
currency, the U.S.&nbsp;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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For purposes of determining compliance with this covenant, in the event that a proposed Restricted Payment (or a
portion thereof) meets the criteria of clauses (1)&nbsp;through (12)&nbsp;above or is entitled to be made pursuant to the Restricted Payments Basket or as a Permitted Investment, the Issuer will be entitled to divide, classify or later reclassify
(based on circumstances existing on the date of such reclassification) such Restricted Payment (or portion thereof) among such clauses (1)&nbsp;through (12), the Restricted Payments Basket and any such Permitted Investments in a manner that
otherwise complies with this covenant, and following such reclassification such Restricted Payment or Permitted Investment shall be treated as having been made pursuant to only the clause or clauses of this covenant to which such Restricted Payment
or Permitted Investment has been reclassified. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;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 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: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) 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 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">56 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
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); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) 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 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) 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&nbsp;(a) or (b)&nbsp;above); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">except for, in each case: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) encumbrances or restrictions existing under agreements existing on the Issue Date (including, without limitation, the
Credit Agreement, the Existing Indentures and the Sale and Repurchase Agreement) as in effect on that date; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2)
encumbrances or restrictions existing under this Indenture, the Notes and the Guarantees; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) any amendment, restatement, modification, renewal, supplement, refunding, replacement or refinancing of an agreement
referred to in clauses&nbsp;(1), (2), (3), (4), (5)&nbsp;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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) encumbrances or
restrictions existing under or by reason of applicable law, regulation or order; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">57 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7) non-assignment provisions of any contract or any lease entered into in the
ordinary course of business; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8) in the case of clause&nbsp;(c) 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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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;contains any such encumbrance or restriction 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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.9. <U>Limitations on Additional Indebtedness</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) 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;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Notwithstanding the above, each of
the following incurrences of Indebtedness shall be permitted (the &#147;<I>Permitted Indebtedness</I>&#148;): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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.$1,000.0 million and (b)&nbsp;25.0% of the Issuer&#146;s Consolidated Tangible
Assets; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">58 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) Indebtedness under (a)&nbsp;the Initial Notes and the Guarantees issued on
the Issue Date and (b)&nbsp;the Exchange Notes and the Guarantees in respect thereof issued pursuant to the Registration Rights Agreement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) Indebtedness of the Issuer and its Restricted Subsidiaries to the extent outstanding on the Issue Date, including without
limitation, the Existing Notes and the guarantees thereof (other than Indebtedness referred to in clauses&nbsp;(1), (2), (4), (6), (7), (8), (9), (10), (12)&nbsp;and (16)); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) Indebtedness under Hedging Obligations entered into for bona fide hedging purposes of the Issuer or any Restricted
Subsidiary 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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) (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 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) any sale or other transfer of any such Indebtedness to a Person other than the Issuer or any other Restricted Subsidiary;
shall be deemed, in each case of this clause&nbsp;(c), to constitute an incurrence of such Indebtedness not permitted by this clause&nbsp;(6); </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">59 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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-or-pay obligations in supply arrangements, self-insurance obligations or completion, performance, bid performance, appeal or surety bonds; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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.$100.0&nbsp;million and (b)&nbsp;2.5% of the Issuer&#146;s Consolidated Tangible Assets; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(9) 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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(10) Indebtedness arising in connection with endorsement of instruments for deposit in the ordinary course of business; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(11) Refinancing Indebtedness of the Issuer or any Restricted Subsidiary with respect to Indebtedness incurred pursuant to the
Coverage Ratio Exception, clause&nbsp;(2), (3)&nbsp;or (8)&nbsp;above, this clause&nbsp;(11), or clause&nbsp;(17) or (18)&nbsp;below; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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&nbsp;(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&nbsp;(12) shall at no
time exceed the gross proceeds actually received by the Issuer and the Restricted Subsidiaries in connection with such disposition; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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 million and (b)&nbsp;10.0% of such Foreign Restricted Subsidiaries&#146; Consolidated Tangible Assets; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">60 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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&nbsp;(14) and then outstanding, will not exceed the greater of (a)&nbsp;U.S.$200.0 million and (b)&nbsp;5.0%
of the Issuer&#146;s Consolidated Tangible Assets; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(15) Indebtedness in respect of Specified Cash Management Agreements
entered into in the ordinary course of business; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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 million, at any one time outstanding; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(17) Indebtedness incurred to finance the Contingent Tax Liabilities in an aggregate principal amount not to exceed U.S.$200.0
million at any one time outstanding; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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&nbsp;(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 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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&nbsp;(1) 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&nbsp;(1) above, and may later reclassify any item of Indebtedness described in clauses&nbsp;(1) through (19)&nbsp;above
(provided that at the time of reclassification it meets the criteria in such category or categories). In addition, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">61 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
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 IFRS. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For the purposes of
determining compliance with any U.S. dollar-denominated restriction on the incurrence of Indebtedness denominated in a foreign currency, the U.S.&nbsp;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. 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 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). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.10. <U>Limitations on Asset Sales</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Issuer shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, consummate any Asset Sale unless: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For purposes of clause&nbsp;(2) above and for no other purpose, the following
shall be deemed to be cash: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) the amount (without duplication) of any Indebtedness (other than Subordinated Indebtedness
or intercompany Indebtedness) of the Issuer or such </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">62 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
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, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) the amount of any securities, notes or other obligations received from such transferee that are
within 180 days after such Asset Sale converted by the Issuer or such Restricted Subsidiary into cash (to the extent of the cash actually so received), </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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&nbsp;4.10(a)(2)(c) that is at that time outstanding, not to exceed the greater of (i)&nbsp;U.S.$100.0 million
and (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 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) If the Issuer or any Restricted Subsidiary engages in an Asset Sale, the Issuer or such Restricted Subsidiary shall, no later than 365
days following the consummation thereof, (or, with respect to clause (3)&nbsp;below, within 365 days after the receipt of any Net Available Proceeds from any Asset Sale the Issuer or any Restricted Subsidiary entered into a contractual commitment,
pursuant to a binding agreement, to apply any such Net Available Proceeds, then, within 545 days following the consummation thereof), apply all or any of the Net Available Proceeds therefrom to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) permanently reduce (and permanently reduce commitments with respect thereto): (x)&nbsp;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); </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">63 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) (A) 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)&nbsp;a combination of (A)&nbsp;and (B). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The amount of Net Available Proceeds not applied or invested as provided in clauses&nbsp;(1)
through (3)&nbsp;of this SECTION&nbsp;4.10(b) shall constitute &#147;<I>Excess Proceeds</I>.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) When the aggregate amount of
Excess Proceeds equals or exceeds U.S.$50.0 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 (unless the Issuer has previously or concurrently exercised its right
to redeem all of the Notes as described under Section&nbsp;3.7) 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 this Indenture or the agreements governing the Pari Passu Indebtedness, as applicable, in each case in denominations of U.S.$2,000 or integral multiples of U.S.$1,000 in excess thereof. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">64 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pending the final application of any Net Available Proceeds pursuant to this SECTION&nbsp;4.10, 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 this Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof.
The Issuer will deliver to the U.S. Trustee an Officer&#146;s 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 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. Trustee, upon delivery of an
Officer&#146;s Certificate </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">65 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
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 U.S.$2,000 or an integral multiple of U.S.$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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Issuer shall comply with all applicable securities laws and regulations in Canada and the United States, including, without limitation,
the requirements of Rule&nbsp;14e-1 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 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.11. <U>Limitation on Transactions with Affiliates</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) 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: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) 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; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) the Issuer delivers to the U.S. Trustee, with respect to any Affiliate Transaction involving aggregate value in excess of
U.S.$25.0 million, an Officer&#146;s Certificate certifying that such Affiliate Transaction complies with clause&nbsp;(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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The foregoing restrictions shall not apply to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) transactions exclusively between or among (a)&nbsp;the Issuer and one or more Restricted Subsidiaries or
(b)&nbsp;Restricted Subsidiaries; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">66 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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;
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) any Permitted Investments (other than pursuant to clause (1)&nbsp;of the definition thereof); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) any Restricted Payments which are made in accordance with SECTION&nbsp;4.7; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8) (a) 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.12. <I></I><U>Limitations on Liens</U><I></I>. 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: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">67 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">in each case, for so long as such obligation is secured by such Lien. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.13. <U>Payments for Consent</U>. The Issuer will not, and will not permit any of its Restricted 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 the Indenture or the Notes unless such consideration
is offered to be paid and is paid to all Holders of the Notes that consent, waive or agree to amend in the time frame set forth in the solicitation documents relating to such consent, waiver or amendment; <I>provided</I> that if such consents,
waivers or amendments are sought in connection with an exchange offer where participation in such exchange offer is limited to holders who are &#147;qualified institutional buyers,&#148; within the meaning of Rule 144A, or non-U.S. persons, within
the meaning of Regulation S, then such consideration need only be offered to all Holders of the Notes to whom the exchange offer is being made and to be paid to all such holders that consent, waive or agree to amend in such time frame. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;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 U.S.$2,000 or an integral multiple of
U.S.$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 and
Additional Interest, if any, thereon to the date of purchase. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Within 30 days following any Change of Control, the Issuer will deliver, or
caused to be delivered, to the Holders, with a copy to the Trustees, a notice: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) describing the transaction or
transactions that constitute the Change of Control; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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 days, nor later than 60 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 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) describing the procedures, as determined by the Issuer, consistent with this Indenture, that Holders must follow to accept
the Change of Control Offer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On the Change of Control Payment Date, the Issuer will, to the extent lawful: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) accept for payment all Notes or portions of Notes (of U.S.$2,000 or integral multiples of U.S.$1,000 in excess thereof)
properly tendered pursuant to the Change of Control Offer; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) deliver or cause to be delivered to the U.S. Trustee
the Notes so accepted together with an Officer&#146;s Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Issuer. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">68 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. 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 U.S.$2,000 or integral multiples of U.S.$1,000 in excess thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In
the event that Holders of not less than 90% of the aggregate principal amount of the outstanding Notes accept a Change of Control Offer and the Issuer purchases all of the Notes held by such Holders, the Issuer will have the right, upon not less
than 30 days&#146; nor more than 60 days&#146; prior notice, which notice shall be delivered not more than 30 days following the purchase pursuant to the Change of Control Offer, to redeem all of the Notes that remain outstanding following such
purchase at a redemption price equal to the Change of Control Purchase Price plus, to the extent not included in the Change of Control Purchase Price, accrued and unpaid interest on the Notes to the date of redemption (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). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Issuer shall comply with all applicable securities legislation in Canada and the United States, including, without limitation,
the requirements of Rule&nbsp;14e-l 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 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.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">69 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;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 Existing 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 million in the aggregate, then the Issuer shall cause such Restricted Subsidiary to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) execute
and deliver to each of the Trustees 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 (including Additional Interest, if any) in respect of the Notes on a senior basis and all other obligations of the Issuer under this Indenture; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) deliver to the Trustees 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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">70 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.18. <U>Limitations on Designation of Unrestricted Subsidiaries</U>. 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: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) no Default shall have occurred and
be continuing at the time of or after giving effect to such Designation; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No Subsidiary shall be Designated as an &#147;Unrestricted Subsidiary&#148;
unless: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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 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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any such Designation by the Board of Directors of the Issuer shall be evidenced to each of the Trustee by filing with each Trustee a
resolution of the Board of Directors of the Issuer giving effect to such Designation and an Officer&#146;s 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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">71 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Board of Directors of the Issuer may redesignate an Unrestricted Subsidiary as a Restricted
Subsidiary (a &#147;<I>Redesignation</I>&#148;) only if: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) no Default shall have occurred and be continuing at the time
of and after giving effect to such Redesignation; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any such Redesignation shall be evidenced to each of the Trustees by filing with each Trustee a resolution of the Board of Directors of the
Issuer giving effect to such designation and an Officer&#146;s Certificate certifying that such Redesignation complies with the foregoing conditions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.19. <U>Further Instruments and Acts</U>. Upon request by either of the Trustees, 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;4.20. <U>Covenant Termination</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Following the first date that the Notes have a Moody&#146;s rating of Baa3 or higher or an S&amp;P rating of BBB- or higher 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: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) SECTION&nbsp;4.7 (except to the extent applicable under the definition of &#147;Unrestricted Subsidiary&#148;); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) SECTION&nbsp;4.8; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) SECTION&nbsp;4.9; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) SECTION&nbsp;4.10; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) SECTION&nbsp;4.11; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) SECTION&nbsp;4.16; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7) SECTION&nbsp;5.1(a)(3). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Issuer will notify each of the Trustees in writing in the event the Notes have either of the ratings specified in
Section&nbsp;4.20(a). 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&amp;P has adjusted the rating of the Notes. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">72 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;V </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SUCCESSORS </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;5.1.
<U>Consolidation, Merger, Conveyance, Transfer or Lease</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) 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: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) either: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) the Issuer will be the surviving or continuing Person; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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 U.S. Trustee, all of the obligations of the Issuer under the Notes and this Indenture and expressly assumes all of the obligations of the Issuer under the Registration Rights Agreement; 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 each of the Trustees; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) immediately after giving effect to such transaction and the assumption of the
obligations as set forth in clause&nbsp;(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;
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) immediately after giving pro forma effect to such transaction and the assumption of the obligations as set forth in
clause&nbsp;(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 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) the Issuer shall have delivered to the U.S.
Trustee an Officer&#146;s 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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">73 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) 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: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) (a) (i) 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, merger, amalgamation, winding-up or dissolution is another Guarantor or assumes, by agreements in form and
substance reasonably satisfactory to the U.S. Trustee, all of the obligations of such Guarantor under the Guarantee of such Guarantor and this Indenture and assumes all of the obligations of such Guarantor under the Registration Rights Agreement;
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) immediately after giving effect to such transaction, no Default shall have occurred and be continuing; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) the Issuer shall have delivered to the U.S. Trustee an Officer&#146;s 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 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) the transaction is made in compliance with SECTION&nbsp;4.10. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) 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 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, this Indenture and its Guarantee, if applicable. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">74 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) 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. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;VI </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">DEFAULTS AND REMEDIES </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.1. <U>Events of Default</U>. Each of the following is an &#147;<I>Event of Default</I>&#148;: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) 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 days; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) (a) 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 days after notice of the failure has been given to the Issuer by the U.S. Trustee or to the Issuer and the U.S. 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 days after notice of the failure has been given to the Issuer by the U.S. Trustee or to the Issuer and the U.S. 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; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">75 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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), </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">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&nbsp;(a) or (b)&nbsp;has occurred and is continuing, aggregates U.S.$50.0 million or more; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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 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;
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7) (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: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) commences a voluntary case, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) consents to the entry of an order for relief against it in an involuntary case, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) consents to the appointment of a custodian of it or for all or substantially all of its property, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) makes a general assignment for the benefit of its creditors, or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) generally is not paying its debts as they become due; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">76 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;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 U.S. 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. 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 U.S. Trustee or any Holder
of the Notes to the extent permitted by applicable law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) the rescission would not conflict with any judgment or decree; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) all existing Events of Default have been cured or waived other than nonpayment of accelerated principal and interest; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">77 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) the Issuer has paid each of the Trustees its reasonable compensation and
reimbursed each of the Trustees for its reasonable expenses, disbursements and advances; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) in the event of the cure
or waiver of an Event of Default other than as described in clauses (1), (2)&nbsp;or&nbsp;(7) of SECTION&nbsp;6.1, the U.S. Trustee shall have received an Officer&#146;s Certificate and an Opinion of Counsel that such Event of Default has been cured
or waived. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No such rescission shall affect any subsequent Default or impair any right consequent thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.3. <U>Other Remedies</U>. If an Event of Default occurs and is continuing, the U.S. Trustee may pursue any available remedy to
collect the payment of principal, premium, if any, interest and Additional Interest, if any, on the Notes or to enforce the performance of any provision of the Notes or this Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The U.S. 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 U.S. 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. All remedies are
cumulative to the extent permitted by law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;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 U.S. 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 or Additional Interest on, or the principal of, the Notes, which shall require the consent of all of the Holders of the Notes
then outstanding. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;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 U.S. Trustee or exercising any trust power conferred on it. However, (i)&nbsp;the U.S. Trustee may refuse to follow any
direction that conflicts with law or this Indenture, that may involve the U.S. Trustee in personal liability, or that the U.S. 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 U.S. Trustee may take any other action deemed proper by the U.S. Trustee which is not inconsistent with any such direction received from the Holders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.6. <U>Limitation on Suits</U>. A Holder may pursue a remedy with respect to this Indenture or the Notes only if: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) the Holder gives a Responsible Officer of the U.S. Trustee written notice of a continuing Event of Default or a Responsible
Officer of the U.S. Trustee receives such notice from the Issuer; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">78 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) the Holder or Holders of at least 25% in aggregate principal amount of the
then outstanding Notes make a written request to a Responsible Officer of the U.S. Trustee to pursue the remedy; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) such
Holder or Holders offer the U.S. Trustee indemnity satisfactory to the U.S. Trustee against any costs, liability or expense; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) the U.S. Trustee does not comply with the request within sixty (60)&nbsp;days after receipt of the request and the offer of
indemnity; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) during such 60-day period, the Holders of a majority in aggregate principal amount of the outstanding
Notes do not give a Responsible Officer of the U.S. Trustee a direction that is inconsistent with the request. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A Holder may not use this
Indenture to prejudice the rights of another Holder or to obtain a preference or priority over another Holder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;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 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, shall not be impaired or affected without the consent of the Holder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.8. <U>Collection Suit by U.S. Trustee</U>. If an Event of Default specified in SECTION&nbsp;6.1(1) or SECTION&nbsp;6.1(2)
occurs and is continuing, the U.S. 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 U.S. Trustee, its agents and
counsel. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.9. <U>U.S. Trustee May File Proofs of Claim</U>. The U.S. 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 U.S. Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the U.S. 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 U.S. Trustee and, in the event
that the U.S. Trustee shall consent to the making of such payments directly to the Holders, to pay to the U.S. Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the U.S. Trustee, its agents and
counsel, and any other amounts due the U.S. Trustee under SECTION&nbsp;7.7. To the extent that the payment of any such compensation, expenses, disbursements and advances to the U.S. Trustee, its agents and counsel, and any other amounts due the U.S.
Trustee under SECTION&nbsp;7.7 out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">79 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
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 authorize the U.S. 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 U.S. Trustee to vote in respect of the claim of any Holder in any such proceeding. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;6.10. <U>Priorities</U>. If the U.S. Trustee collects any money or property pursuant to this ARTICLE&nbsp;VI, it shall pay out
the money and property in the following order: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>First</I>: to each of the Trustees, its agents and attorneys for amounts
due under SECTION&nbsp;7.7, including payment of all reasonable compensation, expenses and liabilities incurred, and all advances made, by it and the costs and expenses of collection; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Second</I>: to Holders of Notes for amounts due and unpaid on the Notes for principal, premium, if any, and interest and
Additional 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 and Additional Interest, respectively; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Third</I>: without duplication, to the Holders for any other Obligations owing to the Holders under this Indenture and the
Notes; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Fourth</I>: to the Issuer or to such party as a court of competent jurisdiction shall direct. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The U.S. Trustee may fix a record date and payment date for any payment to Holders pursuant to this SECTION&nbsp;6.10. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;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 any 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 any 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. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;VII </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TRUSTEE </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.1. <U>Duties of U.S. Trustee</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) If an Event of Default has occurred and is continuing, the U.S. Trustee shall exercise such of the rights and powers vested in it by this
Indenture and use the same degree of care and skill in its exercise as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">80 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Except during the continuance of an Event of Default: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) the duties of the U.S. Trustee shall be determined solely by the express provisions of this Indenture and, following the
issuance of any Exchange Notes, the TIA, and the U.S. Trustee need perform only those duties that are specifically set forth in this Indenture and, following the issuance of any Exchange Notes, the TIA and no others, and no implied covenants or
obligations shall be read into this Indenture against the U.S. Trustee; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) the U.S. Trustee may conclusively rely,
as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the U.S. Trustee and conforming to the requirements of this Indenture (but need not confirm or investigate the
accuracy of mathematical calculations or other facts stated therein); however, the U.S. Trustee shall examine the certificates and opinions furnished to it to determine whether or not they conform to the requirements of this Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The U.S. Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its own willful
misconduct, except that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) this paragraph does not limit the effect of paragraph&nbsp;(b)&nbsp;of this SECTION&nbsp;7.1;
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) the U.S. Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer of the
U.S. Trustee, unless it is proved that the U.S. Trustee was negligent in ascertaining the pertinent facts; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) the U.S.
Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to SECTION&nbsp;6.5; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) no provision of this Indenture shall require the U.S. Trustee to expend or risk its own funds or incur any liability. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) The U.S. Trustee shall not be liable for interest on or the investment of any money received by it except as the U.S. Trustee may agree in
writing with the Issuer. Money held in trust by the U.S. Trustee need not be segregated from other funds except to the extent required by law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the U.S. Trustee is subject to
this SECTION&nbsp;7.1. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.2. <U>Rights of U.S. Trustee</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The U.S. Trustee may conclusively rely and shall be fully protected in acting or refraining from acting on any resolution, certificate,
statement, instrument, opinion, notice, report, request, direction, consent, order, bond, debenture or other document (whether in original or facsimile form) believed by it to be genuine and to have been signed or presented by the proper Person. The
U.S. Trustee need not investigate any fact or matter stated therein. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">81 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Before the U.S. Trustee acts or refrains from acting, it may require an Officer&#146;s
Certificate or an Opinion of Counsel or both. The U.S. Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer&#146;s Certificate or Opinion of Counsel. Prior to taking, suffering or admitting
any action, the U.S. Trustee may consult with counsel of the U.S. Trustee&#146;s own choosing, and the U.S. Trustee shall be fully protected from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in
conclusive reliance on the advice or opinion of such counsel. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The U.S. Trustee may act through its attorneys and agents and shall not
be responsible for the misconduct or negligence of any attorney or agent appointed with due care. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) The U.S. Trustee shall not be
liable for any action it takes or omits to take in good faith that it believes to be authorized or within the rights or powers conferred upon it by this Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Issuer or a Guarantor shall be
sufficient if signed by an Officer of the Issuer or such Guarantor. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) The U.S. Trustee shall be under no obligation to exercise any of
the rights or powers vested in it by this Indenture at the request or direction of any of the Holders unless such Holders shall have offered to the U.S. Trustee security or indemnity satisfactory to the U.S. Trustee against the costs, expenses and
liabilities that might be incurred by it in compliance with such request or direction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) The U.S. Trustee shall not be bound to make
any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or documents,
but the U.S. Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the U.S. Trustee shall determine to make such further inquiry or investigation, it shall be entitled to
examine during normal business hours the books, records and premises of the Issuer, personally or by agent or attorney at the sole cost of the Issuer, and shall incur no liability or additional liability of any kind by reason of such inquiry or
investigation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) The rights, privileges, protections, immunities and benefits given to the U.S. Trustee, including, without limitation,
its right to be indemnified, are extended to, and shall be enforceable by, the U.S. Trustee in each of its capacities hereunder, to the Canadian Trustee, the Agents and to each other agent, custodian and Person employed to act hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) The U.S. Trustee may request that the Issuer and each of the Guarantors shall deliver to the U.S. Trustee an Officer&#146;s Certificate
setting forth the names of individuals and/or titles of Officers of the Issuer and each Guarantor, as applicable, authorized at such time to take specified actions pursuant to this Indenture of the Issuer, the Notes and the Guarantees, which
Officer&#146;s Certificate may be signed by any Person authorized to sign an Officer&#146;s Certificate, including any Person specified as so authorized in any such certificate previously delivered and not superseded. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">82 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) The U.S. Trustee shall not be deemed to have notice or be charged with knowledge of any
Default or Event of Default unless a Responsible Officer of the U.S. Trustee has actual knowledge thereof or the U.S. Trustee shall have received from the Issuer or any other obligor upon the Notes or from any Holder written notice thereof at its
address set forth in SECTION&nbsp;11.2 and such notice references the Notes and this Indenture. In the absence of such actual knowledge or such notice, the U.S. Trustee may conclusively assume that no such Default or Event of Default exists. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) In no event shall the U.S. Trustee be responsible or liable for special, indirect, punitive, or consequential loss or damage of any kind
whatsoever (including, but not limited to, loss of profit) irrespective of whether the U.S. Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.3. <U>Individual Rights of the U.S. Trustee</U>. The U.S. Trustee in its individual or any other capacity may become the owner
or pledgee of Notes and may otherwise deal with the Issuer or any Affiliate of the Issuer with the same rights it would have if it were not U.S. Trustee. However, in the event that the U.S. Trustee acquires any conflicting interest, it must
eliminate such conflict within 90 days, apply to the SEC for permission to continue as U.S. Trustee or resign. Any Agent may do the same with like rights and duties. The U.S. Trustee is also subject to SECTION&nbsp;7.10 and SECTION&nbsp;7.11. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.4. <U>U.S. Trustee&#146;s Disclaimer</U>. The U.S. Trustee shall not be responsible for and makes no representation as to the
validity or adequacy of this Indenture, the Notes, any offering material or any Guarantee, it shall not be accountable for the use of the proceeds from the Notes or any money paid to the Issuer or upon the Issuer&#146;s direction under any provision
of this Indenture, it shall not be responsible for the use or application of any money received by any Paying Agent other than the U.S. Trustee, and it shall not be responsible for any statement or recital herein or any statement in the Notes, any
Officer&#146;s Certificate delivered to the U.S. Trustee hereunder, or any other document in connection with the sale of the Notes or pursuant to this Indenture other than the U.S. Trustee&#146;s certificate of authentication hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.5. <U>Notice of Defaults</U>. If a Default or Event of Default occurs and is continuing and if it is actually known to a
Responsible Officer of the U.S. Trustee, the U.S. Trustee shall deliver to Holders a notice of the Default or Event of Default within 30 days after it occurs. Except in the case of a Default or Event of Default in payment of principal of, premium,
if any, or interest or Additional Interest on any Note, the U.S. Trustee may withhold the notice if and so long as a Responsible Officer of the U.S. Trustee in good faith determines that withholding the notice is in the interests of the Holders.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.6. <U>Reports by U.S Trustee to Holders of the Notes</U>. Within 60 days after each May&nbsp;15 beginning with
May&nbsp;15, 2015, and for so long as Notes remain outstanding, the U.S. Trustee shall transmit to the Holders a brief report dated as of such reporting date that complies with TIA &#167;&nbsp;313(a) (but if no event described in TIA
&#167;&nbsp;313(a) has occurred within the twelve months preceding the reporting date, no report need be transmitted). The U.S. Trustee also shall comply with TIA &#167;&nbsp;313(b). The U.S. Trustee shall also transmit by mail all reports as
required by TIA &#167;&nbsp;313(c). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">83 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A copy of each report at the time of its mailing to the Holders shall be mailed to the Issuer and
filed with the SEC and each stock exchange, if any, on which the Issuer has informed the U.S. Trustee in writing the Notes are listed in accordance with TIA &#167;&nbsp;313(d). The Issuer shall promptly notify the U.S. Trustee in writing when the
Notes are listed on any stock exchange and of any delisting thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.7. <U>Compensation and Indemnity</U>. The Issuer
shall pay to each of the Trustees from time to time compensation for its acceptance of this Indenture and for all services rendered by it hereunder as agreed upon in writing. The Trustees&#146; compensation shall not be limited by any law on
compensation of a trustee of an express trust. The Issuer shall reimburse each of the Trustees, as applicable, promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation for
its services. Such expenses shall include the reasonable compensation, disbursements and expenses of each of the Trustees&#146; respective agents and counsel. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each of the Issuer and the Guarantors, jointly and severally, shall indemnify each of the Trustees (which for purposes of this
SECTION&nbsp;7.7 shall include its officers, directors, employees and agents) against any and all claims, damages, losses, liabilities, costs or expenses incurred by it (including, without limitation, the fees and expenses of its agents and counsel)
arising out of or in connection with the acceptance or administration of its duties under this Indenture, the performance of its obligations and/or exercise of its rights hereunder, including the costs and expenses of enforcing this Indenture
against the Issuer or any Guarantor (including this SECTION&nbsp;7.7) and defending itself against any claim (whether asserted by the Issuer or any Holder or any other Person) or liability in connection with the exercise or performance of any of its
powers or duties hereunder, except to the extent any such loss, claim, damage, liability or expense shall be caused by its own negligence, bad faith or willful misconduct. Each Trustee shall notify the Issuer promptly of any claim for which it may
seek indemnity. Failure by either of the Trustees, as applicable, to so notify the Issuer shall not relieve the Issuer of its obligations hereunder. The Trustees may each have separate counsel, and the Issuer shall pay the reasonable fees and
expenses of one such counsel for each of the Trustees. The Issuer need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The obligations of the Issuer and the Guarantors under this SECTION&nbsp;7.7 shall survive the satisfaction and discharge of this Indenture,
the payment of the Notes or the resignation or removal of any Trustee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To secure the Issuer&#146;s payment obligations in this
SECTION&nbsp;7.7, the Trustees shall have a Lien prior to the Notes on all money or property held or collected by the Trustees, except that held in trust to pay principal or interest, if any, on particular Notes. Such Lien shall survive the
satisfaction and discharge of this Indenture, the payment of the Notes and the resignation or removal of any Trustee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">When the U.S.
Trustee incurs expenses or renders services after an Event of Default specified in Section&nbsp;6.1(7) occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute
expenses of administration under any Bankruptcy Law. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">84 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The U.S. Trustee shall comply with the provisions of TIA &#167;&nbsp;313(b)(2) to the extent
applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.8. <U>Replacement of Trustees</U>. A resignation or removal of a Trustee and appointment of a successor
Trustee shall become effective only upon the successor trustee&#146;s acceptance of appointment as provided in this SECTION&nbsp;7.8. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A
Trustee may resign in writing at any time and be discharged from the trust hereby created by so notifying the Issuer. The Holders of a majority in principal amount of the then outstanding Notes may remove a Trustee by so notifying such Trustee and
the Issuer in writing. The Issuer may remove a Trustee if: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) such Trustee fails to comply with SECTION&nbsp;7.10; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) such Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to such Trustee under
any Bankruptcy Law; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) a custodian or public officer takes charge of such Trustee or its property; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) such Trustee becomes incapable of acting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If a Trustee resigns or is removed or if a vacancy exists in the office of such Trustee for any reason, the Issuer shall promptly appoint a
successor trustee. Within one year after the successor trustee takes office, the Holders of a majority in principal amount of the then outstanding Notes may appoint a successor trustee to replace the successor trustee appointed by the Issuer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If a successor trustee does not take office within 60 days after the retiring Trustee resigns or is removed, such retiring Trustee, the Issuer
or the Holders of at least 10% in principal amount of the then outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor trustee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If a Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with SECTION&nbsp;7.10, such
Holder may petition any court of competent jurisdiction for the removal of such Trustee and the appointment of a successor trustee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except as provided in Section&nbsp;7.9 below, a successor trustee shall deliver a written acceptance of its appointment to the retiring
Trustee and to the Issuer. Thereupon, the resignation or removal of the retiring Trustee shall become effective, and the successor trustee shall have all the rights, powers and the duties of the Trustees under this Indenture. The successor trustee
shall mail a notice of its succession to the Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee; <I>provided</I> that all sums owing to such Trustee hereunder have been paid and subject
to the Lien provided for in SECTION&nbsp;7.7. Notwithstanding replacement of a Trustee pursuant to this SECTION&nbsp;7.8, the Issuer&#146;s and the Guarantors&#146; obligations under SECTION&nbsp;7.7 shall continue and survive for the benefit of the
retiring Trustee. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">85 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.9. <U>Successor Trustees by Merger, Etc.</U> If either the Canadian Trustee or
U.S. Trustee or any Agent consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business (including this transaction) to, another corporation, the successor corporation without any further act shall be
the successor Canadian Trustee or U.S. Trustee or any Agent, as applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.10. <U>Eligibility; Disqualification</U>.
There shall at all times be at least one Trustee hereunder that is a corporation organized and doing business under the laws of the United States or of any state thereof that is authorized under such laws to exercise corporate trustee power and that
is subject to supervision or examination by federal or state authorities. Such Trustee together with its affiliates shall at all times have a combined capital surplus of at least U.S.$50.0 million as set forth in its most recent annual report of
condition. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Indenture shall always have at least one Trustee who satisfies the requirements of TIA &#167;&#167;&nbsp;310(a)(l),
(2)&nbsp;and (5). Such Trustee is subject to TIA &#167;&nbsp;310(b) including the provision in &#167;&nbsp;310(b)(1) and (3); <I>provided</I> that there shall be excluded from the operation of TIA &#167;&nbsp;310(b)(1) any indenture or indentures
under which other securities, or conflicts of interest or participation in other securities, of the Issuer or the Guarantors are outstanding if the requirements for exclusion set forth in TIA &#167;&nbsp;310(b)(1) are met. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.11. <U>Preferential Collection of Claims Against the Issuer</U>. The U.S. Trustee is subject to TIA &#167;&nbsp;311(a),
excluding any creditor relationship listed in TIA &#167;&nbsp;311(b). A U.S. Trustee who has resigned or been removed shall be subject to TIA &#167;&nbsp;311(a) to the extent indicated therein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.12. <U>No Liability for Co-Trustee</U>. No Trustee appointed hereunder shall be personally liable or responsible by reason of
any act or omission of any other Trustee hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.13. <U>Canadian Trustee</U>. The Issuer has appointed the Canadian
Trustee under this Indenture in order to comply with Canadian Securities Laws and the Business Corporations Act (Alberta). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;7.14. <U>Tax Witholding</U>. Notwithstanding anything to the contrary contained in this Indenture, the Issuer, the Trustee and
any Paying Agent may, to the extent it is required to do so by law, deduct or withhold income or other similar taxes imposed from principal or interest payments hereunder. The Issuer, the Trustee and the Paying Agent shall reasonably cooperate with
each other and shall provide each other with copies of documents or information reasonably necessary for the Issuer, the Trustee and the Paying Agent to comply with any withholding tax or tax information reporting obligations imposed on any of them,
including any obligations imposed pursuant to an agreement with a governmental authority. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">86 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;VIII </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">DEFEASANCE; DISCHARGE OF THIS INDENTURE </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.1. <U>Option to Effect Legal Defeasance or Covenant Defeasance</U>. The Issuer may, at the option of its Board of Directors and
evidenced by a board resolution and an Officer&#146;s Certificate, at any time, elect to have either SECTION&nbsp;8.2 or SECTION&nbsp;8.3 applied to all outstanding Notes upon compliance with the conditions set forth below in this ARTICLE&nbsp;VIII.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.2. <U>Legal 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>Legal Defeasance</I>&#148;). For this purpose, Legal 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 U.S. 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 and Additional Interest, 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;2.4, SECTION&nbsp;2.5, SECTION&nbsp;2.6, SECTION&nbsp;2.7, SECTION&nbsp;2.10,
SECTION&nbsp;2.15, SECTION&nbsp;2.17, SECTION&nbsp;4.1 and SECTION&nbsp;4.2; (c)&nbsp;the rights, powers, trusts, benefits, duties and immunities of the Trustees, including without limitation thereunder, under SECTION&nbsp;7.7, 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 notwithstanding the prior exercise of its option under SECTION&nbsp;8.3. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.3. <U>Covenant Defeasance</U>.
Upon the Issuer&#146;s exercise under SECTION&nbsp;8.1 above of the option applicable to this SECTION&nbsp;8.3, the Issuer shall, subject to the satisfaction of the conditions set forth in SECTION&nbsp;8.4 below, be released from its obligations
under SECTION&nbsp;4.3, SECTION&nbsp;4.7, SECTION&nbsp;4.8, SECTION&nbsp;4.9, SECTION&nbsp;4.10, SECTION&nbsp;4.11, SECTION&nbsp;4.12, SECTION&nbsp;4.14, SECTION&nbsp;4.16, SECTION&nbsp;4.17, SECTION&nbsp;4.18 and Section&nbsp;5.1(a)(3) with respect
to the outstanding Notes on and after the date the conditions set forth below are satisfied (hereinafter, &#147;<I>Covenant Defeasance</I>&#148;), and the Notes shall thereafter be deemed not outstanding for the purposes of any direction, waiver,
consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed outstanding for all other purposes hereunder (it being understood that such Notes shall not be deemed
outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes, the Issuer or any of its Subsidiaries may omit to comply with and shall have no liability in respect of any term,
condition or limitation set forth in any such covenant, whether directly or indirectly, by </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">87 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply
shall not constitute a Default or an Event of Default under SECTION&nbsp;6.1, but, except as specified above, the remainder of this Indenture and such Notes shall be unaffected thereby. In addition, upon the Issuer&#146;s exercise under
SECTION&nbsp;8.1 of the option applicable to this SECTION&nbsp;8.3, subject to the satisfaction of the conditions set forth in SECTION&nbsp;8.4, SECTION&nbsp;6.1(3), SECTION&nbsp;6.1(4), SECTION&nbsp;6.1(5),&nbsp;Section 6.1(6), Section&nbsp;6.1(7)
and SECTION&nbsp;6.1(8) shall not constitute Events of Default. Covenant Defeasance shall not be effective until 92 days after the deposit of funds provided for in SECTION&nbsp;8.4(1) below, and then only if no bankruptcy, receivership,
rehabilitation and insolvency event has occurred and is continuing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding any discharge or release of any obligations pursuant
to SECTION&nbsp;8.2 or SECTION&nbsp;8.3, 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;2.15, SECTION&nbsp;2.17, SECTION&nbsp;4.1,
SECTION&nbsp;4.2, SECTION&nbsp;7.7, 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;7.7, SECTION&nbsp;8.5 and SECTION&nbsp;8.7 shall survive. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.4. <U>Conditions to Legal or
Covenant Defeasance</U>. The following shall be the conditions to the application of either SECTION&nbsp;8.2 or SECTION&nbsp;8.3 to the outstanding Notes: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) the Issuer must irrevocably deposit with the U.S. Trustee, in trust solely for the benefit of the Holders, U.S. dollars,
U.S. 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 and delivered to the U.S. 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, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) in the case of Legal Defeasance, the Issuer shall have delivered to the U.S. Trustee an Opinion of
Counsel in the United States reasonably acceptable to the U.S. Trustee confirming that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">(A) the Issuer has received from, or there has
been published by the United States Internal Revenue Service, a ruling, or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">(B) since the date of this Indenture, there has been a change
in the applicable U.S. federal income tax law, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">in either case to the effect that, and based thereon, such Opinion of Counsel shall confirm
that, the Holders of the outstanding Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of the Legal Defeasance and will be subject to U.S. 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, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">88 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) in the case of Covenant Defeasance, the Issuer shall have delivered to the
U.S. Trustee an Opinion of Counsel in the United States reasonably acceptable to the U.S. Trustee confirming that the Holders of the outstanding Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of the
Covenant Defeasance and will be subject to U.S. 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, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) in the case of Legal Defeasance or Covenant Defeasance, the Issuer shall have delivered to the U.S. Trustee an Opinion of
Counsel reasonably acceptable to the U.S. 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 should 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 should not 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, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) no Default shall have occurred and be continuing, either (a)&nbsp;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)&nbsp;insofar as Defaults from bankruptcy or insolvency events are concerned, at any time in the period ending on the 91st
day after the date of deposit, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) 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, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7) the Issuer has delivered to the U.S. Trustee an Opinion of Counsel to the effect that after the 91st 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, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8) the Issuer shall have delivered to the U.S. Trustee an Officer&#146;s 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, and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(9) the Issuer shall have delivered to the U.S. Trustee an Officer&#146;s Certificate and an Opinion of Counsel, each stating
that the conditions precedent provided for in clauses&nbsp;(1) through (8)&nbsp;have been complied with. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">89 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.5. <U>Deposited Money and U.S. Government Obligations to Be Held in Trust; Other
Miscellaneous Provisions</U>. Subject to SECTION&nbsp;8.6, all U.S. dollar and U.S. Government Obligations (including the proceeds thereof) deposited with the U.S. 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, either directly or through any Paying Agent (including the Issuer or any Subsidiary acting as Paying Agent) as the Deposit Trustee may determine, to the Holders of such Notes of all sums due and to
become due thereon in respect of principal, premium, if any, and interest and Additional Interest, if any, but such money need not be segregated from other funds except to the extent required by law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 U.S. Government Obligations 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 U.S. dollars or non-callable U.S. Government Obligations 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 Legal Defeasance or Covenant Defeasance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the funds deposited with the Deposit Trustee
to effect Covenant Defeasance or Legal 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.6. <U>Repayment to Issuer</U>. Any money deposited with the U.S. Trustee or
any Paying Agent, or then held by the Issuer, in trust for the payment of the principal of, premium, if any, or interest or Additional Interest, if any, on any Note and remaining unclaimed for two years after such principal and premium, if any, or
interest or Additional Interest has become due and payable shall be paid to the Issuer on its written request or (if then held by the Issuer) shall be discharged from such trust; and the Holder of such Note shall thereafter, as an unsecured general
creditor, look only to the Issuer for payment thereof; and all liability of the U.S. Trustee or such Paying Agent 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 U.S. Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Issuer cause to be published once, in the <I>New York Times</I> and <I>The Wall Street Journal</I> (national
edition), notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining shall be repaid
to the Issuer. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">90 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.7. <U>Reinstatement</U>. If the U.S. Trustee or Paying Agent is unable to apply
any U.S. dollars or U.S. Government Obligations in accordance with SECTION&nbsp;8.2, SECTION&nbsp;8.3 or SECTION&nbsp;8.8, as the case may be, 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, SECTION&nbsp;8.3 or
SECTION&nbsp;8.8 until such time as the U.S. Trustee or Paying Agent is permitted to apply all such money in accordance with SECTION&nbsp;8.2, SECTION&nbsp;8.3 or SECTION&nbsp;8.8, as the case may be; <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 Holders of such Notes to receive such payment from the money held
by the U.S. Trustee or Paying Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;8.8. <U>Discharge</U>. This 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 U.S. Trustee) as to all outstanding Notes when either: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) 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 U.S. Trustee for cancellation; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) (1) all Notes not delivered to the U.S. 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 U.S. Trustee in trust solely for the benefit of the Holders, cash in U.S. dollars, U.S. 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 U.S. Trustee for cancellation; </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top">the Issuer has paid or caused to be paid all other sums payable by it under this Indenture; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top">the Issuer has delivered irrevocable instructions to the U.S. 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.
</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, the Issuer must deliver an Officer&#146;s Certificate and an Opinion of Counsel to each of the Trustees
stating that all conditions precedent to satisfaction and discharge have been complied with. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">91 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the case of clause&nbsp;(b) 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;2.4, SECTION&nbsp;2.5, SECTION&nbsp;2.6, SECTION&nbsp;2.7, SECTION&nbsp;2.10,
SECTION&nbsp;2.12, SECTION&nbsp;2.15, SECTION&nbsp;2.17, SECTION&nbsp;4.1, SECTION&nbsp;4.2, Section&nbsp;4.15 (as to legal existence of the Issuer only), SECTION&nbsp;7.7, 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 and the Guarantors&#146; obligations in SECTION&nbsp;7.7, SECTION&nbsp;8.5 and SECTION&nbsp;8.7 shall survive any
discharge pursuant to this SECTION&nbsp;8.8. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">After such delivery or irrevocable deposit and receipt of the Officer&#146;s Certificate and
Opinion of Counsel, each of the Trustees, 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. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;IX </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AMENDMENT,
SUPPLEMENT AND WAIVER </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;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 Trustees, 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: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) to cure any ambiguity, defect or inconsistency; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) to provide for uncertificated Notes in addition to or in place of certificated Notes; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) to make any change
that would provide any additional rights or benefits to the Holders of Notes or that does not materially adversely affect the rights of any Holder; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) to effect or maintain the qualification of this Indenture under the TIA; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7) to secure the Notes or any Guarantees or any other obligation under this Indenture; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8) to evidence and provide for the acceptance of appointment by successor trustees; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">92 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(9) to conform the text of this Indenture or the Notes to any provision of the
Description of the Notes contained in the Offering Circular, to the extent that such provision in the Description of the Notes was intended to be a substantially verbatim recitation of a provision of this Indenture, the Guarantees or the Notes; or
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(10) to provide for the issuance of Additional Notes or Exchange Notes in accordance with this Indenture and the
Registration Rights Agreement, as the case may be. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;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 Issuer, the Guarantors and the Trustees 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: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) reduce, or change the maturity of, the principal of any Note; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) reduce the rate of or extend the time for payment of interest on any Note; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) make any Note
payable in money or currency other than that stated in the Notes; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) reduce the percentage of Holders necessary to consent to an amendment or waiver to this Indenture or the Notes; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7) 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 this Indenture and a waiver of the payment default that resulted from such acceleration); </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">93 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8) 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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(9) release any Guarantor from any of its obligations under its Guarantee or this Indenture, except as permitted by this
Indenture; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(10) make any change in these amendment and waiver provisions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;9.3. <I></I><U>Compliance
with Trust Indenture Act</U><I></I>. Every amendment or supplement to this Indenture or the Notes or the Guarantees shall be set forth in an amended or supplemental indenture that complies with the TIA as then in effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;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 U.S. Trustee receives written notice of revocation before the date the waiver, supplement or amendment becomes effective. When an amendment, supplement or
waiver becomes effective in accordance with its terms, it thereafter binds every Holder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 days prior to the first solicitation of such consent or
the date of the most recent list of Holders furnished to the U.S. Trustee prior to such solicitation pursuant to SECTION&nbsp;2.5 or (ii)&nbsp;such other date as the Issuer shall designate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;9.5. <U>Notation on or Exchange of Notes</U>. The U.S. 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 U.S. Trustee shall authenticate new Notes that reflect the amendment, supplement or waiver. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or waiver.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;9.6. <U>Trustees to Sign Amendments, Etc.</U> Each of the Trustees 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 such Trustee. In signing or refusing to sign any amendment or supplemental indenture, each of the
Trustees shall be provided with and (subject to SECTION&nbsp;7.1) shall be fully protected in relying upon an Officer&#146;s 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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">94 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;X </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">GUARANTEES </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.1.
<U>Guarantees</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) 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 U.S. Trustees and to the Trustees, that: (i)&nbsp;the principal of and premium, if any, and interest and Additional
Interest, if any, 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&nbsp;362(a) of Title 11 of the U.S. Code), together with interest on the overdue principal, if any, and interest on any overdue interest and Additional Interest, if any, to the extent lawful, and all other Obligations of the Issuer to
the Holders or any 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) 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 any 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, any 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 U.S. Trustee for the account of the Holders, upon </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">95 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
demand therefor, the amount that would otherwise have been due and payable had such rights and remedies been permitted to be exercised by the U. S. Trustee or any of the Holders and any other
amounts due and owing to any Trustee under this Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) If any Holder or the U.S. 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 U.S. 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&nbsp;(d)&nbsp;shall remain effective notwithstanding any contrary action which may be taken by the U.S. Trustee or any Holder in reliance
upon such amount required to be returned. This paragraph&nbsp;(d)&nbsp;shall survive the termination of this Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Each
Guarantor further agrees that, as between each Guarantor, on the one hand, and the Holders and each of the Trustees, 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) 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 that are not so
subordinated (including such Guarantor&#146;s guarantee of the Existing Notes). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) 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 in accordance with IFRS. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;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 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&nbsp;10.1 hereof 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 U.S. Trustee authenticates any Note, the Guarantee shall be valid nevertheless. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">96 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The delivery of any Note by the U.S. Trustee, after the authentication thereof hereunder, shall
constitute due delivery of the Guarantee set forth in this Indenture on behalf of the Guarantors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If required by SECTION&nbsp;4.17
hereof, the Issuer shall cause each Restricted Subsidiary described in SECTION&nbsp;4.17 hereof to comply with the provisions of SECTION&nbsp;4.17 hereof and this ARTICLE&nbsp;X, to the extent applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;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 the Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law or the provisions of its local law relating to fraudulent transfer or conveyance. To effectuate the
foregoing intention, each of the Trustees, 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 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 conveyance, fraudulent preference, transfer at undervalue, or fraudulent
transfer or otherwise reviewable transaction under applicable law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;10.5. <U>Releases</U>. A Guarantor shall be released and
relieved of any Obligations under its Guarantee, the Registration Rights Agreement and this Indenture upon: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) 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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) designation by the Board of Directors of the Issuer as an Unrestricted Subsidiary in accordance
with the terms of this Indenture; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) 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 (including the Existing Indentures); <I>provided</I> that such Guarantor has not incurred any Indebtedness in reliance on its
status as a Guarantor under SECTION&nbsp;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 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) if the Issuer exercises its Legal Defeasance option or its Covenant Defeasance option pursuant
to SECTION&nbsp;8.2 or SECTION&nbsp;8.3 or if its Obligations under this Indenture are discharged in accordance with SECTION&nbsp;8.8. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">97 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon delivery to the U.S. Trustee of an Officer&#146;s 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 U.S. 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;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. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE&nbsp;XI </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">MISCELLANEOUS
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.1. <U>Trust Indenture Act Controls</U>. If any provision of this Indenture limits, qualifies or conflicts with the duties
imposed by TIA &#167;&nbsp;318(c), such imposed duties shall control. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.2. <U>Notices</U>. Any notice, request, direction,
instruction or communication by the Issuer, any Guarantor or either 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: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If to the Issuer or any Guarantor: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Precision Drilling Corporation </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">800, 525-8 Avenue, S.W. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Calgary,
Alberta </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Canada T2P 1GI </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="8%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="91%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Facsimile:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">(403)&nbsp;206-2506</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Attention:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">General Counsel</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">With a copy to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Precision Drilling Corporation </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">800, 525-8 Avenue, S.W. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Calgary,
Alberta </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Canada T2P 1GI </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="8%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="91%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Facsimile:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">(403)&nbsp;206-2506</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Attention:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Vice President, Finance</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">98 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">With a copy to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Simpson Thacher&nbsp;&amp; Bartlett LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">425 Lexington Avenue </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">New York,
NY 10017-3954 </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="8%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="91%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Facsimile:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">(212)&nbsp;455-2502</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Attention:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Rise Norman</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Norton Rose Fulbright Canada LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">400 3<SUP STYLE="font-size:85%; vertical-align:top">rd </SUP>Avenue SW, Suite 3700 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Calgary, Alberta </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Canada T2P 4H2
</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="8%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="91%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Facsimile:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">(403)&nbsp;264-5973</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Attention:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Richard P. Borden</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If to the U.S. Trustee: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The Bank of New York Mellon </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">101
Barclay Street, Floor 7 East </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">New York, New York 10286 </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="8%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="91%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Facsimile:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">(724)&nbsp;540-6328</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Attention:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">International Corporate Trust</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If to the Canadian Trustee </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Valiant Trust Company </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">310,
606-4th Street SW </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Calgary, AB T2P 1T1 </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="8%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="91%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Facsimile:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">(403)&nbsp;233-2857</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Attention:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Senior Manager, Corporate Trust</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The parties hereto, by written notice to the others, may designate additional or different addresses for
subsequent notices or communications. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All notices and communications (other than those sent to Holders and the U.S. Trustee ) shall be
deemed to have been duly given: when electronically transmitted to the appropriate email address, 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any notice or communication to a Holder shall be mailed by first class mail or by overnight air courier promising next Business Day delivery
to its address shown on the register </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">99 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
kept by the Registrar. Any notice or communication shall also be so mailed to any Person described in TIA &#167;&nbsp;313(c), to the extent required by the TIA. As long as the Notes are Global
Notes, notices to be given to the Holders shall be given to the Depositary, in accordance with its applicable policies as in effect from time to time. Failure to give a notice or communication to a Holder or any defect in it shall not affect its
sufficiency with respect to other Holders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any notice or other communication to the U.S. Trustee shall be deemed given upon actual
receipt thereof by a Responsible Officer, whether sent by electronic transmission, overnight courier or other accepted mode of giving notice or other communication. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 any Trustee, including without limitation the risk of any Trustee acting on unauthorized instructions, notices, reports or other communications or information, and the risks of interception and misuse by third parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 U.S. Trustee, which shall be effective only upon actual receipt. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the Issuer delivers a notice or communication to Holders, it shall mail a copy to the Trustees and each Agent at the same time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.3. <U>Communication by Holders of Notes with Other Holders of Notes</U>. Holders may communicate pursuant to TIA
&#167;&nbsp;312(b) with other Holders with respect to their rights under this Indenture or the Notes. The Issuer, the Trustees, the Agents and anyone else shall have the protection of TIA &#167;&nbsp;312(c). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.4. <U>Certificate and Opinion as to Conditions Precedent</U>. Upon any request or application by the Issuer to the U.S.
Trustee to take any action under this Indenture (other than in connection with the issuance of the Initial Notes), the Issuer shall furnish to the U.S. Trustee upon request: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) an Officer&#146;s Certificate (which shall include the statements set forth in SECTION&nbsp;11.5) stating that, in the
opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been satisfied; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) an Opinion of Counsel (which shall include the statements set forth in SECTION&nbsp;11.5) stating that, in the opinion of
such counsel, all such conditions precedent and covenants have been satisfied. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">100 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.5. <U>Statements Required in Certificate or Opinion</U>. Each certificate or
opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to TIA &#167;&nbsp;314(a)(4)) shall comply with the provisions of TIA &#167;&nbsp;314(e) and shall include
substantially: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) a statement that the Person making such certificate or opinion has read and understands such covenant
or condition; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) a brief statement as to the nature and scope of the examination or investigation upon which the
statements or opinions contained in such certificate or opinion are based; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) a statement that, in the opinion of such
Person, he or she has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been satisfied; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.6. <U>Rules by U.S. Trustee and Agents</U>. The U.S. 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.7. <U>No
Personal Liability of Directors, Officers, Employees and Stockholders</U>. 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 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.8. <U>Governing Law; Consent to Jurisdiction</U>. THE LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS
INDENTURE, THE NOTES AND THE GUARANTEES. Each of the parties to this Indenture each hereby irrevocably submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan in The City of New York in
any action or proceeding arising out of or relating to the Notes, the Guarantees or this Indenture, and all such parties hereby irrevocably agree that all claims in respect of such action or proceeding may be heard and determined in such New York
State or federal court and hereby irrevocably waive, to the fullest extent that they may legally do so, the defense of an inconvenient forum to the maintenance of such action or proceeding or any claim of improper venue. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.9. <U>No Adverse Interpretation of Other Agreements</U>. This Indenture may not be used to interpret any other indenture, loan
or debt agreement of the Issuer or its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">101 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;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 any Trustee in this Indenture shall bind its respective successors and assigns. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.13. <U>Table of Contents, Headings, Etc.</U> The Table
of Contents, Cross-Reference Table 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.14. <U>Acts of Holders</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) 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 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 U.S. 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 U.S. Trustee and the Issuer, if made in the manner provided in this SECTION&nbsp;11.14. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) 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 U.S. Trustee deems
sufficient. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The ownership of Notes shall be proved by the register maintained by the Registrar hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) 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 U.S. Trustee or the Issuer in
reliance thereon, whether or not notation of such action is made upon such Note. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">102 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) 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 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.15. <U>Waiver of Jury Trial</U>. EACH OF THE ISSUER, THE GUARANTORS AND THE TRUSTEES HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES, THE GUARANTEES OR THE TRANSACTIONS CONTEMPLATED HEREBY. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.16. <U>Force Majeure</U>. In no event shall any Trustee or Agent be responsible or liable for any failure or delay in the
performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, fire, riots, strikes, or stoppages for any reason, embargoes, governmental actions, accidents,
acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services, it being understood that
each Trustee shall use reasonable efforts which are consistent with accepted practices in the U.S. and Canadian banking industry (as applicable) to resume performance as soon as practicable under the circumstances. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;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 &agrave; la pr&eacute;sente convention ont express&eacute;ment exig&eacute; que cette convention et tous les avis, modifications et autres documents y
aff&eacute;rents soient r&eacute;dig&eacute;s en langue anglaise seulement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;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 or the U.S. Trustee from U.S. dollars to another currency, the Issuer and each Guarantor has agreed, and the U.S. Trustee by its
acceptance of this Indenture 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 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">103 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
banking procedures such Holder or U.S. Trustee, as the case may be, could purchase U.S. dollars with such other currency in New York City, New York on the Business Day preceding the day on which
final judgment is given. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 U.S. dollars, be discharged only to the extent that on the Business Day following receipt by such Holder or the U.S. Trustee, as the case may be, of any amount in such Judgment Currency,
such Holder or Trustee may in accordance with normal banking procedures purchase U.S. dollars with the judgment currency. If the amount of the U.S. dollars so purchased is less than the amount originally to be paid to such Holder or the U.S. 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 U.S. Trustee, as the case may be, against any such loss. If the amount of the U.S. dollars so purchased is more than the amount originally to be paid to such Holder or the U.S. Trustee, as the case may be, such Holder or
the U.S. Trustee, as the case may be, will pay the Issuer and the Guarantors, such excess; provided that such Holder or the U.S. 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 U.S. 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 U.S. Trustee to such Obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.19. <U>Service of Process</U>. Each of the Issuer and each
non-U.S. Guarantor hereby appoints CT Corporation System, 111 Eighth Avenue, New York, New York 10011 as its agent for service of process in any suit, action or proceeding with respect to this 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">SECTION&nbsp;11.21. <U>Immunity</U>. Each of the Issuer and
the Guarantors hereby waives any claim it may have to immunity (whether sovereign or otherwise). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>Signatures on following page</I>]
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">104 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="31%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Dated as of June&nbsp;3, 2014</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="5"><B>PRECISION DRILLING CORPORATION</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">/s/ Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Senior Vice President, General Counsel and Corporate Secretary</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="6"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="5"><B>GUARANTORS</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">PRECISION COMPLETION &amp;<BR>PRODUCTION SERVICES LTD.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">/s/ Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Senior Vice President, General Counsel and Corporate Secretary</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">PRECISION DIVERSIFIED OILFIELD SERVICES CORP.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">/s/ Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Senior Vice President, General Counsel and Corporate Secretary</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">PRECISION LIMITED PARTNERSHIP</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">BY:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">ITS GENERAL PARTNER,</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">PRECISION DIVERSIFIED</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">OILFIELD SERVICES CORP.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">/s/ Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Senior Vice President, General Counsel and Corporate Secretary</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Signature Page to Indenture </I></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">PRECISION DRILLING CANADA LIMITED PARTNERSHIP</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">BY:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">ITS GENERAL PARTNER,</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">PRECISION DIVERSIFIED</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">OILFIELD SERVICES CORP.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">/s/ Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Senior Vice President, General Counsel and Corporate Secretary</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">GREY WOLF INTERNATIONAL</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">DRILLING CORPORATION</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">/s/ Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Senior Vice President, General Counsel and Corporate Secretary</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">PRECISION OILFIELD PERSONNEL</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">SERVICES LTD.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">/s/ Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Senior Vice President, General Counsel and Corporate Secretary</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">PRECISION DRILLING, INC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">/s/ Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Senior Vice President, General Counsel and Corporate Secretary</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">DI ENERGY, INC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">/s/ Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Senior Vice President, General Counsel and Corporate Secretary</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Signature Page to Indenture </I></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">GREY WOLF INTERNATIONAL, INC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">/s/ Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Senior Vice President, General Counsel and Corporate Secretary</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">PRECISION DRILLING HOLDINGS</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">COMPANY</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">/s/ Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Senior Vice President, General Counsel and Corporate Secretary</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">PRECISION DRILLING LLC</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">/s/ Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Senior Vice President, General Counsel and Corporate Secretary</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">PRECISION DRILLING COMPANY, LP</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">BY:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">ITS GENERAL PARTNER,</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">PRECISION DRILLING</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">HOLDINGS COMPANY</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">/s/ Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Senior Vice President, General Counsel and Corporate Secretary</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">MURCO DRILLING CORPORATION</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">/s/ Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Senior Vice President, General Counsel and Corporate Secretary</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Signature Page to Indenture </I></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">DI/PERFENSA INC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">/s/ Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Senior Vice President, General Counsel and Corporate Secretary</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">PD SUPPLY INC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">/s/ Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Senior Vice President, General Counsel and Corporate Secretary</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">PRECISION DRILLING (US)</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">CORPORATION</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">/s/ Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Senior Vice President, General Counsel and Corporate Secretary</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">PRECISION DIRECTIONAL SERVICES, INC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">/s/ Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Senior Vice President, General Counsel and Corporate Secretary</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">PRECISION DIRECTIONAL SERVICES LTD.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">/s/ Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Senior Vice President, General Counsel and Corporate Secretary</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Signature Page to Indenture </I></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="31%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Dated as of June&nbsp;3, 2014</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="5"><B>THE BANK OF NEW YORK MELLON</B><BR>as U.S. Trustee, Registrar and Paying Agent</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Catherine F. Donohue</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Catherine F. Donohue</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Vice President</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Signature Page to Indenture </I></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="31%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Dated as of June&nbsp;3, 2014</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="5"><B>VALIANT TRUST COMPANY<BR></B>as Canadian Trustee</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Dan Sander</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Dan Sander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Director, Trust Services</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Tara Bouchard</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Tara Bouchard</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Senior Manager, Corporate Actions</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Signature Page to Indenture </I></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT A </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">FORM OF NOTE </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Face of 5.250%
Senior Note) </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5.250% Senior Notes due 2024 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Global Note Legend] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">UNLESS THIS CERTIFICATE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OR TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE&nbsp;&amp; CO. OR TO SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY OR SUCH OTHER REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT HEREON IS MADE TO CEDE&nbsp;&amp; CO. OR TO
SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF,
CEDE&nbsp;&amp; CO., HAS AN INTEREST HEREIN. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF
CEDE&nbsp;&amp; CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR&#146;S NOMINEE. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Restricted Notes Legend] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE
&#147;SECURITIES ACT&#148;), AND THIS NOTE MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT THE SELLER OF THIS NOTE MAY BE
RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE&nbsp;144A THEREUNDER. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THE HOLDER OF THIS NOTE AGREES FOR
THE BENEFIT OF THE ISSUER THAT (A)&nbsp;THIS NOTE MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I)&nbsp;IN THE UNITED STATES TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN
RULE&nbsp;144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE&nbsp;144A, (II) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE&nbsp;903 OR RULE&nbsp;904 UNDER THE SECURITIES ACT, (III)
PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE&nbsp;144 THEREUNDER (IF AVAILABLE) OR (IV) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (I)&nbsp;THROUGH (IV) IN
ACCORDANCE WITH ANY APPLICABLE </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-1 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND (B)&nbsp;THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF THE RESALE RESTRICTIONS
REFERRED TO IN (A)&nbsp;ABOVE. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS NOTE MUST NOT TRADE THIS SECURITY TO A RESIDENT OF
CANADA BEFORE OCTOBER 4, 2014. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Regulation S Legend] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION ORIGINALLY EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED
(THE &#147;SECURITIES ACT&#148;), AND THIS NOTE MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON IN THE ABSENCE OF THIS REGISTRATION EXCEPT PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS. TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES ACT. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS NOTE MUST NOT TRADE THIS SECURITY TO A RESIDENT OF CANADA BEFORE OCTOBER 4, 2014. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">No.</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">CUSIP NO.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<SUP STYLE="font-size:85%; vertical-align:top">1</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="right">ISIN&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Precision Drilling Corporation (including any successor thereto) promises to pay to Cede&nbsp;&amp; Co. or
registered assigns, the principal sum of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (as may be increased or decreased as set forth on the Schedule of Increases and Decreases attached hereto) on
November&nbsp;15, 2024. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Interest Payment Dates: May&nbsp;15 and November&nbsp;15, beginning [&nbsp;&nbsp;&nbsp;&nbsp;] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Record Dates: May&nbsp;1 and November&nbsp;1 (whether or not a Business Day) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Reference is made to further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the
same effect as if set forth at this place. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless the certificate of authentication hereon has been executed by the U.S. Trustee referred
to on the reverse hereof by manual signature, this Note shall not be entitled to any benefits under the Indenture referred to on the reverse hereof or be valid or obligatory for any purpose. </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP></TD>
<TD ALIGN="left" VALIGN="top"><SUP STYLE="font-size:85%; vertical-align:top"></SUP>Rule 144A Note CUSIP: 74022D AH3 </TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman">Rule&nbsp;144A Note ISIN: US74022DAH35 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman">Regulation S Note CUSIP: C7467X AE5 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman">Regulation S Note ISIN: USC7467XAE51 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman">Exchange Note CUSIP: 74022D AJ9 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman">Exchange Note ISIN: US74022DAJ90 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">PRECISION DRILLING CORPORATION</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">This is one of the Notes referred to in the <FONT STYLE="white-space:nowrap">within-mentioned</FONT> Indenture:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Dated:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">THE BANK OF NEW YORK MELLON, as U.S. Trustee</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Back of 5.250% Senior Note) </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5.250% Senior Notes due 2024 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) <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 5.250% Senior Note due 2024 (a &#147;<I>Note</I>&#148;) at a fixed rate of 5.250%&nbsp;per annum. The Issuer will pay
interest in U.S. dollars (except as otherwise provided herein) semiannually in arrears on May&nbsp;15 and November&nbsp;15, commencing on
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] (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 and Additional Interest, if any (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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) <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 May&nbsp;1 and November&nbsp;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. The Issuer will make all payments of principal, premium, interest and Additional Interest, if any, on such Holder&#146;s
Notes by check, except, in the case of a Holder of $1,000,000 or more in aggregate principal amount of Notes, who has given the U.S. Trustee wire transfer instructions at least 10 Business Days prior to the applicable payment date, in which case the
Issuer shall make such payment to such Holder 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 U.S. Trustee or
Paying Agent 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. Such payment shall be in such coin or currency of the
United States of America as at the time of payment is legal tender for payment of public and private debts. All payments to DTC or its nominee shall be made by wire transfer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 U.S. Trustee or the U.S. 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 Depositary. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-5 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) <U>Paying Agent and Registrar</U>. Initially, The Bank of New York Mellon shall act as Paying
Agent and Registrar. The Issuer may change any Paying Agent or Registrar without notice to any Holder, and the Issuer and/or any Restricted Subsidiaries may act as Paying Agent or Registrar. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) <U>Indenture</U>. The Issuer issued the Notes under an Indenture, dated as of June&nbsp;3, 2014 (the &#147;<I>Indenture</I>&#148;), among
the Issuer, the Guarantors thereto and the Trustees. The terms of the Notes include those stated in the Indenture and those made a part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (15 U.S. Code
&#167;&#167;&nbsp;77aaa-77bbbb) (the &#147;<I>TIA</I>&#148;). 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 and the TIA for a statement of such terms. The Initial Notes issued on the Issue Date are senior obligations of the Issuer limited to U.S.$400,000,000 in aggregate principal amount, plus amounts, if any, sufficient to pay
premium, interest and Additional Interest, if any, on outstanding Notes as set forth in Paragraph&nbsp;(2) hereof. The Indenture permits the issuance of Additional Notes subject to compliance with certain conditions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The payment of principal, interest and Additional Interest, if any, on the Notes and all other amounts under the Indenture is unconditionally
guaranteed, jointly and severally, on a senior unsecured basis by the Guarantors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) <U>Optional Redemption</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Notes may be redeemed, in whole or in part, at any time prior to May&nbsp;15, 2019 at the option of the Issuer 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). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) 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 May&nbsp;15, 2019, upon not less than 15 nor more than 60&nbsp;days&#146; notice at the following redemption prices (expressed as
percentages of the principal amount to be redeemed) set forth below, plus accrued and unpaid interest and Additional 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 May&nbsp;15 of the years indicated below: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="80%"></TD>
<TD VALIGN="bottom" WIDTH="14%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:16.90pt; font-size:8pt; font-family:Times New Roman"><B>Year</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Redemption&nbsp;Price</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2019</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">102.625</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2020</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">101.750</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2021</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100.875</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2022 and thereafter</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100.000</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-6 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) At any time or from time to time prior to May&nbsp;15, 2017, 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 105.250% 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); provided that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(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 (unless all of such Notes are redeemed or repurchased pursuant to another
provision of the Indenture) immediately after giving effect to any such redemption; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) the redemption occurs not more
than 90 days after the date of the closing of any such Qualified Equity Offering. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) 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 Officer&#146;s Certificate to the U.S. 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 days&#146; notice (such notice to be provided not more than 90 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% 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 U.S. 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) <U>Mandatory Redemption</U>. The Issuer shall not be required to make mandatory redemption or sinking fund payments with respect to Notes.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7) <U>Repurchase at Option of Holder</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) If a Change of Control occurs, unless the Issuer at such time has given notice of redemption pursuant to Paragraph&nbsp;(8) hereof with
respect to all outstanding Notes, each Holder will have the right to require the Issuer to repurchase all or any part&nbsp;(equal to U.S.$2,000 or an integral multiple of U.S.$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 and Additional Interest, if any, to the date of purchase; <I>provided</I> that no partial redemption shall
result in a Note having a principal amount of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-7 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
less than U.S.$2,000. Within 30 days following any Change of Control unless the Issuer at such time has given notice of redemption pursuant to Paragraph&nbsp;(5) hereof with respect to all
outstanding Notes, the Issuer will deliver a notice to each Holder (with a copy to each of the Trustees) describing the transaction or transactions that constitute the Change of Control and setting forth the procedures governing the Change of
Control Offer required by the Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Upon the occurrence of certain Asset Sales, the Issuer may be required to offer to purchase
Notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8) <U>Notice of Redemption</U>. Notice of redemption shall be delivered at least 15 days but not more than 60 days
before the redemption date to each Holder whose Notes are to be redeemed in accordance with the Indenture. Notes in denominations larger than U.S.$2,000 may be redeemed in part but only in minimum denominations of U.S.$2,000 and integral multiples
of U.S.$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 U.S.$2,000. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(9) [<U>Reserved</U>.] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(10)
<U>Denominations, Transfer, Exchange</U>. The Notes are in registered form without coupons in initial denominations of U.S.$2,000 and integral multiples of U.S.$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, any 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(g)(2) of the Indenture. 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 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(11) <U>Persons Deemed Owners</U>. The registered Holder of a Note may be treated as its owner for all purposes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(12) <U>Amendment, Supplement and Waiver</U>. The Indenture, the Notes and the Guarantees may be amended or supplemented, and provisions
thereof may be waived, pursuant to <U>Article&nbsp;IX</U> of the Indenture. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-8 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(13) <U>Defaults and Remedies</U>. The Events of Default are set forth in <U>Article VI</U> of
the Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(14) <U>No Recourse Against Others</U>. 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, to the extent permitted by applicable law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(15) <U>Authentication</U>. This Note shall not be valid until
authenticated by the manual signature of the U.S. Trustee or an authenticating agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(16) <U>Abbreviations</U>. Customary abbreviations
may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (=&nbsp;tenants by the entireties), JT TEN (=&nbsp;joint tenants with right of survivorship and not as tenants in common), CUST (=&nbsp;custodian)
and U/G/M/A (=&nbsp;Uniform Gifts to Minors Act). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(17) <U>CUSIP Numbers</U>. Pursuant to a recommendation promulgated by the Committee on
Uniform Security Identification Procedures, the Issuer has caused CUSIP numbers to be printed on the Notes, and either Trustee may use CUSIP numbers in notices of redemption as a convenience to the Holders. No representation is made as to the
accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption, and reliance may be placed only on the other identification numbers placed thereon. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Issuer shall furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Precision Drilling Corporation </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">800, 525-8 Avenue, S.W. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Calgary,
Alberta </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Canada T2P 1GI </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Facsimile: (403)&nbsp;206-2506 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Attention: General Counsel </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-9 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ASSIGNMENT FORM </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To assign this Note, fill in the form below: (I)&nbsp;or (we) assign and transfer this Note to </P>
<P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Insert assignee&#146;s soc. sec. or tax I.D. no.) </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Print or type assignee&#146;s name,
address and zip code) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">and irrevocably appoint </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">to transfer this Note on the books of the Issuer.
The agent may substitute another to act for him. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="95%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Your&nbsp;Signature:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">(Sign exactly as your name appears on the face of this Note)</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Signature guarantee: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-10 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">OPTION OF HOLDER TO ELECT PURCHASE </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT>&nbsp;&nbsp;SECTION&nbsp;4.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT>&nbsp;&nbsp;SECTION&nbsp;4.14 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you want to elect to have only part of the Note
purchased by the Issuer pursuant to SECTION&nbsp;4.10 or SECTION&nbsp;4.14 of the Indenture, state the amount you elect to have purchased: U.S.$ </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date:
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Your&nbsp;Signature:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">(Sign exactly as your name appears on the face of this Note)</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Tax Identification No.: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Signature guarantee: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-11 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[INCLUDE IN TRANSFER RESTRICTED NOTES] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CERTIFICATE TO BE DELIVERED UPON </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">EXCHANGE OF TRANSFER RESTRICTED NOTES </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Precision
Drilling Corporation </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">800, 525-8 Avenue, S.W. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Calgary,
Alberta </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Canada T2P 1GI </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Facsimile:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">(403)&nbsp;206-2506</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Attention:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">General Counsel</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Bank of New York Mellon </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">101
Barclay Street, Floor 7 East </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York, USA </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Facsimile:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">(724)&nbsp;540-6328</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Attention:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">International Corporate Trust</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Valiant Trust Company </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">310,
606-4th Street SW </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Calgary, AB T2P 1T1 </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Facsimile:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">(403)&nbsp;233-2857</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Attention:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Senior Manager, Corporate Trust</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Re: CUSIP NO. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Reference is hereby made to that certain Indenture dated as of June&nbsp;3, 2014 (the &#147;<I>Indenture</I>&#148;) among Precision Drilling
Corporation (the &#147;<I>Issuer</I>&#148;), the guarantors named therein, The Bank of New York Mellon, as U.S. Trustee (the &#147;<I>U.S. Trustee</I>&#148;), and Valiant Trust Company, as Canadian Trustee (the &#147;<I>Canadian Trustee</I>&#148;).
Capitalized terms used but not defined herein shall have the meanings set forth in the Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This certificate relates to
U.S.$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; principal amount of Notes held in (check applicable space) <U></U>&nbsp;&nbsp;&nbsp;&nbsp; book-entry or <U></U>&nbsp;&nbsp;&nbsp;&nbsp; definitive form by the undersigned. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The undersigned <U></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (transferor) (check applicable boxes below):
</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">hereby requests the U.S. Trustee to transfer a Note or Notes to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (transferee). </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">with respect to any transfer before October&nbsp;4, 2014, hereby represents that it is a non-resident of Canada. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-12 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with any transfer of any of the Notes evidenced by this certificate occurring prior
to the expiration of the periods referred to in Rule&nbsp;144(d) under the Securities Act of 1933, as amended, the undersigned confirms that such Notes are being transferred in accordance with its terms: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CHECK ONE BOX BELOW: </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="93%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(1)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">to the Issuer or any of its subsidiaries; or</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(2)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">inside the United States to a &#147;qualified institutional buyer&#148; (as defined in Rule&nbsp;144A under the Securities Act of 1933, as amended) that purchases for its own account or for the account of a qualified institutional
buyer to whom notice is given that such transfer is being made in reliance on Rule&nbsp;144A under the Securities Act of 1933, as amended, in each case pursuant to and in compliance with Rule&nbsp;144A thereunder; or</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(3)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">outside the United States in an offshore transaction within the meaning of Regulation&nbsp;S under the Securities Act of 1933, as amended, in compliance with Rule&nbsp;904 thereunder.</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless one of the boxes is checked, the Registrar will refuse to register any of the Notes evidenced by this
certificate in the name of any person other than the registered Holder thereof. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">Signature</TD></TR></TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="94%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Signature&nbsp;Guarantee:</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">(Signature must be guaranteed by a participant in a recognized signature guarantee medallion program)</TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TO BE COMPLETED BY PURCHASER IF (2)&nbsp;ABOVE IS CHECKED. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The undersigned represents and warrants that it is purchasing this Note for its own account or an account with respect to which it exercises
sole investment discretion and that each of it and any such account is a &#147;qualified institutional buyer&#148; within the meaning of Rule&nbsp;144A under the Securities Act of 1933, as amended (&#147;<I>Rule&nbsp;144A</I>&#148;), and is aware
that the sale to it is being made in reliance on Rule&nbsp;144A and acknowledges that it has received such information regarding the Issuer as the undersigned has requested pursuant to Rule&nbsp;144A or has determined not to request such information
and that it is aware that the transferor is relying upon the undersigned&#146;s foregoing representations in order to claim the exemption from registration provided by Rule&nbsp;144A. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">[Name of Transferee]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">NOTICE: To be executed by an executive officer, if an entity</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="95%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Dated:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-13 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>[</U>INCLUDE IN NOTES BEARING THE REGULATION S LEGEND] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CERTIFICATE TO BE DELIVERED UPON </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">EXCHANGE OF NOTES BEARING THE REGULATION S LEGEND </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Precision Drilling Corporation </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">800, 525-8 Avenue, S.W. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Calgary, Alberta </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Canada T2P 1GI </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Facsimile:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">(403)&nbsp;206-2506</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Attention:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">General Counsel</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Bank of New York Mellon </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">101
Barclay Street, Floor 7 East </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York, USA </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Facsimile:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">(724)&nbsp;540-6328</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Attention:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">International Corporate Trust</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Valiant Trust Company </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">310,
606-4th Street SW </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Calgary, AB T2P 1T1 </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Facsimile:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">(403)&nbsp;233-2857</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Attention:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Senior Manager, Corporate Trust</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Re: CUSIP NO. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Reference is hereby made to that certain Indenture dated as of June&nbsp;3, 2014 (the &#147;<I>Indenture</I>&#148;) among Precision Drilling
Corporation (the &#147;<I>Issuer</I>&#148;), the guarantors named therein, The Bank of New York Mellon, as U.S. Trustee (the &#147;<I>U.S. Trustee</I>&#148;), and Valiant Trust Company, as Canadian Trustee (the &#147;<I>Canadian Trustee</I>&#148;).
Capitalized terms used but not defined herein shall have the meanings set forth in the Indenture. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This certificate relates to
U.S.$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; principal amount of Notes held in (check applicable space) <U></U>&nbsp;&nbsp;&nbsp;&nbsp; book-entry or <U></U>&nbsp;&nbsp;&nbsp;&nbsp; definitive form by the undersigned. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The undersigned <U></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (transferor) (check applicable boxes below):
</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">hereby requests the U.S. Trustee to transfer a Note or Notes to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (transferee). </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">with respect to any transfer before October&nbsp;4, 2014, hereby represents that it is a non-resident of Canada. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-14 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with any transfer of any of the Notes evidenced by this certificate occurring prior
to the expiration of the Restricted Period (as defined in the Indenture), the undersigned confirms that such Notes are being transferred in accordance with its terms: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CHECK ONE BOX BELOW: </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="93%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(1)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">to the Issuer or any of its subsidiaries; or</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(2)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">inside the United States to a &#147;qualified institutional buyer&#148; (as defined in Rule&nbsp;144A under the Securities Act of 1933, as amended) that purchases for its own account or for the account of a qualified institutional
buyer to whom notice is given that such transfer is being made in reliance on Rule&nbsp;144A under the Securities Act of 1933, as amended, in each case pursuant to and in compliance with Rule&nbsp;144A thereunder; or</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(3)</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">outside the United States in an offshore transaction within the meaning of Regulation&nbsp;S under the Securities Act of 1933, as amended, in compliance with Rule&nbsp;904 thereunder.</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Prior to the expiration of the Restricted Period, unless one of the boxes is checked, the Registrar will
refuse to register any of the Notes evidenced by this certificate in the name of any person other than the registered Holder thereof. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">Signature</TD></TR></TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="94%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Signature&nbsp;Guarantee:</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">(Signature must be guaranteed by a participant in a recognized signature guarantee medallion program)</TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TO BE COMPLETED BY PURCHASER IF (2)&nbsp;ABOVE IS CHECKED. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The undersigned represents and warrants that it is purchasing this Note for its own account or an account with respect to which it exercises
sole investment discretion and that each of it and any such account is a &#147;qualified institutional buyer&#148; within the meaning of Rule&nbsp;144A under the Securities Act of 1933, as amended (&#147;<I>Rule&nbsp;144A</I>&#148;), and is aware
that the sale to it is being made in reliance on Rule&nbsp;144A and acknowledges that it has received such information regarding the Issuer as the undersigned has requested pursuant to Rule&nbsp;144A or has determined not to request such information
and that it is aware that the transferor is relying upon the undersigned&#146;s foregoing representations in order to claim the exemption from registration provided by Rule&nbsp;144A. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">[Name of Transferee]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">NOTICE: To be executed by an executive officer, if an entity</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="95%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Dated:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-15 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE OF INCREASES AND DECREASES OF 5.250% SENIOR NOTES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following transfers, exchanges and redemption of this Global Note have been made: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="60%"></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:138.05pt; font-size:8pt; font-family:Times New Roman">Date of Transfer, Exchange or Redemption</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Amount&nbsp;of<BR>Decrease&nbsp;in<BR>Principal<BR>Amount&nbsp;of&nbsp;this<BR>Global Note</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Amount&nbsp;of<BR>Increase&nbsp;in<BR>Principal<BR>Amount&nbsp;of&nbsp;this<BR>Global Note</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Principal<BR>Amount&nbsp;of&nbsp;this<BR>Global Note<BR>Following<BR>Such <BR>Decrease <BR>(or Increase)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Signature&nbsp;of&nbsp;U.S.<BR>Trustee&nbsp;or&nbsp;Note <BR>Custodian</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-16 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT B </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[FORM OF SUPPLEMENTAL INDENTURE TO BE DELIVERED </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BY SUBSEQUENT GUARANTORS] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">This
Supplemental Indenture and Guarantee, dated as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(this &#147;<I>Supplemental Indenture</I>&#148; or &#147;<I>Guarantee</I>&#148;), among
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (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;), The Bank of New York Mellon, as U.S. trustee (the &#147;U.S. Trustee&#148;), paying agent and registrar under
such Indenture and Valiant Trust Company, as Canadian trustee (the &#147;Canadian Trustee&#148;) under such Indenture. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">W I T N E S S E T
H: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Issuer, the Guarantors, the Canadian Trustee and the U.S. Trustee have heretofore executed and delivered an Indenture,
dated as of June&nbsp;3, 2014 (as amended, supplemented, waived or otherwise modified, the &#147;<I>Indenture</I>&#148;), providing for the issuance of an unlimited aggregate principal amount of 5.250% Senior Notes due 2024 of the Issuer (the
&#147;<I>Notes</I>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, SECTION&nbsp;4.17 and Article 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 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
of the Issuer under the Indenture on the same terms and conditions as those set forth in the Indenture; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">WHEREAS, pursuant to
SECTION&nbsp;9.1(4) of the Indenture, the Canadian Trustee, the U.S. 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">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, the Canadian Trustee and the U.S. Trustee mutually covenant and agree for the equal and ratable benefit of the Holders as follows: </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE I </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Definitions </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 1.1 <U>Defined Terms</U>. As used in this Supplemental Indenture, capitalized terms defined in the Indenture or in the preamble or
recitals thereto are used herein as </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-1 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
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. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE II </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Agreement to be Bound; Guarantee </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 2.1 <U>Agreement to be Bound</U>. 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 New 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 2.2 <U>Guarantee</U>. 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 each of the Trustees, the full and punctual payment when due, whether at maturity, by acceleration, by
redemption or otherwise, of the Obligations of the Issuer pursuant to the Notes and the Indenture in accordance with Section SECTION&nbsp;10.1(a) of the Indenture. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE III </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Miscellaneous
</U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 3.1 <U>Notices</U>. 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 the Indenture for notices to the Issuer. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">[<I>Name of New Guarantor</I>] </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Fax:
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Attention:
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 3.2 <U>Parties</U>. Nothing expressed or mentioned herein is intended or shall be construed to give any Person, firm or corporation,
other than the Holders and each of the Trustees, 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 3.3 <U>Governing Law</U>. This Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State of
New York. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 3.4 <U>Service of Process</U>. Each of the Issuer and each non-U.S. Guarantor (including, if applicable, the New
Guarantor) hereby appoints CT Corporation System, 111 Eighth Avenue, New York, New York 10011 as its agent for service of process in any suit, action or proceeding with respect to this Supplemental Indenture, 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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 3.5 <U>Severability Clause</U>. 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 3.6 <U>Ratification of Indenture; Supplemental Indentures Part of Indenture; No Liability of
Trustees</U>. 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. Neither Trustee makes any representation or warranty as to the validity or sufficiency of this Supplemental
Indenture or the New Guarantor&#146;s Guarantee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 3.7 <U>Counterparts</U>. 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">SECTION 3.8 <U>Headings</U>.
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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>Signatures on following page</I>] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed as of the date first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>PRECISION DRILLING CORPORATION</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Name:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Title:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>[EXISTING GUARANTORS</B>]<B></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Name:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Title:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">[<B>NEW GUARANTOR</B>],</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">as a
Guarantor</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Name:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Title:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>THE BANK OF NEW YORK MELLON</B>,</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">as U.S. Trustee</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Name:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Title:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>VALIANT TRUST COMPANY</B>,</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">as
Canadian Trustee</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Name:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Title:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Name:</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Title:</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT C </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[FORM OF CERTIFICATE TO BE DELIVERED </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">IN CONNECTION WITH TRANSFERS PURSUANT TO RULE&nbsp;144A] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Precision Drilling Corporation </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">800, 525-8 Avenue, S.W. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Calgary, Alberta </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Canada T2P 1GI </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Facsimile:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">(403)&nbsp;206-2506</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Attention:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">General Counsel</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Bank of New York Mellon </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">101
Barclay Street, Floor 7 East </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10286 </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Facsimile:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">(724)&nbsp;540-6328</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Attention:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">International Corporate Trust</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Valiant Trust Company </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">310,
606-4th Street SW </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Calgary, AB T2P 1T1 </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Facsimile:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">(403)&nbsp;233-2857</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Attention:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Senior Manager, Corporate Trust</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Re: Precision Drilling Corporation (the &#147;<I>Issuer</I>&#148;) 5.250% Senior Notes due 2024 (the
&#147;<I>Notes</I>&#148;) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with our proposed sale of U.S.$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; aggregate principal amount of the Notes (CUSIP
No. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;), we hereby certify that such transfer is being effected pursuant to and in accordance with Rule&nbsp;144A (&#147;<I>Rule&nbsp;144A</I>&#148;) under the United States
Securities Act of 1933, as amended (the &#147;<I>Securities Act</I>&#148;), and, accordingly, we hereby further certify that the Notes are being transferred to a person that we reasonably believe is purchasing the Notes for its own account, or for
one or more accounts with respect to which such person exercises sole investment discretion, and such person and each such account is a &#147;qualified institutional buyer&#148; within the meaning of Rule&nbsp;144A in a transaction meeting the
requirements of Rule&nbsp;144A, and such Notes are being transferred in compliance with any applicable blue sky securities laws of any state of the United States. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Issuer and you are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any
interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="95%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ROWSPAN="2">Very truly yours,</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt"></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">[Name of Transferor]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Authorized Signature</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C-1 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT D </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[FORM OF CERTIFICATE TO BE DELIVERED </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">IN CONNECTION WITH TRANSFERS PURSUANT TO REGULATION&nbsp;S] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Precision Drilling Corporation </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">800, 525-8 Avenue, S.W. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Calgary, Alberta </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Canada T2P 1GI </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Facsimile:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">(403)&nbsp;206-2506</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Attention:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">General Counsel</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Bank of New York Mellon </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">101
Barclay Street, Floor 7 East </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10286 </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Facsimile:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">(724)&nbsp;540-6328</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Attention:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">International Corporate Trust</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Valiant Trust Company </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">310,
606-4th Street SW </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Calgary, AB T2P 1T1 </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Facsimile:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">(403)&nbsp;233-2857</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Attention:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Senior Manager, Corporate Trust</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Re: Precision Drilling Corporation (the &#147;<I>Issuer</I>&#148;) 5.250% Senior Notes due 2024 (the
&#147;<I>Notes</I>&#148;) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with our proposed sale of U.S.$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;aggregate principal amount of the Notes
(CUSIP No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;), we confirm that such sale has been effected pursuant to and in accordance with Regulation&nbsp;S (&#147;<I>Regulation S</I>&#148;) under the U.S. Securities Act of
1933, as amended (the &#147;<I>Securities Act</I>&#148;), and, accordingly, we represent that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) the offer of the Notes
was not made to a person in the United States; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) either (a)&nbsp;at the time the buy order was originated, the
transferee was outside the United States or we and any person acting on our behalf reasonably believed that the transferee was outside the United States or (b)&nbsp;the transaction was executed in, on or through the facilities of a designated
off-shore securities market and neither we nor any person acting on our behalf knows that the transaction has been pre-arranged with a buyer in the United States; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) no directed selling efforts have been made in the United States in contravention of the requirements of Rule&nbsp;903(b) or
Rule&nbsp;904(b) of Regulation&nbsp;S, as applicable; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) the transaction is not part of a plan or scheme to evade the
registration requirements of the Securities Act. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">D-1 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, if the sale is made during a restricted period and the provisions of
Rule&nbsp;903(b) or Rule&nbsp;904(b) of Regulation&nbsp;S are applicable thereto, we confirm that such sale has been made in accordance with the applicable provisions of Rule&nbsp;903(b) or Rule&nbsp;904(b), as the case may be. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Issuer and you are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any
interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. Terms used in this certificate have the meanings set forth in Regulation&nbsp;S. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="95%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ROWSPAN="2">Very truly yours,</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt"></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><U>[</U>Name of Transferor]</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Authorized Signature</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">D-2 </P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>6
<FILENAME>d850935dex43.htm
<DESCRIPTION>EX-4.3
<TEXT>
<HTML><HEAD>
<TITLE>EX-4.3</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 4.3 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXECUTED VERSION </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>US$
400,000,000 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Precision Drilling Corporation </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>5.250% Senior Notes due 2024 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>REGISTRATION RIGHTS AGREEMENT </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">June&nbsp;3, 2014 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">C<SMALL>REDIT</SMALL>
S<SMALL>UISSE</SMALL> S<SMALL>ECURITIES</SMALL> (USA) LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">RBC C<SMALL>APITAL</SMALL> M<SMALL>ARKETS</SMALL>, LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">M<SMALL>ORGAN</SMALL> S<SMALL>TANLEY</SMALL>&nbsp;&amp; C<SMALL>O</SMALL>. LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">M<SMALL>ERRILL</SMALL> L<SMALL>YNCH</SMALL>, P<SMALL>IERCE</SMALL>, F<SMALL>ENNER</SMALL>&nbsp;&amp; S<SMALL>MITH</SMALL> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
I<SMALL>NCORPORATED</SMALL> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">HSBC S<SMALL>ECURITIES</SMALL> (USA) I<SMALL>NC</SMALL>. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">S<SMALL>COTIA</SMALL> C<SMALL>APITAL</SMALL> (USA) I<SMALL>NC</SMALL>. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">TD S<SMALL>ECURITIES</SMALL> (USA) LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">W<SMALL>ELLS</SMALL>
F<SMALL>ARGO</SMALL> S<SMALL>ECURITIES</SMALL>, LLC </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o Credit Suisse Securities (USA) LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eleven Madison Avenue </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York, New York 10010-3629 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Precision Drilling
Corporation, an Alberta corporation (the &#147;Issuer&#148;), proposes to issue and sell to Credit Suisse Securities (USA) LLC, RBC Capital Markets, LLC, Morgan Stanley&nbsp;&amp; Co. LLC, Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith Incorporated,
HSBC Securities (USA) Inc., Scotia Capital (USA) Inc., TD Securities (USA) LLC and Wells Fargo Securities, LLC (collectively, the &#147;Initial Purchasers&#148;), upon the terms set forth in a purchase agreement dated as of May&nbsp;29, 2014 (the
&#147;Purchase Agreement&#148;), US$400,000,000 aggregate principal amount of its 5.250% Senior Notes due 2024 (the &#147;Initial Securities&#148;) to be unconditionally guaranteed (the &#147;Guarantees&#148;) by each of the entities listed on Annex
E hereto (the &#147;Guarantors&#148; and, together with the Issuer, the &#147;Company&#148;). The Initial Securities will be issued pursuant to an Indenture, dated as of June&nbsp;3, 2014 (the &#147;Indenture&#148;), among the Issuer, the Guarantors
named therein, The Bank of New York Mellon, as trustee (the &#147;U.S. Trustee&#148;), and Valiant Trust Company, as Canadian co-trustee (the &#147;Canadian Trustee&#148; and, together with the U.S. Trustee, the &#147;Trustee&#148;). As an
inducement to the Initial Purchasers, the Company agrees with the Initial Purchasers, for the benefit of the holders of the Initial Securities (including, without limitation, the Initial Purchasers), the Exchange Securities (as defined below) and
the Private Exchange Securities (as defined below) (collectively the &#147;Holders&#148;), as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.&nbsp;<I>Registered Exchange
Offer</I>.&nbsp;The Company shall, at its own cost, prepare and file with the Securities and Exchange Commission (the &#147;Commission&#148;) a registration statement (the &#147;Exchange Offer Registration Statement&#148;) on an appropriate form
under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), with respect to a proposed offer (the &#147;Registered Exchange Offer&#148;) to the Holders of Transfer Restricted Securities (as defined in Section&nbsp;6 hereof), who
are not prohibited by any law or policy of the Commission from participating in the Registered Exchange Offer, to issue and deliver to such Holders, in exchange for the Initial Securities, a like aggregate principal amount of debt securities (the
&#147;Exchange Securities&#148;) of the Company issued under the Indenture and identical in all material respects to the Initial Securities (except for the transfer restrictions relating to the Initial Securities under the Securities
</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Act and the provisions relating to the matters described in Section&nbsp;6 hereof) that would be registered under the Securities Act. The Company shall use its commercially reasonable efforts to
cause such Exchange Offer Registration Statement to become effective under the Securities Act and shall keep the Exchange Offer Registration Statement effective for not less than 20&nbsp;business days (or longer, if required by applicable law) after
the date notice of the Registered Exchange Offer is mailed to the Holders (such period being called the &#147;Exchange Offer Registration Period&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the Company effects the Registered Exchange Offer, the Company will be entitled to close the Registered Exchange Offer 20 business days
after the commencement thereof provided that the Company has accepted all the Initial Securities theretofore validly tendered in accordance with the terms of the Registered Exchange Offer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Following the declaration of the effectiveness of the Exchange Offer Registration Statement, the Company shall promptly commence the
Registered Exchange Offer, it being the objective of such Registered Exchange Offer to enable each Holder of Transfer Restricted Securities electing to exchange the Initial Securities for Exchange Securities (assuming that such Holder is not an
&#147;affiliate&#148; of the Company within the meaning of Rule 405 under the Securities Act, acquires the Exchange Securities in the ordinary course of such Holder&#146;s business and has no arrangements with any person to participate in the
distribution of the Exchange Securities and is not prohibited by any law or policy of the Commission from participating in the Registered Exchange Offer) to trade such Exchange Securities from and after their receipt without any limitations or
restrictions under the Securities Act and without material restrictions under the securities laws of the several states of the United States. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company acknowledges that, pursuant to current interpretations by the Commission&#146;s staff of Section&nbsp;5 of the Securities Act, in
the absence of an applicable exemption therefrom, (i)&nbsp;each Holder which is a broker-dealer electing to exchange Securities, acquired for its own account as a result of market making activities or other trading activities, for Exchange
Securities (an &#147;Exchanging Dealer&#148;), is required to deliver a prospectus containing the information set forth in (a)&nbsp;Annex A hereto on the cover, (b)&nbsp;Annex B hereto in the &#147;Exchange Offer Procedures&#148; section and the
&#147;Purpose of the Exchange Offer&#148; section, and (c)&nbsp;Annex C hereto in the &#147;Plan of Distribution&#148; section of such prospectus in connection with a sale of any such Exchange Securities received by such Exchanging Dealer pursuant
to the Registered Exchange Offer and (ii)&nbsp;an Initial Purchaser that elects to sell Exchange Securities acquired in exchange for Securities constituting any portion of an unsold allotment is required to deliver a prospectus containing the
information required by Items 507 or 508 of Regulation S-K under the Securities Act, as applicable, in connection with such sale. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
Company shall use its commercially reasonable efforts to keep the Exchange Offer Registration Statement effective and to amend and supplement the prospectus contained therein, in order to permit such prospectus to be lawfully delivered by all
persons subject to the prospectus delivery requirements of the Securities Act for such period of time as such persons must comply with such requirements in order to resell the Exchange Securities; provided, however, that (i)&nbsp;in the case where
such prospectus and any amendment or supplement thereto must be delivered by an Exchanging Dealer or an Initial Purchaser, such period shall be the lesser of 180 days and the date on which all Exchanging Dealers and the Initial Purchasers have sold
all Exchange Securities held by them (unless such period is extended pursuant to Section&nbsp;3(j) below) and (ii)&nbsp;the Company shall make such prospectus and any amendment or supplement thereto, available to any broker-dealer for use in
connection with any resale of any Exchange Securities for a period of not less than 90 days after the consummation of the Registered Exchange Offer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If, upon consummation of the Registered Exchange Offer, any Initial Purchaser holds Initial Securities acquired by it as part of its initial
distribution, the Company, simultaneously with the delivery of the Exchange Securities pursuant to the Registered Exchange Offer, shall issue and deliver to such Initial Purchaser upon the written request of such Initial Purchaser, in exchange (the
&#147;Private Exchange&#148;) for the Initial Securities held by such Initial Purchaser, a like principal amount of debt securities of the Company issued under the Indenture and identical in all material respects (including the existence of
restrictions on </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
transfer under the Securities Act and the securities laws of the several states of the United States, but excluding provisions relating to the matters described in Section&nbsp;6 hereof) to the
Initial Securities (the &#147;Private Exchange Securities&#148;). The Initial Securities, the Exchange Securities and the Private Exchange Securities are herein collectively called the &#147;Securities&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with the Registered Exchange Offer, the Company shall: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;mail to each Holder a copy of the prospectus forming part of the Exchange Offer Registration Statement, together with
an appropriate letter of transmittal and related documents; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;keep the Registered Exchange Offer open for not less
than 20 business days (or longer, if required by applicable law) after the date notice thereof is mailed to the Holders; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;utilize the services of a depositary for the Registered Exchange Offer with an address in the Borough of Manhattan,
The City of New York, which may be the Trustee or an affiliate of the Trustee; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;permit Holders to withdraw
tendered Securities at any time prior to the close of business, New York time, on the last business day on which the Registered Exchange Offer shall remain open; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;otherwise comply with all applicable laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As soon as reasonably practicable after the close of the Registered Exchange Offer or the Private Exchange, as the case may be, the Company
shall: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(x)&nbsp;accept for exchange all the Securities validly tendered and not withdrawn pursuant to the Registered
Exchange Offer and the Private Exchange; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(y)&nbsp;deliver to the Trustee for cancellation all the Initial Securities so
accepted for exchange; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(z)&nbsp;cause the Trustee to authenticate and deliver promptly to each Holder of the Initial
Securities, Exchange Securities or Private Exchange Securities, as the case may be, equal in principal amount to the Initial Securities of such Holder so accepted for exchange; provided that, in the case of any Securities held in global form by a
depositary, authentication and delivery to such depositary of one or more replacement Securities in global form in an equivalent principal amount thereto for the account of such Holders in accordance with the Indenture shall satisfy such
authentication and delivery requirement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Indenture will provide that the Exchange Securities will not be subject to the transfer
restrictions under the Securities Act set forth in the Indenture and that all the Securities will vote and consent together on all matters as one class and that none of the Securities will have the right to vote or consent as a class separate from
one another on any matter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Interest on each Exchange Security and Private Exchange Security issued pursuant to the Registered Exchange
Offer and in the Private Exchange will accrue from the last interest payment date on which interest was paid on the Initial Securities surrendered in exchange therefor or, if no interest has been paid on the Initial Securities, from the date of
original issue of the Initial Securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each Holder participating in the Registered Exchange Offer shall be required to represent to
the Company that at the time of the consummation of the Registered Exchange Offer (i)&nbsp;any Exchange Securities received by such Holder will be acquired in the ordinary course of business, (ii)&nbsp;such Holder will
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
have no arrangements or understanding with any person to participate in the distribution of the Securities or the Exchange Securities within the meaning of the Securities Act, (iii)&nbsp;such
Holder is not an &#147;affiliate,&#148; as defined in Rule 405 of the Securities Act, of the Company or if it is an affiliate, such Holder will comply with the registration and prospectus delivery requirements of the Securities Act to the extent
applicable, (iv)&nbsp;if such Holder is not a broker-dealer, that it is not engaged in, and does not intend to engage in, the distribution of the Exchange Securities and (v)&nbsp;if such Holder is a broker-dealer, that it will receive Exchange
Securities for its own account in exchange for Initial Securities that were acquired as a result of market-making activities or other trading activities and that it will be required to acknowledge that it will deliver a prospectus in connection with
any resale of such Exchange Securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding any other provisions hereof, the Company will ensure that (i)&nbsp;any Exchange
Offer Registration Statement and any amendment thereto and any prospectus forming part thereof and any supplement thereto complies in all material respects with the Securities Act and the rules and regulations thereunder, (ii)&nbsp;any Exchange
Offer Registration Statement and any amendment thereto does not, when it becomes effective, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not
misleading and (iii)&nbsp;any prospectus forming part of any Exchange Offer Registration Statement, and any supplement to such prospectus, does not include an untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.&nbsp;<I>Shelf Registration</I>. If, (i)&nbsp;because of any change in law or in applicable interpretations thereof by the staff of the
Commission, the Company is not permitted to effect a Registered Exchange Offer, as contemplated by Section&nbsp;1 hereof, (ii)&nbsp;the Registered Exchange Offer is not consummated within 365 days of the date of original issue of the Initial
Securities (the &#147;Issue Date&#148;), (iii)&nbsp;any Initial Purchaser so requests with respect to the Initial Securities (or the Private Exchange Securities) not eligible to be exchanged for Exchange Securities in the Registered Exchange Offer
and held by it following consummation of the Registered Exchange Offer or (iv)&nbsp;any Holder (other than an Exchanging Dealer) is not eligible to participate in the Registered Exchange Offer or, in the case of any Holder (other than an Exchanging
Dealer) that participates in the Registered Exchange Offer, such Holder does not receive Exchange Securities that are freely tradeable under the Securities Act on the date of the exchange, the Company shall take the following actions: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;The Company shall, at its cost, as promptly as practicable (but in no event more than 30 days after so required or
requested pursuant to this Section&nbsp;2) file with the Commission and thereafter shall use its commercially reasonable efforts to cause to be declared effective (unless it becomes effective automatically upon filing) a registration statement (the
&#147;Shelf Registration Statement&#148; and, together with the Exchange Offer Registration Statement, a &#147;Registration Statement&#148;) on an appropriate form under the Securities Act relating to the offer and sale of the Transfer Restricted
Securities (as defined in Section&nbsp;6 hereof) by the Holders thereof from time to time in accordance with the methods of distribution set forth in the Shelf Registration Statement and Rule 415 under the Securities Act (hereinafter, the
&#147;Shelf Registration&#148;); provided, however, that no Holder (other than an Initial Purchaser) shall be entitled to have the Securities held by it covered by such Shelf Registration Statement unless such Holder agrees in writing to be bound by
all the provisions of this Agreement applicable to such Holder. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;The Company shall use its commercially reasonable
efforts to keep the Shelf Registration Statement continuously effective in order to permit the prospectus included therein to be lawfully delivered by the Holders of the relevant Securities, for a period of one year (or for such longer period if
extended pursuant to Section&nbsp;3(j) below) from the date of effectiveness of the Shelf Registration Statement or such shorter period that will terminate when all the Securities covered by the Shelf Registration Statement (i)&nbsp;have been sold
pursuant thereto or (ii)&nbsp;have been distributed to the public pursuant to Rule 144 under the Securities Act. The Company shall be </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
deemed not to have used its commercially reasonable efforts to keep the Shelf Registration Statement effective during the requisite period if it voluntarily takes any action that would result in
Holders of Securities covered thereby not being able to offer and sell such Securities during that period, unless such action is required by applicable law or is permitted under the terms of this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;Notwithstanding any other provisions of this Agreement to the contrary, the Company shall cause the Shelf Registration
Statement and the related prospectus and any amendment or supplement thereto, as of the effective date of the Shelf Registration Statement, amendment or supplement, (i)&nbsp;to comply in all material respects with the applicable requirements of the
Securities Act and the rules and regulations of the Commission and (ii)&nbsp;not to contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein,
in light of the circumstances under which they were made, not misleading. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;In the event that the Company is
required to take the actions set forth in this Section solely as a result of the Registered Exchange Offer not being consummated within 365 days of the Issue Date, but the Registered Exchange Offer is subsequently completed in accordance with the
terms of this Agreement prior to the sale of all Securities eligible to be sold under such Shelf Registration Statement, upon consummation of the Registered Exchange Offer, the Company will no longer be required to file, have declared effective or
continue the effectiveness of the Shelf Registration Statement pursuant to this Section. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;Notwithstanding anything
to the contrary herein, at any time, the Company may delay the filing of the Shelf Registration Statement or delay or suspend the effectiveness thereof if the Company determines reasonably and in good faith (for valid business reasons, but not
including the avoidance of its obligations hereunder) that the filing of any such Shelf Registration Statement or the continuing effectiveness thereof would require the disclosure of non-public material information that in the reasonable judgment of
the Company, would be detrimental to the Company, if so disclosed or would otherwise materially adversely affect a financing, acquisition, disposition, merger or other material transaction or any such action required by applicable law, in all cases,
for a period (a &#147;Delay Period&#148;) expiring upon the earlier to occur of the date which is the earlier of (A)&nbsp;the date on which such financing, acquisition, disposition, merger or other material transaction ceases to interfere with the
Company&#146;s obligations to file or maintain the effectiveness of any such Shelf Registration Statement pursuant to this Agreement or (B)&nbsp;60 days after the commencement of such delay or suspension. The Delay Period shall not exceed 60 days in
any three-month period or 90 days in any 12-month period. The period of effectiveness of the Shelf Registration Statement provided for in Section&nbsp;2(b) above shall be extended by a number of days equal to the number of days during any Delay
Period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.&nbsp;<I>Registration Procedures</I>. In connection with any Shelf Registration contemplated by Section&nbsp;2 hereof and, to
the extent applicable, any Registered Exchange Offer contemplated by Section&nbsp;1 hereof, the following provisions shall apply: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;The Company shall (i)&nbsp;upon request, furnish to the Initial Purchasers, prior to the filing thereof with the
Commission, a copy of the Registration Statement and each amendment thereof and each supplement, if any, to the prospectus included therein and, in the event that an Initial Purchaser (with respect to any portion of an unsold allotment from the
original offering) is participating in the Registered Exchange Offer or the Shelf Registration Statement, the Company shall use its commercially reasonable efforts to reflect in each such document, when so filed with the Commission, such comments as
such Initial Purchaser reasonably may propose; (ii)&nbsp;include the information set forth in Annex A hereto on the cover, in Annex B hereto in the &#147;Exchange Offer Procedures&#148; section and the &#147;Purpose of the Exchange Offer&#148;
section and in Annex C hereto </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
in the &#147;Plan of Distribution&#148; section of the prospectus forming a part of the Exchange Offer Registration Statement and include the information set forth in Annex D hereto in the Letter
of Transmittal delivered pursuant to the Registered Exchange Offer; (iii)&nbsp;if requested by an Initial Purchaser, include the information required by Items 507 or 508 of Regulation S-K under the Securities Act, as applicable, in the prospectus
forming a part of the Exchange Offer Registration Statement; (iv)&nbsp;include within the prospectus contained in the Exchange Offer Registration Statement a section entitled &#147;Plan of Distribution,&#148; reasonably acceptable to the Initial
Purchasers, which shall contain a summary statement of the positions taken or policies made by the staff of the Commission with respect to the potential &#147;underwriter&#148; status of any broker-dealer that is the beneficial owner (as defined in
Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;)) of Exchange Securities received by such broker-dealer in the Registered Exchange Offer (a &#147;Participating Broker-Dealer&#148;), whether such
positions or policies have been publicly disseminated by the staff of the Commission or such positions or policies, in the reasonable judgment of the Initial Purchasers based upon advice of counsel (which may be in-house counsel), represent the
prevailing views of the staff of the Commission; and (v)&nbsp;in the case of a Shelf Registration Statement, include in the prospectus included in the Shelf Registration Statement (or, if permitted by Commission Rule&nbsp;430B(b), in a prospectus
supplement that becomes a part thereof pursuant to Commission Rule&nbsp;430B(f)) that is delivered to any Holder pursuant to Section&nbsp;3(d) and&nbsp;(f), the names of the Holders, who propose to sell Securities pursuant to the Shelf Registration
Statement, as selling securityholders. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;The Company shall give written notice to the Initial Purchasers, the
Holders of the Securities and any Participating Broker-Dealer from whom the Company has received prior written notice that it will be a Participating Broker-Dealer in the Registered Exchange Offer (which notice pursuant to clauses
(ii)-(v)&nbsp;hereof shall be accompanied by an instruction to suspend the use of the prospectus until the requisite changes have been made): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;when the Registration Statement or any amendment thereto has been filed with the Commission and when the Registration
Statement or any post-effective amendment thereto has become effective; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;of any request by the Commission for
amendments or supplements to the Registration Statement or the prospectus included therein or for additional information; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or
the initiation of any proceedings for that purpose, of the issuance by the Commission of a notification of objection to the use of the form on which the Registration Statement has been filed, and of the happening of any event that causes the Company
to become an &#147;ineligible issuer,&#148; as defined in Commission Rule&nbsp;405; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv)&nbsp;of the receipt by the
Company or its legal counsel of any notification with respect to the suspension of the qualification of the Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v)&nbsp;of the happening of any event that requires the Company to make changes in the Registration Statement or the
prospectus in order that the Registration Statement or the prospectus do not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein (in the case of
the prospectus, in light of the circumstances under which they were made) not misleading. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;The Company shall make every reasonable effort to obtain the withdrawal
at the earliest possible time, of any order suspending the effectiveness of the Registration Statement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;The
Company shall furnish to each Holder of Securities included within the coverage of the Shelf Registration, without charge, at least one copy of the Shelf Registration Statement and any post-effective amendment or supplement thereto, including
financial statements and schedules, and, if the Holder so requests in writing, all exhibits thereto (including those, if any, incorporated by reference). The Company shall not, without the prior consent of the Initial Purchasers (which consent shall
not be unreasonably withheld), make any offer relating to the Securities that would constitute a &#147;free writing prospectus,&#148; as defined in Commission Rule&nbsp;405. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;The Company shall deliver to each Exchanging Dealer and each Initial Purchaser, and to any other Holder who so
requests, without charge, at least one copy of the Exchange Offer Registration Statement and any post-effective amendment thereto, including financial statements and schedules, and, if any Initial Purchaser or any such Holder requests, all exhibits
thereto (including those incorporated by reference). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;The Company shall, during the Shelf Registration Period,
deliver to each Holder of Securities included within the coverage of the Shelf Registration, without charge, as many copies of the prospectus (including each preliminary prospectus) included in the Shelf Registration Statement and any amendment or
supplement thereto as such person may reasonably request. The Company consents, subject to the provisions of this Agreement, to the use of the prospectus or any amendment or supplement thereto by each of the selling Holders of the Securities in
connection with the offering and sale of the Securities covered by the prospectus, or any amendment or supplement thereto, included in the Shelf Registration Statement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g)&nbsp;The Company shall deliver to each Initial Purchaser, any Exchanging Dealer, any Participating Broker-Dealer and such
other persons required to deliver a prospectus following the Registered Exchange Offer, without charge, as many copies of the final prospectus included in the Exchange Offer Registration Statement and any amendment or supplement thereto as such
persons may reasonably request. The Company consents, subject to the provisions of this Agreement, to the use of the prospectus or any amendment or supplement thereto by any Initial Purchaser, if necessary, any Participating Broker-Dealer and such
other persons required to deliver a prospectus following the Registered Exchange Offer in connection with the offering and sale of the Exchange Securities covered by the prospectus, or any amendment or supplement thereto, included in such Exchange
Offer Registration Statement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h)&nbsp;Prior to any public offering of the Securities, pursuant to any Registration
Statement, the Company shall register or qualify or cooperate with the Holders of the Securities included therein and their respective counsel in connection with the registration or qualification of the Securities for offer and sale under the
securities or &#147;blue sky&#148; laws of such states of the United States as any Holder of the Securities reasonably requests in writing and do any and all other acts or things necessary or advisable to enable the offer and sale in such
jurisdictions of the Securities covered by such Registration Statement; provided, however, that the Company shall not be required to (i)&nbsp;qualify generally to do business in any jurisdiction where it is not then so qualified or (ii)&nbsp;take
any action which would subject it to general service of process or to taxation in any jurisdiction where it is not then so subject. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;The Company shall cooperate with the Holders of the Securities to facilitate the timely preparation and delivery of
certificates representing the Securities to be sold pursuant to any Registration Statement free of any restrictive legends under the Securities Act and in such denominations and registered in such names as the Holders may request a reasonable period
of time prior to sales of the Securities pursuant to such Registration Statement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j)&nbsp;Upon the occurrence of any event contemplated by paragraphs
(ii)&nbsp;through (v)&nbsp;of Section&nbsp;3(b) above during the period for which the Company is required to maintain an effective Registration Statement, the Company shall promptly prepare and file a post-effective amendment to the Registration
Statement or a supplement to the related prospectus and any other required document so that, as thereafter delivered to Holders of the Securities or purchasers of Securities, the prospectus will not contain an untrue statement of a material fact or
omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. If the Company notifies the Initial Purchasers, the Holders of the
Securities and any known Participating Broker-Dealer in accordance with paragraphs (ii)&nbsp;through (v)&nbsp;of Section&nbsp;3(b) above to suspend the use of the prospectus until the requisite changes to the prospectus have been made, then the
Initial Purchasers, the Holders of the Securities and any such Participating Broker-Dealers shall suspend use of such prospectus, and the period of effectiveness of the Shelf Registration Statement provided for in Section&nbsp;2(b) above and the
Exchange Offer Registration Statement provided for in Section&nbsp;1 above shall each be extended by the number of days from and including the date of the giving of such notice to and including the date when the Initial Purchasers, the Holders of
the Securities and any known Participating Broker-Dealer shall have received such amended or supplemented prospectus pursuant to this Section&nbsp;3(j). During the period in which the Company is required to maintain an effective Shelf Registration
Statement pursuant to this Agreement, the Company will prior to the <FONT STYLE="white-space:nowrap">three-year</FONT> expiration of that Shelf Registration Statement file, and use its commercially reasonable efforts to cause to be declared
effective (unless it becomes effective automatically upon filing) within a period that avoids any interruption in the ability of Holders of Securities covered by the expiring Shelf Registration Statement to make registered dispositions, a new
registration statement relating to the Securities, which shall be deemed the &#147;Shelf Registration Statement&#148; for purposes of this Agreement, subject to the provisions of this Agreement governing permitted suspension periods. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k)&nbsp;Not later than the effective date of the applicable Registration Statement, the Company will provide a CUSIP number
for the Initial Securities, the Exchange Securities or the Private Exchange Securities, as the case may be. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l)&nbsp;The
Company will comply with all rules and regulations of the Commission to the extent and so long as they are applicable to the Registered Exchange Offer or the Shelf Registration and will make generally available to its security holders (or otherwise
provide in accordance with Section&nbsp;11(a) of the Securities Act) an earning statement satisfying the provisions of Section&nbsp;11(a) of the Securities Act, no later than 45 days after the end of a 12-month period (or 90 days, if such period is
a fiscal year) beginning with the first month of the Company&#146;s first fiscal quarter commencing after the effective date of the Registration Statement, which statement shall cover such 12-month period. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m)&nbsp;The Company shall cause the Indenture to be qualified under the Trust Indenture Act of 1939, as amended, in a timely
manner and containing such changes, if any, as shall be necessary for such qualification. In the event that such qualification would require the appointment of a new trustee under the Indenture, the Company shall appoint a new trustee thereunder
pursuant to the applicable provisions of the Indenture. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n)&nbsp;The Company may require each Holder of Securities to be
sold pursuant to the Shelf Registration Statement to furnish to the Company such information regarding the Holder and the distribution of the Securities as the Company may from time to time reasonably require for inclusion in the Shelf Registration
Statement, and the Company may exclude from such registration the Securities of any Holder that fails to furnish such information within a reasonable time after receiving such request. Each such Holder agrees to notify the Company as promptly as
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
practicable of any inaccuracy or change in information previously furnished by such Holder to the Company or the occurrence of any event in either case as a result of which any prospectus
relating to such Shelf Registration Statement contains or would contain an untrue statement of a material fact regarding such Holder or such Holder&#146;s intended method of disposition of such Securities or omits or would omit to state any material
fact regarding such Holder or such Holder&#146;s intended method of disposition of such Securities required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading,
and promptly to furnish to the Company any additional information required to correct and update any previously furnished information or required so that such prospectus shall not contain, with respect to such Holder or the disposition of such
Securities, an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, the light of the circumstances under which they were made, not misleading. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(o)&nbsp;The Company shall enter into such customary agreements (including, if requested, an underwriting agreement in
customary form) and take all such other action, if any, as any Holder of the Securities shall reasonably request in order to facilitate the disposition of the Securities pursuant to any Shelf Registration. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(p)&nbsp;In the case of any Shelf Registration, the Company shall (i)&nbsp;make reasonably available for inspection by the
Holders of the Securities during normal business hours, any underwriter participating in any disposition pursuant to the Shelf Registration Statement and any attorney, accountant or other agent retained by the Holders of the Securities or any such
underwriter all relevant financial and other records, pertinent corporate documents and properties of the Company and (ii)&nbsp;cause the Company&#146;s officers, directors, employees, accountants and auditors to supply all relevant information
reasonably requested by the Holders of the Securities or any such underwriter, attorney, accountant or agent in connection with the Shelf Registration Statement, in each case, as shall be reasonably necessary to enable such persons, to conduct a
reasonable investigation within the meaning of Section&nbsp;11 of the Securities Act; provided, however, that the foregoing inspection and information gathering shall be coordinated on behalf of the Initial Purchasers by you and on behalf of the
other parties, by one counsel designated by and on behalf of such other parties as described in Section&nbsp;4 hereof. Any such access granted under this Section&nbsp;3(p) shall be subject to the prior receipt by the Company of written undertakings
from any person not otherwise subject to a professional duty of confidentiality, in form and substance reasonably satisfactory to the Company, to preserve the confidentiality of any information deemed by the Company to be confidential. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(q)&nbsp;In the case of any Shelf Registration, the Company, if requested by any Holder of Securities covered thereby, shall
cause (i)&nbsp;its counsel to deliver an opinion and updates thereof relating to the Securities in customary form addressed to such Holders and the managing underwriters, if any, thereof and dated, in the case of the initial opinion, the effective
date of such Shelf Registration Statement (it being agreed that the matters to be covered by such opinion shall be in form, scope and substance reasonably satisfactory to the managing underwriters, if any); (ii)&nbsp;its officers to execute and
deliver all customary documents and certificates and updates thereof reasonably requested by any underwriters of the applicable Securities and (iii)&nbsp;its independent public accountants and the independent public accountants with respect to any
other entity for which financial information is provided in the Shelf Registration Statement to provide to the selling Holders of the applicable Securities and any underwriter therefor a comfort letter in customary form and covering matters of the
type customarily covered in comfort letters in connection with primary underwritten offerings, subject to receipt of appropriate documentation as contemplated, and only if permitted, by Statement of Auditing Standards No.&nbsp;72. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(r)&nbsp;If requested by any known Participating Broker-Dealer in a Registered Exchange Offer or by any Initial Purchaser in a
Private Exchange, the Company shall cause (i)&nbsp;its counsel to </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
deliver to such Initial Purchaser or such Participating Broker-Dealer a signed opinion substantially in the form set forth in Schedules E and F of the Purchase Agreement with such changes as are
customary in connection with the preparation of a Registration Statement and (ii)&nbsp;its independent public accountants and the independent public accountants with respect to any other entity for which financial information is provided in the
Registration Statement to deliver to such Initial Purchaser or such Participating Broker-Dealer a comfort letter, in customary form, meeting the requirements as to the substance thereof as set forth in Section&nbsp;7(a) of the Purchase Agreement,
with appropriate date changes. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(s)&nbsp;If a Registered Exchange Offer or a Private Exchange is to be consummated, upon
delivery of the Initial Securities by Holders to the Company (or to such other Person as directed by the Company) in exchange for the Exchange Securities or the Private Exchange Securities, as the case may be, the Company shall mark, or caused to be
marked, on the Initial Securities so exchanged that such Initial Securities are being canceled in exchange for the Exchange Securities or the Private Exchange Securities, as the case may be; in no event shall the Initial Securities be marked as paid
or otherwise satisfied. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(t)&nbsp;The Company will use its commercially reasonable efforts to (a)&nbsp;if the Initial
Securities have been rated prior to the initial sale of such Initial Securities, confirm the ratings will apply to the Securities covered by a Registration Statement, or (b)&nbsp;if the Initial Securities were not previously rated, cause the
Securities covered by a Registration Statement to be rated with the appropriate rating agencies, if so requested by Holders of a majority in aggregate principal amount of Securities covered by such Registration Statement, or by the managing
underwriters, if any. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(u)&nbsp;In the event that any broker-dealer registered under the Exchange Act shall underwrite any
Securities or participate as a member of an underwriting syndicate or selling group or &#147;assist in the distribution&#148; (within the meaning of the Conduct Rules (the &#147;Rules&#148;) of the Financial Industry Regulatory Authority, Inc.
(&#147;FINRA&#148;)) thereof, whether as a Holder of such Securities or as an underwriter, a placement or sales agent or a broker or dealer in respect thereof, or otherwise, the Company will assist such broker-dealer in complying with the
requirements of such Rules, including, without limitation, by (i)&nbsp;if such Rules, including Rule 5121, shall so require, engaging a &#147;qualified independent underwriter&#148; (as defined in Rule 5121) to participate in the preparation of the
Registration Statement relating to such Securities, to exercise usual standards of due diligence in respect thereto and, if any portion of the offering contemplated by such Registration Statement is an underwritten offering or is made through a
placement or sales agent, to recommend the yield of such Securities, (ii)&nbsp;indemnifying any such qualified independent underwriter to the extent of the indemnification of underwriters provided in Section&nbsp;5 hereof and (iii)&nbsp;providing
such information to such broker-dealer as may be required in order for such broker-dealer to comply with the requirements of the Rules. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v)&nbsp;The Company shall use its commercially reasonable efforts to take all other steps necessary to effect the registration
of the Securities covered by a Registration Statement contemplated hereby. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.&nbsp;<I>Registration Expenses</I>. The Company shall bear
all fees and expenses incurred in connection with the performance of its obligations under Sections 1 through 3 hereof, whether or not the Registered Exchange Offer or a Shelf Registration is filed or becomes effective, and, in the event of a Shelf
Registration, shall bear or reimburse the Holders of the Securities covered thereby for the reasonable fees and disbursements of one firm of counsel designated by the Holders of a majority in principal amount of the Initial Securities covered
thereby to act as counsel for the Holders of the Initial Securities in connection therewith, subject to the Company&#146;s reasonable approval. Notwithstanding the foregoing, the Holders shall be responsible for all underwriting commissions and
discounts in connection with an underwritten offering. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.&nbsp;<I>Indemnification</I>. (a)&nbsp;The Company agrees to indemnify and hold harmless each
Holder of the Securities, any Participating Broker-Dealer and each person, if any, who controls such Holder or such Participating Broker-Dealer within the meaning of the Securities Act or the Exchange Act (each Holder, any Participating
Broker-Dealer and such controlling persons are referred to collectively as the &#147;Indemnified Parties&#148;) from and against any losses, claims, damages or liabilities, joint or several, or any actions in respect thereof (including, but not
limited to, any losses, claims, damages, liabilities or actions relating to purchases and sales of the Securities) to which each Indemnified Party may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such losses,
claims, damages, liabilities or actions arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in a Registration Statement or prospectus or in any amendment or supplement thereto or in any
preliminary prospectus or &#147;issuer free writing prospectus,&#148; as defined in Commission Rule&nbsp;433 (&#147;Issuer FWP&#148;), relating to a Shelf Registration, or arise out of, or are based upon, the omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and shall reimburse, as incurred, the Indemnified Parties for any legal or other expenses reasonably incurred by them in connection
with investigating or defending any such loss, claim, damage, liability or action in respect thereof; provided, however, that (i)&nbsp;the Company shall not be liable in any such case to the extent that such loss, claim, damage or liability arises
out of or is based upon any untrue statement or alleged untrue statement or omission or alleged omission made in a Registration Statement or prospectus or in any amendment or supplement thereto or in any preliminary prospectus or Issuer FWP relating
to a Shelf Registration in reliance upon and in conformity with written information pertaining to such Holder or Participating Broker-Dealer and furnished to the Company by or on behalf of such Holder or Participating Broker-Dealer specifically for
inclusion therein and (ii)&nbsp;with respect to any untrue statement or omission or alleged untrue statement or omission made in any preliminary prospectus relating to a Shelf Registration Statement, the indemnity agreement contained in this
subsection&nbsp;(a) shall not inure to the benefit of any Holder or Participating Broker-Dealer from whom the person asserting any such losses, claims, damages or liabilities purchased the Securities concerned, to the extent that a prospectus
relating to such Securities was required to be delivered (including through satisfaction of the conditions of Commission Rule&nbsp;172) by such Holder or Participating Broker-Dealer under the Securities Act in connection with such purchase and any
such loss, claim, damage or liability of such Holder or Participating Broker-Dealer results from the fact that there was not conveyed to such person, at or prior to the time of the sale of such Securities to such person, an amended or supplemented
prospectus or, if permitted by Section&nbsp;3(d), an Issuer FWP correcting such untrue statement or omission or alleged untrue statement or omission if the Company had previously furnished copies thereof to such Holder or Participating
Broker-Dealer; provided further, however, that this indemnity agreement will be in addition to any liability which the Company may otherwise have to such Indemnified Party. The Company shall also indemnify underwriters, their officers and directors
and each person who controls such underwriters within the meaning of the Securities Act or the Exchange Act to the same extent as provided above with respect to the indemnification of the Holders of the Securities if requested by such Holders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;Each Holder of the Securities and Participating Broker-Dealer, severally and not jointly, will indemnify and hold harmless the
Company and each person, if any, who controls the Company within the meaning of the Securities Act or the Exchange Act from and against any losses, claims, damages or liabilities or any actions in respect thereof, to which the Company or any such
controlling person may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages, liabilities or actions arise out of or are based upon any untrue statement or alleged untrue statement of a
material fact contained in a Registration Statement or prospectus or in any amendment or supplement thereto or in any preliminary prospectus or Issuer FWP relating to a Shelf Registration, or arise out of or are based upon the omission or alleged
omission to state therein a material fact necessary to make the statements therein not misleading, but in each case only to the extent that the untrue statement or omission or alleged untrue statement or omission was made in reliance upon and in
conformity with written information pertaining to such Holder or Participating Broker-Dealer and furnished to the Company by or on behalf of such Holder or Participating Broker-Dealer specifically for inclusion therein; and, subject to the
limitation set forth immediately preceding this clause, shall reimburse, as incurred, the Company for </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
any legal or other expenses reasonably incurred by the Company or any such controlling person in connection with investigating or defending any loss, claim, damage, liability or action in respect
thereof. This indemnity agreement will be in addition to any liability which such Holder or Participating Broker-Dealer may otherwise have to the Company or any of its controlling persons. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;Promptly after receipt by an indemnified party under this Section&nbsp;5 of notice of the commencement of any action or proceeding
(including a governmental investigation), such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section&nbsp;5, notify the indemnifying party of the commencement thereof; but the failure
to notify the indemnifying party shall not relieve the indemnifying party from any liability that it may have under subsection (a)&nbsp;or (b)&nbsp;above except to the extent that it has been materially prejudiced (through the forfeiture of
substantive rights or defenses) by such failure; and provided further that the failure to notify the indemnifying party shall not relieve it from any liability that it may have to an indemnified party otherwise than under subsection (a)&nbsp;or
(b)&nbsp;above. In case any such action is brought against any indemnified party, and it notifies the indemnifying party of the commencement thereof, the indemnifying party will be entitled to participate therein and, to the extent that it may wish,
jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party (who shall not, except with the consent of the indemnified party, be counsel to the
indemnifying party), and after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof the indemnifying party will not be liable to such indemnified party under this Section&nbsp;5 for any legal
or other expenses, other than reasonable costs of investigation, subsequently incurred by such indemnified party in connection with the defense thereof. No indemnifying party shall, without the prior written consent of the indemnified party, effect
any settlement of any pending or threatened action in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party unless such settlement (i)&nbsp;includes an
unconditional release of such indemnified party from all liability on any claims that are the subject matter of such action, and (ii)&nbsp;does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf
of any indemnified party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;If the indemnification provided for in this Section&nbsp;5 is unavailable or insufficient to hold
harmless an indemnified party under subsections (a)&nbsp;or (b)&nbsp;above, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of the losses, claims, damages or liabilities (or actions
in respect thereof) referred to in subsection (a)&nbsp;or (b)&nbsp;above (i)&nbsp;in such proportion as is appropriate to reflect the relative benefits received by the indemnifying party or parties on the one hand and the indemnified party on the
other from the exchange of the Securities, pursuant to the Registered Exchange Offer, or (ii)&nbsp;if the allocation provided by the foregoing clause (i)&nbsp;is not permitted by applicable law, in such proportion as is appropriate to reflect not
only the relative benefits referred to in clause (i)&nbsp;above but also the relative fault of the indemnifying party or parties on the one hand and the indemnified party on the other in connection with the statements or omissions that resulted in
such losses, claims, damages or liabilities (or actions in respect thereof) as well as any other relevant equitable considerations. The relative fault of the parties shall be determined by reference to, among other things, whether the untrue or
alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company on the one hand or such Holder or such other indemnified party, as the case may be, on the other,
and the parties&#146; relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid by an indemnified party as a result of the losses, claims, damages or liabilities referred to
in the first sentence of this subsection (d)&nbsp;shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any action or claim which is the subject of this
subsection (d). Notwithstanding any other provision of this Section&nbsp;5(d), the Holders of the Securities shall not be required to contribute any amount in excess of the amount by which the net proceeds received by such Holders from the sale of
the Securities pursuant to a Registration Statement exceeds the amount of damages which such Holders have otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of
fraudulent misrepresentation (within </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
the meaning of Section&nbsp;11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this paragraph
(d), each person, if any, who controls such indemnified party within the meaning of the Securities Act or the Exchange Act shall have the same rights to contribution as such indemnified party and each person, if any, who controls the Company within
the meaning of the Securities Act or the Exchange Act shall have the same rights to contribution as the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;The agreements
contained in this Section&nbsp;5 shall survive the sale of the Securities pursuant to a Registration Statement and shall remain in full force and effect, regardless of any termination or cancellation of this Agreement or any investigation made by or
on behalf of any indemnified party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.&nbsp;<I>Additional Interest Under Certain Circumstances</I>. (a)&nbsp;Additional interest (the
&#147;Additional Interest&#148;) with respect to the Initial Securities shall be assessed as follows if any of the following events occur (each such event in clauses&nbsp;(i) through (ii)&nbsp;below a &#147;Registration Default&#148;): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;If on or prior to the 365<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day after the Issue Date, neither the
Registered Exchange Offer is consummated nor, if required in lieu thereof, the Shelf Registration Statement is declared effective by the Commission; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii)&nbsp;If after either the Exchange Offer Registration Statement or the Shelf Registration Statement is declared (or becomes
automatically) effective (A)&nbsp;such Registration Statement thereafter ceases to be effective (and such Registration Statement is required to remain effective under this Agreement); or (B)&nbsp;such Registration Statement or the related prospectus
ceases to be usable (except as permitted in paragraph&nbsp;(b)) in connection with resales of Transfer Restricted Securities during the periods specified herein because either (1)&nbsp;any event occurs as a result of which the related prospectus
forming part of such Registration Statement would include any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein in the light of the circumstances under which they were made not
misleading, (2)&nbsp;it shall be necessary to amend such Registration Statement or supplement the related prospectus, to comply with the Securities Act or the Exchange Act or the respective rules thereunder, or&nbsp;(3) such Registration Statement
is a Shelf Registration Statement that has expired before a replacement Shelf Registration Statement has become effective. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Additional Interest shall
accrue on the principal amount of the Initial Securities over and above the interest set forth in the title of the Securities from and including the date on which any such Registration Default shall occur at a rate of 0.25%&nbsp;per annum (the
&#147;Additional Interest Rate&#148;) for the first 90-day period immediately following the occurrence of such Registration Default. The Additional Interest Rate shall increase by an additional 0.25%&nbsp;per annum, with respect to each subsequent
90-day period until all Registration Defaults have been cured, up to a maximum Additional Interest Rate of 1.0%&nbsp;per annum. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing, a Holder of Securities that has not provided the information described in Section&nbsp;3(n) shall not be
entitled to Additional Interest with respect to an event described in the foregoing clause (i), (ii)&nbsp;or (iii)&nbsp;of this Section&nbsp;6(a) that pertains to the applicable Shelf Registration Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;A Registration Default referred to in Section&nbsp;6(a)(iii)(B) hereof shall be deemed not to have occurred and be continuing in
relation to a Shelf Registration Statement or the related prospectus if (i)&nbsp;such Registration Default has occurred solely as a result of (x)&nbsp;the filing of a post-effective amendment to such Shelf Registration Statement to incorporate
annual audited financial information with respect to the Company where such post-effective amendment is not yet effective and needs to be declared effective to permit Holders to use the related prospectus or (y)&nbsp;other material events, with
respect to the Company that would need to be described in such Shelf Registration Statement or the related prospectus and (ii)&nbsp;in the case of clause (y), the Company is proceeding promptly and in good faith to amend or supplement such
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Shelf Registration Statement and related prospectus to describe such events; provided, however, that in any case if such Registration Default occurs for a continuous period in excess of 45 days
(or if a Delay Period (as contemplated in Section&nbsp;2(e) hereof) exceeds 60 days in any three-month period or 90 days in any 12-month period), Additional Interest shall be payable in accordance with the above paragraph from the day such
Registration Default occurs until such Registration Default is cured. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;Any amounts of Additional Interest due pursuant to clause
(i), (ii)&nbsp;or (iii)&nbsp;of Section&nbsp;6(a) above will be payable in cash on the regular interest payment dates with respect to the Initial Securities. The amount of Additional Interest will be determined by multiplying the applicable
Additional Interest Rate by the principal amount of the Initial Securities, multiplied by a fraction, the numerator of which is the number of days such Additional Interest Rate was applicable during such period (determined on the basis of a 360-day
year comprised of twelve 30-day months), and the denominator of which is 360. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&#147;Transfer Restricted Securities&#148; means
each Security until (i)&nbsp;the date on which such Transfer Restricted Security has been exchanged by a person other than a broker-dealer for an Exchange Security that is freely transferable under the Securities Act in the Registered Exchange
Offer, (ii)&nbsp;following the exchange by a broker-dealer in the Registered Exchange Offer of a Initial Security for an Exchange Security, the date on which such Exchange Security is sold to a purchaser who receives from such broker-dealer on or
prior to the date of such sale a copy of the prospectus contained in the Exchange Offer Registration Statement, (iii)&nbsp;the date on which such Initial Security has been effectively registered under the Securities Act and disposed of in accordance
with the Shelf Registration Statement, (iv)&nbsp;the date on which such Security is distributed to the public pursuant to Rule 144 under the Securities Act or (v)&nbsp;the earliest date that is no less than two years after the Issue Date and on
which such Security (except for Securities held by an affiliate of the Company) may be resold in reliance on paragraph (b)(1) of Rule 144 under the Securities Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.&nbsp;<I>Rules 144 and 144A</I>.&nbsp;The Company shall use its commercially reasonable efforts to file the reports required to be filed by
it under the Securities Act and the Exchange Act in a timely manner and, if at any time the Company is not required to file such reports, it will, upon the request of any Holder of Initial Securities, make publicly available other information so
long as necessary to permit sales of their securities pursuant to Rules&nbsp;144 and 144A. The Company covenants that it will take such further action as any Holder of Initial Securities may reasonably request, all to the extent required from time
to time to enable such Holder to sell Initial Securities without registration under the Securities Act within the limitation of the exemptions provided by Rules&nbsp;144 and 144A (including the requirements of Rule&nbsp;144A(d)(4)). Notwithstanding
the foregoing, nothing in this Section&nbsp;7 shall be deemed to require the Company to register any of its securities pursuant to the Exchange Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.&nbsp;<I>Underwritten Registrations</I>.&nbsp;If any of the Transfer Restricted Securities covered by any Shelf Registration are to be sold
in an underwritten offering, the investment banker or investment bankers and manager or managers that will administer the offering (&#147;Managing Underwriters&#148;) will be selected by the Holders of a majority in aggregate principal amount of
such Transfer Restricted Securities to be included in such offering, subject to the Company&#146;s reasonable approval. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No person may
participate in any underwritten registration hereunder unless such person (i)&nbsp;agrees to sell such person&#146;s Transfer Restricted Securities on the basis reasonably provided in any underwriting arrangements approved by the persons entitled
hereunder to approve such arrangements and (ii)&nbsp;completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.&nbsp;<I>Miscellaneous</I>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;<I>Amendments and Waivers</I>.&nbsp;The provisions of this Agreement may not be amended, modified or supplemented, and waivers or
consents to departures from the provisions hereof may not be given, except by the Company and the written consent of the Holders of a majority in principal amount of the Securities affected by such amendment, modification, supplement, waiver or
consents. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;<I>Notices</I>.&nbsp;All notices and other communications provided for or permitted
hereunder shall be made in writing by hand delivery, first-class mail, facsimile transmission, or air courier which guarantees overnight delivery: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(1) if to a Holder of the Securities, at the most current address given by such Holder to the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(2) if to the Initial Purchasers: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Credit Suisse Securities (USA) LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Eleven Madison Avenue </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">New
York, NY 10010-3629 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Fax No.: (212)&nbsp;325-4296 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Attention: LCD-IBD </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">with a copy
to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Paul, Weiss, Rifkind, Wharton&nbsp;&amp; Garrison LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">77 King Street West, Suite 3100 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">P.O. Box 226 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Toronto, Ontario
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Canada M5K 1J3 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Fax No.:
(416)&nbsp;504-0530 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Attention: Christopher J. Cummings </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(3) if to the Company, at its address as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">800, 525 &#150; 8th Avenue S.W. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Calgary, Alberta </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Canada T2P
1G1 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Fax No.: (403)&nbsp;206-2509 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Attention: Chief Financial Officer </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">with a copy to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">&#147;Treasurer&#148;, at the same address </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">with a copy to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Simpson
Thacher&nbsp;&amp; Bartlett LLP </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">425 Lexington Avenue </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">New York, NY 10017-3954 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Fax
No.: (212)&nbsp;455-2502 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Attention: Ris&euml; Norman </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; three
business days after being deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged by recipient&#146;s facsimile machine operator, if sent by facsimile transmission; and on the day delivered, if sent by overnight air courier
guaranteeing next day delivery. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;<I>No Inconsistent Agreements</I>.&nbsp;The Company has not, as of the date hereof,
entered into, nor shall it, on or after the date hereof, enter into, any agreement with respect to its securities that is inconsistent with the rights granted to the Holders herein or otherwise conflicts with the provisions hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;<I>Successors and Assigns</I>.&nbsp;This Agreement shall be binding upon the Company and its successors and assigns. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;<I>Counterparts</I>.&nbsp;This Agreement may be executed in any number of counterparts and by the parties hereto 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 agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f)&nbsp;<I>Headings</I>.&nbsp;The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect
the meaning hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g)&nbsp;<I>Governing </I>Law.&nbsp;THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF NEW YORK. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h)&nbsp;<I>Severability</I>.&nbsp;If any one or more of the provisions contained herein, or the application
thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or impaired
thereby. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;<I>Securities Held by the Company</I>.&nbsp;Whenever the consent or approval of Holders of a specified percentage of
principal amount of Securities is required hereunder, Securities held by the Company or its affiliates (other than subsequent Holders of Securities if such subsequent Holders are deemed to be affiliates solely by reason of their holdings of such
Securities) shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j)&nbsp;<I>Agent for Service; Submission to Jurisdiction; Waiver of Immunities</I>.&nbsp;By the execution and delivery of this Agreement,
each of the Company that is not organized in the United States (i)&nbsp;acknowledges that it has, by separate written instrument, irrevocably designated and appointed CT Corporation System, 111 Eighth Avenue, New York, New York 10011 (and any
successor entity), as its authorized agent upon which process may be served in any suit or proceeding arising out of or relating to this Agreement that may be instituted in any federal or state court in the State of New York or brought under federal
or state securities laws, and acknowledges that CT Corporation System has accepted such designation, (ii)&nbsp;submits to the nonexclusive jurisdiction of any such court in any such suit or proceeding, and (iii)&nbsp;agrees that service of process
upon CT Corporation System and written notice of said service to the Company shall be deemed in every respect effective service of process upon it in any such suit or proceeding. The Company further agrees to take any and all action, including the
execution and filing of any and all such documents and instruments, as may be necessary to continue such designation and appointment of CT Corporation System in full force and effect so long as any of the Securities shall be outstanding. To the
extent that the Company may acquire any immunity from jurisdiction of any court or from any legal process (whether through service of notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to
itself or its property, it hereby irrevocably waives such immunity in respect of this Agreement, to the fullest extent permitted by law. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If the foregoing is in accordance with your understanding of our agreement, please sign and return to the Issuer
a counterpart hereof, whereupon this instrument, along with all counterparts, will become a binding agreement among the several Initial Purchasers, the Issuer and the Guarantors in accordance with its terms. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="79%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">P<SMALL>RECISION</SMALL> D<SMALL>RILLING</SMALL> C<SMALL>ORPORATION</SMALL></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">/s/ Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Senior Vice President, General Counsel and Corporate Secretary</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">P<SMALL>RECISION</SMALL> D<SMALL>IVERSIFIED</SMALL> O<SMALL>ILFIELD</SMALL> S<SMALL>ERVICES</SMALL> C<SMALL>ORP</SMALL>.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">/s/ Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Senior Vice President, General Counsel and Corporate Secretary</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">P<SMALL>RECISION</SMALL> L<SMALL>IMITED</SMALL> P<SMALL>ARTNERSHIP</SMALL></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">B<SMALL>Y</SMALL>:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><SMALL>ITS</SMALL> <SMALL>GENERAL</SMALL> <SMALL>PARTNER</SMALL>, P<SMALL>RECISION</SMALL> D<SMALL>IVERSIFIED</SMALL> O<SMALL>ILFIELD</SMALL> S<SMALL>ERVICES</SMALL> C<SMALL>ORP</SMALL>.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">/s/ Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Senior Vice President, General Counsel and Corporate Secretary</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">P<SMALL>RECISION</SMALL> D<SMALL>RILLING</SMALL> C<SMALL>ANADA</SMALL> L<SMALL>IMITED</SMALL> P<SMALL>ARTNERSHIP</SMALL></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">B<SMALL>Y</SMALL>:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><SMALL>ITS</SMALL> <SMALL>GENERAL</SMALL> <SMALL>PARTNER</SMALL>, P<SMALL>RECISION</SMALL> D<SMALL>IVERSIFIED</SMALL> O<SMALL>ILFIELD</SMALL> S<SMALL>ERVICES</SMALL> C<SMALL>ORP</SMALL>.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">/s/ Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Senior Vice President, General Counsel and Corporate Secretary</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Signature Page to
Registration Rights Agreement] </I></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">G<SMALL>REY</SMALL> W<SMALL>OLF</SMALL> I<SMALL>NTERNATIONAL</SMALL> D<SMALL>RILLING</SMALL> C<SMALL>ORPORATION</SMALL></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">/s/ Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Senior Vice President, General Counsel and Corporate Secretary</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">P<SMALL>RECISION</SMALL> O<SMALL>ILFIELD</SMALL> P<SMALL>ERSONNEL</SMALL> S<SMALL>ERVICES</SMALL> L<SMALL>TD</SMALL>.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">/s/ Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Senior Vice President, General Counsel and Corporate Secretary</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">P<SMALL>RECISION</SMALL> D<SMALL>RILLING</SMALL>, I<SMALL>NC</SMALL>.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">/s/ Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Senior Vice President, General Counsel and Corporate Secretary</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">DI E<SMALL>NERGY</SMALL>, I<SMALL>NC</SMALL>.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">/s/ Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Senior Vice President, General Counsel and Corporate Secretary</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">G<SMALL>REY</SMALL> W<SMALL>OLF</SMALL> I<SMALL>NTERNATIONAL</SMALL>, I<SMALL>NC</SMALL>.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">/s/ Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Senior Vice President, General Counsel and Corporate Secretary</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">P<SMALL>RECISION</SMALL> D<SMALL>RILLING</SMALL> H<SMALL>OLDINGS</SMALL> C<SMALL>OMPANY</SMALL></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">/s/ Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Senior Vice President, General Counsel and Corporate Secretary</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Signature Page to
Registration Rights Agreement] </I></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="79%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">P<SMALL>RECISION</SMALL> D<SMALL>RILLING</SMALL> LLC</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">/s/ Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Senior Vice President, General Counsel and Corporate Secretary</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">P<SMALL>RECISION</SMALL> D<SMALL>RILLING</SMALL> C<SMALL>OMPANY</SMALL>, LP</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">B<SMALL>Y</SMALL>:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"><SMALL>ITS</SMALL> G<SMALL>ENERAL</SMALL> P<SMALL>ARTNER</SMALL>, P<SMALL>RECISION</SMALL> D<SMALL>RILLING</SMALL> H<SMALL>OLDINGS</SMALL> C<SMALL>OMPANY</SMALL></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">/s/ Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Senior Vice President, General Counsel and Corporate Secretary</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">M<SMALL>URCO</SMALL> D<SMALL>RILLING</SMALL> C<SMALL>ORPORATION</SMALL></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">/s/ Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Senior Vice President, General Counsel and Corporate Secretary</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">DI/P<SMALL>ERFENSA</SMALL> I<SMALL>NC</SMALL>.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">/s/ Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Senior Vice President, General Counsel and Corporate Secretary</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">P<SMALL>RECISION</SMALL> C<SMALL>OMPLETION</SMALL> &amp; P<SMALL>RODUCTION</SMALL> S<SMALL>ERVICES</SMALL> L<SMALL>TD</SMALL>.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">/s/ Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Senior Vice President, General Counsel and Corporate Secretary</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">PD S<SMALL>UPPLY</SMALL> I<SMALL>NC</SMALL>.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">/s/ Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Senior Vice President, General Counsel and Corporate Secretary</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Signature Page to
Registration Rights Agreement] </I></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">P<SMALL>RECISION</SMALL> D<SMALL>RILLING</SMALL> (US) C<SMALL>ORPORATION</SMALL></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">/s/ Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Senior Vice President, General Counsel and Corporate Secretary</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">P<SMALL>RECISION</SMALL> D<SMALL>IRECTIONAL</SMALL> S<SMALL>ERVICES</SMALL>, I<SMALL>NC</SMALL>.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">/s/ Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Senior Vice President, General Counsel and Corporate Secretary</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="5"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">P<SMALL>RECISION</SMALL> D<SMALL>IRECTIONAL</SMALL> S<SMALL>ERVICES</SMALL> <SMALL>LTD</SMALL>.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">/s/ Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Joanne L. Alexander</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Senior Vice President, General Counsel and Corporate Secretary</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Signature Page to
Registration Rights Agreement] </I></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The foregoing Registration </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Rights Agreement is hereby confirmed </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">and accepted as of the date
first </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="8%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="77%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">C<SMALL>REDIT</SMALL> S<SMALL>UISSE</SMALL> S<SMALL>ECURITIES</SMALL> (USA) LLC</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">RBC C<SMALL>APITAL</SMALL> M<SMALL>ARKETS</SMALL>, LLC</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">M<SMALL>ORGAN</SMALL> S<SMALL>TANLEY</SMALL>&nbsp;&amp; C<SMALL>O</SMALL>. LLC</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">C<SMALL>REDIT</SMALL> S<SMALL>UISSE</SMALL> S<SMALL>ECURITIES</SMALL> (USA) LLC</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Max Lipkind</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Max Lipkind</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">RBC C<SMALL>APITAL</SMALL> M<SMALL>ARKETS</SMALL>, LLC</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ James S. Wolfe</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">James S. Wolfe</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Managing Director</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Head of US Leverage
Finance</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3">M<SMALL>ORGAN</SMALL> S<SMALL>TANLEY</SMALL>&nbsp;&amp; C<SMALL>O</SMALL>. LLC</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Henrik Z. Sandstorm</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Henrik Z. Sandstorm</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Authorized Signatory</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Acting on behalf of themselves </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">and as the representatives of </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">the several Initial Purchasers.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Signature Page to
Registration Rights Agreement] </I></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">ANNEX A </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each broker-dealer that receives Exchange Securities 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 Securities. 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 Exchange Securities received in exchange for Initial Securities where
such Initial Securities were acquired by such broker-dealer as a result of market-making activities or other trading activities. The Company has agreed that, for a period of 180 days after the Expiration Date (as defined herein), it will make this
Prospectus available to any broker-dealer for use in connection with any such resale. See &#147;Plan of Distribution.&#148; </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">ANNEX B </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each broker-dealer that receives Exchange Securities for its own account in exchange for Securities, where such Initial Securities 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 such Exchange Securities. See &#147;Plan of Distribution.&#148;
</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">ANNEX C </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PLAN OF DISTRIBUTION </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each
broker-dealer that receives Exchange Securities 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 Securities. 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 Securities received in exchange for Initial Securities where such Initial Securities were acquired as a result of market-making activities or other
trading activities. The Company has agreed that, for a period of 180 days after the Expiration Date, it will make this prospectus, as amended or supplemented, available to any broker-dealer for use in connection with any such resale. In addition,
until &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20[&nbsp;&nbsp;&nbsp;&nbsp;], all dealers effecting transactions in the Exchange Securities may be required to deliver a
prospectus.<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company will not receive any proceeds from any sale of Exchange
Securities by broker-dealers. Exchange Securities received by broker-dealers for their own account pursuant to the Exchange Offer may be sold from time to time in one or more transactions in the over-the-counter market, in negotiated transactions,
through the writing of options on the Exchange Securities or a combination of such methods of resale, at market prices prevailing at the time of resale, at prices related to such prevailing market prices or negotiated prices. Any such resale may be
made directly to purchasers or to or through brokers or dealers who may receive compensation in the form of commissions or concessions from any such <FONT STYLE="white-space:nowrap">broker-dealer</FONT> or the purchasers of any such Exchange
Securities. Any broker-dealer that resells Exchange Securities 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 such Exchange Securities may be deemed to be
an &#147;underwriter&#148; within the meaning of the Securities Act and any profit on any such resale of Exchange Securities and any commission or concessions received by any such 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.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For a period of 180 days after the Expiration Date the Company 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. The Company has agreed to pay all expenses incident to the Exchange Offer (including the reasonable expenses of one counsel for the
Holders of the Securities) other than commissions or concessions of any brokers or dealers and will indemnify the Holders of the Securities (including any broker-dealers) against certain liabilities, including liabilities under the Securities Act.
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">In addition, the legend required by Item&nbsp;502(b) of Regulation&nbsp;S-K will appear on the back cover page of the Exchange Offer prospectus. </TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">ANNEX D </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">CHECK HERE IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 10 ADDITIONAL COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS OR
SUPPLEMENTS THERETO. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="18%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="30%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="46%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top">Address:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If the undersigned is not a broker-dealer, the undersigned represents that it is not engaged in, and does not intend to engage
in, a distribution of Exchange Securities. If the undersigned is a broker-dealer that will receive Exchange Securities for its own account in exchange for Initial Securities that were acquired as a result of market-making activities or other trading
activities, it acknowledges that it will deliver a prospectus in connection with any resale of such Exchange Securities; 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. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">ANNEX E </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="91%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="7%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:32.40pt; font-size:8pt; font-family:Times New Roman">Guarantor</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:37.20pt; font-size:8pt; font-family:Times New Roman">Jurisdiction</P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Precision Diversified Oilfield Services Corp.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Alberta</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Precision Limited Partnership</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Alberta</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Precision Drilling Canada Limited Partnership</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Alberta</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Grey Wolf International Drilling Corporation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Canada</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Precision Oilfield Personnel Services Ltd.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Alberta</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Precision Drilling, Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Delaware</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Precision Completion&nbsp;&amp; Production Services Ltd.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Delaware</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">DI Energy, Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Texas</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Grey Wolf International, Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Texas</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Precision Drilling Holdings Company</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Nevada</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Precision Drilling LLC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Louisiana</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Precision Drilling Company, LP</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Texas</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Murco Drilling Corporation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Delaware</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">DI/Perfensa Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Texas</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PD Supply Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Texas</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Precision Drilling (US) Corporation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Texas</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Precision Directional Services, Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Texas</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Precision Directional Services Ltd.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Alberta</TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>7
<FILENAME>d850935dex51.htm
<DESCRIPTION>EX-5.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-5.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 5.1 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">February&nbsp;17, 2015 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Precision Drilling
Corporation </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">800, 525 &#150; 8<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Avenue S.W </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Calgary, Alberta </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Canada T2P 1G1 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Registration Statement on Form F-10/F-4 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies
and Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">In connection with the Registration Statement on Form F-10/F-4 (the &#147;Registration Statement&#148;) of Precision
Drilling Corporation, a Canadian corporation (the &#147;Company&#148;), and certain subsidiaries of the Company listed on Schedule A (the &#147;Delaware Guarantors&#148;) and Schedule B (the &#147;Non-Delaware Guarantors&#148;) (collectively, the
&#147;Guarantors&#148;), filed with the Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended (the &#147;Act&#148;), and the rules and regulations thereunder (the &#147;Rules&#148;), you have asked us to furnish our
opinion as to the legality of the securities being registered under the Registration Statement. The Registration Statement relates to the registration under the Act of the Company&#146;s 5.250% Senior Notes due 2024 (the &#147;Exchange Notes&#148;)
and the guarantees of the Exchange Notes by the Guarantors (the &#147;Guarantees&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The Exchange Notes and the Guarantees are to be
offered in exchange for the Company&#146;s outstanding 5.250% Senior Notes due 2024 (the &#147;Initial Notes&#148;) and the guarantees of the Initial Notes by the Guarantors. The Exchange Notes and the Guarantees will be issued by the Company in
accordance with the terms of the Indenture (the &#147;Indenture&#148;), dated as of June&nbsp;3, 2014, among the Company, the Guarantors, The Bank of New York Mellon as U.S. trustee, paying agent and registrar, and Valiant Trust Company as Canadian
trustee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">In connection with the furnishing of this opinion, we have examined originals, or copies certified or otherwise identified to
our satisfaction, of the following documents (collectively, the &#147;Documents&#148;): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">1. the Registration Statement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">2. the Indenture, included as Exhibit 4.2 to the Registration Statement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">3. the Form of Exchange Note and the related Guarantees, included as Exhibit&nbsp;4.1 to the Registration Statement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">4. the Registration Rights Agreement, dated as of June&nbsp;3, 2014 (the &#147;Registration Rights Agreement&#148;), among the Company, the
Guarantors and the initial purchasers named therein, included as Exhibit&nbsp;4.3 to the Registration Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, we have
examined (i)&nbsp;such corporate records of the Delaware Guarantors that we have considered appropriate, including a copy of the certificate of incorporation, as amended, and by laws, as amended, of the Delaware Guarantors, certified by each such
Guarantor as in effect on the date of this letter, and copies of resolutions of the board of directors of such Guarantors relating to the issuance the Guarantees of the Exchange Notes, certified by such Guarantors and (ii)&nbsp;such other
certificates, agreements and documents that we deemed relevant and necessary as a basis for the opinions expressed below. We have also relied upon the factual matters contained in the representations and warranties of the Company and the Guarantors
made in the Documents and upon certificates of public officials and the officers of the Company and the Guarantors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">In our examination of
the documents referred to above, we have assumed, without independent investigation, the genuineness of all signatures, the legal capacity of all individuals who have executed any of the documents reviewed by us, the authenticity of all documents
submitted to us as originals, the conformity to the originals of all documents submitted to us as certified, photostatic, reproduced or conformed copies of valid existing agreements or other documents, the authenticity of all the latter documents
and that the statements regarding matters of fact in the certificates, records, agreements, instruments and documents that we have examined are accurate and complete. We have also assumed, without independent investigation, (i)&nbsp;that the
Exchange Notes and Guarantees will be issued as described in the Registration Statement, (ii)&nbsp;that the Exchange Notes and Guarantees will be in substantially the form attached to the Indenture and that any information omitted from such form
will be properly added, (iii)&nbsp;that each of the Company and each Non-Delaware Guarantor is validly existing and in good standing under the laws of its jurisdiction of organization, (iv)&nbsp;that each of the Company and each Non-Delaware
Guarantor has all necessary power and authority to execute, deliver and perform its obligations under the Indenture and the Exchange Notes or Guarantees, as applicable, (v)&nbsp;that the execution, delivery and performance by each of the Company and
each Non-Delaware Guarantor of the Indenture and the Exchange Notes or Exchange Guarantees, as applicable, has been duly authorized by all necessary corporate action and do not violate such party&#146;s certificate or articles of incorporation,
articles of association, by-laws, operating agreements or other organizational documents or the laws of its jurisdiction of organization and (vi)&nbsp;the due execution and delivery of the Indenture and the Exchange Notes or Guarantees, as
applicable, by each of the Company and each Non-Delaware Guarantor under the laws of its jurisdiction of organization. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">



<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="right">
 2
</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Based upon the above, and subject to the stated assumptions, exceptions and qualifications,
we are of the opinion that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">1. When duly issued, authenticated and delivered against the surrender and cancellation of the Initial Notes
as set forth in the Registration Statement and in accordance with the terms of the Indenture and the Registration Rights Agreement, the Exchange Notes will constitute legal, valid and binding obligations of the Company enforceable against the
Company in accordance with their terms, except that the enforceability of the Exchange Notes may be subject to bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors&#146; rights
generally and subject to general principles of equity (regardless of whether enforceability is considered in a proceeding in equity or at law). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">2. When the Exchange Notes are duly issued, authenticated and delivered against the surrender and cancellation of the Initial Notes as set
forth in the Registration Statement and in accordance with the terms of the Indenture and the Registration Rights Agreement, the Guarantees will constitute legal, valid and binding obligations of each of the Guarantors enforceable against each of
the Guarantors in accordance with their terms, except that enforceability of the Guarantees may be subject to bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors&#146; rights
generally and subject to general principles of equity (regardless of whether enforcement is considered in a proceeding in equity or at law). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The opinions expressed above are limited to the laws of the State of New York and the General Corporation Law of the State of Delaware. Our
opinion is rendered only with respect to the laws, and the rules, regulations and orders under those laws, that are currently in effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">We hereby consent to use of this opinion as an exhibit to the Registration Statement and to the use of our name under the heading &#147;Legal
Matters&#148; contained in the prospectus included in the Registration Statement. In giving this consent, we do not thereby admit that we come within the category of persons whose consent is required by the Act or the Rules. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">/s/&nbsp;PAUL,&nbsp;WEISS,&nbsp;RIFKIND,&nbsp;WHARTON&nbsp;&amp;&nbsp;GARRISON&nbsp;LLP</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PAUL,&nbsp;WEISS,&nbsp;RIFKIND,&nbsp;WHARTON&nbsp;&amp;&nbsp;GARRISON&nbsp;LLP</TD></TR>
</TABLE></DIV>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">



<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">
 3
</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Schedule A </U></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="92%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:32.40pt; font-size:8pt; font-family:Times New Roman">Guarantor</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Jurisdiction</TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Precision Completion&nbsp;&amp; Production Services Ltd.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Delaware</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Precision Drilling, Inc.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Delaware</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Murco Drilling Corporation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Delaware</TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">



<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">
 4
</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Schedule B </U></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="91%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:32.40pt; font-size:8pt; font-family:Times New Roman">Guarantor</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Jurisdiction</TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Precision Diversified Oilfield Services Corp.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Alberta</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Precision Limited Partnership</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Alberta</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Precision Drilling Canada Limited Partnership</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Alberta</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Precision Employment Services Corp.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Alberta</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">DI Energy, Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Texas</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Grey Wolf International, Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Texas</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Grey Wolf International Drilling Corporation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Canada</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Precision Drilling Holdings Company</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Nevada</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Precision Drilling LLC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Louisiana</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Precision Drilling Company, LP</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Texas</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">DI/Perfensa Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Texas</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PD Supply Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Texas</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Precision Drilling (US) Corporation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Texas</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Precision Directional Services, Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Texas</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Precision Directional Services Ltd.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Alberta</TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>8
<FILENAME>d850935dex52.htm
<DESCRIPTION>EX-5.2
<TEXT>
<HTML><HEAD>
<TITLE>EX-5.2</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 5.2 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">February&nbsp;17, 2015</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="99%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Precision Drilling Corporation</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Suite 800, 525 -
8th Avenue SW</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Calgary AB T2P 1G1</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ladies and Gentlemen: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Precision Drilling Corporation - Exchange Offer for 5.250% Senior Notes Due 2024 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have acted as Canadian counsel to each of Precision Drilling Corporation (the <B>&#147;Corporation&#148;), </B>Precision Diversified Oilfield Services Corp.
<B>(&#147;PDOSC&#148;), </B>Precision Limited Partnership <B>(&#147;PLP&#148;), </B>Precision Drilling Canada Limited Partnership <B>(&#147;PDCLP&#148;), </B>Grey Wolf International Drilling Corporation <B>(&#147;GWIDC&#148;), </B>Precision
Employment Services Corp. <B>(&#147;PESC&#148;), </B>Precision Drilling, Inc. <B>(&#147;PDI&#148;), </B>Dl Energy, Inc. <B>(&#147;Dll&#148;), </B>Grey Wolf International, Inc. <B>(&#147;GWII&#148;), </B>Precision Drilling Holdings Company
<B>(&#147;PDHC&#148;), </B>Precision Drilling LLC <B>(&#147;PDLLC&#148;), </B>Precision Drilling Company, LP <B>(&#147;PDLP&#148;), </B>Murco Drilling Corporation <B>(&#147;MDC&#148;), </B>DI/Perfensa Inc. <B>(&#147;DIP&#148;), </B>Precision
Completion&nbsp;&amp; Production Services Ltd. <B>(&#147;PCPSL&#148;), </B>PD Supply Inc. <B>(&#147;PSI&#148;), </B>Precision Drilling (US) Corporation <B>(&#147;PDC&#148;), </B>Precision Directional Services, Inc. <B>(&#147;PDSI&#148;) </B>and
Precision Directional Services Ltd. <B>(&#147;PDSL&#148;) </B>in connection with the Registration Statement on Form F-10/F-4 (the <B>&#147;Registration Statement&#148;) </B>filed by the Corporation and the Guarantor Subsidiaries (as defined herein)
with the Securities and Exchange Commission (the <B>&#147;Commission&#148;) </B>under the Securities Act of 1933, as amended, relating to the issuance by the Corporation of US$400,000,000 aggregate principal amount of 5.250% Senior Notes due 2024
(the <B>&#147;Exchange Securities&#148;) </B>and the issuance by the Guarantor Subsidiaries of guarantees (the <B>&#147;Guarantees&#148;) </B>with respect to the Exchange Securities. The Exchange Securities and the Guarantees will be issued under an
indenture dated as of June&nbsp;3, 2014 (the <B>&#147;Indenture&#148;) </B>among the Corporation, the Initial Subsidiary Guarantors (as defined herein), The Bank of New York Mellon, as U.S. trustee (the <B>&#147;U.S. Trustee&#148;) </B>and Valiant
Trust Company, as Canadian co-trustee (the <B>&#147;Canadian Trustee&#148;). </B>The Exchange Securities will be offered by the Corporation in exchange for US$400,000,000 aggregate principal amount of its outstanding 5.250% Senior Notes due 2024.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In this opinion letter, the Corporation, PDOSC, GWIDC, PESC and PDSL are referred to collectively as the <B>&#147;Corporate Parties&#148; </B>and
individually as a <B>&#147;Corporate Party&#148;; </B>PDOSC, in its capacity as the general partner of PLP, is referred to as <B>&#147;PLP GP&#148; </B>and in its capacity as the general partner of PDCLP, is referred to as <B>&#147;PDCLP GP&#148;;
</B>PDHC, in its capacity as the general partner of PDLP, is referred to as <B>&#147;PDLP GP&#148;; </B>PDOSC, PLP, PLP GP, PDCLP, PDCLP GP, GWIDC and PDSL are referred to collectively as the <B>&#147;Canadian Initial Subsidiary Guarantors&#148;
</B>and individually as a <B>&#147;Canadian Initial Subsidiary Guarantor&#148;; </B>the Canadian Initial Subsidiary Guarantors, PDI, DII, GWII, PDHC, PDLLC, PDLP, PDLP GP, MDC, DIP, PCPSL, PSI, PDC and PDSI are referred to collectively as the
<B>&#147;Initial Subsidiary Guarantors&#148; </B>and individually as an <B>&#147;Initial Subsidiary Guarantor&#148;; </B>the Corporation, the Canadian Initial Subsidiary Guarantors and PESC are referred to collectively as the <B>&#147;Canadian
Parties&#148; </B>and individually as a <B>&#147;Canadian Party&#148;; </B>and the Initial Subsidiary Guarantors and PESC are referred to collectively as the <B>&#147;Guarantor Subsidiaries&#148; </B>and individually as a <B>&#147;Guarantor
Subsidiary&#148;.</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PESC is the successor, by way of amalgamation, to each of Precision Oilfield Personnel Services Ltd. <B>(&#147;POPSL&#148;),
</B>Precision Employment Services Corp. <B>(&#147;Pre-Amalgamation PESC&#148;) </B>and 1198430 Alberta Ltd. <B>(&#147;1198430&#148;). </B>For periods prior to January&nbsp;1, 2015, references to PESC herein shall be deemed to refer to each of POPSL,
Pre-Amalgamation PESC and 1198430. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Norton Rose Fulbright Canada LLP is a limited liability partnership established In Canada. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Norton Rose Fulbright Canada LLP, Norton Rose Fulbright LLP, Norton Rose Fulbright Australia, Norton Rose Fulbright South Africa (incorporated as Deneys Reitz
Inc) and Norton Rose Fulbright US LLP, each of which is a separate legal entity, are members of Norton Rose Fulbright Verein, a Swiss Verein. Details of each entity, with certain regulatory Information, are at nortonrosefulbright.com. Norton Rose
Fulbright Vereln helps coordinate the activities of the members but does not itself provide legal services to clients. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Scope of Review </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For the purpose of this opinion letter, we have examined the following documents: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">an executed copy of the Registration Statement; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">an executed copy of the Indenture (including the Guarantees set forth therein); and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">the form of the Exchange Securities set forth in the Indenture. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">certificates of status dated the date hereof in respect of the Corporation, PDOSC, PESC and PDSL 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></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">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></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">an officer&#146;s certificate of the Corporation dated the date hereof respecting the articles of amalgamation and by-laws of the Corporation and resolutions of the directors of the Corporation; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top">officer&#146;s certificates of each other Corporate Party dated the date hereof respecting such Corporate Party&#146;s articles and by-laws, resolutions of the directors of such Corporate Party, and in the case of the
officer&#146;s certificate of PDOSC (on its own behalf and in its capacity as PDCLP GP and in its capacity as PLP GP), respecting the PDCLP limited partnership agreement between PDOSC and the Corporation dated as of January&nbsp;2, 2009, as amended
to the date hereof (the <B>&#147;PDCLP Agreement&#148;) </B>and the PLP limited partnership agreement between PDOSC and the Corporation made effective August&nbsp;15, 2006, as amended to the date hereof (the <B>&#147;PLP Agreement&#148;).</B>
</TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Assumptions </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In our examination we
have assumed the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">the genuineness of all signatures; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">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></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">the due authorization, execution, and delivery of the Indenture by all parties thereto other than the Canadian Parties; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top">the legal existence, power, and capacity of all parties to the Indenture other than the Canadian Parties; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top">the legal capacity of all individuals; </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">
 2
 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top">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></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(g)</TD>
<TD ALIGN="left" VALIGN="top">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> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Applicable Law </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are solicitors
qualified to practice law in Alberta (the <B>&#147;Province&#148;) </B>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. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Opinions </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Based upon the foregoing, we are of the opinion
that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1</TD>
<TD ALIGN="left" VALIGN="top">Each of the Corporation, PDOSC, PESC and PDSL 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>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2</TD>
<TD ALIGN="left" VALIGN="top">Each of PLP and PDCLP is validly subsisting as a limited partnership under the laws of Alberta. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3</TD>
<TD ALIGN="left" VALIGN="top">The execution by the Corporation of the Registration Statement and the execution and delivery by the Corporation of the Indenture and the Exchange Securities 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 Indenture and, to the extent delivery is governed by Alberta law, duly
delivered the Indenture. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4</TD>
<TD ALIGN="left" VALIGN="top">The execution by each of PDOSC, GWIDC, PESC and PDSL of the Registration Statement and the execution and delivery by each of PDOSC, GWIDC, PESC and PDSL of the Indenture and the performance by each of PDOSC, GWIDC, PESC
and PDSL of its respective obligations under the Indenture and the Guarantees has been duly authorized by all necessary corporate action on the part of PDOSC, GWIDC, PESC and PDSL respectively. Each of PDOSC, GWIDC, PESC and PDSL has duly executed
the Registration Statement and the Indenture and, to the extent delivery is governed by Alberta law, duly delivered the Indenture. 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 Indenture and the performance by PLP GP, on behalf of PLP, of PLP&#146;s obligations under the Indenture 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 Indenture and, to the extent delivery is governed by Alberta law, duly delivered the Indenture. 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 Indenture and the performance by PDCLP GP, on behalf of PDCLP, of PDCLP&#146;s obligations under the Indenture 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 Indenture and, to the extent delivery is
governed by Alberta law, duly delivered the Indenture. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5</TD>
<TD ALIGN="left" VALIGN="top">The execution by each Canadian Party of the Registration Statement and the execution and delivery by each Canadian Party of the Indenture and the performance by each Canadian Party of its obligations thereunder and the
execution, issuance and delivery of the Exchange Securities by the Corporation and the performance by the Corporation of its obligations thereunder do not and will not: </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">in the case of each Corporate Party, result in a violation of such Corporate Party&#146;s articles or bylaws; </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">
 3
 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">in the case of PLP, result in a violation of the PLP Agreement; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">in the case of PDCLP, result in a violation of the PDCLP Agreement; or </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top">contravene or conflict with any law or regulation in force in Alberta applicable to any Canadian Party. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This
opinion letter relates solely to the transaction described above 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yours very truly, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Norton
Rose Fulbright Canada LLP </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Norton Rose Fulbright Canada LLP </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">
 4
 </P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.3
<SEQUENCE>9
<FILENAME>d850935dex53.htm
<DESCRIPTION>EX-5.3
<TEXT>
<HTML><HEAD>
<TITLE>EX-5.3</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 5.3 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February&nbsp;17, 2015 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Precision Drilling Corporation </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4200, 150-6th Avenue S.W. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Calgary, Alberta </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Canada T2P 3Y7 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I></I></B>We have acted as local counsel to each of Precision Drilling (US) Corporation (formerly known as Precision Drilling Oilfield
Services Corporation), a Texas corporation (&#147;<B><I>PDC</I></B>&#148;), Grey Wolf International, Inc., a Texas corporation (&#147;<B><I>Grey Wolf International</I></B>&#148;), PD Supply Inc., a Texas corporation (&#147;<B><I>PD
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 PDC, Grey Wolf International, PD Supply, DI Energy, and 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&nbsp;&#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 5.250% Senior Notes due 2024 in an aggregate principal amount of USD$400 million (the&nbsp;&#147;<B><I>Exchange
Notes</I></B>&#148;), which Exchange Notes are to be issued by Parent pursuant to the Indenture dated as of June&nbsp;3, 2014, by and among Parent, each Texas Entity, the other guarantors party thereto, The Bank of New York Mellon, as trustee, and
Valiant Trust Company, as Canadian co-trustee (the &#147;<B><I>Indenture</I></B>&#148;). The Indenture contains provisions providing for the guarantee by the Texas Entities of payment of the Exchange Notes and the other obligations of Parent under
the Indenture (the&nbsp;&#147;<B><I>Guarantee</I></B>&#148;). We understand that the Exchange Notes will be offered by Parent in exchange for an aggregate principal amount of USD$400 million of Parent&#146;s outstanding 5.250% Senior Notes due 2024.
<B><I> </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Norton Rose Fulbright US LLP is a limited liability partnership registered under the laws of Texas. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Norton Rose Fulbright US LLP, Norton Rose Fulbright LLP, Norton Rose Fulbright Australia, Norton Rose Fulbright Canada LLP and Norton Rose Fulbright South
Africa Inc are separate legal entities and all of them are members of Norton Rose Fulbright Verein, a Swiss verein. Norton Rose Fulbright Verein helps coordinate the activities of the members but does not itself provide legal services to clients.
Details of each entity, with certain regulatory information, are available at nortonrosefulbright.com. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">



<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"> Page
 2
</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I></I></B>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 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 II thereof), any other registration statement, any 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.<B><I> </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In rendering the opinions expressed herein, we have (a)&nbsp;examined the Indenture (including the Guarantee), the
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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In making
such examination and in such reliance, we have assumed (a)&nbsp;the authenticity and completeness of all records, certificates, instruments, agreements, and other documents submitted to us as originals, (b)&nbsp;the conformity to authentic
originals, records, certificates, instruments, agreements, and other documents of all documents submitted to us as copies, (c)&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, (d)&nbsp;the genuineness of all signatures on all such records, certificates, instruments, agreements, and other documents, (e)&nbsp;the due execution and delivery by all parties thereto
(except to the extent set forth in paragraph 5 below) of the Indenture, and (f)&nbsp;the enforceability of the Indenture against all parties thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I></I></B>In rendering the opinions expressed herein, we also have assumed that (a)&nbsp;Precision Drilling Holdings Company, a Nevada
corporation and general partner of the Texas Partnership Entity (&#147;<B><I>PDHC</I></B>&#148;) (i)&nbsp;is and has been duly organized or formed, (ii)&nbsp;is and&nbsp;has been validly existing as a corporation in good standing under the laws of
the State of Nevada, and (iii)&nbsp;had and has the corporate power and authority to execute and deliver, in its capacity as general partner of the Texas Partnership Entity, the Indenture, and (b)&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.<B><I> </I></B></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">



<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"> Page
 3
</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">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. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top">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. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top">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. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top">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. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top">The Indenture has been duly executed and delivered by each Texas Entity. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top">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. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing opinions expressed herein are further
subject to, and qualified by, the following assumptions, exceptions, qualifications and limitations: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A. 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 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. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">



<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"> Page
 4
</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">B. We do not express any opinion with respect to any exhibit to, or other agreement referred
to in, the Indenture. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">C. 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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, Paul, Weiss, Rifkind, Wharton&nbsp;&amp; Garrison 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. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Very truly yours,</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Norton Rose Fulbright US LLP</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Norton Rose Fulbright US
LLP</P></TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.4
<SEQUENCE>10
<FILENAME>d850935dex54.htm
<DESCRIPTION>EX-5.4
<TEXT>
<HTML><HEAD>
<TITLE>EX-5.4</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 5.4 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">February&nbsp;17, 2015 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Precision Drilling
Corporation </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Suite 800, 525&#151;8<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Avenue, S.W. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Calgary, Alberta </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Canada T2P 1G1 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: General Counsel </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top">Precision Drilling Holdings Company, a Nevada corporation (&#147;<U>PDHC</U>&#148;) </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen:
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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-10 and 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 $400,000,000 aggregate principal amount of its 5.250% Senior Notes due 2024 (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>Guarantee</U>&#148;). The Exchange Securities and the Guarantees will be issued under an Indenture dated as of June&nbsp;3, 2014 (the &#147;<U>Indenture</U>&#148;) among Precision, The
Bank of New York Mellon, as 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 $400,000,000 aggregate principal amount of its
outstanding 5.250% Senior Notes due 2024. Capitalized terms used in this opinion which are not otherwise defined herein have the meanings given such terms in the Indenture. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In our capacity as such special Nevada counsel, we have reviewed the Indenture (including the Guarantee set forth therein) and copies of the
following documents (collectively, the &#147;<U>Transaction Documents</U>&#148;): </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 2 </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. The Registration Statement; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. The form of Exchange Securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with this opinion, we have also examined the originals or copies of the following documents relating to the organization of
PDHC: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. 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;); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. Bylaws of PDHC as certified to us by its corporate officer as of the date hereof; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. Certificate of Existence with Status in Good Standing of PDHC issued by the Nevada Secretary of State on February &nbsp;&nbsp;&nbsp;&nbsp;,
2015 (the &#147;<U>PDHC Good Standing Certificate</U>&#148;); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. Those certain resolutions adopted by unanimous consent of the Board of
Directors of PDHC dated May&nbsp;28, 2014, 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, including the
issuance of the Exchange Securities and other actions of PDHC necessary contemplated thereby, as certified to us by its corporate officer as of the date hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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).
</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 3 </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Assumptions. </U></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 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; (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 organizational
agreement of such party; (e)&nbsp;the legal capacity of all natural persons; (f)&nbsp;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 the Indenture remains in full force and effect in accordance with its original terms, without amendment or modification of any kind, and 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, to the extent opined by us in Opinion Paragraph 2) 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)&nbsp;that PDHC does not engage in any of the following:
(i)&nbsp;gaming business, (ii)&nbsp;liquor business, (iii)&nbsp;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. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 4 </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Opinions. </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. Based solely on the PDHC Good Standing Certificate, PDHC has been duly incorporated and is existing and in good standing under the laws of
Nevada. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. The issuance and the performance of the Guarantee by PDHC with respect to the Exchange Notes 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 PDHC Organizational Documents 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>Limitations and Qualifications.
</U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Without limitation to any assumption or other
qualification contained herein, we express no opinion as to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">a. The enforceability of the Transaction Documents. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">b. The status of title to any real or personal property. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">c. The reasonableness of any late charge or liquidated damages. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 5 </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">d. Any permits or approvals that may be required for the operation of the business of PDHC. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">e. 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. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">f. Except as set forth herein, the ability of PDHC to perform the obligations of or to comply with the requirements imposed on it in the
Transaction Documents. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">g. 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This letter is issued in the State, and by issuing this letter the law firm of Fennemore Craig, P.C. shall not be deemed to be transacting
business in any other state. Furthermore, by issuing this letter the law firm of Fennemore Craig, P.C. 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 any person other than Precision and PDHC 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 </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 6 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. Notwithstanding the foregoing, we hereby consent to the filing of this opinion letter as <U>Exhibit
5.4</U> to the Registration Statement. We further consent to the reliance by Paul, Weiss, Rifkind, Wharton&nbsp;&amp; Garrison 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. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Very truly yours, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">/s/ FENNEMORE CRAIG, P.C. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">FENNEMORE CRAIG, P.C. </P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.5
<SEQUENCE>11
<FILENAME>d850935dex55.htm
<DESCRIPTION>EX-5.5
<TEXT>
<HTML><HEAD>
<TITLE>EX-5.5</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 5.5 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">February&nbsp;17, 2015 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Precision Drilling
Corporation </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Suite 800, 525-8<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Avenue SW </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Calgary, Alberta, Canada T2P 1G1 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top">Precision Drilling LLC </TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Pursuant to the Form F-4 Registration Statement </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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;<U>Opinion</U>&#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 5.250% Senior Notes due 2024 in an aggregate principal amount of USD$400 million (the &#147;<U>Exchange Notes</U>&#148;), which
Exchange Notes are to be issued by PDC pursuant to the Indenture dated as of June&nbsp;3, 2014, 1 (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$400 million of PDC&#146;s outstanding 5.250% Senior Notes due 2024 (the &#147;<U>Initial Notes</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 the Company dated May&nbsp;28, 2014 (the &#147;<U>Resolutions</U>,&#148; and together with the Articles and the Regulations, the &#147;<U>Company
Documents</U>&#148;), (v)&nbsp;the Louisiana Secretary of State Certificate, dated February&nbsp;3, 2015 certifying that the Company (a)&nbsp;filed its charter and qualified </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">



<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"> Page
 2
</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
to do business on December&nbsp;29, 1998 (b)&nbsp;is in good standing; and (c)&nbsp;authorized to do business in Louisiana (collectively, the &#147;<U>Qualification Certificate</U>,) and
(vi)&nbsp;a certificate from Grant M. Hunter, as the President of Precision Drilling Holding Company in its capacity as the sole member of the Company, and have relied on same with respect to matters of fact without independent review or
verification with respect to the matters contained therein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In making such examinations, unless otherwise specifically addressed by our
opinions herein, we have assumed: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) 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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) 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; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) 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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) 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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) 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; </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">



<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"> Page
 3
</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) 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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) 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;
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(viii) 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; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ix) The legal capacity of all natural persons; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(x) That the federal tax identification number and organizational number of the Company set forth in the Registration Statement are correct;
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xi) 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
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xii) That the representations as to factual matters made by or on behalf of the Company in the Indenture are accurate and complete. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Based upon the foregoing, and subject to the assumptions, qualifications and limitations set forth herein, we are of the opinion that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.&nbsp;&nbsp;&nbsp;&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. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. The Indenture has been duly authorized, executed and delivered by the Company. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">



<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"> Page
 4
</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The opinions expressed hereinabove are limited and qualified as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) 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. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) 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. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) 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. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) 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. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) 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. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) 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. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) 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)&nbsp;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)&nbsp;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 or subdivision law, ordinance, code, rule or regulation or (l)&nbsp;state or federal labor, pension and employee benefit law, rule or regulation. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">



<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"> Page
 5
</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) We express no opinion herein as to the organization or existence of Precision Drilling
Holdings Company, sole member of the Company. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">******** </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">



<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">

<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"> Page
 6
</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 Paul, Weiss,
Rifkind, Wharton&nbsp;&amp; Garrison 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 5.1 to the Registration Statement; and (ii)&nbsp;we hereby consent to
the filing of this opinion letter with the Commission as Exhibit 5.5 to the Registration Statement. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">/s/ SLATTERY, MARINO&nbsp;&amp; ROBERTS</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">A Professional Law Corporation</TD></TR>
</TABLE></DIV>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>12
<FILENAME>d850935dex121.htm
<DESCRIPTION>EX-12.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-12.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 12.1 </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Ratio of earnings to fixed charges </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>9&nbsp;months&nbsp;ended&nbsp;Sept&nbsp;30</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year ended December&nbsp;31</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2014<BR>IFRS</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013<BR>IFRS</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2013<BR>IFRS</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2012<BR>IFRS</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2011<BR>IFRS</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2010<BR>IFRS</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2009<BR>Previous&nbsp;GAAP</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Precision</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Earnings</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Pretax income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">170,076</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">133,577</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">221,538</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27,677</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">240,784</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26,190</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">162,273</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Add</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fixed charges (interest)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">77,100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">65,825</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">88,516</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">85,113</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">69,959</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">67,570</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">101,108</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fixed charges (amortized premiums and costs)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,517</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,392</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,343</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,120</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30,386</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">144,463</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43,893</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Fixed charges est. interest in rent expense (NOTE 1)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">529</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">529</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">705</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">734</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">514</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">451</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">416</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest on tax settlement</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Debt amendment fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">149</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,134</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Earnings per Item&nbsp;503</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">250,222</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">203,323</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">315,102</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">117,793</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">342,777</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">238,674</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">307,690</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Fixed charges</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">80,146</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">69,746</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">93,564</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">90,116</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">101,993</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">212,484</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">145,417</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Ratio of earnings to fixed charges</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.92</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3.36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1.12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2.12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">NOTE 1 Calculated as:</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Rent expense from annual report</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,810</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,810</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,747</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,238</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,563</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,516</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,937</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Esimated rent expense</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,810</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,810</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,747</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12,238</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,563</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,516</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,937</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Assumed interest rate</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">529</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">529</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">705</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">734</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">514</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">451</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">416</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-21.1
<SEQUENCE>13
<FILENAME>d850935dex211.htm
<DESCRIPTION>EX-21.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-21.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 21.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">PRECISION DRILLING CORPORATION </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SUBSIDIARIES </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:67.50pt; font-size:8pt; font-family:Times New Roman"><B>Name of Subsidiary</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>State&nbsp;or&nbsp;Jurisdiction&nbsp;of</B><br><B>Organization</B></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1443518 ALBERTA LTD.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">ALBERTA</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">31795 YUKON INC.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">YUKON</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARROWSTAR DRILLING PARTNERSHIP</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">ALBERTA</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">AXIS DIRECTIONAL DRILLING CORP.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">TEXAS</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">BK LOG CO. LTD.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">RUSSIAN&nbsp;FEDERATION</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">CANADIAN WASTE MANAGEMENT INC.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">ALBERTA</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">CK LOG OVERSEAS LIMITED</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">CYPRUS</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">COMPUTALOG (CYPRUS) LIMITED</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">CYPRUS</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">COMPUTALOG CONSULTING CYPRUS LIMITED</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">CYPRUS</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">COMPUTALOG MEXICANA, S.A. de C.V.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">MEXICO</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">COMPUTALOG OCEANWAVES SDN. BHD.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">MALAYSIA</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">DI ENERGY, INC.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">TEXAS</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">DI/PERFENSA INC.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">TEXAS</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">DRILLERS INC., D.I. DE VENEZUELA, C.A.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">VENEZUELA</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">GREY WOLF DRILLING DE VENEZUELA, C.A.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">VENEZUELA</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">GREY WOLF DRILLING INTERNATIONAL LTD.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">CAYMAN&nbsp;ISLANDS</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">GREY WOLF DRILLING LIMITED</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">CYPRUS</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">GREY WOLF DRILLING (BARBADOS) LTD.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">BARBADOS</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">GREY WOLF DRILLING B.V.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">NETHERLANDS</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">GREY WOLF DRILLING SERVICES COOPERATIEF U.A.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">NETHERLANDS</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">GREY WOLF GLOBAL EMPLOYMENT CORPORATION</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">ALBERTA</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">GREY WOLF INTERNATIONAL DE MEXICO, S. DE R.L. DE C.V.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">MEXICO</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">GREY WOLF INTERNATIONAL DRILLING CORPORATION</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">CANADA</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">GREY WOLF INTERNATIONAL, INC.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">TEXAS</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">GREY WOLF MEXICO HOLDINGS LLC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">NEVADA</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">GREY WOLF OILFIELD SERVICES (KSA) LIMITED</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">CYPRUS</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">GREY WOLF OILFIELD SERVICES LIMITED</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">CYPRUS</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">GREY WOLF SERVICES (IRAQ SOUTH) LIMITED</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">CYPRUS</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">GW DRILLING LIMITED</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">CAYMAN&nbsp;ISLANDS</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">GW IMPORTACIONES, S. DE R.L. DE C.V.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">MEXICO</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">GW INERNATIONAL OILFIELD SERVICIOS LTD.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">ALBERTA</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">INTER LEASING, INC.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">BRITISH&nbsp;VIRGIN&nbsp;ISLANDS</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">INTER-TECH DRILLING SOLUTIONS (BARBADOS) LTD.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">BARBADOS</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">KENTING INC.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">DELAWARE</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">MURCO DRILLING CORPORATION</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">DELAWARE</TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">2 </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="87%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>

<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">NORJET GEOTECHNOLOGIES (OVERSEAS) LIMITED</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">CYPRUS</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">NORTHLAND ENERGY SERVICES (CYPRUS) LIMITED</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">CYPRUS</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">NORWEST WIRELINE SERVICES (OVERSEAS) LIMITED</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">CYPRUS</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PD SUPPLY INC.</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">TEXAS</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PERFORACIONES ANDINAS, S.A.</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">PANAMA</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PRECISION BOLTING, INC.</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">CALIFORNIA</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PRECISION COMPLETION&nbsp;&amp; PRODUCTION SERVICES LTD.</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">DELAWARE</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PRECISION DIRECTIONAL SERVICES LTD.</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">ALBERTA</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PRECISION DIRECTIONAL SERVICES, INC.</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">TEXAS</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PRECISION DIVERSIFIED OILFIELD SERVICES CORP.</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">ALBERTA</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PRECISION DRILLING (US) CORPORATION</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">TEXAS</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PRECISION DRILLING CANADA LIMITED PARTNERSHIP</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">ALBERTA</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PRECISION DRILLING COMPANY, LP</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">TEXAS</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PRECISION DRILLING HOLDINGS COMPANY</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">NEVADA</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PRECISION DRILLING LLC</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">LOUISIANA</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PRECISION DRILLING, INC.</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">DELAWARE</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PRECISION EMPLOYMENT SERVICES CORP.</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">ALBERTA</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PRECISION LIMITED PARTNERSHIP</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">ALBERTA</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SERVICIOS GREY WOLF S. DE R.L. DE C.V.</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">MEXICO</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SIERRA DRILL MANUFACTURING LTD.</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">ALBERTA</TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>14
<FILENAME>d850935dex231.htm
<DESCRIPTION>EX-23.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-23.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 23.1 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Consent of Independent Registered Public Accounting Firm </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Board of Directors of Precision Drilling Corporation </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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 registration statement. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">/s/ KPMG LLP</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Chartered Accountants</TD></TR>
</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February&nbsp;17, 2015 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Calgary,
Canada </P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-25.1
<SEQUENCE>15
<FILENAME>d850935dex251.htm
<DESCRIPTION>EX-25.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-25.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 25.1 </B></P> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT STYLE="white-space:nowrap">T-1</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES
AND EXCHANGE COMMISSION </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>STATEMENT OF ELIGIBILITY </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>UNDER THE TRUST INDENTURE ACT OF 1939 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>OF A CORPORATION DESIGNATED TO ACT AS TRUSTEE </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT><B></B><B></B></TD>
<TD ALIGN="left" VALIGN="top"><B>CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A TRUSTEE PURSUANT TO SECTION 305(b)(2) </B></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>THE BANK OF
NEW YORK MELLON </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of trustee as specified in its charter) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>New York</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">13-5160382</FONT></B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"><B>(State of incorporation if not a U.S. national bank)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(I.R.S. employer identification no.)</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>One Wall Street, New York, NY</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>10286</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"><B>(Address of principal executive offices)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Zip code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Precision Drilling (US) Corporation </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>10350 Richmond Avenue, Suite 700 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Houston, Texas 77042 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(713) 435-6184 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Name,
address and telephone number of agent for service) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Precision
Drilling Corporation </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of obligor as specified in its charter) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>Alberta, Canada</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Not Applicable</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"><B>(State or other jurisdiction of incorporation or organization)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(I.R.S. employer identification no.)</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>800, 525 &#150; 8th Avenue S.W.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Calgary, Alberta, Canada</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>T2P 1G1</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"><B>(Address of principal executive offices)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Zip code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SEE TABLE OF ADDITIONAL OBLIGORS </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>5.250% Senior Notes due 2024 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Guarantees of 5.250% Senior Notes due 2024 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Title of the indenture securities) </B></P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TABLE OF ADDITIONAL OBLIGORS </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="40%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="36%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exact Name of Registrant Guarantor as<BR>Specified in
its Charter</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">
<P STYLE="border-bottom:1.00pt solid #000000; width:49.45pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>State&nbsp;or&nbsp;Other<BR>Jurisdiction&nbsp;of<BR>Incorporation<BR>or<BR>Organization</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:46.10pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>I.R.S.<BR>Employer<BR>Identification<BR>Number</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Address&nbsp;of&nbsp;Principal<BR>Executive&nbsp;Offices</B></P></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Precision Completion&nbsp;&amp; Production Services&nbsp;Ltd.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Delaware</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">98-0679637</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">10350 Richmond Avenue,</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Suite 700</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Houston, TX 77042</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Precision Diversified Oilfield Services Corp.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Alberta,<BR>Canada</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Not&nbsp;Applicable</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">800, 525 &#151; 8<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Avenue, S.W.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Calgary, Alberta, Canada T2P 1G1</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Precision Limited Partnership</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Alberta,<BR>Canada</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Not&nbsp;Applicable</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">800, 525 &#151; 8<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Avenue, S.W.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Calgary, Alberta, Canada T2P 1G1</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Precision Drilling Canada Limited Partnership</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Alberta,<BR>Canada</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Not&nbsp;Applicable</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">800, 525 &#151; 8<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Avenue, S.W.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Calgary, Alberta, Canada T2P 1G1</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Precision Employment Services Corp.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Alberta,<BR>Canada</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Not&nbsp;Applicable</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">800, 525 &#151; 8<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Avenue, S.W.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Calgary, Alberta, Canada T2P 1G1</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Precision Drilling, Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Delaware</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">26-4435759</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">10350 Richmond Avenue,</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Suite 700</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Houston, TX 77042</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">DI Energy, Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Texas</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">74-2175411</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">10350 Richmond Avenue,</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Suite&nbsp;700</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Houston, TX 77042</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Grey Wolf International, Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Texas</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">76-0000351</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">10350 Richmond Avenue,</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Suite&nbsp;700</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Houston, TX 77042</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Grey Wolf International Drilling Corporation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Canada</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Not&nbsp;Applicable</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">800, 525 &#151; 8<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Avenue, S.W.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Calgary, Alberta, Canada T2P 1G1</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Precision Drilling Holdings Company</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Nevada</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">74-1987143</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">10350 Richmond Avenue,</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Suite 700</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Houston, TX 77042</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Precision Drilling LLC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Louisiana</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">72-1433406</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">10350 Richmond Avenue,</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Suite 700</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Houston, TX 77042</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Precision Drilling Company, LP</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Texas</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">76-0590999</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">10350 Richmond Avenue,</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Suite 700</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Houston, TX 77042</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Murco Drilling Corporation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Delaware</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">72-0512163</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">10350 Richmond Avenue,</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Suite 700</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Houston, TX 77042</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;2&nbsp;- </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="40%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="37%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exact Name of Registrant Guarantor as<BR>Specified in
its Charter</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">
<P STYLE="border-bottom:1.00pt solid #000000; width:49.45pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>State&nbsp;or&nbsp;Other<BR>Jurisdiction&nbsp;of<BR>Incorporation<BR>or<BR>Organization</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:46.10pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>I.R.S.<BR>Employer<BR>Identification<BR>Number</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Address&nbsp;of&nbsp;Principal<BR>Executive&nbsp;Offices</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">DI/Perfensa Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Texas</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">76-0378440</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">10350 Richmond Avenue,</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Suite&nbsp;700</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Houston, TX 77042</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PD Supply Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Texas</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">76-0378440</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">10350 Richmond Avenue,</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Suite&nbsp;700</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Houston, TX 77042</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Precision Drilling (US) Corporation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Texas</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">26-3638348</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">10350 Richmond Avenue,</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Suite 700</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Houston, TX 77042</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Precision Directional Services, Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Texas</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">45-0603611</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">10350 Richmond Avenue,</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Suite 700</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Houston, TX 77042</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Precision Directional Services Ltd.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Alberta,<BR>Canada</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Not&nbsp;Applicable</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">800, 525 &#151; 8<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Avenue, S.W.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Calgary, Alberta, Canada T2P 1G1</P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-&nbsp;3&nbsp;- </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>General information. Furnish the following information as to the trustee: </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>(a)</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Name and address of each examining or supervising authority to which it is subject. </B></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="71%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="26%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:19.10pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Name</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE="border-bottom:1.00pt solid #000000; width:26.20pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Address</P></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Superintendent of Banks of the State of New York</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">One&nbsp;State&nbsp;Street,&nbsp;New&nbsp;York,&nbsp;NY 10004-1417</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Federal Reserve Bank of New York</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">33 Liberty Street New&nbsp;York,&nbsp;NY 10045</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Federal Deposit Insurance Corporation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">550 17<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Street, N.W. Washington, D.C. 20429</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">3501 N. Fairfax Drive Arlington, VA 22226</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">The Clearing House Association, L.L.C.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">450 West 33rd Street New&nbsp;York, NY 10001</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>(b)</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Whether it is authorized to exercise corporate trust powers. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">Yes. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Affiliations with Obligors. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman"><B>If any of the obligors is an affiliate of the trustee,
describe each such affiliation. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman">None. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>3-15.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Pursuant to General Instruction B of the Form T-1, no responses are included for Items 3-15 of this Form T-1 because, to the best of The Bank of New York Mellon&#146;s knowledge, the obligors are not in default on
any securities issued under indentures under which The Bank of New York Mellon acts as trustee and the trustee is not a foreign trustee as provided under Item 15. </B></TD></TR></TABLE>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>16.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>List of Exhibits. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; font-size:10pt; font-family:Times New Roman"><B>Exhibits identified in parentheses below, on file with the
Commission, are incorporated herein by reference as an exhibit hereto, pursuant to Rule <FONT STYLE="white-space:nowrap">7a-29</FONT> under the Trust Indenture Act of 1939 (the &#147;Act&#148;) and 17 C.F.R. 229.10(d). </B></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">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 1 to Amendment No.&nbsp;1 to Form <FONT STYLE="white-space:nowrap">T-1</FONT> filed with Registration Statement <FONT STYLE="white-space:nowrap">No.&nbsp;33-6215,</FONT> Exhibits 1a and 1b to Form <FONT
STYLE="white-space:nowrap">T-1</FONT> filed with Registration Statement No.&nbsp;33-21672, Exhibit 1 to Form <FONT STYLE="white-space:nowrap">T-1</FONT> filed with Registration Statement <FONT STYLE="white-space:nowrap">No.&nbsp;33-29637</FONT> and
Exhibit 1 to Form T-1 filed with Registration Statement No.&nbsp;333-121195 and Exhibit 1 to Form T-1 filed with Registration Statement No.&nbsp;333-152735.) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top">A copy of the existing <FONT STYLE="white-space:nowrap">By-Laws</FONT> of the trustee (Exhibit 4 to Form T-1 filed with Registration Statement No.&nbsp;333-187736.) </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top">The consent of the trustee required by Section&nbsp;321(b) of the Act. (Exhibit 6 to Form <FONT STYLE="white-space:nowrap">T-1</FONT> filed with Registration Statement
<FONT STYLE="white-space:nowrap">No.&nbsp;333-152735.)</FONT> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top">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>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SIGNATURE </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 17th day of February, 2015. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">THE&nbsp;BANK&nbsp;OF&nbsp;NEW&nbsp;YORK MELLON</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Catherine F. Donohue</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">Vice President</TD></TR>
</TABLE></DIV>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><U>EXHIBIT 7</U> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Consolidated&nbsp;Report&nbsp;of&nbsp;Condition&nbsp;of </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">THE BANK OF NEW YORK MELLON </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">of
One Wall Street, New York, N.Y. 10286 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">And Foreign and Domestic Subsidiaries, </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">a member of the Federal Reserve System, at the close of business December&nbsp;31, 2014, published in accordance with a call made by the Federal Reserve Bank
of this District pursuant to the provisions of the Federal Reserve Act. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="82%"></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom"><B>ASSETS</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center">Dollar&nbsp;amounts&nbsp;in&nbsp;thousands</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash and balances due from depository institutions:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Noninterest-bearing balances and currency and coin</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,317,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest-bearing balances</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">105,168,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Securities:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Held-to-maturity securities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20,186,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Available-for-sale securities</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">95,176,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Federal funds sold and securities purchased under agreements to resell:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Federal funds sold in domestic offices</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">70,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Securities purchased under agreements to</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">resell</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,534,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loans and lease financing receivables:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loans and leases held for sale</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loans and leases, net of unearned income</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35,904,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">LESS: Allowance for loan and lease losses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">168,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Loans and leases, net of unearned income and allowance</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35,736,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Trading assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,279,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Premises and fixed assets (including capitalized leases)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,043,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other real estate owned</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Investments in unconsolidated subsidiaries and associated companies</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">556,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Direct and indirect investments in real estate ventures</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Intangible assets:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Goodwill</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,405,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other intangible assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,152,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other assets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,520,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total assets</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">304,166,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="89%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>LIABILITIES</B></P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deposits:</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">In domestic offices</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">137,928,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Noninterest-bearing</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">95,930,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest-bearing</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">41,998,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">In foreign offices, Edge and Agreement subsidiaries, and IBFs</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">119,551,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Noninterest-bearing</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,281,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest-bearing</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">111,270,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Federal funds purchased and securities sold under agreements to repurchase:</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Federal funds purchased in domestic offices .</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,155,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Securities sold under agreements to repurchase</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,490,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Trading liabilities</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,798,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other borrowed money:<BR>(includes mortgage indebtedness and obligations under capitalized leases)</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,925,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Not applicable</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Not applicable</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Subordinated notes and debentures</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">765,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other liabilities</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,284,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total liabilities</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">282,896,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>EQUITY CAPITAL</B></P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Perpetual preferred stock and related surplus</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Common stock</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,135,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Surplus (exclude all surplus related to preferred stock)</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,061,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Retained earnings</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,852,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accumulated other comprehensive income</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">-1,128,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other equity capital components</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total bank equity capital</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20,920,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Noncontrolling (minority) interests in consolidated subsidiaries</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">350,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total equity capital</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21,270,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total liabilities and equity capital</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">304,166,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:92%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Thomas P. Gibbons, </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:92%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Chief Financial Officer </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="70%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Gerald L. Hassell</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Catherine A. Rein</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Michael J. Kowalski</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"></TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="middle">Directors</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>16
<FILENAME>d850935dex991.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PRECISION DRILLING CORPORATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>LETTER OF TRANSMITTAL </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OFFER TO EXCHANGE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>US$400,000,000 AGGREGATE PRINCIPAL AMOUNT OF ITS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>5.250% SENIOR NOTES&nbsp;DUE 2024 (CUSIP: 74022D AJ9), </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>WHICH HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FOR ANY AND ALL OF ITS OUTSTANDING </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>5.250% SENIOR NOTES&nbsp;DUE 2024 (CUSIP: 74022D AH3) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE EXCHANGE OFFER WILL EXPIRE AT MIDNIGHT, NEW YORK CITY TIME, ON </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2015 (THE &#147;EXPIRATION DATE&#148;) UNLESS THE OFFER IS
EXTENDED. TENDERS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MAY BE WITHDRAWN PRIOR TO 11:59&nbsp;P.M., NEW YORK CITY TIME, ON
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2015. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>The Exchange Agent for the Exchange Offer is:
</I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE BANK OF NEW YORK MELLON </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><I>By Registered or Certified Mail:</I></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="center"><I>By Regular Mail:</I></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>By Overnight Courier or Hand</I></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Delivery:</I></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">The Bank of New York Mellon</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Corporate Trust Operations -</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Reorganization Unit</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">111 Sanders Creek Pkwy</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">East Syracuse, NY 13057</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Attn: Dacia Brown-Jones</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Telephone: (315)&nbsp;414-3349</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">The Bank of New York Mellon</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Corporate Trust Operations -</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Reorganization Unit</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">111 Sanders
Creek Pkwy</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">East Syracuse, NY 13057</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Attn: Dacia Brown-Jones</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Telephone:
(315)&nbsp;414-3349</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">The Bank of New York Mellon</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Corporate Trust&nbsp;Operations -Reorganization Unit</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">111 Sanders Creek Pkwy</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">East
Syracuse, NY 13057</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Attn: Dacia Brown-Jones</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Telephone: (315)&nbsp;414-3349</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>By Facsimile Transmission</I></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>(eligible institutions only):</I></P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center">(732) 667-9408</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><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&nbsp;ACCOMPANYING THIS LETTER OF TRANSMITTAL SHOULD BE READ CAREFULLY BEFORE THIS LETTER
OF TRANSMITTAL IS COMPLETED. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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&nbsp;&#151; Book-Entry Delivery Procedures&#148; and &#147;The Exchange Offer&nbsp;&#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 initially delivered. If a 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
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&nbsp;&#151; Guaranteed Delivery Procedures&#148; in the Prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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&nbsp;Company (&#147;DTC&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The undersigned
acknowledges receipt of the Prospectus dated February&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2015 (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 a province of Canada other than Alberta, 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$400,000,000 aggregate principal amount of its 5.250% Senior Notes due 2024 (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 5.250% Senior Notes due 2024 (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 a province of Canada other than Alberta, 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 5.250%&nbsp;per annum, payable
on May&nbsp;15 and November&nbsp;15 of each year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Capitalized terms used but not defined herein shall have the same meaning given them in
the Prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">YOUR BANK OR BROKER CAN ASSIST YOU IN COMPLETING THIS FORM. THE INSTRUCTIONS&nbsp;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&nbsp;OF
THIS LETTER OF TRANSMITTAL. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PLEASE READ THE ENTIRE LETTER OF TRANSMITTAL AND
THE PROSPECTUS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CAREFULLY BEFORE CHECKING ANY BOX BELOW. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>All Tendering Holders Complete Box 1: </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Box 1* </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Description of
Outstanding Notes Tendered Herewith </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="12%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="12%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="12%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="12%"></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:145.65pt; font-size:8pt; font-family:Times New Roman"><B>Name(s) and Address(es) of Registered<BR>Holder(s) (Please fill in, if blank, exactly as<BR>name(s) appear(s) on
Certificate(s))</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Series of<BR>Outstanding&nbsp;Notes</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Certificate or<BR>Registration<BR>Number(s) of<BR>Outstanding&nbsp;Notes**</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Aggregate Principal<BR>Amount&nbsp;Represented<BR>by Outstanding<BR>Notes</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Aggregate&nbsp;Principal<BR>Amount of<BR>Outstanding Notes<BR>Being Tendered***</B></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>Total:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top">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. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">**</TD>
<TD ALIGN="left" VALIGN="top">Need not be completed by book-entry holders. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">***</TD>
<TD ALIGN="left" VALIGN="top">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&nbsp;2. </TD></TR></TABLE>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Box 2 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Book-Entry
Transfer </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">CHECK HERE IF TENDERED OUTSTANDING NOTES ARE BEING DELIVERED BY BOOK-ENTRY TRANSFER MADE TO THE ACCOUNT MAINTAINED BY THE EXCHANGE AGENT AND COMPLETE THE FOLLOWING: </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="23%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="76%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Name&nbsp;of&nbsp;Tendering&nbsp;Institution:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="right">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Account&nbsp;Number:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="right">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="79%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Transaction&nbsp;Code&nbsp;Number:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="right">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Box 3 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Notice of Guaranteed Delivery </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(See Instruction&nbsp;1 below) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">CHECK HERE IF TENDERED OUTSTANDING NOTES&nbsp;ARE BEING DELIVERED PURSUANT TO A NOTICE OF GUARANTEED DELIVERY PREVIOUSLY SENT TO THE EXCHANGE AGENT AND COMPLETE THE FOLLOWING: </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="25%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="74%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Name(s)&nbsp;of&nbsp;Registered&nbsp;Holder(s):</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="right">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="25%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="74%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Window&nbsp;Ticket&nbsp;Number&nbsp;(if&nbsp;any):</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="right">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="49%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="50%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Name&nbsp;of&nbsp;Eligible&nbsp;Guarantor&nbsp;Institution&nbsp;that&nbsp;Guaranteed&nbsp;Delivery:</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="right">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="39%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="60%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Date&nbsp;of&nbsp;Execution&nbsp;of&nbsp;Notice&nbsp;of&nbsp;Guaranteed&nbsp;Delivery:</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="right">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">IF GUARANTEED DELIVERY IS TO BE MADE BY BOOK-ENTRY TRANSFER: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="23%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="76%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Name&nbsp;of&nbsp;Tendering&nbsp;Institution:</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="right">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Account&nbsp;Number:</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="right">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="79%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Transaction&nbsp;Code&nbsp;Number:</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="right">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Box 4 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Return of Non-Exchanged Outstanding Notes </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Tendered by Book-Entry Transfer </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">CHECK HERE IF OUTSTANDING NOTES&nbsp;TENDERED BY BOOK-ENTRY TRANSFER AND NON-EXCHANGED OUTSTANDING NOTES&nbsp;ARE TO BE RETURNED BY CREDITING THE ACCOUNT NUMBER SET FORTH ABOVE. </TD></TR></TABLE>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Box 5 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Participating
Broker-Dealer </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">CHECK HERE IF YOU ARE A BROKER-DEALER WHO ACQUIRED THE OUTSTANDING NOTES&nbsp;FOR YOUR OWN ACCOUNT AS A RESULT OF MARKET-MAKING OR OTHER TRADING ACTIVITIES AND WISH TO RECEIVE TEN (10)&nbsp;ADDITIONAL COPIES OF THE
PROSPECTUS AND OF ANY AMENDMENTS OR SUPPLEMENTS THERETO. </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="94%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Name:</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="right">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Address:</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="right">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
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&nbsp;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. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Box 6 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Holders
of Outstanding Notes&nbsp;Resident in Canada </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">CHECK HERE IF YOU ARE A HOLDER OF OUTSTANDING NOTES&nbsp;THAT IS A 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> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PLEASE READ THE ACCOMPANYING
INSTRUCTIONS&nbsp;CAREFULLY </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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)&nbsp;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)&nbsp;present and deliver such Outstanding Notes for transfer on the books of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The undersigned hereby
represents and warrants that (a)&nbsp;the undersigned has full power and authority to tender, exchange, assign and transfer the Outstanding Notes tendered hereby, (b)&nbsp;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)&nbsp;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&nbsp;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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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&nbsp;&amp; Co. Incorporated </I>(available June&nbsp;5, 1991), <I>Exxon Capital Holdings
Corporation </I>(available May&nbsp;13, 1988), as interpreted in </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
the SEC&#146;s letter to <I>Shearman&nbsp;&amp; Sterling, </I>dated July&nbsp;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&nbsp;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&nbsp;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)&nbsp;may not rely on the applicable interpretations of the staff of the SEC and (y)&nbsp;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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the event the undersigned is a holder of Outstanding Notes that is resident in a province of Canada other than Alberta, it acknowledges
that each Exchange Note issued to the undersigned pursuant to the Exchange Offer will bear a legend substantially to the following effect: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><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></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 June&nbsp;3, 2014 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&nbsp;5 (indemnification) of such agreement. The undersigned will comply with its obligations
under the Registration Rights Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Exchange Offer is subject to certain conditions as set forth in the Prospectus under the
caption &#147;The Exchange Offer&nbsp;&#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&nbsp;&#151; Conditions to the Exchange
Offer&#148; occur. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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&nbsp;Tendered Herewith.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>THE UNDERSIGNED, BY COMPLETING THE BOX ENTITLED &#147;DESCRIPTION OF OUTSTANDING NOTES&nbsp;TENDERED HEREWITH&#148; ABOVE AND SIGNING THIS
LETTER, WILL BE DEEMED TO HAVE TENDERED THE OUTSTANDING NOTES&nbsp;AS SET FORTH IN SUCH BOX. </B></P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Box 7 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SPECIAL REGISTRATION INSTRUCTIONS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(See Instructions&nbsp;4 and 5) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To be completed ONLY if certificates for the Outstanding Notes not tendered and/or 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Issue:
<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;Outstanding Notes not tendered to: </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;<FONT
STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;Exchange Notes to: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="91%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Name(s):</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="right">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center"><B>(Please Print or Type)</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Address:</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="right">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD COLSPAN="3" VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center"><B>(Include Zip/Postal Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Daytime Area Code and Telephone Number.
<U></U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Taxpayer Identification, Social Security Number or Social Insurance Number:
<U></U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Box 8 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SPECIAL DELIVERY
INSTRUCTIONS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(See Instructions&nbsp;4 and 5) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To be completed ONLY if certificates for the Outstanding Notes not tendered and/or 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Send:
<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;Outstanding Notes not tendered to: </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;<FONT
STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;Exchange Notes to: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="91%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Name(s):</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="right">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center"><B>(Please Print or Type)</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Address:</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="right">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD COLSPAN="3" VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center"><B>(Include Zip/Postal Code)</B></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Daytime Area Code and Telephone Number.
<U></U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Taxpayer Identification, Social Security Number or Social Insurance Number:
<U></U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Box 9 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TENDERING
HOLDER(S) SIGN HERE </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Complete accompanying Form&nbsp;W-9 or applicable Form&nbsp;W-8) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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&nbsp;4. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center"><B>(Signature(s) of Holder(s))</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Date:</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Name(s):</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="right">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center"><B>(Please Type or Print) </B></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="15%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="83%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Capacity&nbsp;(full&nbsp;title):</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" COLSPAN="3">
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="88%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Address:</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="right">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center"><B>(Include Zip/Postal Code)</B></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="65%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top">Daytime&nbsp;Area&nbsp;Code&nbsp;and&nbsp;Telephone&nbsp;Number:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="right">&nbsp;</P></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="38%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="60%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Taxpayer&nbsp;Identification&nbsp;or&nbsp;Social&nbsp;Security&nbsp;Number:</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="right">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>GUARANTEE OF SIGNATURE(S) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(If Required&nbsp;&#151; See Instruction&nbsp;4) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="78%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized&nbsp;Signature:</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="right">&nbsp;</P></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="94%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Date:</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="right">&nbsp;</P></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="93%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Name:</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="right">&nbsp;</P></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="94%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Title:</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="right">&nbsp;</P></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Name&nbsp;of&nbsp;Firm:</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="right">&nbsp;</P></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="16%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="82%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Address&nbsp;of&nbsp;Firm:</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="right">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center"><B>(Include Zip/Postal Code)</B></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="38%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="60%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Area&nbsp;Code&nbsp;and&nbsp;Telephone&nbsp;Number:</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="right">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Taxpayer&nbsp;Identification&nbsp;or&nbsp;Social&nbsp;Security&nbsp;Number:</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="right">&nbsp;</P></TD></TR></TABLE>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Box 10 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORM W-9
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Please complete accompanying Form W-9.) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INSTRUCTIONS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FORMING
PART&nbsp;OF THE TERMS AND CONDITIONS OF THE EXCHANGE OFFER </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>General </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.&nbsp;<I>Delivery of this Letter of Transmittal and Certificates; Guaranteed Delivery Procedures.</I>&nbsp;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)&nbsp;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)&nbsp;complying with the procedure for book-entry transfer described below or (iii)&nbsp;complying with the guaranteed delivery procedures described below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Holders who wish to tender their Outstanding Notes and (i)&nbsp;whose Outstanding Notes are not immediately available or (ii)&nbsp;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)&nbsp;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&nbsp;&#151; Guaranteed Delivery Procedures&#148; in the Prospectus and by completing Box 3. Holders may tender their Outstanding Notes
if: (i)&nbsp;the tender is made by or through an Eligible Guarantor Institution (as defined below); (ii)&nbsp;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)&nbsp;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)&nbsp;states that the tender is being made thereby; and (c)&nbsp;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)&nbsp;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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.&nbsp;<I>Partial Tenders;
Withdrawals.</I>&nbsp;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 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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)&nbsp;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)&nbsp;specify the name of the person who tendered the Outstanding Notes to be withdrawn; (iii)&nbsp;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)&nbsp;include a statement that such holder is withdrawing its election to have such Outstanding Notes exchanged; (v)&nbsp;specify the name in which any such Outstanding Notes are to be registered, if different from that of the
withdrawing holder; and (vi)&nbsp;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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&nbsp;&#151; Procedures for Tendering Outstanding Notes&#148; in the Prospectus at any time prior to the Expiration Date. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.&nbsp;<I>Beneficial Owner Instructions.</I>&nbsp;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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.&nbsp;<I>Signature on this Letter of Transmittal; Written Instruments and Endorsements; Guarantee of Signatures.</I>&nbsp;If this Letter of
Transmittal is 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
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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Endorsements on certificates for the Outstanding Notes or signatures on bond powers required by this Instruction&nbsp;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 Rule&nbsp;17A(d)-15 under the Securities Exchange Act of 1934, as amended (an &#147;Eligible Guarantor Institution&#148;). </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Signatures on this Letter of Transmittal must be guaranteed by an Eligible Guarantor Institution, unless Outstanding Notes are tendered:
(i)&nbsp;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)&nbsp;for the account of an Eligible Guarantor Institution. </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.&nbsp;<I>Special Registration and Delivery Instructions.</I>&nbsp;Tendering holders should
indicate, in the applicable Box 6 or Box 7, the name and address in/to which the Exchange Notes and/or 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.&nbsp;<I>Transfer Taxes.</I>&nbsp;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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except as provided in this Instruction&nbsp;6, it will not be necessary for transfer tax stamps to be affixed to the Outstanding Notes listed
in this Letter of Transmittal. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.&nbsp;<I>Waiver of Conditions.</I>&nbsp;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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.&nbsp;<I>Mutilated, Lost, Stolen or Destroyed
Securities.</I>&nbsp;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 of Transmittal and related documents cannot be processed until the procedures for replacing lost, destroyed or stolen certificate(s) have been
completed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.&nbsp;<I>No Conditional Tenders; No Notice of Irregularities.</I>&nbsp;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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.&nbsp;<I>Requests for Assistance or Additional Copies.</I>&nbsp;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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>IMPORTANT: THIS LETTER OF TRANSMITTAL OR A FACSIMILE OR COPY THEREOF (TOGETHER WITH
CERTIFICATES OF OUTSTANDING NOTES&nbsp;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></P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>IMPORTANT TAX INFORMATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under U.S.&nbsp;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)&nbsp;such holder&#146;s correct taxpayer identification number (&#147;TIN&#148;) on the Form&nbsp;W-9 attached hereto, certifying (A)&nbsp;that the TIN provided on
Form&nbsp;W-9 is correct (or that such holder of Outstanding Notes is awaiting a TIN), (B)&nbsp;that the holder of Outstanding Notes is not subject to backup withholding because (x)&nbsp;such holder of Outstanding Notes is exempt from backup
withholding, (y)&nbsp;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)&nbsp;the Internal
Revenue Service has notified the holder of Outstanding Notes that he or she is no longer subject to backup withholding and (C)&nbsp;that the holder of Outstanding Notes is a U.S.&nbsp;person (including a U.S.&nbsp;resident alien); or (ii)&nbsp;an
adequate basis for exemption from backup withholding. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A holder of Outstanding Notes (other than an exempt or foreign holder subject to
the requirements described below) is required to give its TIN (in general, if an individual, the holder&#146;s Social Security number, otherwise, the holder&#146;s employer identification number). If the Outstanding Notes are in more than one name
or are not in the name of the actual owner, consult the enclosed Form&nbsp;W-9 for additional guidance on which number to report. If the holder has not been issued a TIN and has applied for one or intends to apply for one in the near future, such
holder should follow the applicable instructions included with the Form W-9. If the Exchange Agent or the Issuer are not provided with the correct TIN, the holder may be subject to certain penalties, and any reportable payments that are made to such
holder may be subject to backup withholding. 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 days, such amounts will be paid over to the Internal Revenue Service. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 Form&nbsp;W-9. For example, a
corporation should complete the Form&nbsp;W-9, 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 Form&nbsp;W-8BEN (or&nbsp;other
applicable Form&nbsp;W-8), signed under penalties of perjury, attesting to that holder&#146;s exempt status. A Form&nbsp;W-8BEN (or other applicable Form&nbsp;W-8) can be obtained from the Exchange Agent or from the IRS at www.irs.gov. See the
enclosed Form&nbsp;W-9 or the instructions to the applicable Form W-8 for additional guidance. Holders are encouraged to consult their own tax advisors to determine whether they are exempt from these backup withholding and reporting requirements.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:7pt">


<TR>
<TD WIDTH="16%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="63%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="19%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL">Form <FONT STYLE="font-size:20pt"><B>W-9</B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL">(Rev. December 2014)</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:6pt; font-family:ARIAL">Department of the Treasury</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:6pt; font-family:ARIAL">Internal Revenue Service</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>Request for Taxpayer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>Identification Number and Certification</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000"> <P STYLE="margin-left:0.75em; font-size:8pt; font-family:ARIAL"><B>Give Form to the requester.&nbsp;Do&nbsp;not<BR>send to the IRS.</B></P></TD></TR>
</TABLE> <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt">


<TR>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="18%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="8%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="8%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="8%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom"></TD>
<TD></TD>
<TD VALIGN="bottom"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="24%"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7pt">
<TD VALIGN="middle" ROWSPAN="6"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>Print or type</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center">See
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>Specific Instructions</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center">on page 2.</P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD ROWSPAN="2" VALIGN="middle">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="27" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL"><B>1</B> Name (as shown on
your income tax return). Name is required on this line; do not leave this line blank.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="19" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL"><B>2</B> Business
name/disregarded entity name, if different from above</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="23"><B>3 </B>Check appropriate box for federal tax classification; check only <B>one </B>of the following seven boxes:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ROWSPAN="4" NOWRAP STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL">4 Exemptions (codes apply only to<BR>certain entities, not individuals; see<BR>instructions
on page 3)</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL">Exempt payee code (if
any)<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL">Exempt from
FATCA reporting<BR>code&nbsp;(if&nbsp;any)<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> <I></I></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:ARIAL"><I>(Applies to accounts maintained<BR>outside the U.S.)</I></P></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="font-family:Times New Roman; font-size:14pt"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></SUP></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP>Individual/sole proprietor<BR>or single-member LLC</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="font-family:Times New Roman; font-size:14pt"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></SUP></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">C&nbsp;Corporation</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="font-family:Times New Roman; font-size:14pt"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></SUP></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">S&nbsp;Corporation</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="font-family:Times New Roman; font-size:14pt"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></SUP></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Partnership&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="font-family:Times New Roman; font-size:14pt"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></SUP></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Trust/estate</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="font-family:Times New Roman; font-size:14pt"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></SUP></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="21" STYLE="BORDER-RIGHT:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL">Limited liability company. Enter the tax classification (C=C corporation, S=S corporation.
P=&nbsp;partnership)<FONT STYLE="font-family:Times New Roman"><FONT STYLE="FONT-FAMILY:'WINGDINGS 3'">&#117;</FONT></FONT> <U>&nbsp;&nbsp;&nbsp;</U></P> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:ARIAL"><B>Note.</B> For a single-member LLC that is disregarded, do not check LLC; check the appropriate box in the line<BR>above for the tax classification of the single-member
owner. <SUP STYLE="font-size:85%; vertical-align:top"></SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman; font-size:14pt"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="15" NOWRAP>Other (see instructions) <FONT STYLE="font-family:Times New Roman"><FONT STYLE="FONT-FAMILY:'WINGDINGS 3'">&#117;</FONT></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="15" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL"><B>5</B> Address (number, street, and apt. or suite no.)</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="7"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:ARIAL">&nbsp;&nbsp;&nbsp;&nbsp;Requester&#146;s&nbsp;name&nbsp;and&nbsp;address&nbsp;(optional)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="15"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL"><B>6</B> City, state, and ZIP code</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD COLSPAN="7" VALIGN="top">&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="15" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL"><B>7</B> List account
number(s)&nbsp;here (optional)</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD COLSPAN="7" VALIGN="top" STYLE="BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD></TR></TABLE></DIV>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" BGCOLOR="#000000"><FONT COLOR="#ffffff"><B>Part I</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>Taxpayer Identification Number (TIN)</B></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="64%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" ROWSPAN="6"> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">Enter your TIN in the appropriate box. The TIN provided must match the
name given on line 1 to avoid backup withholding. For individuals, this is generally your social security number (SSN). However, for a resident alien, sole proprietor, or disregarded entity, see the Part I instructions on page 3. For other entities,
it is your employer identification number (EIN). If you do not have a number, see <I>How to get a TIN</I> on page 3.</P> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL"><B>Note.</B> If the account is in more than one name, see the instructions for line 1 and the chart on page 4 for guidelines on whose number to enter.</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:6pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="17" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:8pt"> <P STYLE="margin-left:0.67em; font-size:6pt; font-family:ARIAL"><B>Social security number</B></P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">&#150;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">&#150;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="17" ALIGN="center"><B>or</B></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:6pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="17" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:8pt"> <P STYLE="margin-left:0.67em; font-size:6pt; font-family:ARIAL"><B>Employer identification number</B></P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">&#150;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" BGCOLOR="#000000"><FONT COLOR="#ffffff"><B>Part II</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>Certification</B></TD></TR>
</TABLE> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">Under penalties of perjury, I certify that: </P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">1.</TD>
<TD WIDTH="1%" VALIGN="top" >&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">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 </TD></TR></TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">2.</TD>
<TD WIDTH="1%" VALIGN="top" >&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">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 (IRS) 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 </TD></TR></TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">3.</TD>
<TD WIDTH="1%" VALIGN="top" >&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">I am a U.S. citizen or other U.S. person (defined below); and </TD></TR></TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">4.</TD>
<TD WIDTH="1%" VALIGN="top" >&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The FATCA code(s) entered on this form (if any) indicating that I am exempt from FATCA reporting is correct. </TD></TR></TABLE>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><B>Certification instructions. </B>You must cross out item 2 above if you have been notified by the IRS that you are currently subject to backup withholding because you
have failed to report all interest and dividends on your tax return. For real estate transactions, item 2 does not apply. For mortgage interest paid, acquisition or abandonment of secured property, cancellation of debt, contributions to an
individual retirement arrangement (IRA), and generally, payments other than interest and dividends, you are not required to sign the certification, but you must provide your correct TIN. See the instructions on page 3. </P>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:7pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="45%"></TD>
<TD VALIGN="bottom" WIDTH="12%"></TD>
<TD WIDTH="35%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:7pt">
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:10pt"><B>Sign<BR>Here</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>Signature of<BR>U.S.
person&nbsp;&nbsp;</B><FONT STYLE="font-family:Times New Roman"><FONT STYLE="FONT-FAMILY:'WINGDINGS 3'">&#117;</FONT></FONT><B></B><B></B></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>Date&nbsp;&nbsp;</B><FONT STYLE="font-family:Times New Roman"><FONT STYLE="FONT-FAMILY:'WINGDINGS 3'">&#117;</FONT></FONT><B></B><B></B></TD></TR>
</TABLE> <DIV STYLE="position:relative;float:left; margin-right:1%; width:48%;padding-right:9pt;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>General Instructions </B></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">Section
references are to the Internal Revenue Code unless otherwise noted. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><B>Future developments.</B> Information about developments affecting Form W-9 (such as
legislation enacted after we release it) is at <I>www.irs.gov/fw9.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Purpose of Form </B></P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">An individual or entity (Form W-9 requester) who is required to file an information return with the IRS must obtain your correct taxpayer identification number (TIN)
which may be your social security number (SSN), individual taxpayer identification number (ITIN), adoption taxpayer identification number (ATIN), or employer identification number (EIN), to report on an information return the amount paid to you, or
other amount reportable on an information return. Examples of information returns include, but are not limited to, the following: </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><FONT
STYLE="font-family:Times New Roman"><FONT STYLE="FONT-FAMILY:'WINGDINGS 2'">&#151;</FONT></FONT> Form 1099-INT (interest earned or paid) </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><FONT
STYLE="font-family:Times New Roman"><FONT STYLE="FONT-FAMILY:'WINGDINGS 2'">&#151;</FONT></FONT> Form 1099-DIV (dividends, including those from stocks or mutual funds) </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><FONT STYLE="font-family:Times New Roman"><FONT STYLE="FONT-FAMILY:'WINGDINGS 2'">&#151;</FONT></FONT> Form 1099-MISC (various types of income, prizes, awards, or gross
proceeds) </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><FONT STYLE="font-family:Times New Roman"><FONT STYLE="FONT-FAMILY:'WINGDINGS 2'">&#151;</FONT></FONT> Form 1099-B (stock or mutual fund sales and certain
other transactions by brokers) </P></DIV><DIV STYLE="position:relative;float:right; width:48%;padding-right:9pt;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><FONT STYLE="font-family:Times New Roman"><FONT STYLE="FONT-FAMILY:'WINGDINGS 2'">&#151;</FONT></FONT> Form 1099-S
(proceeds from real estate transactions) </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><FONT STYLE="font-family:Times New Roman"><FONT STYLE="FONT-FAMILY:'WINGDINGS 2'">&#151;</FONT></FONT> Form 1099-K (merchant
card and third party network transactions) </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><FONT STYLE="font-family:Times New Roman"><FONT STYLE="FONT-FAMILY:'WINGDINGS 2'">&#151;</FONT></FONT> Form 1098 (home
mortgage interest), 1098-E (student loan interest), 1098-T (tuition) </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><FONT STYLE="font-family:Times New Roman"><FONT STYLE="FONT-FAMILY:'WINGDINGS 2'">&#151;</FONT></FONT> Form 1099-C (canceled debt) </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><FONT STYLE="font-family:Times New Roman"><FONT STYLE="FONT-FAMILY:'WINGDINGS 2'">&#151;</FONT></FONT> Form 1099-A (acquisition or abandonment of secured property) </P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">Use Form W-9 only if you are a U.S. person (including a resident alien), to provide your correct TIN. </P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><I>If you do not return Form W-9 to the requester with a TIN, you might be subject to backup withholding.</I> See <I>What is backup withholding?</I> on page 2. </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">By signing the filled-out form, you: </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">1. Certify that the TIN you are giving is correct
(or you are waiting for a number to be issued), </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">2. Certify that you are not subject to backup withholding, or </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">3. Claim exemption from backup withholding if you are a U.S. exempt payee. If applicable, you are also certifying that as a U.S. person, your allocable share of any
partnership income from a U.S. trade or business is not subject to the withholding tax on foreign partners&#146; share of effectively connected income, and </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">4.
Certify that FATCA code(s) entered on this form (if any) indicating that you are exempt from the FATCA reporting, is correct. See <I>What is FATCA reporting?</I> on page 2 for further information.
</P></DIV><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Cat.&nbsp;No.&nbsp;10231X</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="text-indent:2.00em; font-size:7pt; font-family:ARIAL" ALIGN="right">Form <B><FONT STYLE="font-size:10pt">W-9</FONT> </B>(Rev. 12-2014)</P></TD></TR></TABLE>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">



<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7pt">
<TD VALIGN="top">Form W-9 (Rev. 12-2014)</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top" ALIGN="right">Page <B>2</B></TD></TR></TABLE> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<DIV STYLE="position:relative;float:left; margin-right:1%; width:48%;padding-right:9pt;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><B>Note. </B>If you are a U.S. person and a requester gives you a form other than Form W-9 to request your TIN, you must
use the requester&#146;s form if it is substantially similar to this Form W-9. </P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><B>Definition of a U.S. person. </B>For federal tax purposes, you are considered a
U.S. person if you are: </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><FONT STYLE="font-family:Times New Roman"><FONT STYLE="FONT-FAMILY:'WINGDINGS 2'">&#151;</FONT></FONT> An individual who is a U.S. citizen or
U.S. resident alien; </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><FONT STYLE="font-family:Times New Roman"><FONT STYLE="FONT-FAMILY:'WINGDINGS 2'">&#151;</FONT></FONT> A partnership, corporation, company, or
association created or organized in the United States or under the laws of the United States; </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><FONT STYLE="font-family:Times New Roman"><FONT
STYLE="FONT-FAMILY:'WINGDINGS 2'">&#151;</FONT></FONT> An estate (other than a foreign estate); or </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><FONT STYLE="font-family:Times New Roman"><FONT
STYLE="FONT-FAMILY:'WINGDINGS 2'">&#151;</FONT></FONT> A domestic trust (as defined in Regulations section 301.7701-7). </P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><B>Special rules for partnerships.
</B>Partnerships that conduct a trade or business in the United States are generally required to pay a withholding tax under section 1446 on any foreign partners&#146; share of effectively connected taxable income from such business. Further, in
certain cases where a Form W-9 has not been received, the rules under section 1446 require a partnership to presume that a partner is a foreign person, and pay the section 1446 withholding tax. Therefore, if you are a U.S. person that is a partner
in a partnership conducting a trade or business in the United States, provide Form W-9 to the partnership to establish your U.S. status and avoid section 1446 withholding on your share of partnership income. </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">In the cases below, the following person must give Form W-9 to the partnership for purposes of establishing its U.S. status and avoiding withholding on
its allocable share of net income from the partnership conducting a trade or business in the United States: </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><FONT STYLE="font-family:Times New Roman"><FONT
STYLE="FONT-FAMILY:'WINGDINGS 2'">&#151;</FONT></FONT> In the case of a disregarded entity with a U.S. owner, the U.S. owner of the disregarded entity and not the entity; </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><FONT STYLE="font-family:Times New Roman"><FONT STYLE="FONT-FAMILY:'WINGDINGS 2'">&#151;</FONT></FONT> In the case of a grantor trust with a U.S. grantor or other U.S.
owner, generally, the U.S. grantor or other U.S. owner of the grantor trust and not the trust; and </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><FONT STYLE="font-family:Times New Roman"><FONT
STYLE="FONT-FAMILY:'WINGDINGS 2'">&#151;</FONT></FONT> In the case of a U.S. trust (other than a grantor trust), the U.S. trust (other than a grantor trust) and not the beneficiaries of the trust. </P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><B>Foreign person. </B>If you are a foreign person or the U.S. branch of a foreign bank that has elected to be treated as a U.S. person, do not use Form W-9. Instead, use
the appropriate Form W-8 or Form 8233 (see Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities). </P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><B>Nonresident alien who becomes a
resident alien. </B>Generally, only a nonresident alien individual may use the terms of a tax treaty to reduce or eliminate U.S. tax on certain types of income. However, most tax treaties contain a provision known as a &#147;saving clause.&#148;
Exceptions specified in the saving clause may permit an exemption from tax to continue for certain types of income even after the payee has otherwise become a U.S. resident alien for tax purposes. </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">If you are a U.S. resident alien who is relying on an exception contained in the saving clause of a tax treaty to claim an exemption from U.S. tax on
certain types of income, you must attach a statement to Form W-9 that specifies the following five items: </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">1. The treaty country. Generally, this
must be the same treaty under which you claimed exemption from tax as a nonresident alien. </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">2. The treaty article addressing the income. </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">3. The article number (or location) in the tax treaty that contains the saving clause and its exceptions. </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">4. The type and amount of income that qualifies for the exemption from tax. </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">5. Sufficient facts to justify the exemption from tax under the terms of the treaty article. </P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><B><I>Example.</I></B> Article 20 of the U.S.-China income tax treaty allows an exemption from tax for scholarship income received by a Chinese student temporarily
present in the United States. Under U.S. law, this student will become a resident alien for tax purposes if his or her stay in the United States exceeds 5 calendar years. However, paragraph 2 of the first Protocol to the U.S.-China treaty (dated
April&nbsp;30, 1984) allows the provisions of Article 20 to continue to apply even after the Chinese student becomes a resident alien of the United States. A Chinese student who qualifies for this exception (under paragraph 2 of the first protocol)
and is relying on this exception to claim an exemption from tax on his or her scholarship or fellowship income would attach to Form W-9 a statement that includes the information described above to support that exemption. </P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">If you are a nonresident alien or a foreign entity, give the requester the appropriate completed Form W-8 or Form 8233. </P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Backup Withholding </B></P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><B>What is backup withholding? </B>Persons making certain
payments to you must under certain conditions withhold and pay to the IRS 28% of such payments. This is called &#147;backup withholding.&#148; Payments that may be subject to backup withholding include interest, tax-exempt interest, dividends,
broker and barter exchange transactions, rents, royalties, nonemployee pay, payments made in settlement of payment card and third party network transactions, and certain payments from fishing boat operators. Real estate transactions are not subject
to backup withholding. </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">You will not be subject to backup withholding on payments you receive if you give the requester your correct TIN, make the
proper certifications, and report all your taxable interest and dividends on your tax return. </P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">Payments you receive will be subject to backup withholding if: </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">1. You do not furnish your TIN to the requester, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">2.
You do not certify your TIN when required (see the Part II instructions on page 3 for details), </P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P></DIV><DIV STYLE="position:relative;float:right; width:48%;padding-right:9pt;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">3. The IRS tells the requester that you furnished an incorrect TIN, </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">4. The IRS tells you that you are subject to backup withholding because you did not report all your interest and dividends on your tax return (for
reportable interest and dividends only), or </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">5. You do not certify to the requester that you are not subject to backup withholding under 4 above (for
reportable interest and dividend accounts opened after 1983 only). </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">Certain payees and payments are exempt from backup withholding. See Exempt payee
code on page 3 and the separate Instructions for the Requester of Form W-9 for more information. </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">Also see <I>Special rules for partnerships</I>
above. </P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>What is FATCA reporting? </B></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">The Foreign Account Tax Compliance Act
(FATCA) requires a participating foreign financial institution to report all United States account holders that are specified United States persons. Certain payees are exempt from FATCA reporting. See Exemption from FATCA reporting code on page 3
and the Instructions for the Requester of Form W-9 for more information. </P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Updating Your Information </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">You must provide updated information to any person to whom you claimed to be an exempt payee if you are no longer an exempt payee and anticipate receiving reportable
payments in the future from this person. For example, you may need to provide updated information if you are a C corporation that elects to be an S corporation, or if you no longer are tax exempt. In addition, you must furnish a new Form W-9 if the
name or TIN changes for the account; for example, if the grantor of a grantor trust dies. </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Penalties </B></P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><B>Failure to furnish TIN. </B>If you fail to furnish your correct TIN to a requester, you are subject to a penalty of $50 for each such failure unless your failure is
due to reasonable cause and not to willful neglect. </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><B>Civil penalty for false information with respect to withholding. </B>If you make a false statement with no
reasonable basis that results in no backup withholding, you are subject to a $500 penalty. </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><B>Criminal penalty for falsifying information. </B>Willfully falsifying
certifications or affirmations may subject you to criminal penalties including fines and/or imprisonment. </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><B>Misuse of TINs. </B>If the requester discloses or uses
TINs in violation of federal law, the requester may be subject to civil and criminal penalties. </P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Specific Instructions </B></P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Line 1 </B></P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">You must enter one of the following on this line; <B>do not</B> leave
this line blank. The name should match the name on your tax return. </P> <P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">If this Form W-9 is for a joint account, list first, and then circle, the name
of the person or entity whose number you entered in Part I of Form W-9. </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">a.<B> Individual. </B>Generally, enter the name shown on your tax return. If
you have changed your last name without informing the Social Security Administration (SSA) of the name change, enter your first name, the last name as shown on your social security card, and your new last name. </P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL"><B>Note. ITIN applicant: </B>Enter your individual name as it was entered on your Form W-7 application, line 1a. This should also be the same as the name
you entered on the Form 1040/1040A/1040EZ you filed with your application. </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">b.<B> Sole proprietor or single-member LLC. </B>Enter your individual
name as shown on your 1040/1040A/1040EZ on line 1. You may enter your business, trade, or &#147;doing business as&#148; (DBA) name on line 2. </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">c.<B>
Partnership, LLC that is not a single-member LLC, C Corporation, or S Corporation.</B> Enter the entity&#146;s name as shown on the entity&#146;s tax return on line 1 and any business, trade, or DBA name on line 2. </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">d. <B>Other entities. </B>Enter your name as shown on required U.S. federal tax documents on line 1. This name should match the name shown on the charter
or other legal document creating the entity. You may enter any business, trade, or DBA name on line 2. </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">e.<B> Disregarded entity. </B>For U.S.
federal tax purposes, an entity that is disregarded as an entity separate from its owner is treated as a &#147;disregarded entity.&#148; See Regulations section 301.7701-2(c)(2)(iii). Enter the owner&#146;s name on line 1. The name of the entity
entered on line 1 should never be a disregarded entity. The name on line 1 should be the name shown on the income tax return on which the income should be reported. For example, if a foreign LLC that is treated as a disregarded entity for U.S.
federal tax purposes has a single owner that is a U.S. person, the U.S. owner&#146;s name is required to be provided on line 1. If the direct owner of the entity is also a disregarded entity, enter the first owner that is not disregarded for federal
tax purposes. Enter the disregarded entity&#146;s name on line 2, &#147;Business name/disregarded entity name.&#148; If the owner of the disregarded entity is a foreign person, the owner must complete an appropriate Form W-8 instead of a Form W-9.
This is the case even if the foreign person has a U.S. TIN. </P></DIV><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">



<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7pt">
<TD VALIGN="top">Form W-9 (Rev. 12-2014)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Page <B>3</B></TD></TR></TABLE> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Line 2 </B></P>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;
</P><DIV STYLE="position:relative;float:left; margin-right:1%; width:48%;padding-right:9pt;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">If you have a business name, trade name, DBA name, or disregarded entity name, you may enter it on line 2. </P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Line 3 </B></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">Check the appropriate box in line 3 for the U.S. federal tax
classification of the person whose name is entered on line 1. Check only one box in line 3. </P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><B>Limited Liability Company (LLC). </B>If the name on line 1 is an LLC
treated as a partnership for U.S. federal tax purposes, check the &#147;Limited Liability Company&#148; box and enter &#147;P&#148; in the space provided. If the LLC has filed Form 8832 or 2553 to be taxed as a corporation, check the &#147;Limited
Liability Company&#148; box and in the space provided enter &#147;C&#148; for C corporation or &#147;S&#148; for S corporation. If it is a single-member LLC that is a disregarded entity, do not check the &#147;Limited Liability Company&#148; box;
instead check the first box in line 3 &#147;Individual/sole proprietor or single-member LLC.&#148; </P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Line 4, Exemptions </B></P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">If you are exempt from backup withholding and/or FATCA reporting, enter in the appropriate space in line 4 any code(s) that may apply to you. </P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Exempt payee code. </B></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><FONT STYLE="font-family:Times New Roman"><FONT
STYLE="FONT-FAMILY:'WINGDINGS 2'">&#151;</FONT></FONT> Generally, individuals (including sole proprietors) are not exempt from backup withholding. </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><FONT
STYLE="font-family:Times New Roman"><FONT STYLE="FONT-FAMILY:'WINGDINGS 2'">&#151;</FONT></FONT> Except as provided below, corporations are exempt from backup withholding for certain payments, including interest and dividends. </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><FONT STYLE="font-family:Times New Roman"><FONT STYLE="FONT-FAMILY:'WINGDINGS 2'">&#151;</FONT></FONT> Corporations are not exempt from backup withholding for payments
made in settlement of payment card or third party network transactions. </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><FONT STYLE="font-family:Times New Roman"><FONT STYLE="FONT-FAMILY:'WINGDINGS 2'">&#151;</FONT></FONT> Corporations are not exempt from backup withholding with respect to
attorneys&#146; fees or gross proceeds paid to attorneys, and corporations that provide medical or health care services are not exempt with respect to payments reportable on Form 1099-MISC. </P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">The following codes identify payees that are exempt from backup withholding. Enter the appropriate code in the space in line&nbsp;4. </P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">1&#151;An organization exempt from tax under section 501(a), any IRA, or a custodial account under section 403(b)(7) if the account satisfies the
requirements of section 401(f)(2) </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">2&#151;The United States or any of its agencies or instrumentalities </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">3&#151;A state, the District of Columbia, a U.S. commonwealth or possession, or any of their political subdivisions or instrumentalities </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">4&#151;A foreign government or any of its political subdivisions, agencies, or instrumentalities </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">5&#151;A corporation </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">6&#151;A dealer in securities
or commodities required to register in the United States, the District of Columbia, or a U.S. commonwealth or possession </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">7&#151;A futures commission
merchant registered with the Commodity Futures Trading Commission </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">8&#151;A real estate investment trust </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">9&#151;An entity registered at all times during the tax year under the Investment Company Act of 1940 </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">10&#151;A common trust fund operated by a bank under section 584(a) </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">11&#151;A financial institution </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">12&#151;A middleman
known in the investment community as a nominee or custodian </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">13&#151;A trust exempt from tax under section 664 or described in section 4947 The
following chart shows types of payments that may be exempt from backup withholding. The chart applies to the exempt payees listed above, 1 through 13. </P> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="49%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="46%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1px solid #000000"><B>IF the payment is for . . .</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1px solid #000000"><B>THEN the payment is exempt for . . .</B></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">Interest and dividend payments</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">All exempt payees except for 7</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">Broker transactions</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">Exempt payees 1 through 4 and 6 through 11 and all C corporations. S corporations must not enter an exempt payee code because they are exempt only for sales of noncovered securities
acquired prior to 2012.</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">Barter exchange transactions and patronage dividends</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">Exempt payees 1 through 4</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top">Payments over $600 required to be reported and direct sales over $5,000<SUP STYLE="font-size:85%; vertical-align:top">1</SUP></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Generally, exempt payees 1 through 5<SUP STYLE="font-size:85%; vertical-align:top">2</SUP></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">Payments made in settlement of payment card or third party network transactions</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">Exempt payees 1 through 4</TD></TR>
</TABLE> </DIV><DIV STYLE="position:relative;float:right; width:48%;padding-right:9pt;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP> See Form 1099-MISC, Miscellaneous Income, and its instructions. </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP> However, the following payments made to a corporation and reportable on Form 1099-MISC are not exempt from backup
withholding: medical and health care payments, attorneys&#146; fees, gross proceeds paid to an attorney reportable under section 6045(f), and payments for services paid by a federal executive agency. </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><B>Exemption from FATCA reporting code.</B> The following codes identify payees that are exempt from reporting under FATCA. These codes apply to persons submitting this
form for accounts maintained outside of the United States by certain foreign financial institutions. Therefore, if you are only submitting this form for an account you hold in the United States, you may leave this field blank. Consult with the
person requesting this form if you are uncertain if the financial institution is subject to these requirements. A requester may indicate that a code is not required by providing you with a Form W-9 with &#147;Not Applicable&#148; (or any similar
indication) written or printed on the line for a FATCA exemption code. </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">A&#151;An organization exempt from tax under section 501(a) or any individual
retirement plan as defined in section 7701(a)(37) </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">B&#151;The United States or any of its agencies or instrumentalities </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">C&#151;A state, the District of Columbia, a U.S. commonwealth or possession, or any of their political subdivisions or instrumentalities </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">D&#151;A corporation the stock of which is regularly traded on one or more established securities markets, as described in Regulations section
1.1472-1(c)(1)(i) </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">E&#151;A corporation that is a member of the same expanded affiliated group as a corporation described in Regulations section
1.1472-1(c)(1)(i) </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">F&#151;A dealer in securities, commodities, or derivative financial instruments (including notional principal contracts, futures,
forwards, and options) that is registered as such under the laws of the United States or any state </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">G&#151;A real estate investment trust </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">H&#151;A regulated investment company as defined in section 851 or an entity registered at all times during the tax year under the Investment Company Act
of 1940 </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">I&#151;A common trust fund as defined in section 584(a) </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">J&#151;A bank as defined in section 581 </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">K&#151;A
broker </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">L&#151;A trust exempt from tax under section 664 or described in section 4947(a)(1) </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">M&#151;A tax exempt trust under a section 403(b) plan or section 457(g) plan </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><B>Note.</B> You may wish to consult with the financial institution requesting this form to determine whether the FATCA code and/or exempt payee code should be completed.
</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Line 5 </B></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">Enter your address (number, street, and apartment or suite
number). This is where the requester of this Form W-9 will mail your information returns. </P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Line 6 </B></P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">Enter your city, state, and ZIP code. </P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Part I. Taxpayer Identification Number (TIN)
</B></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><B>Enter your TIN in the appropriate box. </B>If you are a resident alien and you do not have and are not eligible to get an SSN, your TIN is your IRS individual
taxpayer identification number (ITIN). Enter it in the social security number box. If you do not have an ITIN, see <I>How to get a TIN </I>below. </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">If
you are a sole proprietor and you have an EIN, you may enter either your SSN or EIN. However, the IRS prefers that you use your SSN. </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">If you are a
single-member LLC that is disregarded as an entity </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">separate from its owner (see <I>Limited Liability Company (LLC)</I> on this page), enter the owner&#146;s SSN (or
EIN, if the owner has one). Do not enter the disregarded entity&#146;s EIN. If the LLC is classified as a corporation or partnership, enter the entity&#146;s EIN. </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><B>Note. </B>See the chart on page 4 for further clarification of name and TIN combinations. </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><B>How to get a TIN. </B>If you do not have a TIN, apply for one immediately. To apply for an SSN, get Form SS-5, Application for a Social Security Card, from your local
SSA office or get this form online at www.ssa.gov. You may also get this form by calling 1-800-772-1213. Use Form W-7, Application for IRS Individual Taxpayer Identification Number, to apply for an ITIN, or Form SS-4, Application for Employer
Identification Number, to apply for an EIN. You can apply for an EIN online by accessing the IRS website at www.irs.gov/businesses and clicking on Employer Identification Number (EIN) under Starting a Business. You can get Forms W-7 and SS-4 from
the IRS by visiting IRS.gov or by calling 1-800-TAX-FORM (1-800-829-3676). </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">If you are asked to complete Form W-9 but do not have a TIN, apply for a
TIN and write &#147;Applied For&#148; in the space for the TIN, sign and date the form, and give it to the requester. For interest and dividend payments, and certain payments made with respect to readily tradable instruments, generally you will have
60 days to get a TIN and give it to the requester before you are subject to backup withholding on payments. The 60-day rule does not apply to other types of payments. You will be subject to backup withholding on all such payments until you provide
your TIN to the requester. </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><B>Note. </B>Entering &#147;Applied For&#148; means that you have already applied for a TIN or that you intend to apply for one soon. </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><B>Caution: </B><I>A disregarded U.S. entity that has a foreign owner must use the appropriate Form W-8.</I>
</P></DIV><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">



<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:7pt" ALIGN="center">

<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:7pt">
<TD VALIGN="top">Form W-9 (Rev. 12-2014)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Page <B>4</B></TD></TR></TABLE> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<DIV STYLE="position:relative;float:left; margin-right:1%; width:48%;padding-right:9pt;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Part II. Certification </B></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">To
establish to the withholding agent that you are a U.S. person, or resident alien, sign Form W-9. You may be requested to sign by the withholding agent even if items 1, 4, or 5 below indicate otherwise. </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">For a joint account, only the person whose TIN is shown in Part I should sign (when required). In the case of a disregarded entity, the person identified
on line 1 must sign. Exempt payees, see <I>Exempt payee code</I> earlier. </P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><B>Signature requirements. </B>Complete the certification as indicated in items 1 through 5
below. </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL"><B>1. Interest, dividend, and barter exchange accounts opened before 1984 and broker accounts considered active during 1983. </B>You must
give your correct TIN, but you do not have to sign the certification. </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL"><B>2. Interest, dividend, broker, and barter exchange accounts opened after
1983 and broker accounts considered inactive during 1983. </B>You must sign the certification or backup withholding will apply. If you are subject to backup withholding and you are merely providing your correct TIN to the requester, you must cross
out item 2 in the certification before signing the form. </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL"><B>3. Real estate transactions. </B>You must sign the certification. You may cross out item
2 of the certification. </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL"><B>4. Other payments. </B>You must give your correct TIN, but you do not have to sign the certification unless you have been
notified that you have previously given an incorrect TIN. &#147;Other payments&#148; include payments made in the course of the requester&#146;s trade or business for rents, royalties, goods (other than bills for merchandise), medical and health
care services (including payments to corporations), payments to a nonemployee for services, payments made in settlement of payment card and third party network transactions, payments to certain fishing boat crew members and fishermen, and gross
proceeds paid to attorneys (including payments to corporations). </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL"><B>5. Mortgage interest paid by you, acquisition or abandonment of secured
property, cancellation of debt, qualified tuition program payments (under section 529), IRA, Coverdell ESA, Archer MSA or HSA contributions or distributions, and pension distributions. </B>You must give your correct TIN, but you do not have to sign
the certification. </P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>What Name and Number To Give the Requester </B></P> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" ALIGN="center">


<TR>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="44%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="44%"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1px solid #000000"><B>For this type of account:</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1px solid #000000"><B>Give name and SSN of:</B></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">1.</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.75em; text-indent:-1.75em; font-size:8pt; font-family:ARIAL">Individual</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The individual</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">2.</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Two or more individuals (joint account)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The actual owner of the account or, if combined funds, the first individual on the account<SUP STYLE="font-size:85%; vertical-align:top">1</SUP></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">3.</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Custodian account of a minor (Uniform Gift to Minors Act)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The minor <SUP STYLE="font-size:85%; vertical-align:top">2</SUP></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">4.</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">a. The usual revocable savings trust (grantor is also trustee)</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL">b.
So-called trust account that is not a legal or valid trust under state law</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The grantor-trustee1 The actual owner<SUP STYLE="font-size:85%; vertical-align:top">1</SUP></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">5.</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Sole proprietorship or disregarded entity owned by an individual</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The owner <SUP STYLE="font-size:85%; vertical-align:top">3</SUP></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">6.</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Grantor trust filing under Optional Form 1099 Filing Method 1 (see Regulations section 1.671-4(b)(2)(i) (A))</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The grantor*</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1px solid #000000"><B>For this type of account:</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1.00pt solid #000000; BORDER-BOTTOM:1px solid #000000"><B>Give name and EIN of:</B></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">7.</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Disregarded entity not owned by an individual</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The owner</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">8.</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">A valid trust, estate, or pension trust</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Legal entity <SUP STYLE="font-size:85%; vertical-align:top">4</SUP></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">9.</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Corporation or LLC electing corporate status on Form 8832 or Form 2553</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The corporation</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">10.</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Association, club, religious, charitable, educational, or other tax-exempt organization</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The organization</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">11.</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Partnership or multi-member LLC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The partnership</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">12.</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">A broker or registered nominee</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The broker or nominee</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">13.</TD>
<TD NOWRAP VALIGN="top">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Account with the Department of Agriculture in the name of a publicentity (such as a state or localgovernment, school district, or prison) that receives agricultural program payments</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The public entity</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000" ALIGN="right">14.</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000">Grantor trust filing under the Form 1041 Filing Method or the Optional Form 1099 Filing Method 2 (see Regulations section 1.671-4(b)(2)(i) (B))</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1.00pt solid #000000">The trust</TD></TR>
</TABLE> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP> List first and circle the name of the person whose number you furnish. If only one
person on a joint account has an SSN, that person&#146;s number must be furnished. </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP> Circle the minor&#146;s
name and furnish the minor&#146;s SSN. </P></DIV><DIV STYLE="position:relative;float:right; width:48%;padding-right:9pt;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><SUP STYLE="font-size:85%; vertical-align:top">3</SUP> You must show your individual name and you may also enter your
business or DBA name on the &#147;Business name/disregarded entity&#148; name line. You may use either your SSN or EIN (if you have one), but the IRS encourages you to use your SSN. </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><SUP STYLE="font-size:85%; vertical-align:top">4</SUP> List first and circle the name of the trust, estate, or pension trust. (Do not furnish the TIN of the personal
representative or trustee unless the legal entity itself is not designated in the account title.) Also see <I>Special rules for partnerships</I> on page 2. </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><B>*Note.</B> Grantor also must provide a Form W-9 to trustee of trust. </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><B>Note.
</B>If no name is circled when more than one name is listed, the number will be considered to be that of the first name listed. </P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Secure Your Tax Records
from Identity Theft </B></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">Identity theft occurs when someone uses your personal information such as your name, SSN, or other identifying information, without your
permission, to commit fraud or other crimes. An identity thief may use your SSN to get a job or may file a tax return using your SSN to receive a refund. </P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">To reduce your risk: </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><FONT STYLE="font-family:Times New Roman"><FONT
STYLE="FONT-FAMILY:'WINGDINGS 2'">&#151;</FONT></FONT> Protect your SSN, </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><FONT STYLE="font-family:Times New Roman"><FONT STYLE="FONT-FAMILY:'WINGDINGS 2'">&#151;</FONT></FONT> Ensure your employer is protecting your SSN, and </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><FONT STYLE="font-family:Times New Roman"><FONT STYLE="FONT-FAMILY:'WINGDINGS 2'">&#151;</FONT></FONT> Be careful when choosing a tax preparer. </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">If your tax records are affected by identity theft and you receive a notice from the IRS, respond right away to the name and phone number printed on the
IRS notice or letter. </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">If your tax records are not currently affected by identity theft but you think you are at risk due to a lost or stolen purse
or wallet, questionable credit card activity or credit report, contact the IRS Identity Theft Hotline at 1-800-908-4490 or submit Form 14039. </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">For
more information, see Publication 4535, Identity Theft Prevention and Victim Assistance. </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">Victims of identity theft who are experiencing economic
harm or a system problem, or are seeking help in resolving tax problems that have not been resolved through normal channels, may be eligible for Taxpayer Advocate Service (TAS) assistance. You can reach TAS by calling the TAS toll-free case intake
line at 1-877-777-4778 or TTY/TDD 1-800-829-4059. </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><B>Protect yourself from suspicious emails or phishing schemes. </B>Phishing is the creation and use of email and
websites designed to mimic legitimate business emails and websites. The most common act is sending an email to a user falsely claiming to be an established legitimate enterprise in an attempt to scam the user into surrendering private information
that will be used for identity theft. </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">The IRS does not initiate contacts with taxpayers via emails. Also, the IRS does not request personal detailed
information through email or ask taxpayers for the PIN numbers, passwords, or similar secret access information for their credit card, bank, or other financial accounts. </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">If you receive an unsolicited email claiming to be from the IRS, forward this message to <I>phishing@irs.gov.</I> You may also report misuse of the IRS
name, logo, or other IRS property to the Treasury Inspector General for Tax Administration (TIGTA) at 1-800-366-4484. You can forward suspicious emails to the Federal Trade Commission at: <I>spam@uce.gov</I> or contact them at
<I>www.ftc.gov/idtheft</I> or 1-877-IDTHEFT (1-877-438-4338). </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; text-indent:8pt; font-size:8pt; font-family:ARIAL">Visit IRS.gov to learn more about identity theft and how to reduce your risk.
</P></DIV><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>
 <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Privacy Act Notice </B></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">Section&nbsp;6109 of the Internal Revenue Code requires you
to provide your correct TIN to persons (including federal agencies) who are required to file information returns with the IRS to report interest, dividends, or certain other income paid to you; mortgage interest you paid; the acquisition or
abandonment of secured property; the cancellation of debt; or contributions you made to an IRA, Archer MSA, or HSA. The person collecting this form uses the information on the form to file information returns with the IRS, reporting the above
information. Routine uses of this information include giving it to the Department of Justice for civil and criminal litigation and to cities, states, the District of Columbia, and U.S. commonwealths and possessions for use in administering their
laws. The information also may be disclosed to other countries under a treaty, to federal and state agencies to enforce civil and criminal laws, or to federal law enforcement and intelligence agencies to combat terrorism. You must provide your TIN
whether or not you are required to file a tax return. Under section 3406, payers must generally withhold a percentage of taxable interest, dividend, and certain other payments to a payee who does not give a TIN to the payer. Certain penalties may
also apply for providing false or fraudulent information. </P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>17
<FILENAME>d850935dex992.htm
<DESCRIPTION>EX-99.2
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.2</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PRECISION DRILLING CORPORATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OFFER TO EXCHANGE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>US$400,000,000 AGGREGATE PRINCIPAL AMOUNT OF ITS 5.250% SENIOR </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTES&nbsp;DUE 2024 (74022D AJ9), WHICH HAVE BEEN REGISTERED UNDER THE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES ACT OF 1933, AS AMENDED, FOR ANY AND ALL OF ITS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OUTSTANDING 5.250% SENIOR NOTES&nbsp;DUE 2024 (74022D AH3) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">February &nbsp;&nbsp;&nbsp;&nbsp;, 2015 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>To
Brokers, Dealers, Commercial Banks, </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Trust&nbsp;Companies and other Nominees: </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As described in the enclosed Prospectus, dated February &nbsp;&nbsp;&nbsp;&nbsp;, 2015 (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 a province of Canada other than Alberta, 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$400,000,000 of the Company&#146;s 5.250%&nbsp;Senior Notes due 2024 (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 5.250%&nbsp;Senior Notes due 2024 (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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WE URGE YOU TO PROMPTLY CONTACT YOUR CLIENTS FOR WHOM YOU HOLD OUTSTANDING NOTES&nbsp;REGISTERED IN YOUR NAME OR IN THE NAME OF YOUR
NOMINEE. PLEASE BRING THE EXCHANGE OFFER TO THEIR ATTENTION AS PROMPTLY AS POSSIBLE. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Enclosed are copies of the following documents:
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.&nbsp;The Prospectus and, if you are a resident in a province of Canada other than Alberta, the Canadian Offering Memorandum; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.&nbsp;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 W-9 and Guidelines for Certification of Taxpayer Identification Number on Substitute Form&nbsp;W-9 (providing information relating to U.S.&nbsp;federal income tax backup withholding); </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.&nbsp;A form of Notice of Guaranteed Delivery;&nbsp;and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.&nbsp;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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Your prompt action is requested. Please note that the Exchange Offer will expire at 11:59&nbsp;p.m., New York City time, on
March&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2015 (the &#147;Expiration Date&#148;), unless the Company otherwise extends the Exchange Offer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Very truly yours, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">PRECISION DRILLING </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">CORPORATION </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>18
<FILENAME>d850935dex993.htm
<DESCRIPTION>EX-99.3
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.3</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.3 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PRECISION DRILLING CORPORATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OFFER TO EXCHANGE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>US$400,000,000 AGGREGATE PRINCIPAL AMOUNT OF ITS 5.250% SENIOR </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTES&nbsp;DUE 2024 (74022D AJ9), WHICH HAVE BEEN REGISTERED UNDER THE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES ACT OF 1933, AS AMENDED, FOR ANY AND ALL OF ITS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OUTSTANDING 5.250% SENIOR NOTES&nbsp;DUE 2024 (74022D AH3) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">February &nbsp;&nbsp;&nbsp;&nbsp;, 2015 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To Our
Clients: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Enclosed for your consideration are a Prospectus, dated February , 2015 (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 a province of Canada other than Alberta, 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$400,000,000 of the Company&#146;s 5.250%&nbsp;Senior Notes due 2024 (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 5.250%&nbsp;Senior Notes due 2024 (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 a province of Canada other than Alberta, 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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">PLEASE
NOTE&nbsp;THAT THE EXCHANGE OFFER WILL EXPIRE AT MIDNIGHT, NEW YORK CITY TIME, ON , 2015 (THE &#147;EXPIRATION DATE&#148;), UNLESS THE COMPANY EXTENDS THE EXCHANGE OFFER. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INSTRUCTIONS&nbsp;TO REGISTERED HOLDER FROM BENEFICIAL OWNER </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The undersigned beneficial owner acknowledges receipt of your letter and the accompanying Prospectus dated February &nbsp;&nbsp;&nbsp;&nbsp;,
2015 (as the same may be amended or supplemented from time to time, the &#147;Prospectus&#148;) (and, in the event that the undersigned is resident in a province of Canada other than Alberta, 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$400,000,000 of its 5.250%&nbsp;Senior Notes due 2024 (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 5.250%&nbsp;Senior Notes due 2024 (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. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="65%"></TD>
<TD VALIGN="bottom" WIDTH="35%"></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Principal Amount Held</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; width:79.90pt; font-size:8pt; font-family:Times New Roman"><B>for Account Holder(s)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Principal&nbsp;Amount&nbsp;to&nbsp;be&nbsp;Tendered*</B></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top">Unless otherwise indicated, the entire principal amount held for the account of the undersigned will be tendered. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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)&nbsp;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)&nbsp;is not an &#147;affiliate,&#148; as defined in Rule&nbsp;405 under the Securities Act, of the Company or the
Guarantors, (ii)&nbsp;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)&nbsp;is acquiring the Exchange Notes in the ordinary course
of its business and (iv)&nbsp;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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGN HERE </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Dated:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2015</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Signature(s):
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Print Name(s):
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;</U></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Address:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;</U></P></TD></TR></TABLE> <P STYLE="font-size:20pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:20pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="100%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>(Please include Zip/Postal Code)</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Telephone Number
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;</U></P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>(Please include Area Code)</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Tax Identification Number, Social Security Number or Social Insurance Number:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">My Account Number With You:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>19
<FILENAME>d850935dex994.htm
<DESCRIPTION>EX-99.4
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.4</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.4 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PRECISION DRILLING CORPORATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTICE OF GUARANTEED DELIVERY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OFFER TO EXCHANGE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>US$400,000,000 AGGREGATE PRINCIPAL AMOUNT OF ITS 5.250% SENIOR </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTES&nbsp;DUE 2024 (74022D AJ9), </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>WHICH HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FOR ANY AND ALL OF ITS OUTSTANDING 5.250% SENIOR NOTES&nbsp;DUE 2024 (74022D AH3) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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 February &nbsp;&nbsp;&nbsp;&nbsp;, 2015 (the &#147;Prospectus&#148; which term, where the
context dictates and when used in respect of holders of Outstanding Notes resident in provinces of Canada other than Alberta, 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&nbsp;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)&nbsp;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. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>The Exchange Agent is: </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE BANK OF NEW YORK MELLON </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"><I>By Registered or Certified Mail:</I></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center"><I>By Regular Mail:</I></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center"><I>By Overnight Courier or Hand<BR>Delivery:</I></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">The Bank of New York Mellon</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Corporate&nbsp;Trust&nbsp;Operations</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-Reorganization Unit</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">111 Sanders
Creek Pkwy</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">East Syracuse, NY 13057</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Attn: Dacia Brown-Jones</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Telephone:
(315)&nbsp;414-3349</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">The Bank of New York Mellon</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Corporate&nbsp;Trust&nbsp;Operations</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-Reorganization Unit</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">111 Sanders
Creek Pkwy</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">East Syracuse, NY 13057</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Attn: Dacia Brown-Jones</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Telephone:
(315)&nbsp;414-3349</P></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center">The Bank of New York Mellon<BR> <P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Corporate&nbsp;Trust&nbsp;Operations</P>
<P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-Reorganization Unit</P> <P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">111 Sanders
Creek Pkwy</P> <P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">East Syracuse, NY 13057</P>
<P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Attn: Dacia Brown-Jones</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Telephone:
(315)&nbsp;414-3349</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" ALIGN="center"><I>By Facsimile Transmission<BR>(eligible institutions only):<BR>(732) 667-9408</I></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><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></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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&nbsp;&#151; Guaranteed Delivery Procedures&#148; section of the Prospectus. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="52%"></TD>
<TD VALIGN="bottom" WIDTH="24%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="24%"></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:196.40pt; font-size:8pt; font-family:Times New Roman"><B>Certificate Number(s) (if known) of Outstanding Notes or<BR>Account Number at Book-Entry Transfer
Facility</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Aggregate&nbsp;Principal<BR>Amount<BR>Represented by<BR>Outstanding Notes</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Aggregate&nbsp;Principal&nbsp;Amount&nbsp;of<BR>Outstanding Notes Being<BR>Tendered</B></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PLEASE COMPLETE AND SIGN </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>- </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Signature(s) of
Record Holder(s)) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>- </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Please Type or Print Name(s) of Record Holder(s)) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Dated: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2015 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Address:
<U></U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Zip/Postal Code) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>-
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Daytime Area Code and Telephone No.) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> Check this Box if the Outstanding Notes will be delivered by book-entry transfer to The Depository
Trust&nbsp;Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Account Number: </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE
ACCOMPANYING GUARANTEE MUST BE COMPLETED. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>GUARANTEE OF DELIVERY </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Not to be used for signature guarantee) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The undersigned, a member of a recognized signature medallion program or an &#147;eligible guarantor institution,&#148; as such term is
defined in Rule&nbsp;17A(d)-15 under the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), hereby (a)&nbsp;represents that the above person(s) &#147;own(s)&#148; the Outstanding Notes tendered hereby within the meaning of
Rule&nbsp;14e-4(b)(2) under the Exchange Act, (b)&nbsp;represents that the tender of those Outstanding Notes complies with Rule&nbsp;14e-4 under the Exchange Act and (c)&nbsp;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 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
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&nbsp;Company) and agent&#146;s message within three (3)&nbsp;New York Stock Exchange trading
days after the Expiration Date. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Name of Firm:<U></U>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>(Authorized Signature)</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Address:
<U></U><U></U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>(Zip/Postal Code)</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Area Code and Tel. No.:
<U></U><U></U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U></P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>(Please Type or Print)</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Name:
<U></U><U></U><U></U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Title:
<U></U><U></U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Dated: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2015&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%" VALIGN="top" ALIGN="left"><B>NOTE:</B></TD>
<TD ALIGN="left" VALIGN="top"><B>DO NOT SEND OUTSTANDING NOTES&nbsp;WITH THIS NOTICE OF GUARANTEED DELIVERY. OUTSTANDING NOTES&nbsp;SHOULD BE SENT WITH YOUR LETTER OF TRANSMITTAL. </B></TD></TR></TABLE>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INSTRUCTIONS&nbsp;FOR NOTICE OF GUARANTEED DELIVERY </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Delivery of this Notice of Guaranteed Delivery. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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&nbsp;1 of the Letter of Transmittal. No Notice of Guaranteed Delivery should be
sent to the Company. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Signatures on this Notice of Guaranteed Delivery. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Questions and Requests for Assistance or Additional Copies. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>20
<FILENAME>g850935dsp_003.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g850935dsp_003.jpg
M_]C_X3`?17AI9@``34T`*@````@`!P$2``,````!``$```$:``4````!````
M8@$;``4````!````:@$H``,````!``(```$Q``(````>````<@$R``(````4
M````D(=I``0````!````I````-``+<;````G$``MQL```"<0061O8F4@4&AO
M=&]S:&]P($-3-B`H5VEN9&]W<RD`,C`Q-3HP,CHQ-2`P-3HT-#HU,@```Z`!
M``,````!__\``*`"``0````!````^Z`#``0````!```!```````````&`0,`
M`P````$`!@```1H`!0````$```$>`1L`!0````$```$F`2@``P````$``@``
M`@$`!`````$```$N`@(`!`````$``"[I`````````$@````!````2`````'_
MV/_M``Q!9&]B95]#30`!_^X`#D%D;V)E`&2``````?_;`(0`#`@("`D(#`D)
M#!$+"@L1%0\,#`\5&!,3%1,3&!$,#`P,#`P1#`P,#`P,#`P,#`P,#`P,#`P,
M#`P,#`P,#`P,#`$-"PL-#@T0#@X0%`X.#A04#@X.#A01#`P,#`P1$0P,#`P,
M#!$,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,_\``$0@`H`"=`P$B``(1
M`0,1`?_=``0`"O_$`3\```$%`0$!`0$!``````````,``0($!08'"`D*"P$`
M`04!`0$!`0$``````````0`"`P0%!@<("0H+$``!!`$#`@0"!0<&"`4###,!
M``(1`P0A$C$%05%A$R)Q@3(&%)&AL4(C)!52P6(S-'*"T4,')9)3\.'Q8W,U
M%J*R@R9$DU1D1<*C=#87TE7B9?*SA,/3=>/S1B>4I(6TE<34Y/2EM<75Y?56
M9G:&EJ:VQM;F]C='5V=WAY>GM\?7Y_<1``("`0($!`,$!08'!P8%-0$``A$#
M(3$2!$%187$B$P4R@9$4H;%"(\%2T?`S)&+A<H*20U,58W,T\24&%J*R@P<F
M-<+21)-4HQ=D154V=&7B\K.$P]-UX_-&E*2%M)7$U.3TI;7%U>7U5F9VAI:F
MML;6YO8G-T=79W>'EZ>WQ__:``P#`0`"$0,1`#\`]522224I))))2DE6ZGD6
M8O3<O)JV^K1398S<"6[F-<]N]K2WV[@N;^J_^,'!ZN*L;J#6X&=:&^F"Z:;2
MX-TIM>&;+G/=_1+?TO\`H_624[UO6NG4]6KZ/;:&9EU7K5-<0`X2YNQNO\[[
M'O8S_",KM]/^9M1NI9]/3NGY/4+Y-.)4^ZP-U):QI>X-_E:+R7Z^Y8SOK3GL
M>-]5'I8C6EH'MK8+[&N:?I;;LJQS+?\`TFHYGUMZGU'ZN-Z)F$WEEM3ADN,V
M655;K/2RM?TUOKLQOTVS]8K]7U?T_P"GM-*M[3ZC?7*WJO\`DSK#V-ZK[K*W
M`!C;6DFRRFIH]OJX7\WL_P`)C^GD>_\`3[`?XP/K5E8-]'2>F7NQLGVY.1DL
MVDL;+OLM&UX=O]6ZOULAG_<:GT?^U2\W9D.QKZ[F6>E=4]MM-A+00^L[JK6-
M?+7;'I9O4V9F7?F9%[#?DV/NM(<"-SOW-SG[:JV[*:F;_P"9K2I%OM70/K!B
M=7Z'7U5SV4AK#]L:7`"FRL?K-=KG'V-J^GN?_@/3N7.]*^OEW5/K;1BT@#H^
M2VVG&T]SWM'K4YCW%N]OJUX][:<?]%^BL]:_])Z=2\ZQ^K.KP,GI]>0W[)F/
MKLR6.<-KC3/IM^E[6._1_:-C/TOV?'_P?J>JJK[Z[:<NG2^JRO(H>X;AO8YM
MU;W?OLW,2I5OO5UU5%3[KGMJJJ:7V6/(:UK6C<][WN]K&-;^<JO1^KX?6NGU
M]1PMQQ[2]K=[2QTUO=2Z6.^C[ZUY-]:/K1F?6#)'JS7@TD^AB`C;]([,C)UV
MW9.S8W;^DIQO\#_.>HNO_P`7?5<?%^J^7;GY`IQ\3,M&^TAK6ML%>6&,?^=N
M=D;]G\YZEB";>W27'8GU_KZI]9,'I73*#]BO?8VW*N!:]P93=D,^SX_M?6QS
MJ/YS)]__`'7_`,(NQ24I))))2DDDDE/_T/54DDDE*7.?7'ZQY_U>;@9./55?
MCW7.JR:[`\.(V&UGHWL/ITNVU6_SM5OJ)==^NN-T'J/V/-PLA['ULLHOI]-P
M?)>VYNVVRC^8VU[MOJ/_`$OT/])SWUS^M/U>Z]]7K*,3)>,NG(ILIQWL=6^P
M,L9ZC]MK/YEM-EMOYGOJ24WK_P#&#T/J?1\[%M+\#-MQK6,JO`V.>:G^VK*J
M]2CZ?LK];T;K?T?Z#](Q>7@M%#1;&T,;O#X`!`B';O;])6L'`S>HY+</`H=D
MY#P7,JKC@':ZRQYVUTTM=Z;/6M]G_&6?HUVV!T'HOU=Z-U+K;G4]8ZMTIK@6
M?2QZ;PUMM;*JW?2L_2T^ID_S_P#@Z?0_FD4//]-^IWU@ZNP9SVC%Q+`;;,[-
M<YI('N-_I/\`UJW<WW>M<ZC?_I-BU[/J[]2NC=#JZWU3+NZSCVN%48CPVI[S
MO:_T6T/ILV4[-S_5S/\``?O_`*-7,#ZXOZ;;BW?6'K!ZA5U/#KO^Q4XS&,I%
M[OTMUE_MWXN'M^S^RVZ^S]/ZM'Z)5.F]+Z?75]8OJMU7UG8O2+AGX'H^Z]E3
M@7.MHWM_2[*7U>NQ]?Z9]]_\^DEW&8[,3ZO'/P/JQBXF54_]=PLD,9%=3';K
MZ\H5/^T;?8[?L_TW^&5;IOUJZ_5]2<SZQ68V"W'KK;^RJ*&65#2QV+;]IH]2
MW;7OV.QZZ;?>SZ?HJ7U$LR^H#K6!;DY>=T0;*,/(RPYMA#VV,NK;98VNW>RG
MT-_\O]/^A]?TE1Z9]7.O-_Q:9/1AA/;U+)N]E+W,9`%E3O6<Y[]K6[:4%-[H
M'UBOZQURGIO7L+!R+<C#&7BY&-6Y_IL=#_LV2+_7])^WW6_I&557>E1^E??4
MA=<H^HKOK%5T.WIGZWD.:TY6"14:[\@N.W*]*RASK&UU^O[F9'I,L_FZ_6_2
M1^KW2.K_`%9ZEU3('2S?79T^N_'-</<,EK:SDX%=D[W?:<QUUENW_!X^/^DL
M6)C=.ZI@=:^K5_5J/1OZEGOSKLE[@'/MR`S]6OI?73]AMQMK&U8GJ7^J_(L]
M+])7Z2*G1ZU_BVQJ+:JNF]48W)OUHQ<]S6[]I#;35?CUML]OJT,V_9[O_!/T
M?(]4Z1U/I%S<?J>,_'=NFHN]U+W1MWXUS9HLMV!O_=KT_P#!K6^L74:OK#US
M+RWX9SL:\6='Z34'-8XWM]*VK)W6_P#"7V7M]/9OKMQJ+O\`"KTGHO2LEWU:
MQ>G?6,,S\@5@9+;@VP'4NKKLG<VZS'K].KU_\,^OUDE/E?U4SL7I_P!9.GYN
M;8*<7&-[[K'3#6_9\AC?:/<ZQ]CO3K8W]);9^CK78=:_QIXU++F='Q77NK:X
M_:<@;*_:`_?5C@_:;_;O_G/L?_;?Z1F9]:/\7S\2VW(Z`7955;?4NZ:'!V14
MT[RU^/N=ZF14_P!)[*Z+/T_Z/]7??_-+C<9M%U]`ML#,:VVKU;H#FMJ]1GK6
M[/SVLJ:_U*TD/O73[,FW`QK,O9]I?4QU_I3Z?J%H-GH[_?Z6_P#F]ZL+D\C_
M`!E_5FDEM'KY>TM`-%4-((F669#L>O\`1_G^Y:_U;Z\.OX#\]F-9BT^M952+
M""7MK.SUO9[/<_>SZ3_?7]-!+JI)))*?_]'U5!?F8=;S79?6Q[8W,<]H(G42
MTE&7$?XR_JY7EX0ZW34'Y&$PC*D`[L82]]GN!]^([]+_`,1]I_X))2W^,NC'
MS.E49^-=599T^P^H`]L^A;MJN/MESO3N;C6N_P"+7GW3\#+ZCF4=/PPQ^1E/
M+:F.?#?:"^Q]C@/;737NMM<S])_H_P!+Z2H[,>MV\MK9L]Q<UHD`"=VYK2[_
M`#5ZK]2OJ;5A]&O?U:D.RNJU.JOJ=HZO&>"/L6]IWM?8UWJY3J_3_3?^%ZD=
M0C=H_5_/^IV&UWU9Q,F]]_4@:K>M,_0B^X%U(;AY(?ZC:ZK/T6%Z++,'_!>O
M??D?K&5T[(_YK]0R/J]URRC%Z573?9FEE$NSJ[6^GCU"QK18REOJ7^EZ?\R^
MFW`]15^N]&ZC]6<S%P\O-N9T1M[K>E]296RUV-=9](64PU_JMK]1SJ:'U_:G
M_P"4<6G[91D8MG8MZ<<3`QNI_7.VOJF=@V_J;ZZ7NV.O?7154VBBO=EV.M^S
M['_8O4IL]/9^E9ZR27&L^J>7B]&=AYO7*Z_JE8]N0_UZC7DBJ?MAJ:^[W579
M%^Q][=F_U6>I511^DQD'J7UXZ1C]1=G=`Z939E^DV@=3RB6%S&QM:VC^DV-]
M-NSU+WXMW_&U5JKU?IW7NM9`R.HYUKRTS50.F]2]*KOMHJ&&UN]F]WZU8W[4
M_P#TG[F>?JCE3_2+/+_)G4O_`'E24BS/KC]:,MX=9U2RO:3#<<LI8)@'VL8Y
M]GT?\-98J!ZKU/0#J&5IX9E_\;EI_P#-#+/_`&HLU_\`-7U+C_V$5+*Z3@X]
M[J,GK%5%[(W56X.>UXD;F%S'X[7^[Z27V?8C5A1UKK5)<:NJ9;"X0?UE[I_[
M>=;MVK:Z9_C!^L&(&59=E'4\<0"S)AMD#Z.W)H9[OHM_278]]BH8OU7^UT-R
M,7/.10^=EM73>HO88EC]EE>.YOML;L5@?4_([Y5W_N*ZE\O^TR7\ME/0=)N^
MI?7,SI3:&?L/J&!E.RJ<)H8*[K+/3?<VNU@=1=O=55L_FLJNNK^8JKV+I?KO
MUK(Z)]7;\S&TO<YM-;]"YIL.SU*F.]MEU;?=56[_``B\Z/U/N(V.R+7L[AW2
MNHF?E]E73=+S6X^%^Q/K3D.SNF9I;CXYR<+-H<U[HVT/RLO'JK?4QM;\BO(L
MN^U8VSU/6_1^I2$O/]4Z-1T6KI3>F97K_6_(RF6NR:;2X,%P=Z='O<[<R]U[
M';\FK?G5_;LB[]6]>M:7UW^K_3+NHYN3T:QG[0QF-RNK=/K^EM?_`-KZFM_P
M^WWYM#?YVNRG)_I-OZYI=1^KM?1+,2[ZG=)%^;FL?35U)]S[F8NYK-N0*\E]
M]7Z;';96S*_P3*_1_6?69A9$_JU]0WX61]JZDYWV_$S79%>;5:2[(8^IN]EQ
M=^F]+U[+/7]2S?EVUV/O_16,1M3YQ55=?951CN8Z^][*Z#OENZPBNISM/YO>
M_P!5[_\`0KVCI=_1NF=,Q.GUYV.YF)2REKO48-P8T,WQO=])>;_7WZKLZ)G-
MOQ*P.FY[G>G6!#:KO=9;B[0T5,HMK_2XK/\`@\FK_0KF\'"?F956'B4,LR,A
M[:J6[01N<?I/VM_FJF-?==_P5=B6Z'WS'RL;):YV-<RYK';'FMP<`Z`[8[83
MM=M<U%6?T+H^/T3I5'3L<[A4)LMC:;+'>ZZ]P'YUMGN6@@E__]+T/ZP]0ZAT
MWI-^;T_&9EVT-+WL>\LVL`<7W-:UKO7]'Z;L?=59;5ZGHV>MZ=5GG&?_`(R?
MK%DUN94<7'KL`/LJ=:2V!N;OOL])]=__`(7_`)O_`+=7JF1E8V*P69-S*&$A
MH?8X,&X\-W/(]R\4^M@^KS>IV.^KUS;<6TN<^ME;VUU/F'MQG.#*LC'M?NNK
M^S_HZO\`!?H;*_2(4P^JC,%WUBZ;3GN_4O6#7-=)87!KOL=5F[_`NR_1^G^?
MZ*]S7F?U8^IOU5^L73_M5&7FUVL=LRL1SZ'&M_[FN)^EHL;_`#%K_P">I_[;
M768]F5]6S5BYUUF9TAQ951GW$.NH<?:*NI/:&-LQGOVMHS?\'ZGHY7_<I(J=
M7JF=@=/P+<WJ+FLQ,>+'O>-P!#F^EM;[MUGJ[/2V^_U5Y=C?6.[J75\WK75"
M*:Z_L#VTB7"BEG4<)[JZM/4M=LJ]7*=4W])?^9_,K5_QI=:+LC%Z+4_V5C[5
MEM'=Q.S"K?K^;MOR?3=^YCV+D.B8OV[(NP]YK&2W'I]0`$M%N?TZO?!^EMW)
M*?4?_'%^I\3]M?\`^PV3_P"\Z?\`\<7ZG_\`<U__`+#9/_O.L7_QJ*N_5+#_
M`-9K_O2_\:BHB#U6WY4L&O\`G):*=G_QQOJ?_P!SG_\`L-D_^\Z\U^MO4\3J
M?UES.H8-I?B7"D5V;7LG96VNS]':VM_M=_(78_\`C4U'Z75;2>-*:P(_U*XC
MZP=*;T?K>5TMMCKVXOI#UG``N]2ME^YS&^WV^IL2"'K/JA]>^C=%^KV)TS+9
MDOR*/4-AKJ+F$OMLN&Q^YN[VVK9_\='ZN:_H<R1R/0_\S7.?5CZ@5]<Z'B=5
M.?9C.R`\FEM;'AI9992-KWP[Z-:U?_&HQYG]J6]O\%7X0?\`.2T5JWO_`!T?
MJ[WIS/\`MG_U(LKK?USZ3U_(Z/BX3,AEE/4*[G&ZO8W:VK(9H[<[W;K6HY_Q
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M1GZ3T?\`"+U+/^I+?K!:S/Z]E7MRF@BK&QGM%&.QWTJJ?5I>^VU__:G+=L?D
M_P"CIQ_3QV>=_6K!^K_2NH.Z?TB^_*?CZ9EUMC7M;8)G#J].JIOJU^U^19O?
MZ7]'_G/5])!#T?2_\8_UER<NC%^RXV9=DVAE=-3;:G$'Z;6^_*V55?SUV4_^
M8JW^Q>D3=Z,PWUMOT9.W='&_;NV;OY"\_P#\7^=]4.G4FRS/8WJV2QK;_M+3
M0&`;G_9L6R\,996WZ5UM=OZ?]%99Z7Z"FOT+<V)D1X_@@E__T]?Z_P#U/SLR
MU_6,`/S3MF[#)+W-V@--N#6_VNWUU_I<5GOM_P`!^D_16^:%S7P]K@X.U:X:
MSV7IOU@_QF54%U/0JV9)'M.9<'"H.!_25U4?H[<AS/W_`%*:?^,7G'4,O)S\
MN[+S+3=DWF;;2`TN@;?\'#:]K/T3-G^"1""]K_BNZ1U-V<[J[+'4=-:QU+Y`
M+<ITN]C-W^#PK?=]I9_AOU9C_P"DKTNZFJ^I]-S&VU6M++*W@.:YKAM>Q['>
MUS'M7CV/_C"^LF-17CXK\6C'I:&55,QSM8QHVLK;NR'/]K?WD;_QQ_K9_P!R
M,;3_`+K_`/J=)5NC]</J'U2NR[J?3[!EXE-+?T-KSZ[*Z@[]&QU@]/(JHJ=^
MC]2ZN_V?I/M&1^F?R_U9!MZ@P56&OU+,-K;F`;F;\[!+;:_4:^K<S;[?6JLK
M_?K5_.^OWUHS,.[$MR:FU7L-;W54[+-KM'!EALM]-SV^SZ/_`!?O_2*CT"^K
M$R;,MX<:\7[%<6,`+BUF9B%C*]Q;^[L;[OH)*?6ST+/`UZ_U``>6'_\`(]"Q
M^G79)(H^LN9<YK6/<*_L+H98"ZFS:W`=[+F-_1/_`,(N8Z=]=6YO4:?^<SL:
MK`RQNQJ*GUVU4F-[']6L-WJ8KF-=Z/ZQ0SUK[_YFC[&H?6?K63D=8JKLR<?Z
MN8F.":,N^MK\YTBRBV[#9CNRG?9;*V[*+MV'ZW^DO]+T$$O76]'RZ:W67?6'
M/KK8)>]PPFM`\7.=T_VKG[OJ9]6^K]1.1D]6SK<[,`<QU@IJ-S:F-9OQVNP:
M:\AM509N?C?]<^FJ3/K[T]N8Q_4,*[-%-KJWY-EE5@:&!C*<C!Q<?=A[K;?5
MLLV7>IZ?\SE9?Z*E<[]9>O?M>T%Y^U78][GUYE+[L>NRGZ=#:<#*W_L_.JW>
MDS-_X/\`[6UV^HBI])P/JD_IN'5@X/6>H48U`+:ZVC$(`)+SJ_`<_P"F_P#.
M<C_L'/\`_+[J/W8?_P`CUR65];7'$KQ>D=39G4LI`#,ZP8F4'M8QGK9>??Z-
M&7CT.=ZV515]FS;LFBRK[1;C?:ZU9JRLOI&%8_J76*<[(RO2OIZ/AY-6,UK'
M!C)P<O-N;D?8[*V[V58KJJO5]F-Z?J6(*>D'0<X\=?ZB8/AA\_\`N/6%];.G
M9.#5TVR[J>7GL.<P^CD^AL!93E9#;/U7%Q;=S/2_TOI_\&]8'5NM=!S>G4]0
MZ'F/Z!UENMN$#<QMICWNC$9;5DWN=LVYOIV>K3^BRO\`NO"_ZW9'6F8/3LES
MKW4O?D'*=6VEX<W&SF64754V747^QV]F7B^C7_@_LU:*GE^@=&ZCUO(JP>G,
M;9>*6V.WN#&L8-E3KK''W;&N=_@F66_R%Z]]4?JK^P\1AR[!D9K0\-+2352V
MQ_K6U8F\-=^FL]^1=L]3(]G^"JIJJ\BZ'UC/Z+D5YW3[!5>*16=S=S',<&ES
M+&2W?[V[_I_SBZ`?XR?K9P;\<Q_W7_\`4R2'UO(J==194RQU+K&.:VUD;V$C
M;ZE>\/9O9])N]B\%ZOT[,Z9U"["SP1DTNA[Y)%FZ7-R&.L]]E>1_.^H__">I
M_A%OG_&1];!K]HQ__8?\?YY8_7?K'U+KQI=U(T/LQY]*VJHU/VNT=4_](_U*
MO\)LV?SB2D?1^EYW5LUF#@5>O<X;R.&-8/\`#7VG?Z5?\KZ?J?S5=B])'^+G
M$'U;=TC[0[[0^QN0;#N./ZS=X;MP-_HLHV6>F_;^FL_1W66^O56]<!]7/K/U
M;H%A&#:'8UKP^_$L`-=A$,<\/:/5Q[75M8SU:_W/TE%R[P?XS^FGIKKQAW'/
M8]K'8<MVC<UUK+_M?\W]F=Z;V?0^T^I_VE24_P#_U.Q^M/U.Z'U:JW.O>.G9
M3&E]O4&;6RUC"/UT6?H[Z*F['^_9:ST?Y^I>.Y3&,R+*Z;6Y-3'N;7D,!8VQ
M@^A<UEGO;O\`]7V?SB]!^OU?UOS'V5/Q;#T1CP:Z\4"X/V;G-OS6,_67_1];
MT/0^R5?J_P#/9*\Z-C+)<VQK_$B#!*(05@?]A[)]T`2F$S')Y[*4DZR#QV"2
ME;XD^(B?!:_U9QZLG-?C9#/4INMP*K:W"0YCLMF]CA^[^C61WY&NFD=^RWOJ
M;(ZLV3J,C!!_[?>DH/HF7_BZ^J][2*:'X3B(WXUCF=]Q<ZM_JT6.<W]%^EJ?
M^C_ZVL2K_%QC]/R`_-.3U'#DR,3;06,:UT')I8[[5D;/9Z?[.N_XO!76]1=]
M8:QD6XEV(VEA:^IKZ+KK!6UCO7#J\:YC[[G7?S'H5_S?Z+T[+4(?6C&-I9]@
MZD&2T-N.%?M.X.<[V^GZS?2V[+/4I9_.?H_4_2>F$N7TSHG^+QMQIKHQWY=$
MM?5FDNNU<VK<^G..ZUOJ6-QJ[]CV;_U:NQ;7_-;ZL<?L?!_]AJO_`$FA9K\W
MJF+3;TYN/74UY<]G5,6X.#V$?9[*Z;'8ME6RSW^H]O\`Q2S.H])LQ/M75'LZ
M172YI^TV.PK+;'^JQM68;+:<CU/TMKK/T;:K/4H_1V_Z1)38ZC]5/J.P669F
M+BX9>TN-@<,?:U@:UUM6QU3:?2]F^RO_`+^L+*^IG0,MIP^DW=3%-=I/V:L;
M\9MC#73?8P]3:RGU7U9'JMM^T_IJ?5^Q^K_-K7P^I]"Z30RNS%9=U#'LNW-Z
M9@W0U[G>G8ZENRWTO48RJJU_K_IWK4NZG9FXK;^CY5%(;<*K7YE5H!)`V45L
M<_#?ZMEME->[W_\`;J2GEL3_`!5U.=.7GW,JD_HJQ6;#J[8]]_HBIOM]/?2W
M'L_2>I^LW5*/UB^J?1>@8^)E=/KL&0YV14^RRZRS<W]G]1<\^G8]U+7O=7O]
ME?\`X&M=W7>KT/O-^92_T'.H?2SI>?[;BRTT&NQEESLK';91ONMIJ]/TO\,S
MU:%3^M'4Z^I]"Q+V-M8YMN4RUMU%F.[>.F=3<[;3DC=L]WMVOL_XQ)3Y16-K
M&:_FC\G=3!3#Z+>/HZ"!Y)^?(^!`10ON,`$Z?Z_]]3=XGRA.9G3^"0,^':._
M=)3TOU&^K_2>MYSJ\_.-5E3I9T]@V/O8T-<^P9/^C^DRRK&_6F?SGJTKU#_F
MST+]D_L?['5]AC^;C7=&W[1ZO\[]J_[M;_M&_P!_J+QCH^+GY^2QG3*K<FVM
M['M?C`S60?T=OVAD5X^S_2>HO4?^SO\`YL&O95^UY#0_>SU?2VDGM]B^W[_T
M6[U/LO\`VI_[KI*?_]7T[-S<7`Q+<S+L;3CT-+[+'&``%XI]:NOO^L'5'9OI
M#'I`VT5$`/#?;^DRH^EE6[*]_P#H/3^S_F>K;Z_UWZOX'7L>K'SC;Z=-@M:*
MK"R2!'O`]KOY'Y]?^"7$_6+_`!<=)Z=@7=2/5;L?'QPYUHMJ9;+20VBFKTOL
MUGJ^H[TMUCKO51"B\%@XMV;FTX>.W?=DV-JJ;P"YV@+C#MC&_3ML_,J8]=?F
M=!^H/1_\F]5ZEE6]2&P95V.":\?VNL+G55U/I;0[;L_3?:LJKU:OYK^>7-=`
MZE^R.LX/4[&.>,2S?;766[]CF/HM96;/T;_Y[^1]#^<5[I_1\OZT=<S&]/!9
MCVW6Y-M^1[A35<]]K'9/INV6Y%WO8RJJS_KGIT^HDAI=>Z/?T3J=O3KGB\,#
M+*LA@`;;58)JMVR[TOH65N;^^S_1J[]4GEF<ZT"37?TYSM)`:<L4N<X#\UOJ
M?]N;%I=0^JW1<ME]/0^M.ZMUC"I:^W&?M<RRJIM=3J\/(K;775Z#3^BI;?E,
MJ_F/^%7.=,R*:;;&76[,7,I=1=<UI<YC'^G?C9C*QMMW8651BY6QOZ7TF7>E
M^E24][>.@9^;;EV/SCU3,`."!F65"RJYUC^DT;Z_39A,S6?:+J,7TO6QL9EU
MV3^GL_3:O1OK5TNNFC%Q'9>50'M9D7Y3W6VTVY']$Q7.LWVY+[LCU<7_`+K>
MC^F_5_LWJ\U3EM>11=Z5%UE3KLRJVIIQ[6/]?(OZC:^K;^U<7.=ATY.;FX?I
M4_H>GX='I5Y%];)XUH&7EFYKFFW*>ZL9+:CD"OT,1E[<5V*W]6K^RNHLZQ^Y
MT/[-]@K^V?:+:4EN93_JUU7"%&=9GY5+BW]F'(R+FLO#WN:S*NVL'H[NI6V=
M*_6*;K,6G[-9Z=./;6K_`$GJ?U<^K^,W[%BW8[*VD]6J%MUU>*YI?BN]C]]6
M5DW=2J^Q,?BU;\C])D[_`$:5BV.<_P!-N4^R-L6L?4T6`[656.ZGZ#OUNMV*
MREN5;B[/M/0*;[_Y]-8<JLNJJ-U1;4:F&FJMX:&_:*VU].]3;Z&5]@VLQ<CT
M/?\`5QF1F;*LQ)3U=OUPZ78Y^/DLNIQLAKV47,+VO?Z8=7FNFG8_$;CY#JL2
MK)]?]-E6?JW\SZRP<X_5?*Q6GJ73<O+OPWEN=CY.9DWUXVV'9[FY%U]M-]E%
M6Q]-=/Z7-_FL;]*S)^S5G;?2::@[UFVS&*VMEK7#U?L'JY64[;=^A=_D6M_Z
M#'Z1]IR,[?<^E1L?:&5V-^@]U56/LH8VK=9/V+]DX3O?A_I?5_YO9UO\QD?;
MLCJ/ZOE8Z2F]3_S3P,W*=CT96-A,WU9.35E9E5[K\?U[+674MR*[[L>G$ILM
MHROTG_<6G]/^@0OK%U1F32W$I8]K<9V?=E&RRV^`[IV:_"NIR,@_S%N-?ONH
M_P"TMSZZ?^.I=3R_V?6;[1<W=F9#&UU%KKR#D9%33A]0)V9%>':^V_%P+OU_
M%ZQ_.?Y/R5D_6#.%61EL&YF3?4<9E&QM#:<>U[[<S)LPO?\`8LSJC#Z+,9]G
MVGTK,[/OKP_M6+C,2GFJV@AL1J`/R?\`4KL<'ZFY76?JST>SI5-'VC)MOLZC
MF6N+75[2ZJO%+1+W8[/2V/J:S?\`:?3L_0^MD7K"Z)T[,OOKSF],OZI@8US6
MY%-#26O<1ZPQRYC+_9M;NR&^EZ?\WCWW8_VIBZGJ7U7=EXF5U#ZHOR<>NUP_
M:?0"78]C+`/4CTM[&M?4QU?I8/\`1WU?T6[TO2KL2`Y?5/J=@T='RNI])ZO7
MU<=/(&;56P>T$M8]]3ZK+-GI>^Y_J>M^AK_G5S#@#[7"0?;!U\6[5HNZIFT=
M'NZ"VFK'ILO%F82QS<A[ZB'5XV1ZQ_5Z\5[*?T-55.QE'_"W>J?ZL]$Q>M=4
M9T_)RW8;K&[J7AC;!8]I<ZW']SF[+'T-]2C_`(NY)3VO^+[ZY/R17T/J;R_)
MU^Q9)'\XUH-AQ\AS?^U=;&O?ZW_:JK_NQZOJ=ZN3Q/\`%I]7\;5UN7>]KV65
MO==Z3FEA%C=CL)N+_A&[]_\`.,_P6Q=8@E__UO55Y_\`XP:?K)U?,9T_`Z=D
MV=/Q(>ZQFP,NM<`]KO?8S]'B-]M?_=E]G^@K7H"22GP7.^KO7>GX_P!JS<"[
M%QVN:WU;-@&YYVL;M;:]_N?_`"%I_5O-HNZ+U7ZNV9=?3+NINKLIR[CMJLVA
ME>1@Y%C-CJO6KJ]OO_3>O;7_`,9L_P"-7JOK]0Q>D,<37B,^TW-!$>M9NKH#
MOY5.,V]__H16N$#JG_0=O''M(</\X?G?R$4/='(^KWU1P<K!Z=<WK?UBR@<1
MKZ:_;6+":J\9E=9MK9L>W^ATV/RLS)]EGIT_T3,ZC]0\CIW1JKW9-;NJ8^-]
MISNE[V.LKQVDL^T8[V;76?9F-8S(^G7==Z_V6_\`FJ;%]4,_HW3*WYC6')^L
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M1:]W6;VVV68#/L5E[WONR@[U,NQ]AW7&SJ&REU'J/^E7TRCI]?\`@[O61/J_
M]7+^L/O<;:\#IN$-V9GWQZ=9=JUC/=6VZ]_\X_\`2,KJ_P`-[[*ZUI87U<P,
M#ZSX/2?K%=7>,QKF648ESP:+[(.'3G6-;79^FW?H/2?5ZEW\[^@_GM+HV-A8
M1ZQ]0.O6&EF;>+,+,(+`^UP8_&?O:X5LLL^S8^1C5?S=N17E87^#_2I3+'=U
M_P"I-#,WIN31USZM7NW/>PM:P66.95+;&NN=0^VW]$RUMEV'ZG](IQ[?UA6.
MK?6;+9T\_6'ZO]:C%;:QF1T;,8U]C+[9<_'K?:/M5G+G?9?M'V=GIW6XF9]E
MH]!-TKIW4_JOTSKE7UA8P])NQPVMK+!8R[(>+*[&85&^NVMV7ZE>^NRFK?=_
MA/\`"KS]H<X,#RY]H:&N+?<YQ`]PT][_`';K$E-BUW4>L=4+["[*ZAGV3J6M
M+WELM97ZCJZV,]-FVBG?]#96M2CZI?6VFQEU73,FNVE[+*;/T)+7UN]2NS;Z
M_P"98UG_`!BQ:+75V-MP[`W)I/J4N8YLL>P[ZWZ;MOZ3Z:]\Z;FU]0Z?C9]0
MAF54RYHY@6-%FW\WZ.Y)3#I.7E9O3Z<C,Q7X.2\'UL5Y!+'@ECH>SVOK=MWU
M/_T:N))()?_7]522224YC_JUT"S+OS;L"B_(R7-?;9<P6$N8&L8Y@NWMJ]M;
M/YK8N/\`\:]M56-TSI]+6-%N19E6M:(=^CK-#;#M_-<[)V>Y>AK$ZU]4>E==
MSJ,SJ1MM;CUFJO&:_P!.L[G-LL?9Z09?9O\`38S9Z_H_\$DI\38Y[;-U1>RV
MB+M]<AU18YOIY$L_F/3?Z>RUWYZVNC9^#F?6JOJ?UDNVTNL^U76;7.8ZYC:Q
MBUV!KGOIQFNK]3_"U;ZF8_LH7??7KIO3^F_43J./T_'KQ:OT/LJ:&`GUZ/<[
M;]+^LO,,/IV?U',&)@TV9&0\B&U@G:'$-]7(>T.;15[OYZWV(HV>A=_C*^L!
MR;LBMF*UMCWFGUJ"ZVFD_P`UC>K5;1N])GZ5^]K_`-/ZO^"]BMYO4<WZN?4G
M`MQ'/HZM]8GV9N?G$-]0[F.R[W?NUV/8^JNG:S]%^DM_1W+BG`ML=K[F.<"?
M-KC6?^DQ=!T_ZR=-;T[#Z;UCI3>IT],<ZSI[Q86%I)-E=&56[]'=C^ILK>_W
M_H:_?BW6?SB5;L?6C%KOZI]4,S,K!ZAU(8K.I-<P-%@;;A!_KT?ULN^GTG5>
M^JST_P#`,K5WK7U?Z19=U]E_2*ND8O3\9EG3^L5`TTEWI^KL?13[<C;DO>RS
MT,:[UJ_T%OZ;[-ZG+O\`K`.K_6[$ZSUA[<?'JOJ=^C!(IHQW.RL>D%C'V7O^
MT_SUFS]+ZUGI>A5Z?I[G4_K-TWZQX76NF9N97079#<CH.1<TUU$4L:ZMC[7[
M?L_J64/;9]K]'^F_H?\`1,26C]0,C#P6]7ZQFXOKGI^+18UL!SV-M==]J=7Z
MAV-]M3/5_/V5*I]9\#-^K'7<G'Z9?9B8^2&Y.*ZIQ8#5N>YF.^RO8[TL7)?;
M7Z.[9]FLQ?4_2>BI?5?KG2^D='ZV<FIM^;F5ULQ,.]CGUV-:UQ:W)8&^GLJO
MR+/7]6VO]'_-INO_`%HKZYTK!P[L)E6?@V.]/(H'ITBDCTV458Q==9^DK]/U
M:]_I4VT5656V,_1I(;?UY;5U/&Z7]:\9KF5=5I%&2`017?5N?2W</=ZS?UJK
M?_@[,:K^;M5?ZQ]>Z;UWH/3;<DD_6#&W49,,EMM(T=9>]OMK]=S*\O'8_P"A
M=Z]7I^G^E6*[J>=^SATL9#FX(M=><?AIL)]3>][?<]OJ>ZNG^:KL3V=(ZBSI
ME75W4N_9UV]K<EON:UU;WTV,O8WWX_OJ?[G_`*#_`(9)35/JV-#CZEK<=DR2
M]XK8YW/Y_P!FI?;?]/V?I;_^&5[ZOY;\#KO3<YCM*LFL.<T!\UVG[)<VL?1?
MOKR-NY;_`/BL8#]:+I@ST^SX$.NQH*[?JOU#^KG4G&T4NP,@F?M&$12_=N%O
MJN:UKJ++MP_GK:7V,_XSTTE.OD])Z5EM#<O"Q\AK7%[6VU,>`X_2>W>UWN=*
MET[IV%TO"JP,"H48M((KJ!)`W$O=[GESW;GN<[W*RD@E22222G__T/54DDDE
M*22224T.N='Q^M],MZ9DO?73>6%[JB`_]'8R_P!KG!^W<ZI3Z9T?I?2:#1T[
M&KQF.U?L'N>1^?=:Z;;G_P#"6O>]7$DE/C&;]7.H=3^N'5.G8-9>_P"V6V/M
M>TL96RXC+]6]W^C;]H_1;?TF3_@O^#T?KG]3L7ZO]'Z;?C/-CQ<ZG-N(AUK[
MFAU+VMW.]*JFS']&BAF_TZ[_`.<_GK;?5&UUL<]S&AKK#NL(`!<Z&U[G_O.]
M-C&*A]8>DCK/1LKII<&.O:/3>X2&V,<V['L<W\]K+JZW[$K4^/\`U:^K>9]8
M<YV)C.%-=0:_)R'"14UV[T_9N;OMNV?HJ_\`C+/^,SLFC(Q\B[&RJS3D4O=7
M?6?S'M/O&\>UU?Y[+?\`"5_I%[GT3HF#T/I[,#!9M8V76/.K[+'?SN1<\^Y]
MMG_J.O\`1,7._63ZC,ZO]9<+J(:#A7$-ZLP':7"EI?CO;^_]HVLP<K\_[/Z6
MS_2,-HIX.SZI=5K^K5/UB+=U%TV64@2^O&(W8^99_)L_PS&>IZ%%E-_^#R4O
MJ?T=G5_K+BX=S=^.S?D9+2)!KK;MV/:]K_;9D6T5_P"?Z=GK>FO:K*JK:G4V
M,:^I[2Q];@"TM(VN8YA]KF.:L3ZM_5'"^KN5G78ECGU998*:GR334S>X8XM+
MG>M6VRVST][?495LJ_2^FE::?//K=]2,GZOD9.-ZF9TLC6YPW65$#W?;?3#6
M>D__``>7LV?X/(_2>G=D>D?4_"^Q?5;IF.X>XX[++`6EIWVCU[?48_W>IOL=
MZF[\]:]E==M;JK6A];P6O8X`M<TB'-<T_2:Y204XW3_JIT?IG6;.K]/K.-9?
M4ZFVBLQ2=SV6^JVG_!6?HO\`!;*_^#6RDDDI22222E))))*?_]G_[3B64&AO
M=&]S:&]P(#,N,``X0DE-!`0```````\<`5H``QLE1QP"```"U\``.$))300E
M```````0'_U*QM1D'&X7N6$?A3M(13A"24T$.@``````Y0```!`````!````
M```+<')I;G1/=71P=70````%`````%!S=%-B;V]L`0````!);G1E96YU;0``
M``!);G1E`````$-L<FT````/<')I;G13:7AT965N0FET8F]O;``````+<')I
M;G1E<DYA;65415A4`````0``````#W!R:6YT4')O;V93971U<$]B:F,````,
M`%``<@!O`&\`9@`@`%,`90!T`'4`<```````"G!R;V]F4V5T=7`````!````
M`$)L=&YE;G5M````#&)U:6QT:6Y0<F]O9@````EP<F]O9D--64L`.$))300[
M``````(M````$`````$``````!)P<FEN=$]U='!U=$]P=&EO;G,````7````
M`$-P=&YB;V]L``````!#;&)R8F]O;```````4F=S36)O;VP``````$-R;D-B
M;V]L``````!#;G1#8F]O;```````3&)L<V)O;VP``````$YG='9B;V]L````
M``!%;6Q$8F]O;```````26YT<F)O;VP``````$)C:V=/8FIC`````0``````
M`%)'0D,````#`````%)D("!D;W5B0&_@````````````1W)N(&1O=6)`;^``
M``````````!";"`@9&]U8D!OX````````````$)R9%15;G1&(U)L=```````
M`````````$)L9"!5;G1&(U)L=````````````````%)S;'15;G1&(U!X;$!R
MP```````````"G9E8W1O<D1A=&%B;V]L`0````!09U!S96YU;0````!09U!S
M`````%!G4$,`````3&5F=%5N=$8C4FQT````````````````5&]P(%5N=$8C
M4FQT````````````````4V-L(%5N=$8C4')C0%D````````````08W)O<%=H
M96Y0<FEN=&EN9V)O;VP`````#F-R;W!296-T0F]T=&]M;&]N9P`````````,
M8W)O<%)E8W1,969T;&]N9P`````````-8W)O<%)E8W12:6=H=&QO;F<`````
M````"V-R;W!296-T5&]P;&]N9P``````.$))30/M```````0`2P````!``(!
M+`````$``CA"24T$)@``````#@`````````````_@```.$))300-```````$
M````>#A"24T$&0``````!````!XX0DE-`_,```````D```````````$`.$))
M32<0```````*``$``````````CA"24T#]0``````2``O9F8``0!L9F8`!@``
M`````0`O9F8``0"AF9H`!@```````0`R`````0!:````!@```````0`U````
M`0`M````!@```````3A"24T#^```````<```________________________
M_____P/H`````/____________________________\#Z`````#_________
M____________________`^@`````_____________________________P/H
M```X0DE-!`````````(``#A"24T$`@```````@``.$))300P```````!`0`X
M0DE-!"T```````8``0````(X0DE-!`@``````!`````!```"0````D``````
M.$))300>```````$`````#A"24T$&@`````#G0````8``````````````0``
M``#[````-`!%`%@`,P!?`#,`7P`W`%\`8P!E`'(`=`!I`&8`:0!C`&$`=`!E
M`%\`<`!E`'(`8P!I`',`:0!O`&X`7P!C`&\`;@!V`&4`<@!S`&D`;P!N`%\`
M;P!O`&L`;P!K`&\`:P!O`&L`+0`Q`````0`````````````````````````!
M``````````````#[```!```````````````````````!````````````````
M`````````!`````!````````;G5L;`````(````&8F]U;F1S3V)J8P````$`
M``````!28W0Q````!`````!4;W`@;&]N9P``````````3&5F=&QO;F<`````
M`````$)T;VUL;VYG```!``````!29VAT;&]N9P```/L````&<VQI8V5S5FQ,
M<P````%/8FIC`````0``````!7-L:6-E````$@````=S;&EC94E$;&]N9P``
M```````'9W)O=7!)1&QO;F<`````````!F]R:6=I;F5N=6T````,15-L:6-E
M3W)I9VEN````#6%U=&]'96YE<F%T960`````5'EP965N=6T````*15-L:6-E
M5'EP90````!);6<@````!F)O=6YD<T]B:F,````!````````4F-T,0````0`
M````5&]P(&QO;F<``````````$QE9G1L;VYG``````````!"=&]M;&]N9P``
M`0``````4F=H=&QO;F<```#[`````W5R;%1%6%0````!````````;G5L;%1%
M6%0````!````````37-G951%6%0````!```````&86QT5&%G5$585`````$`
M``````YC96QL5&5X=$ES2%1-3&)O;VP!````"&-E;&Q497AT5$585`````$`
M``````EH;W)Z06QI9VYE;G5M````#T53;&EC94AO<GI!;&EG;@````=D969A
M=6QT````"79E<G1!;&EG;F5N=6T````/15-L:6-E5F5R=$%L:6=N````!V1E
M9F%U;'0````+8F=#;VQO<E1Y<&5E;G5M````$453;&EC94)'0V]L;W)4>7!E
M`````$YO;F4````)=&]P3W5T<V5T;&]N9P`````````*;&5F=$]U='-E=&QO
M;F<`````````#&)O='1O;4]U='-E=&QO;F<`````````"W)I9VAT3W5T<V5T
M;&]N9P``````.$))300H```````,`````C_P````````.$))3001```````!
M`0`X0DE-!!0```````0````".$))300,`````"\%`````0```)T```"@```!
MV``!)P```"[I`!@``?_8_^T`#$%D;V)E7T--``'_[@`.061O8F4`9(`````!
M_]L`A``,"`@("0@,"0D,$0L*"Q$5#PP,#Q48$Q,5$Q,8$0P,#`P,#!$,#`P,
M#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,`0T+"PT.#1`.#A`4#@X.%!0.#@X.
M%!$,#`P,#!$1#`P,#`P,$0P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`S_
MP``1"`"@`)T#`2(``A$!`Q$!_]T`!``*_\0!/P```04!`0$!`0$`````````
M`P`!`@0%!@<("0H+`0`!!0$!`0$!`0`````````!``(#!`4&!P@)"@L0``$$
M`0,"!`(%!P8(!0,,,P$``A$#!"$2,05!46$3(G&!,@84D:&Q0B,D%5+!8C,T
M<H+10P<EDE/PX?%C<S46HK*#)D235&1%PJ-T-A?25>)E\K.$P]-UX_-&)Y2D
MA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V-T=79W>'EZ>WQ]?G]Q$``@(!`@0$
M`P0%!@<'!@4U`0`"$0,A,1($05%A<2(3!3*!D12AL4(CP5+1\#,D8N%R@I)#
M4Q5C<S3Q)086HK*#!R8UPM)$DU2C%V1%539T9>+RLX3#TW7C\T:4I(6TE<34
MY/2EM<75Y?569G:&EJ:VQM;F]B<W1U=G=X>7I[?'_]H`#`,!``(1`Q$`/P#U
M5))))2DDDDE*25;J>19B]-R\FK;ZM%-EC-P);N8USV[VM+?;N"YOZK_XP<'J
MXJQNH-;@9UH;Z8+IIM+@W2FUX9LN<]W]$M_2_P"C]9)3O6]:Z=3U:OH]MH9F
M75>M4UQ`#A+F[&Z_SOL>]C/\(RNWT_YFU&ZEGT].Z?D]0ODTXE3[K`W4EK&E
M[@W^5HO)?K[EC.^M.>QXWU4>EB-:6@>VM@OL:YI^EMNRK',M_P#2:CF?6WJ?
M4?JXWHF83>66U.&2XS9955NL]+*U_36^NS&_3;/UBOU?5_3_`*>TTJWM/J-]
M<K>J_P"3.L/8WJONLK<`&-M:2;+*:FCV^KA?S>S_``F/Z>1[_P!/L!_C`^M6
M5@WT=)Z9>[&R?;DY&2S:2QLN^RT;7AV_U;J_6R&?]QJ?1_[5+S=F0[&OKN99
MZ5U3VVTV$M!#ZSNJM8U\M=L>EF]39F9=^9D7L-^38^ZTAP(W._<W.?MJK;LI
MJ9O_`)FM*D6^U=`^L&)U?H=?57/92&L/VQI<`*;*Q^LUVN<?8VKZ>Y_^`].Y
M<[TKZ^7=4^MM&+2`.CY+;:<;3W/>T>M3F/<6[V^K7CWMIQ_T7Z*SUK_TGIU+
MSK'ZLZO`R>GUY#?LF8^NS)8YPVN-,^FWZ7M8[]']HV,_2_9\?_!^IZJJOOKM
MIRZ=+ZK*\BA[AN&]CFW5O=^^S<Q*E6^]77545/NN>VJJII?98\AK6M:-SWO>
M[VL8UOYRJ]'ZOA]:Z?7U'"W''M+VMWM+'36]U+I8[Z/OK7DWUH^M&9]8,D>K
M->#23Z&("-OTCLR,G7;=D[-C=OZ2G&_P/\YZBZ__`!=]5Q\7ZKY=N?D"G'Q,
MRT;[2&M:VP5Y88Q_YVYV1OV?SGJ6()M[=)<=B?7^OJGUDP>E=,H/V*]]C;<J
MX%KW!E-V0S[/C^U];'.H_G,GW_\`=?\`PB[%)2DDDDE*22224__0]522224I
M<Y]<?K'G_5YN!DX]55^/=<ZK)KL#PXC8;6>C>P^G2[;5;_.U6^HEUWZZXW0>
MH_8\W"R'L?6RRB^GTW!\E[;F[;;*/YC;7NV^H_\`2_0_TG/?7/ZT_5[KWU>L
MHQ,EXRZ<BFRG'>QU;[`RQGJ/VVL_F6TV6V_F>^I)3>O_`,8/0^I]'SL6TOP,
MVW&M8RJ\#8YYJ?[:LJKU*/I^ROUO1NM_1_H/TC%Y>"T4-%L;0QN\/@`$"(=N
M]OTE:P<#-ZCDMP\"AV3D/!<RJN.`=KK+'G;732UWIL]:WV?\99^C7;8'0>B_
M5WHW4NMN=3UCJW2FN!9]+'IO#6VULJK=]*S]+3ZF3_/_`.#I]#^:10\_TWZG
M?6#J[!G/:,7$L!MLSLUSFD@>XW^D_P#6K=S?=ZUSJ-_^DV+7L^KOU*Z-T.KK
M?5,N[K./:X51B/#:GO.]K_1;0^FS93LW/]7,_P`!^_\`HU<P/KB_IMN+=]8>
ML'J%74\.N_[%3C,8RD7N_2W67^W?BX>W[/[+;K[/T_JT?HE4Z;TOI]=7UB^J
MW5?6=B](N&?@>C[KV5.!<ZVC>W]+LI?5Z['U_IGWW_SZ27<9CLQ/J\<_`^K&
M+B953_UW"R0QD5U,=NOKRA4_[1M]CM^S_3?X95NF_6KK]7U)S/K%9C8+<>NM
MO[*HH994-+'8MOVFCU+=M>_8['KIM][/I^BI?42S+Z@.M8%N3EYW1!LHP\C+
M#FV$/;8RZMMEC:[=[*?0W_R_T_Z'U_25'IGU<Z\W_%ID]&&$]O4LF[V4O<QD
M`65.]9SGOVM;MI04WN@?6*_K'7*>F]>PL'(MR,,9>+D8U;G^FQT/^S9(O]?T
MG[?=;^D955=Z5'Z5]]2%URCZBN^L570[>F?K>0YK3E8)%1KOR"X[<KTK*'.L
M;77Z_N9D>DRS^;K];])'ZO=(ZO\`5GJ75,@=+-]=G3Z[\<UP]PR6MK.3@5V3
MO=]IS'766[?\'CX_Z2Q8F-T[JF!UKZM7]6H]&_J6>_.NR7N`<^W(#/U:^E]=
M/V&W&VL;5B>I?ZK\BSTOTE?I(J='K7^+;&HMJJZ;U1C<F_6C%SW-;OVD-M-5
M^/6VSV^K0S;]GN_\$_1\CU3I'4^D7-Q^IXS\=VZ:B[W4O=&W?C7-FBRW8&_]
MVO3_`,&M;ZQ=1J^L/7,O+?AG.QKQ9T?I-0<UCC>WTK:LG=;_`,)?9>WT]F^N
MW&HN_P`*O2>B]*R7?5K%Z=]8PS/R!6!DMN#;`=2ZNNR=S;K,>OTZO7_PSZ_6
M24^5_53.Q>G_`%DZ?FYM@IQ<8WONL=,-;]GR&-]H]SK'V.].MC?TEMGZ.M=A
MUK_&GC4LN9T?%=>ZMKC]IR!LK]H#]]6.#]IO]N_^<^Q_]M_I&9GUH_Q?/Q+;
M<CH!=E55M]2[IH<'9%33O+7X^YWJ9%3_`$GLKHL_3_H_U=]_\TN-QFT77T"V
MP,QK;:O5N@.:VKU&>M;L_/:RIK_4K20^]=/LR;<#&LR]GVE]3'7^E/I^H6@V
M>CO]_I;_`.;WJPN3R/\`&7]6:26T>OE[2T`T50T@B999D.QZ_P!'^?[EK_5O
MKPZ_@/SV8UF+3ZUE5(L()>VL[/6]GL]S][/I/]]?TT$NJDDDDI__T?54%^9A
MUO-=E];'MC<QSV@B=1+249<1_C+^KE>7A#K=-0?D83",J0#NQA+WV>X'WXCO
MTO\`Q'VG_@DE+?XRZ,?,Z51GXUU5EG3[#Z@#VSZ%NVJX^V7.].YN-:[_`(M>
M?=/P,OJ.91T_##'Y&4\MJ8Y\-]H+['V.`]M=->ZVUS/TG^C_`$OI*CLQZW;R
MVMFSW%S6B0`)W;FM+O\`-7JOU*^IM6'T:]_5J0[*ZK4ZJ^IVCJ\9X(^Q;VG>
MU]C7>KE.K]/]-_X7J1U"-VC]7\_ZG8;7?5G$R;WW]2!JMZTS]"+[@74AN'DA
M_J-KJL_187HLLP?\%Z]]^1^L973LC_FOU#(^KW7+*,7I5=-]F:642[.KM;Z>
M/4+&M%C*6^I?Z7I_S+Z;<#U%7Z[T;J/U9S,7#R\VYG1&WNMZ7U)E;+78UUGT
MA93#7^JVOU'.IH?7]J?_`)1Q:?ME&1BV=BWIQQ,#&ZG]<[:^J9V#;^IOKI>[
M8Z]]=%53:**]V78ZW[/L?]B]2FST]GZ5GK))<:SZIY>+T9V'F]<KK^J5CVY#
M_7J->2*I^V&IK[O=5=D7['WMV;_59ZE5%'Z3&0>I?7CI&/U%V=T#IE-F7Z3:
M!U/*)87,;&UK:/Z38WTV[/4O?BW?\;56JO5^G=>ZUD#(ZCG6O+3-5`Z;U+TJ
MN^VBH8;6[V;W?K5C?M3_`/2?N9Y^J.5/](L\O\F=2_\`>5)2+,^N/UHRWAUG
M5+*]I,-QRRE@F`?:QCGV?1_PUEBH'JO4]`.H96GAF7_QN6G_`,T,L_\`:BS7
M_P`U?4N/_814LKI.#CWNHR>L547LC=5;@Y[7B1N87,?CM?[OI)?9]B-6%'6N
MM4EQJZIEL+A!_67NG_MYUNW:MKIG^,'ZP8@95EV4=3QQ`+,F&V0/H[<FAGN^
MBW])=CWV*AB_5?[70W(Q<\Y%#YV6U=-ZB]AB6/V65X[F^VQNQ6!]3\COE7?^
MXKJ7R_[3)?RV4]!TF[ZE]<S.E-H9^P^H8&4[*IPFA@KNLL]-]S:[6!U%V]U5
M6S^:RJZZOYBJO8NE^N_6LCHGU=OS,;2]SFTUOT+FFP[/4J8[VV75M]U5;O\`
M"+SH_4^XC8[(M>SN'=*ZB9^7V5=-TO-;CX7[$^M.0[.Z9FEN/CG)PLVAS7NC
M;0_*R\>JM]3&UOR*\BR[[5C;/4];]'ZE(2\_U3HU'1:NE-Z9E>O];\C*9:[)
MIM+@P7!WIT>]SMS+W7L=OR:M^=7]NR+OU;UZUI?7?ZO],NZCFY/1K&?M#&8W
M*ZMT^OZ6U_\`VOJ:W_#[??FT-_G:[*<G^DV_KFEU'ZNU]$LQ+OJ=TD7YN:Q]
M-74GW/N9B[FLVY`KR7WU?IL=ME;,K_!,K]']9]9F%D3^K7U#?A9'VKJ3G?;\
M3-=D5YM5I+LACZF[V7%WZ;TO7LL]?U+-^7;78^_]%8Q&U/G%55U]E5&.YCK[
MWLKH.^6[K"*ZG.T_F][_`%7O_P!"O:.EW]&Z9TS$Z?7G8[F8E+*6N]1@W!C0
MS?&]WTEYO]??JNSHF<V_$K`Z;GN=Z=8$-JN]UEN+M#14RBVO]+BL_P"#R:O]
M"N;P<)^9E58>)0RS(R'MJI;M!&YQ^D_:W^:J8U]UW_!5V);H??,?*QLEKG8U
MS+FL=L>:W!P#H#MCMA.UVUS459_0NCX_1.E4=.QSN%0FRV-ILL=[KKW`?G6V
M>Y:""7__TO0_K#U#J'3>DWYO3\9F7;0TO>Q[RS:P!Q?<UK6N]?T?INQ]U5EM
M7J>C9ZWIU6><9_\`C)^L636YE1Q<>NP`^RIUI+8&YN^^STGUW_\`A?\`F_\`
MMU>J9&5C8K!9DW,H82&A]C@P;CPW<\CW+Q3ZV#ZO-ZG8[ZO7-MQ;2YSZV5O;
M74^8>W&<X,JR,>U^ZZO[/^CJ_P`%^ALK](A3#ZJ,P7?6+IM.>[]2]8-<UTEA
M<&N^QU6;O\"[+]'Z?Y_HKW->9_5CZF_57ZQ=/^U49>;7:QVS*Q'/H<:W_N:X
MGZ6BQO\`,6O_`)ZG_MM=9CV97U;-6+G769G2'%E5&?<0ZZAQ]HJZD]H8VS&>
M_:VC-_P?J>CE?]RDBIU>J9V!T_`MS>HN:S$QXL>]XW`$.;Z6UONW6>KL]+;[
M_57EV-]8[NI=7S>M=4(IKK^P/;2)<**6=1PGNKJT]2UVRKU<IU3?TE_YG\RM
M7_&EUHNR,7HM3_96/M66T=W$[,*M^OYNV_)]-W[F/8N0Z)B_;LB[#WFL9+<>
MGU``2T6Y_3J]\'Z6W<DI]1_\<7ZGQ/VU_P#[#9/_`+SI_P#QQ?J?_P!S7_\`
ML-D_^\ZQ?_&HJ[]4L/\`UFO^]+_QJ*B(/5;?E2P:_P"<EHIV?_'&^I__`'.?
M_P"PV3_[SKS7ZV]3Q.I_67,ZA@VE^)<*179M>R=E;:[/T=K:W^UW\A=C_P"-
M34?I=5M)XTIK`C_4KB/K!TIO1^MY72VV.O;B^D/6<`"[U*V7[G,;[?;ZFQ((
M>L^J'U[Z-T7ZO8G3,MF2_(H]0V&NHN82^VRX;'[F[O;:MG_QT?JYK^AS)'(]
M#_S-<Y]6/J!7USH>)U4Y]F,[(#R:6UL>&EEEE(VO?#OHUK5_\:C'F?VI;V_P
M5?A!_P`Y+16K>_\`'1^KO>G,_P"V?_4BRNM_7/I/7\CH^+A,R&64]0KN<;J]
MC=K:LAFCMSO=NM:CG_%10[GJEO,_S-?=4>J?4FGZNW=.SV9EN4Y^;73Z;F,:
M(>R[<[=6-WM2T2O_`(L?K6:V8_0,^W=7:QO[/M>22U^QKG8+G'\U^VR[%W._
MTF-_W&8O2U\[8K[&58[ZK#3;6RM]5@Y8]@9958W^I8W>O;NF?6;'S/J]A]7L
M8[U<L>FW%K$O?D@OJMQ<9KW-W_IJ;OTCW^EZ%?VF^RK'KMM2*D?UZLZ<SZK9
M[.H6"MMM>W'U(<[)'Z3";3L][K?M#*W^W_STO(NF]4S^F9C,W#M;5EL:6[S6
MVP-#BWU&L99N:S?L]/U&?I/1_P`(O4L_ZDM^L%K,_KV5>W*:"*L;&>T48['?
M2JI]6E[[;7_]J<MVQ^3_`*.G']/'9YW]:L'ZO]*Z@[I_2+[\I^/IF76V->UM
M@F<.KTZJF^K7[7Y%F]_I?T?^<]7TD$/1]+_QC_67)RZ,7[+C9EV3:&5TU-MJ
M<0?IM;[\K955_/793_YBK?[%Z1-WHS#?6V_1D[=T<;]N[9N_D+S_`/Q?YWU0
MZ=2;+,]C>K9+&MO^TM-`8!N?]FQ;+PQEE;?I76UV_I_T5EGI?H*:_0MS8F1'
MC^""7__3U_K_`/4_.S+7]8P`_-.V;L,DO<W:`TVX-;_:[?77^EQ6>^W_``'Z
M3]%;YH7-?#VN#@[5KAK/9>F_6#_&95074]"K9DD>TYEP<*@X'])751^CMR',
M_?\`4II_XQ><=0R\G/R[LO,M-V3>9MM(#2Z!M_P<-KVL_1,V?X)$(+VO^*[I
M'4W9SNKLL=1TUK'4OD`MRG2[V,W?X/"M]WVEG^&_5F/_`*2O2[J:KZGTW,;;
M5:TLLK>`YKFN&U['L=[7,>U>/8_^,+ZR8U%>/BOQ:,>EH954S'.UC&C:RMN[
M(<_VM_>1O_''^MG_`'(QM/\`NO\`^ITE6Z/UP^H?5*[+NI]/L&7B4TM_0VO/
MKLKJ#OT;'6#T\BJBIWZ/U+J[_9^D^T9'Z9_+_5D&WJ#!58:_4LPVMN8!N9OS
ML$MMK]1KZMS-OM]:JRO]^M7\[Z_?6C,P[L2W)J;5>PUO=53LLVNT<&6&RWTW
M/;[/H_\`%^_](J/0+ZL3)LRWAQKQ?L5Q8P`N+69F(6,KW%O[NQON^@DI];/0
ML\#7K_4`!Y8?_P`CT+'Z==DDBCZRYESFM8]PK^PNAE@+J;-K<!WLN8W]$_\`
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MZ[*?IT-IP,K?^S\ZK=Z3,W_@_P#M;7;ZB*GTG`^J3^FX=6#@]9ZA1C4`MKK:
M,0@`DO.K\!S_`*;_`,YR/^P<_P#\ONH_=A__`"/7)97UM<<2O%Z1U-F=2RD`
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MGTK:JC4_:[1U3_TC_4J_PFS9_.)*1]'Z7G=6S68.!5Z]SAO(X8U@_P`-?:=_
MI5_ROI^I_-5V+TD?XN<0?5MW2/M#OM#[&Y!L.XX_K-WANW`W^BRC99Z;]OZ:
MS]'=9;Z]5;UP'U<^L_5N@6$8-H=C6O#[\2P`UV$0QSP]H]7'M=6UC/5K_<_2
M47+O!_C/Z:>FNO&'<<]CVL=ARW:-S76LO^U_S?V9WIO9]#[3ZG_:5)3_`/_4
M['ZT_4[H?5JK<Z]XZ=E,:7V]09M;+6,(_719^COHJ;L?[]EK/1_GZEX[E,8S
M(LKIM;DU,>YM>0P%C;&#Z%S66>]N_P#U?9_.+T'Z_5_6_,?94_%L/1&/!KKQ
M0+@_9N<V_-8S]9?]'UO0]#[)5^K_`,]DKSHV,LES;&O\2(,$HA!6!_V'LGW0
M!*83,<GGLI23K(/'8)*5OB3XB)\%K_5G'JR<U^-D,]2FZW`JMK<)#F.RV;V.
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MQ^Q\'_V&J_\`2:%FOS>J8M-O3FX]=37ESV=4Q;@X/81]GLKIL=BV5;+/?ZCV
M_P#%+,ZCTFS$^U=4>SI%=+FG[38["LML?ZK&U9ALMIR/4_2VNL_1MJL]2C]'
M;_I$E-CJ/U4^H[!99F8N+AE[2XV!PQ]K6!K76U;'5-I]+V;[*_\`OZPLKZF=
M`RVG#Z3=U,4UVD_9JQOQFV,-=-]C#U-K*?5?5D>JVW[3^FI]7['ZO\VM?#ZG
MT+I-#*[,5EW4,>R[<WIF#=#7N=Z=CJ6[+?2]1C*JK7^O^G>M2[J=F;BMOZ/E
M44AMPJM?F56@$D#916QS\-_JV6V4U[O?_P!NI*>6Q/\`%74YTY>?<RJ3^BK%
M9L.KMCWW^B*F^WT]]+<>S])ZGZS=4H_6+ZI]%Z!CXF5T^NP9#G9%3[++K+-S
M?V?U%SSZ=CW4M>]U>_V5_P#@:UW==ZO0^\WYE+_0<ZA]+.EY_MN++30:[&67
M.RL=ME&^ZVFKT_2_PS/5H5/ZT=3KZGT+$O8VUCFVY3+6W468[MXZ9U-SMM.2
M-VSW>W:^S_C$E/E%8VL9K^:/R=U,%,/HMX^CH('DGY\CX$!%"^XP`3I_K_WU
M-WB?*$YF=/X)`SX=H[]TE/2_4;ZO])ZWG.KS\XU65.EG3V#8^]C0US[!D_Z/
MZ3+*L;]:9_.>K2O4/^;/0OV3^Q_L=7V&/YN-=T;?M'J_SOVK_NUO^T;_`'^H
MO&.CXN?GY+&=,JMR;:WL>U^,#-9!_1V_:&17C[/])ZB]1_[._P#FP:]E7[7D
M-#][/5]+:2>WV+[?O_1;O4^R_P#:G_NNDI__U?3LW-Q<#$MS,NQM./0TOLL<
M8``7BGUJZ^_ZP=4=F^D,>D#;140`\-]OZ3*CZ65;LKW_`.@]/[/^9ZMOK_7?
MJ_@=>QZL?.-OITV"UHJL+)($>\#VN_D?GU_X)<3]8O\`%QTGIV!=U(]5NQ\?
M'#G6BVIELM)#:*:O2^S6>KZCO2W6.N]5$*+P6#BW9N;3AX[=]V38VJIO`+G:
M`N,.V,;].VS\RICUU^9T'Z@]'_R;U7J65;U(;!E78X)KQ_:ZPN=574^EM#MN
MS]-]JRJO5J_FOYY<UT#J7[(ZS@]3L8YXQ+-]M=9;OV.8^BUE9L_1O_GOY'T/
MYQ7NG]'R_K1US,;T\%F/;=;DVWY'N%-5SWVL=D^F[9;D7>]C*JK/^N>G3ZB2
M&EU[H]_1.IV].N>+PP,LJR&`!MM5@FJW;+O2^A96YO[[/]&KOU2>69SK0)-=
M_3G.TD!IRQ2YS@/S6^I_VYL6EU#ZK=%RV7T]#ZT[JW6,*EK[<9^US+*JFUU.
MKP\BMM==7H-/Z*EM^4RK^8_X5<YTS(IIML9=;LQ<REU%US6ESF,?Z=^-F,K&
MVW=A95&+E;&_I?29=Z7Z5)3WMXZ!GYMN78_./5,P`X(&994+*KG6/Z31OK]-
MF$S-9]HNHQ?2];&QF779/Z>S]-J]&^M72ZZ:,7$=EY5`>UF1?E/=;;3;D?T3
M%<ZS?;DONR/5Q?\`NMZ/Z;]7^S>KS5.6UY%%WI4765.NS*K:FG'M8_U\B_J-
MKZMO[5Q<YV'3DYN;A^E3^AZ?AT>E7D7ULGC6@9>6;FN:;<I[JQDMJ.0*_0Q&
M7MQ78K?U:O[*ZBSK'[G0_LWV"O[9]HMI26YE/^K75<(49UF?E4N+?V8<C(N:
MR\/>YK,J[:P>CNZE;9TK]8INLQ:?LUGITX]M:O\`2>I_5SZOXS?L6+=CLK:3
MU:H6W75XKFE^*[V/WU963=U*K[$Q^+5OR/TF3O\`1I6+8YS_`$VY3[(VQ:Q]
M318#M958[J?H._6ZW8K*6Y5N+L^T]`IOO_GTUARJRZJHW5%M1J8::JWAH;]H
MK;7T[U-OH97V#:S%R/0]_P!7&9&9LJS$E/5V_7#I=CGX^2RZG&R&O91<PO:]
M_IAU>:Z:=C\1N/D.JQ*LGU_TV59^K?S/K+!SC]5\K%:>I=-R\N_#>6YV/DYF
M3?7C;8=GN;D77VTWV45;'TUT_I<W^:QOTK,G[-6=M])IJ#O6;;,8K:V6M</5
M^P>KE93MMWZ%W^1:W_H,?I'VG(SM]SZ5&Q]H978WZ#W558^RAC:MUD_8OV3A
M.]^'^E]7_F]G6_S&1]NR.H_J^5CI*;U/_-/`S<IV/1E8V$S?5DY-65F57NOQ
M_7LM9=2W(KONQZ<2FRVC*_2?]Q:?T_Z!"^L75&9-+<2ECVMQG9]V4;++;X#N
MG9K\*ZG(R#_,6XU^^ZC_`+2W/KI_XZEU/+_9]9OM%S=V9D,;746NO(.1D5-.
M'U`G9D5X=K[;\7`N_7\7K'\Y_D_)63]8,X59&6P;F9-]1QF4;&T-IQ[7OMS,
MFS"]_P!BS.J,/HLQGV?:?2LSL^^O#^U8N,Q*>:K:"&Q&H`_)_P!2NQP?J;E=
M9^K/1[.E4T?:,FV^SJ.9:XM=7M+JJ\4M$O=CL]+8^IK-_P!I].S]#ZV1>L+H
MG3LR^^O.;TR_JF!C7-;D4T-):]Q'K#'+F,O]FUN[(;Z7I_S>/?=C_:F+J>I?
M5=V7B974/JB_)QZ[7#]I]`)=CV,L`]2/2WL:U]3'5^E@_P!'?5_1;O2]*NQ(
M#E]4^IV#1T?*ZGTGJ]?5QT\@9M5;![02UCWU/JLLV>E[[G^IZWZ&O^=7,.`/
MM<)!]L'7Q;M6B[JF;1T>[H+::L>FR\69A+'-R'OJ(=7C9'K']7KQ7LI_0U54
M[&4?\+=ZI_JST3%ZUU1G3\G+=ANL;NI>&-L%CVESK<?W.;LL?0WU*/\`B[DE
M/:_XOOKD_)%?0^IO+\G7[%DD?SC6@V''R'-_[5UL:]_K?]JJO^['J^IWJY/$
M_P`6GU?QM76Y=[VO996]UWI.:6$6-V.PFXO^$;OW_P`XS_!;%UB"7__6]57G
M_P#C!I^LG5\QG3\#IV39T_$A[K&;`RZUP#VN]]C/T>(WVU_]V7V?Z"M>@))*
M?!<[ZN]=Z?C_`&K-P+L7':YK?5LV`;GG:QNUMKW^Y_\`(6G]6\VB[HO5?J[9
MEU],NZFZNRG+N.VJS:&5Y&#D6,V.J]:NKV^_]-Z]M?\`QFS_`(U>J^OU#%Z0
MQQ->(S[3<T$1ZUFZN@._E4XS;W_^A%:X0.J?]!V\<>TAP_SA^=_(10]T<CZO
M?5'!RL'IUS>M_6+*!Q&OIK]M8L)JKQF5UFVMFQ[?Z'38_*S,GV6>G3_1,SJ/
MU#R.G=&JO=DUNZICXWVG.Z7O8ZRO':2S[1CO9M=9]F8UC,CZ==UWK_9;_P":
MIL7U0S^C=,K?F-8<GZQ&T8O2<)S2*VFX-HKO%OT-CW/]+(?O9Z']'KK_`$WJ
MY&Y]:?K!TGH75^J'#P@[KM^-77E]2))8R6![PVFRSU-S<?T7LKI]EGZM7;8D
MEX?"ZIFX36U4N:^ACQ8W'L:+*VO!W>ICGV9&);NVO];`R<2S_"+5Z?U?%HJM
M;@V#!]6X7V86782RVUKO6Q'CK/I!NW"N8U]-'4F87J6/_6^HY^-^@6I5]2.B
MUU]+Z)F9=V+]9.H4OR`(%S*V-:'##OH8YFWTJVV,KR6>E]HNHROTW\W0N5.#
MD_;;,&JM]^93994^G':ZYQ-+G4W65,J;ZSZ=];_TGII(>L9=2;</I[:G8&90
MU@KP7DFRDL<W('V$VLJ^W4^O4[-P;/TU-V?7^SO4^P9%2E<RHMS&,Q]UGIVE
MS'9$^T6'+M;E^BW^:OM:W/?G5^G]GZE]FZ+_`$:WT+^2P^H7XU0IJ(MQ&N+O
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MRNK_``WOLKK6EA?5S`P/K/@])^L5U=XS&N991B7/!HOL@X=.=8UM=GZ;=^@]
M)]7J7?SOZ#^>TNC8V%A'K'U`Z]8:69MXLPLP@L#[7!C\9^]KA6RRS[-CY&-5
M_-VY%>5A?X/]*E,L=W7_`*DT,S>FY-'7/JU>[<]["UK!98YE4ML:ZYU#[;?T
M3+6V78?J?TBG'M_6%8ZM]9LMG3S]8?J_UJ,5MK&9'1LQC7V,OMES\>M]H^U6
M<N=]E^T?9V>G=;B9GV6CT$W2NG=3^J_3.N5?6%C#TF['#:VLL%C+LAXLKL9A
M4;Z[:W9?J5[Z[*:M]W^$_P`*O/VAS@P/+GVAH:XM]SG$#W#3WO\`=NL24V+7
M=1ZQU0OL+LKJ&?9.I:TO>6RUE?J.KK8STV;:*=_T-E:U*/JE];:;&75=,R:[
M:7LLIL_0DM?6[U*[-OK_`)EC6?\`&+%HM=78VW#L#<FD^I2YCFRQ[#OK?INV
M_I/IKWSIN;7U#I^-GU"&953+FCF!8T6;?S?H[DE,.DY>5F]/IR,S%?@Y+P?6
MQ7D$L>"6.A[/:^MVW?4__1JXDD@E_]?U5))))3F/^K70+,N_-NP*+\C)<U]M
MES!82Y@:QCF"[>VKVUL_FMBX_P#QKVU58W3.GTM8T6Y%F5:UHAWZ.LT-L.W\
MUSLG9[EZ&L3K7U1Z5UW.HS.I&VUN/6:J\9K_`$ZSN<VRQ]GI!E]F_P!-C-GK
M^C_P22GQ-CGMLW5%[+:(NWUR'5%CF^GD2S^8]-_I[+7?GK:Z-GX.9]:J^I_6
M2[;2ZS[5=9M<YCKF-K&+78&N>^G&:ZOU/\+5OJ9C^RA=]]>NF]/Z;]1.HX_3
M\>O%J_0^RIH8"?7H]SMOTOZR\PP^G9_4<P8F#39D9#R(;6"=H<0WU<A[0YM%
M7N_GK?8BC9Z%W^,KZP')NR*V8K6V/>:?6H+K::3_`#6-ZM5M&[TF?I7[VO\`
MT_J_X+V*WF]1S?JY]2<"W$<^CJWUB?9FY^<0WU#N8[+O=^[78]CZJZ=K/T7Z
M2W]'<N*<"VQVON8YP)\VN-9_Z3%T'3_K)TUO3L/IO6.E-ZG3TQSK.GO%A86D
MDV5T95;OT=V/ZFRM[_?^AK]^+=9_.)5NQ]:,6N_JGU0S,RL'J'4ABLZDUS`T
M6!MN$'^O1_6R[Z?2=5[ZK/3_`,`RM7>M?5_I%EW7V7](JZ1B]/QF6=/ZQ4#3
M27>GZNQ]%/MR-N2][+/0QKO6K_06_IOLWJ<N_P"L`ZO];L3K/6'MQ\>J^IWZ
M,$BFC'<[*QZ06,?9>_[3_/6;/TOK6>EZ%7I^GN=3^LW3?K'A=:Z9FYE=!=D-
MR.@Y%S37412QKJV/M?M^S^I90]MGVOT?Z;^A_P!$Q):/U`R,/!;U?K&;B^N>
MGXM%C6P'/8VUUWVIU?J'8WVU,]7\_94JGUGP,WZL==R<?IE]F)CY(;DXKJG%
M@-6Y[F8[[*]CO2Q<E]M?H[MGV:S%]3])Z*E]5^N=+Z1T?K9R:FWYN976S$P[
MV.?78UK7%K<E@;Z>RJ_(L]?U;:_T?\VFZ_\`6BOKG2L'#NPF59^#8[T\B@>G
M2*2/3915C%UUGZ2OT_5KW^E3;1595;8S]&DAM_7EM74\;I?UKQFN95U6D49(
M!!%=]6Y]+=P]WK-_6JM_^#LQJOYNU5_K'U[IO7>@]-MR23]8,;=1DPR6VTC1
MUE[V^VOUW,KR\=C_`*%WKU>GZ?Z58KNIYW[.'2QD.;@BUUYQ^&FPGU-[WM]S
MV^I[JZ?YJNQ/9TCJ+.F5=7=2[]G7;VMR6^YK75O?38R]C??C^^I_N?\`H/\`
MADE-4^K8T./J6MQV3)+WBMCG<_G_`&:E]M_T_9^EO_X97OJ_EOP.N]-SF.TJ
MR:PYS0'S7:?LES:Q]%^^O(V[EO\`^*Q@/UHNF#/3[/@0Z[&@KM^J_4/ZN=2<
M;12[`R"9^T81%+]VX6^JYK6NHLNW#^>MI?8S_C/324Z^3TGI66T-R\+'R&M<
M7M;;4QX#C])[=[7>YTJ73NG872\*K`P*A1BT@BNH$D#<2]WN>7/=N>YSO<K*
M2"5))))*?__0]522224I))))30ZYT?'ZWTRWIF2]]=-Y87NJ(#_T=C+_`&N<
M'[=SJE/IG1^E])H-'3L:O&8[5^P>YY'Y]UKIMN?_`,):][U<224^,9OU<ZAU
M/ZX=4Z=@UE[_`+9;8^U[2QE;+B,OU;W?Z-OVC]%M_29/^"_X/1^N?U.Q?J_T
M?IM^,\V/%SJ<VXB'6ON:'4O:W<[TJJ;,?T:*&;_3KO\`YS^>MM]4;76QSW,:
M&NL.ZP@`%SH;7N?^\[TV,8J'UAZ2.L]&RNFEP8Z]H]-[A(;8QS;L>QS?SVLN
MKK?L2M3X_P#5KZMYGUASG8F,X4UU!K\G(<)%37;O3]FYN^V[9^BK_P",L_XS
M.R:,C'R+L;*K-.12]U=]9_,>T^\;Q[75_GLM_P`)7^D7N?1.B8/0^GLP,%FU
MC9=8\ZOLL=_.Y%SS[GVV?^HZ_P!$Q<[]9/J,SJ_UEPNHAH.%<0WJS`=I<*6E
M^.]O[_VC:S!ROS_L_I;/](PVBG@[/JEU6OZM4_6(MW473992!+Z\8C=CYEG\
MFS_#,9ZGH464W_X/)2^I_1V=7^LN+AW-WX[-^1DM(D&NMNW8]KVO]MF1;17_
M`)_IV>MZ:]JLJJMJ=38QKZGM+'UN`+2TC:YCF'VN8YJQ/JW]4<+ZNY6==B6.
M?5EE@IJ?)--3-[ACBTN=ZU;;+;/3WM]1E6RK]+Z:5II\\^MWU(R?J^1DXWJ9
MG2R-;G#=940/=]M],-9Z3_\`!Y>S9_@\C])Z=V1Z1]3\+[%]5NF8[A[CCLLL
M!:6G?:/7M]1C_=ZF^QWJ;OSUKV5UVUNJM:'UO!:]C@"US2(<US3])KE)!3C=
M/^JG1^F=9LZOT^LXUE]3J;:*S%)W/9;ZK:?\%9^B_P`%LK_X-;*222E))))*
M4DDDDI__V0`X0DE-!"$``````%4````!`0````\`00!D`&\`8@!E`"``4`!H
M`&\`=`!O`',`:`!O`'`````3`$$`9`!O`&(`90`@`%``:`!O`'0`;P!S`&@`
M;P!P`"``0P!3`#8````!`#A"24T$!@``````!P`(`````0$`_^$/8&AT='`Z
M+R]N<RYA9&]B92YC;VTO>&%P+S$N,"\`/#]X<&%C:V5T(&)E9VEN/2+ON[\B
M(&ED/2)7-4TP37!#96AI2'IR95-Z3E1C>FMC.60B/SX@/'@Z>&UP;65T82!X
M;6QN<SIX/2)A9&]B93IN<SIM971A+R(@>#IX;7!T:STB061O8F4@6$U0($-O
M<F4@-2XS+6,P,3$@-C8N,30U-C8Q+"`R,#$R+S`R+S`V+3$T.C4V.C(W("`@
M("`@("`B/B`\<F1F.E)$1B!X;6QN<SIR9&8](FAT='`Z+R]W=W<N=S,N;W)G
M+S$Y.3DO,#(O,C(M<F1F+7-Y;G1A>"UN<R,B/B`\<F1F.D1E<V-R:7!T:6]N
M(')D9CIA8F]U=#TB(B!X;6QN<SIX;7`](FAT='`Z+R]N<RYA9&]B92YC;VTO
M>&%P+S$N,"\B('AM;&YS.G!D9CTB:'1T<#HO+VYS+F%D;V)E+F-O;2]P9&8O
M,2XS+R(@>&UL;G,Z9&,](FAT='`Z+R]P=7)L+F]R9R]D8R]E;&5M96YT<R\Q
M+C$O(B!X;6QN<SIX;7!-33TB:'1T<#HO+VYS+F%D;V)E+F-O;2]X87`O,2XP
M+VUM+R(@>&UL;G,Z<W1%=G0](FAT='`Z+R]N<RYA9&]B92YC;VTO>&%P+S$N
M,"]S5'EP92]297-O=7)C945V96YT(R(@>&UL;G,Z<W12968](FAT='`Z+R]N
M<RYA9&]B92YC;VTO>&%P+S$N,"]S5'EP92]297-O=7)C95)E9B,B('AM;&YS
M.G!H;W1O<VAO<#TB:'1T<#HO+VYS+F%D;V)E+F-O;2]P:&]T;W-H;W`O,2XP
M+R(@>&UP.D-R96%T941A=&4](C(P,#@M,#$M,#%4,#`Z,#!:(B!X;7`Z0W)E
M871O<E1O;VP](B(@>&UP.DUO9&EF>41A=&4](C(P,34M,#(M,354,#4Z-#0Z
M-3(K,#4Z,S`B('AM<#I-971A9&%T841A=&4](C(P,34M,#(M,354,#4Z-#0Z
M-3(K,#4Z,S`B('!D9CI+97EW;W)D<STB(B!P9&8Z4')O9'5C97(](B(@9&,Z
M9F]R;6%T/2)I;6%G92]J<&5G(B!X;7!-33I);G-T86YC94E$/2)X;7`N:6ED
M.C4X-41#1D$Y03="-$4T,3$Y,S@Y.#="1C,T-S0Y.#9%(B!X;7!-33I$;V-U
M;65N=$E$/2)X;7`N9&ED.C4W-41#1D$Y03="-$4T,3$Y,S@Y.#="1C,T-S0Y
M.#9%(B!X;7!-33I/<FEG:6YA;$1O8W5M96YT240](GAM<"YD:60Z-3<U1$-&
M03E!-T(T130Q,3DS.#DX-T)&,S0W-#DX-D4B('!H;W1O<VAO<#I#;VQO<DUO
M9&4](C,B/B`\>&UP34TZ2&ES=&]R>3X@/')D9CI397$^(#QR9&8Z;&D@<W1%
M=G0Z86-T:6]N/2)S879E9"(@<W1%=G0Z:6YS=&%N8V5)1#TB>&UP+FEI9#HU
M-S5$0T9!.4$W0C1%-#$Q.3,X.3@W0D8S-#<T.3@V12(@<W1%=G0Z=VAE;CTB
M,C`Q-2TP,BTQ-50P-3HT-#HU,BLP-3HS,"(@<W1%=G0Z<V]F='=A<F5!9V5N
M=#TB061O8F4@4&AO=&]S:&]P($-3-B`H5VEN9&]W<RDB('-T179T.F-H86YG
M960](B\B+SX@/')D9CIL:2!S=$5V=#IA8W1I;VX](F1E<FEV960B('-T179T
M.G!A<F%M971E<G,](F-O;G9E<G1E9"!F<F]M(&%P<&QI8V%T:6]N+W9N9"YA
M9&]B92YP:&]T;W-H;W`@=&\@:6UA9V4O:G!E9R(O/B`\<F1F.FQI('-T179T
M.F%C=&EO;CTB<V%V960B('-T179T.FEN<W1A;F-E240](GAM<"YI:60Z-3@U
M1$-&03E!-T(T130Q,3DS.#DX-T)&,S0W-#DX-D4B('-T179T.G=H96X](C(P
M,34M,#(M,354,#4Z-#0Z-3(K,#4Z,S`B('-T179T.G-O9G1W87)E06=E;G0]
M(D%D;V)E(%!H;W1O<VAO<"!#4S8@*%=I;F1O=W,I(B!S=$5V=#IC:&%N9V5D
M/2(O(B\^(#PO<F1F.E-E<3X@/"]X;7!-33I(:7-T;W)Y/B`\>&UP34TZ1&5R
M:79E9$9R;VT@<W12968Z:6YS=&%N8V5)1#TB>&UP+FEI9#HU-S5$0T9!.4$W
M0C1%-#$Q.3,X.3@W0D8S-#<T.3@V12(@<W12968Z9&]C=6UE;G1)1#TB>&UP
M+F1I9#HU-S5$0T9!.4$W0C1%-#$Q.3,X.3@W0D8S-#<T.3@V12(@<W12968Z
M;W)I9VEN86Q$;V-U;65N=$E$/2)X;7`N9&ED.C4W-41#1D$Y03="-$4T,3$Y
M,S@Y.#="1C,T-S0Y.#9%(B\^(#PO<F1F.D1E<V-R:7!T:6]N/B`\+W)D9CI2
M1$8^(#PO>#IX;7!M971A/B`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(#P_>'!A
M8VME="!E;F0](G<B/S[_[@`.061O8F4`9$`````!_]L`A``!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`@("`@("`@("`@(#
M`P,#`P,#`P,#`0$!`0$!`0$!`0$"`@$"`@,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P/_P``1"`$``/L#`1$``A$!
M`Q$!_]T`!``@_\0!H@````8"`P$`````````````!P@&!00)`PH"`0`+`0``
M!@,!`0$````````````&!00#!P((`0D`"@L0``(!`P0!`P,"`P,#`@8)=0$"
M`P01!1(&(0<3(@`(,11!,B,5"5%"%F$D,Q=2<8$88I$E0Z&Q\"8T<@H9P=$U
M)^%3-H+QDJ)$5'-%1C='8RA55E<:LL+2XO)D@W23A&6CL\/3XRDX9O-U*CDZ
M2$E*6%E:9VAI:G9W>'EZA8:'B(F*E)66EYB9FJ2EIJ>HJ:JTM;:WN+FZQ,7&
MQ\C)RM35UM?8V=KDY>;GZ.GJ]/7V]_CY^A$``@$#`@0$`P4$!`0&!@5M`0(#
M$00A$@4Q!@`B$T%1!S)A%'$(0H$CD152H6(6,PFQ),'10W+P%^&"-"624QAC
M1/&BLB8U&50V160G"G.#DT9TPM+B\E5E=58WA(6CL\/3X_,I&I2DM,34Y/25
MI;7%U>7U*$=79CAVAI:FML;6YO9G=X>7I[?'U^?W2%AH>(B8J+C(V.CX.4E9
M:7F)F:FYR=GI^2HZ2EIJ>HJ:JKK*VNKZ_]H`#`,!``(1`Q$`/P#?X]^Z]U[W
M[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]UQU"]O\`;'BQ
M_P!8WY]^Z]UR]^Z]T3WY\?+7;WP=^(_>'R:SN.BW!4=8['RN7VKL]LA08VJW
MUO>2,4FT=EXR3(5=$M9D<_FYXHQ2T[O6S0K+]O')(H4[`+$`<3UHD*"3PZ`7
M^59_,1VG_,&^.6)W7D\WLBC^1VP8\?M?Y,]8;.I,SAJ'878TD$LC5FV\%N;)
M9?<=1U;NR*%JG;F9DJJNFR=,'59VFAFCCLZ,AHW54<."1U9V3I%S_A_O)M^;
M#W4"IIU?K4[_`)J_\\WN+H'YB;;Z3^%E;L+?>%^-\TM?\MMGYK;4V3J>UM_5
MD]!_#_C'M+>%=+1P[0W!CMCUE5E:S,8E*R6@S\V*HZO_`":6I0OQQU!/^K_5
M]O[//IMI51@K5ZV6/CCW]UO\I>CNL?D%U%FDW!UQVQM2@W=M7)J%5VHJO7!5
M452J,\?WN(R=//1SF-GB,\#F-W32Q9*D5KZ].=")O;>NTNN=I;CWWOS<VW]E
M[,VCA<CN'=&[=UY>AV_MG;>#Q-+)69+,Y_.9.:GQ^)Q-!31-)-/,ZQQH+D^Z
M\<>?7N&>J*O@W_/&V%\Y?Y@>_/C9LS;E'M'H:NZNDSGQGWOO7%YG`]I?(/?6
MS,QD*KM#)XC`/D*FDV_US1;#^TR^'@R='0Y>KQ[I6L=%4E-`X\;(`6\^FTD5
MR0OEU?\`>V^G.NB0!<_3W[KW7?OW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KW
MOW7NO>_=>Z][]U[KWOW7NO>_=>Z__]#?X]^Z]U[W[KW7O?NO=>]^Z]U[W[KW
M7O?NO=>]^Z]UT2!R2!_KFWOW7NN[W_WKW[KW7"0D(Y'U",1P#R`3]"5!_P!N
M/?OEU[K14[;_`)S'R*^+G\X/YE[ZP^-7=G3^WNX:#XW]G?''^\5;4X3?>V>G
M-OTN-VCVIUOE]QUE%B>K.]IYMQO#D798]N9:BBCIZL+)30URJ%B4Q:B#JITG
M:5EDTXTXZVX/@K\ZNB?Y@?1^/[KZ.SD\D=+6R;8['Z^SZT]#V%T]V/CH8GW#
MUQV)A(99AC\_AI91XYX7EH,E3%*NBFGII8Y"Q0CB.GPRG@P/Y]:Q7_"H/Y88
MG='8_P`</A7M7<-96/UEF&^0_?\`A*&HP\FWZ.HRN-JL!\?L+G8JI6K8]YTN
M4?(;GQP:2"E2EH2[B5WB"*(8U)#'R_P_X?\`BNJ2D>&^1PZU\OAI\Q^T_@]\
ME-L?);IF&BRV>V]BIMD;RV9N"<T&WNV>H\QFL?E=S==5=919"@CQ6904/WNW
M<I**J#$9<W\#PU520\\:O34,^72-)=!PPIUO1?)'^=#T#L+^6/M_Y^]8#<^:
M'>V!&V?CKL*LQ^VX>QZKMW<57D-J8_$;LVS5YZ;#XJ'K;<].]1NAFK)X*"EI
M7!+M+$CI%0E]-#3[#TL:0*FJHX>HZ^=L<]GJRH?*[CS%;NG<]94U^X-T[NRV
M2J:S([GWEN&LGRVYLY/5Y.NK<Y5393.54LM*L\TLU'!XH2P6)0%U.`Z1-)K-
M68?RZVF?^$UO\PF78^^<E_+N["RE&FRM\)N3LWXT25$-::W";\EJ,CG^XNIJ
MG-S9BHP\.V)('I<OM>EBI*65JBJKJ2$21P!E33K^(#_5_J^?Y=*H9&<D,>F#
M^>Y_-GR_R!W)V1\#/CEG\33]"[*S-+L_Y.[RE@Q]:W=V[L;D-NYNIZGV7N!*
MRJI,1T_M61HANK(Q1MD,_5B?#TI@IX:N>7T42LH9@:UZI-*58H"!C_#U1W\3
M_D@WQB^9GQ@^3>.K=UX_&;%[LVC-O^#`S87'U^;ZP[&G?KOL':E-/N>>EQ6.
MP>2J,M39#)/5U4,<>/H9)1-%I4J](H=<UJ.'5;=E#,-8X>HZ^I?'EL>^-CRZ
M5U+-BY:/^(1Y..HISCY<>8Q.N0CJQ*:9J!Z8B59@YC,1UZM//M"1FE.EAQ7K
M4"_FI?S^-H=J;-WK\5?@-G\GDL?O2IW1UIV[\KJ1/X9@L;LV:G_@V>Q/QJR<
M=>M3NK<>[/N*O'IO2*(XS;\-/4STAFKQ2/&]#&&)U`TZ9DD(`\,U/RSU=%_(
MK[*W)VO_`"I?AUNG>V]LIO\`WM2=?9;:6Y\]G\W#G]RPU.S-[[JVUA\+N6O2
MHJ:ILU@]L8ZAIG^]8Y(Q)&U63.S,6F`#,!PKTXI)52>-.K;?=>K==7%[7%_Z
M7%_]M[]U[KOW[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=?_]'?
MX]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]T3/\`F+;SW=UQ\!OF?V#U
M_N?)[)WWL;XP]W[NV9O'"SQTN8VMNG;O76X<M@<_C*B:EK88Z[%9.EBFCUQ.
MA9`&%B?;D0JZCKW6N5_+Y_X4B9>5L'LC^8+@MLX_;D^V]GX_#_)'JW"9D/D-
M]9W=U'@ZMNX^LH%JZ'KK;T.$S,-=49S'UE5B*./'U,E28FJ(8E=DA-=0./GT
MTTH5]!!ZVJ]P]T];8#I[=??2;IQ>Y>K-F[(W=V)D]T[(K*7>./KMK;'Q.4S&
MX:O`U&"FJZ?.34M/AZA%CIG=GGC,8]=P$NDLRT/G_L=.^O7R6,CO6?>IJ]ZY
M*7<.5K>P-R;Y[!ARF4R4]=G\AANQM^[DWC@JO.9"KJ*S(U&53;>=I0\=3)+/
M"4,-SH]F\C^(^L"@H.)KP'2"<:GD7U_S=#U\:/E_\C_AUV+_`*3/B_V'DNN-
MTU.1V5+NW;)R0GZZ[?P^Q*^HJL%LWN;;DD$ZYW;%11Y&LH5K*(T69QT%6WV]
M4$3P.TRAJ5.>F(4,.H5J#T[_`#(^1>7^7?RK[P^1VY8-SZ.U]\459@,?N/*X
M6KW+L3K+%X:D@VCU/)5[=QU%A\AM[8U76Y-<?4"$5%133AZEVG=[:5=(`K4]
M6G:J.:8IT503U#RO3T]).)%-7#3M+41$VIT\B,?)!9U"V<@?D>[`=%VB5J^'
M"6'GTKQN;<&4VWB=C)-EJK:&#[!W)V5M[945='+M[!]C]B;6QNR]\;SQIDIY
M:K#Y+=NWL/34^1^W=(*ZQGD1ZG5,=4%:TST8$,T0CK3A_+IBJZ&%9)1+B9%6
M.)Q))3U@+T,_W`,I#+$%GCB1#&`/U*UPP/O?3'TW]/\`ETI-A[]W-U7O/";\
MZWS.Y-C[\VQEJW(;$W;MZKC@W'M+*9/!9C:M1D]L96II9/X3G9=N[CKZ:/(0
MJ*ZC%09:9XIUCE3Q`(R*]/2"8K2"70_K2N/3IAT_P7'8O`8?'I38J&O2GQ.!
M^]ITJJ)88U>6JF\C-`:3(U4K2SS/(TK53/)*69F;W[[.F?IY&S+,&?UI^SS\
MNLE4]'74-7C\OBTK(<I35V-RF.K\C55E&,;74L]+/BC&J0T=132Q.7F*-I\<
MA50>;^\CZ=;6WI)%)J'::\.K3^[OYLORT[?^*_5GP[R&]LMB^D,;\:^NNHNY
MZN2?&5/9'='8&R<P<KO3>`['P:8G+[9ZYWA2TF/Q!VY3",RX>*:&>H`G>,46
M,`U\^E<UZ)#)!X1[L5J/,<:4ZJRCR\WF663$M3$T@GITBJ4IDI*(TZQ0+3)3
MH@@@AI0L5/'$"BQ65191[<Z1&"X3^PN0GK@Y_GUO1_\`"7#>VW<C\#.V.MJ*
M%J7=/6WRR[AR&[88:&HCQ(7MB3$]F[/;'Y>1G@R]1)L_/4AJPC:Z.>\$@#)R
M7/\`&_V]'46H11:VJ^D5/J?7HZ?\P#^=5\2O@;6[GZWKLC6=S_)C!8ZAJH/C
MSU]*YSF/J,]A<GF]J2]D[O:BK=O=6;>W##C1&*ZN$\M.U73,],4J(F:T<9DK
M0T'6I)!'Q'EU6I_)S_F=?*O^8+_,Q[]H>WMPXS;W3^T_BCD]X]>]&[-HGIMI
M;+J-P=\X+;V`R>=S=81E-^[U3:^WIHVRDL5+%"U7614\*P.GMV5`L8IQK_GZ
M\B$'46%*<.MJ[VFZ<Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[K__
MTM_CW[KW7O?NO=>]^Z]U[W[KW7O?NO=%J^3_`,P?C9\,-F8+L3Y0=M;9Z;V1
MN;=-+LC!;DW4N5;'Y'=E;C,KFJ7!Q?PC&92H6JEQ&#K*C4Z+&(Z=R6%O>P"3
M0#/7B0`23CH<=I[PVKOS;N*W=LK<F!W=M7.T_P!WA-R[9S%!GL#EZ7R21&HQ
MF7QD]3CZZ)9H71C%(P5T93R"!ZA&",]:U+2NH4Z(W_-FJGH_Y87\P&>-7=Q\
M0>_X@L<B1,14]:;BIFL\C*@],IN">1Q^?=X?[1>J2DJC%3GKY@E#FI*+^#&%
M9:<4N)AI=<K&+4O@IZ&,P+;F-0C&0)>R\."/:[I$S%C5C4]&I^/?SL^2OQ@Z
MS[AZ2ZA[0&W^G_D!LNKZUWWU[NS!?WTVIA]LU>-W#@<AE>K\'D,K14?5N6K<
M#O&JAJ7Q2QX^H*1S2TCU*><T\-`:A:'J_BR?Q]$Q2G3&T=/CJ6<PTNWXL?C<
M55_<TZ04^(Q-$E/C:>>5+)#%#0TA)9K,M@">1[N3@U/6M,C]VDFO0X]%_'KY
M#_)9=R'XU=%]G_(27:E-_$MV_P"AO:F)S]%C*.2O?%1QG-YC+8'!9G-KE8WA
MJ*"AKZBMI;:YX(4NYIXD?\8Z>BBKJ\1,?/J\;I#_`(32?/WLN/%Y#M_?/2OQ
MSPT>[\%C=P;:ES%5V=V3F.N9HL36YS=.W<IMC&4>T</NN"CJJFCHL1E8ZB!:
M^C+5$KTS([IWDEU,58Z*XZ=,,1!!C%#U:9LC_A,O\&^F<%OW=_R?^4_=6^]E
MPQ;?J:#/9S=NR?CC@NMZ.CEJH<M-G]R;.I<929U=R5E=2Q%\C-'%3>()"NN4
MM[IXLO$N>KQ*(`1"ND'TZ"W<'PM_X3+_`!3[.V_CN\_D3@]_9/+;!K\KANON
MW?D3N[NCK_(X6KS<>'I=T24>SX<AB(]QX3(8J:FQ[-6QU-.DTS+$0P==ZYAW
M%FITWIA8D44L>CJ[F_E^?\)T-C?&'%?,G=70?QAV[\7<[A=L;EPG<F4R&^Z3
M:F:P^[ZZ"AVM4XE'SQR^3J<YD*U(Z:DBIGJI7?\`S=@2/"25L!CUOPH_X!T6
M'!?%W_A,#\L,W3=$]`[NZ;V%V?GS1;BHLETEV3O[JGL+)XS;V6H:2HV]0;OW
M;;'S4.5R.=I8:K$Q/]U7ZXU"-H%K%IQYGKPAC'X!T/\`OS_A,1\",SM+,TG6
M>^_DCUIV#+1PQ;2[`K^U\CV71[/KX*^&J>O/7^\8)-I;FCJ*>.2FDIJZ-HC'
M+J73(B,*>++_`!GK?A1_P#JMGO7_`(2Y?('"U,U9\;_E5LGL/`T>S\EFZO$=
MW;,.U=\;@[!HI:N2@VCM*JZ[7';"VWLW-XZ&GIQ59"">>DKW>1]=-Z`XDK*2
M)22.O>%%_`.J4^^_Y8/\P_X\0[JRW;WQ([3&W=AXN@W%N[?G75)BNXNK:2@W
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MD\QF9Z6AI,<TV7S^:J,AG<ID(Z&@@I_XA4S5,VB!%ULL:CW955`0HIU1F9\L
M:GK91_X2SHE1\]/E1-6SQI7XCX9];8W&T44L<P&.R'>>[*K)-.[DU!J:>IH*
M4,PLKF4E@"%`9N*Z!Z5'^7I1"[,U&<G'#]G6]@64$`D`DV`_))N0+?U-O:6A
MXTZ45%:5ST3;</\`,(^&.U_DAL[XB97Y"=?M\D=^ULV+VOU+B:RNW#N.JR]-
M3YJKJL)E9\!09+"[7SM+2;=K99*'*5='5I%#K,85XRWBK``D8Z\&4DJ#GHY?
MO76^O>_=>Z][]U[KWOW7NO>_=>Z][]U[K__3W^/?NO=>]^Z]U[W[KW7O?NO=
M>]^Z]U3S_/=ZPW3V9_+4[UJ-F[<P^XLWU2VTN]*I<ID,7A:O#[/ZAW%1[R['
MSNW,]E*6I_A.X<=U]C\D8A3:*NOB,E%&P^X/MR'^T3[>FY?[-_LZT"^F/E=W
MM\<)8\E\>?D)VYTY4)A*/%T\75^X)J':N5VGE:_&;T:CH^OL_B]U=<X),CNZ
MU55-18NCKZH5=3JJ@LTFI:0K4!'18\[1$!1Y?9U;+O\`_P"%"/?G?7PT^2OQ
M,^4W4&P-WYCN/XZ[TZBP7;G4U14;3R![&WM'D,6^Y^R>O]P5J8C:^R\-@,@J
M_;82JRM;45=)P--0Q@96'2P;5TK:8.E--*]:]$-5+-018^*ICK(:`3U-._F^
MWAIDT.:FNKJ@AOX9'/#$&(9AH4>H^WR<=,]'R^#/\NSY8_S`=Z8G$]!;"EH=
M@^.K_B7R([0Q^=H^B-ITJ8L9F@\&2H*>#-=A3;D,T45#28".>CKB\FO(0""8
M!-]2?X/Y]*OIQ_'UN._%W_A-O\$.DZC9>[^YY-^?*[LO:M/)4557VMF8L=U1
M4;@BW'2[DP>?H.FMJQXS:N-K]I/0QTU!([3EX3(U0)7D)%&F9JBG'IY%"J%Z
M$3X$?S7/CSW+\SNZ_P"7EUU\3=Y_&#-]<Y+MS<>%GRFV-B;0PG8&2ZXW9@,+
MVCELOL'8J1Y+K7/UTN[<;DX&S<0J<K2U:N[I+9#5X]`4UK7JW5#_`/,'^7/R
M$^;'\V[>/P.PORFW[\>_AUGM_P"U/CAO#"9R1.F-J;;Q76>`R>^_D%O_`'74
M9*'";PR>Z,GNS%PTFQLQ'E\;BLSYL>@6>A9WJ7XQ2,/IJ1TSXOZGAT\Z=;-W
M2O\`+JEKOY<^=_EX_.3LS+?+;:69@WYL*KWMG:ROQNZ\QU!#OVORW1=/5Y!(
MJ2JQN^>M-G8_!+]S$U0D>7QGG62=3J=/(03C_)T]UIM;U^&?Q,^-W\\O;GP.
MS^2RV(^&F'['^/N`WI'V-O&9<IOT]N]"UNXJ?;6[MZX3$4.7R1['[BK<#A(X
M$6G>>FGFI144\,C,'V-;<$\>DJC3<4'#/5[7_"D7JG8?3'\K'XP],=4;7Q.R
M.O\`8/S`^..T>NMKXJ&5<9LW!;5V3VI-AL5A9:HU\U(:2BQGVU/-*TC1EP22
M?=;?XC]G2KK4_P#E1GOBAN_XJ_"O9_QOZSW90?*+8?66=I_G1E=L[&W5#N7L
MCN_^YFTI^N]S[+KZI,PV_P#.X#>F&S59'E=LTZ?83.E4[)"H1'79D#,152<#
M_4.FHYA(=-,TZ^E;1=PY?HGX>TW>7RNR^T\3E^L>CX^PN\,KL:7.UNUJ>LV[
MM*/+[D79R[O:CW-F'JI86CH8*SQUU?52+&%$LBI[2$U.!T[UH:U'\TCYF=M?
M/[#]V]>=Q=T=!];_`"^^9OQEQN&Z;Q6;Q&)VG5=.4._^O^G<+3[JEK]O[GP]
M=FZW94$^.W-5[?R1I(\PPHZE%JZ5[*C""BBN1TU'+XA84P.OH1=P=M["Z$ZG
M[#[F[/SE-MGK[J_:>XMZ[KS52\,:46%V_2U%=41TZRS4R5.1K?"(*.F#B2JJ
MI(X8[NZ@I*9`'GTX30$]:LVR_DO_`"%_YR^[MI8;OKI*#HOY?=PX7![.V\-R
MXW.=:]CS[O[*R4NX*?:W7W<FSH,7@=S]I5%+M6E:JR;PK7)%71X^*I<R20^W
MPC1YK@_ZO]5#U6.0/JIQ'5<WSW_X3Q?*7XU4.Z^R_CO7O\K.A]M[?R6Z,WB!
M_#-M?(W;./VWC(LIEJQ]N4%)0;=[4K)<C/*M#18=:+(C&8YQ,U75S1QR76:K
MZ2,?;TV8`Q)UY)ZUY'IT@K9:"J@JH*O"9>&@R^,RU+E,/G,35FGIJVIIMSX3
M,8ZAW%MC*-CZI:B.EKJ2"H1"-<0N![?%#P/3$B>&P%:XZL1_EH_S$\__`"V^
MP/DKW+LOKJC[*[%[7Z-V?U)UOB=Q91:#8>V-R;;["SN]&W!VC4T=;0[LR&V:
MK#9AH(/X+%/6"J`1DC1_)&W(A<4!Z]'($-:?ZL=+GYD_S=_FO\Q\WNC';T[J
MS&Q>G]RX:+#3]#]-UE5LO8$F"K5V_F:C%[BRT:P[[W5DJ+<.(\L&4-?CZF*&
M62ETO`S:_)&$%.)]>O/(7->`Z-1_PG>V'A>T/YH.(SN?V<VZ,9UOTKVUW,FX
MZW%Y"K3#=UY;.;"VMA-^;DW*XE^\['K-M;CS]'25&0J)*NMQ]35LJR)$6CI<
M?`H^?5[?XV/RZ^A9[2=*^O>_=>Z][]U[KWOW7NO>_=>Z][]U[K__U-_CW[KW
M7O?NO=>]^Z]T5_YA_+?JCX/=$[@^17=@W0>N]L[@V%MK)ILO;\NZ=S293L??
M.W^O=MQX[`PU-)-D%;<&Y:;SB-S)'!K<*Y72?`5(`X]>)`!)X#HNG7?\X?\`
MEE]J]A8[JO8WS+Z;RV^<JNXVHL1593+[>I77:./J,KN,R9[<V'PVW*8XO'TL
MDK"6K0N$(0.1;VX8I!Q7IL2QG@W0[=XTG57S*^)7R/ZSV)VQMS<FSNT.I.V>
MG\WOOJO.[8[`3;E5N?8V1PV62DEQN1K,'-N+$46;CG%%43(;O'Y`JN"?*&1E
M)%,]><JZ,`:_SZ^4+@\C#DML;1K%\P2JPN+J:V*-Y:2EBDDA:"/&QQR,TT+K
M'2IJ760S@A;@#VN^72`JIRR@]2Q%Y4PU)X:_,;FW37)AMM[?Q&,K,ONC=NZZ
MNN7'XW:&Q\#C)*S,[IW=F))$AIZ2"(2-,]U30K.-,P458T'2F*)@]73MIUMU
M?RQ_^$W-=75TG;?\R;`+C(\'NK:.X.JOC1LGL1<CB<B,,V&W969OY&Y[`45(
MF[4K,O%%01[/IISBJ>GI)WJY:V2H1XT<TE68JQTTZ4:$!KI'1COYI/SF^1=/
M\R.FOY,W\NC)[6^-V\.P:?JN+,]MX?"IM"HZ[FW4^\>P7V?L>:EQ=?@\+M&K
MZJV%E<MD*W%XU\FE31_PVGT29#ST[T"V_P!,L]S&[*6"T4TXBM2?E\B?LZMT
MO/BYV/\`(?\`EB[Z[Q[0_G+_`,SK;M#U3DHMN]8]*=7;XWM@>P:_?!3+Y6:+
MY-)C\!LBG[`ZRP.[)*.IQE!@EBJH(?%*,I5R3Q4=JR>"U3!$RQ#A4U(^T^=?
M+.!\\=>ZJS_F];;I/Y;W\USXW_S#ND9]P;)ZS^0&X-L_(#=NY\/0K-MG,;EP
M^:Q&W/D?M6AV[0U]/N/=^?[>Z%W;)N6NH*T4L,^0QF.6G62>'Q)6$!PX;('#
MJK,JTU&G5R_\T?\`E,_R[?EUVIC^[>WODEC/B3W?VQMS;ZY[+YC>?7=!0=P[
M(ZXQ4F*Q\V6ZB[KE_N_D,YMNES^)I:G-TU)'D**CIJ>C9HV=7%%9E<4]>'7C
MIPYI]O57O_"<[OWOK;?S\^1/PSW5W9G.SNL,=UYW#NO)XO<>YMT;^P%9V5TC
MW%LSJ&C[9Z6W#N[.[FSF!V)V1MK*M4S4*Y"JQ\L;4?ATO"S27GXQ_,=>5U>N
MDUIT$W\Z_8'7^QOY^_Q-RM'5K0Y_Y"5W\OK?6\Z2NW:L62S.XMM_*NFZDQF0
MV5B:J:6:&DH-G[(HH:C%T\$GW=07JB`=;'6M?!*5[J];H*ZJ9ZM"_P"%2^?C
MS/Q)^.G3>V\?N[<W9&?^4^T^U*+:^R-A;ZWOFH]@=7[$[#I-V;I>39^"R]+A
MH\5F]Y8>FA%9)`]945JQP:RLA343*C$L?+K?6N/NVEI_Y4GR7_E!_.K-[4EV
MGUIO?XM_';NW>>!W11Y+:],>V<=UQF.H?E[CL+AV;&[_`,_VIC]B[[BWAEJ;
M)4=.*_/U]+21@PZU6\LBNA`-37K051D**]7;?\*.?FUE^RLMT=_*_P#CO4?W
MTWCW4^R^U.Y]D;;QE3N;=N<I<IG\;+\<>E6VQBZQZEI>S-WT3YC/8[(TU)-1
M8:@HLBM1#2--,M8C&/CI7_5\NM]4-;]SN"3YO?RQ>D\3T5W1\:HOB1V+\:OC
M?F-D]_C`S]J;TWU5_-RE[+[=[CKLALJF;:M<F^>P=T2O)/@WK:-ZSRFGG$-T
M5^-E.NC5;B?\'7@`.`ZV3/\`A3'\O\7A^J.K?Y>.VXVSN[_DOG=O]A]Q8''X
MB'<6:I>A]A;M7(;5P>&P,22YZIW?VQW%MRBI<')BH:FI!P-;$ZH9H2R>-6+*
MP':".J,Z+ACUJV=P=@?$/?'P?^"O1.P]G=U[V^=FRMV;QS'<.\J3:^3Q^-BV
MYO+=.5[@WATCUIA]IP2;Q[SBV?V"**HVG68ZGR>;VE3XZLK?O*=9)("H)T-6
M5AI/`=>0H:Z*=?1T^!^W.^-I_#GXW[8^46Z*C?/R$PO46S:/M_>%7F*;<DFY
M-\)CP^6RIW#2X_%09L5#E66H^WB>1;&0>35[1UR2.K]%"_F0_P`G/XQ?S"L'
M5;BRV*DZM^0N!VGOC&];=V;%\6'KZ7<N[*:EEHZOL_!4E.,7VOMF@S>+I:AJ
M++QU#(/*T#Q2LL@WJ<"@8_MZT54\0#UH*?.'X#_(+^7]V[D>JN_-N@XZLH\!
MD]D]S[2QV7/37;%/N$PTL,.T\]D34U6T-S)N(3XUMJYR>+,/4TXFI#6TL\<J
MK$D1M*U[J=(FB=:FG;T2VHAB^^<R31715CUR3,5DBB"W36$2TRQD#A;Q_0DD
M7+N3CIOS'6Z+_P`)1.K*NEV+\YOD!_':2MP._>T^K.FJ#;<$&2DK,;DND=DY
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M[@I$IYTN9(@'8"36`=QPJ\$4I8U8'[/RZ+R,TZ;=G;\W5L?"9'#;"WQV'UMB
M:N2;.5^#Z]WKOSKO;F3W#7"GH*VNR>$V9EL!A*RNJ,9&(:BHEIYI9J:-8W9E
M55][^E9QIA%93P!X=)6N&#,H`P>N?6O7^^.TNS>O.I>M=E[CWYV5V#N"3;77
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M+/7]JEK<"!')JBG-.+?ZL=>B8NFHCSZ`/^=O-N+IGY[_`!"_FU_%'>,786U?
MD'L+J/?726]L#F*2?;&X^P.@:/,YV'KREKJ3%QF@Z][V^/>]<G15XJ9I<A7/
M45%/3*HCF1/*D[6ZV*)_C"-4@^@%#C[2/,]7&>'08_S#NKOY:O='6O?'\RSX
M]?,C(5V]^U<YM?:NT/A[NC$4E#-LOM'=5-MO=_?&U*I>P:&;L[;6S<1A,ON+
M>6=Q-))1[0HL['(L$B.?!*Y%:WA=(6BHAI4TX`G)!]?0'_/UNA].K"-\_`/Y
M+?S%/Y%W\OS'X#K:AI_E!\?<?M+.[`D[EWW6Q;][3Z+KMHY+9^;2#>^XL:&Z
MUW1W-M*IPF5GI,_23G&'&"F)$@@J$8!2*>6,,=(]10_F./\`JX=4>,2"AKU8
M-N+^63UI\A?Y:?Q"Z;_F]YK96V=Y_%C%;2>N[)Z[[:J]LT^`R5#B9.MMLXG<
M'>O8U&V:S63W-@\ICH-S:9J7&;@W,J/#')$E*H:U#Q:KZ]:9:1E?*GV=$_\`
MCY\N_P"0E_)\H>R*3XY]F[Q[L[%W+V!%L#LO*;.H]U?(7NO"XG:/\7QM'MJ7
M/U6+V[08OH_8F8Q%1'#%BYY:`92N$@%0\HD5\V]Q.=4:5`'I^?K_`(:=,+(L
M8-.'[3_DZ27=7_"C;X%9_L_9F]-A_`+L#Y(9C;F-QM1B^W]^;*ZJZXWQL'<%
M%FLI58S#[?/9L=?N^E@QWIR%/74%1'#%/5E442JY]J!M%Z14Q^72H`D`T\NN
M$G_"K?K^G:5I/@)WK'*DD=,\$G;O5"532ROXHD\9E^WN'-O7(K+SQ[M^Y[W^
M#IJ24QL%TUQZ](3<7_"EWXD=N[DVG3=X_P`M#=VZ-OXS+&@J-T[QR71O:E5L
M?;N9FIJ?<^9P.WLOCJG)Y&4T=,K38W'M'4Y`PI&H8A;57;)'.F%]3^E*?Y>F
M_J#_`+[_`)]&'I/YRO\`(O[;^3?3W>.]NH-\;$[MZ_KMR9#:/R8[&^.]9LY>
MMYLKUY4;<K*_>F\L!E:K.5M-E]FXB/!X\5U)E%@\L-/"L"N2&9=NO(B:Q\!7
M_+_@ZMXX/`'\Q_L]&@^1?P=^%O\`-_[`ZE^9GQN^84V`[^Z@PW1V<V-V3U;F
M-K]FT.U-B;6WMN+M[8.,WOT!O0I38*OW%NZMEK!-EJ.BR@./\`4(E1$R1)--
M2IXCIQ6+$\*=%C[!_D[_`"K[D_G8[8^;?;^X.L\O\:L'OOKKO),MM;>&ZL;O
M?#9/XX;3K]M=$]7P;6RH>LQ^1S&[HZ'=^>K,=64VW-3UU&M-(\@DG<65L(%&
MDGJK0AFU:B#T0;_A*KMJ'._)SYW5W86#H%[*ZNVCTOCZK`[FV]2T.\^MM]Y_
ML'Y"?WZD;$Y/$QY;8VXLB\;0UT0-'520NJ2Q%-!%K@@Z*'UZVD8CU4/'K>+_
M`$@#^EAS_MO]N?:5CI%>G.M77^9W_/[W/\>?D'E?BQ\.>NL%VCO78E1GM@]U
M;WW+@MYYM<)W!F]M'(['ZLZ,VEM**MS/:7:FUH)?XUFZ%J";'24T<=!#+)4O
M/]L9162M&)7<Z#PIQQQ_V!Q_P=,RR&,J`!PZ+%L?^;5V'G<_B/Y=/\]CXMX:
MGZX[PZQZ\V9F>T<WL8X/-9W/]EU53A=G=I=H[&P%;7[5V=M/?>4JZ"DQ^7V+
M45-?L'=_BBR$=!+HDIGCMRHK217\3LHKI%0?YXQY_LQCJH?Q#H=:`]4D_P`T
M7^5_VK_+:[O7;V3R.XM__&C?THC^//?V<HX)\G75,6/J*F7HWM>NP\0HX>Y]
MM8_'ZJ*N-/30;RQ:_>1**ZGR$"5M5^JB*QFMT&./+3Z^M>-<D=,RH$.#CJO/
M;>^-Y[?B;&;?WEV9M>!YS55-!M7>N^=G8RHR%8D-/-DZO$[=SF)Q57D:JEB6
M*6=X6FDB149BJJ`OELHT`(=CGY=%:22(:F4M\C_AZ;Z&FPV"BISAL3!11)+F
M8:&JH-JTF(2ICI<@:40TJH/122*X\T9]*R6UJ2+^VEMD+*NHY-/+I7XA\%I:
M"H!/RQUMV?\`"9#XI8;=V7[N^<^]<!E<CEMH;@K/CQ\?=Q9K^&SXBCI:*@HZ
MWY`;GVQ#4>?<$&Y,EO"J3;&1KG,%+54>%1(!(!)(2FZ)$[Q?A4XZ7VM#`DOX
MF&>MP[VGZ4=>]^Z]U[W[KW7O?NO=?__6W^/?NO==$V!/)L";`7)M_0#DGW[K
MW1>9_EW\4*:KK:"J^3GQZI:_&9/+83)T-3W1UO!6X[-8&KJ*#.X>OI)=RI44
M>5PM?1S05=/(JS4TT3I(JLK`7T/PTFOV=:)"\2.L`^8/Q(F9H$^4GQU:8QP/
MXX^[^M#,(ZMGCI9`J;HUA:AXV$;?VRI`N1[UH?\`A/[#UZHIJ\NM`S^>AU9U
M1L?Y[[M[:Z<[LZZWWUG\I-O1]FXQNL]T[,W=0;+[&V=#A-H]E;3J:3KUEH-I
MT==1-BL[15%:9:O,Y#)91C(S0->XOY[#"(QU_*M*?;TEG()721U4-'28^H3"
M14^:SNXLKN3/XW:FWMOXK'5F1RVZ-UYK)8_$8C:N%I:.')5TF3RM?E88PL5/
M/(D;/*(W$3#VU%N]\TX(B(!)^7_%=,A=3``"O6V;U1BOCE_PGGV)LB+?NV$^
M67\V[Y282*GRFPNL9!N/+=3]7U4=;61[?Z_QHH9<_@^CMO[CPU/2UAIJ?^\W
M8F?BFF@BF6ECAH%,DMQ>$224U`4X_GTMBCT*00*]&X_EA?ST\I\S._\`<GQ!
M^9FP>I^M^P-VXNIP_6L6Q,?O#%[3SFZ]N;=6E[?Z7[/V]VQF&W3MCLB:?(K5
M8#$RTBRY3$-/%+&E5`0[1C:/N;A^WISJAO\`G)?RO<=_+;[!Q,W5&0[$?XB=
MZY+$4&P4S1GK-M]4;EQ6[X=R'XL5&^&J6.1FRV*6LR/54N=45."K:.3PUDM5
M1T[^WUOKB)1'&BE?GQ_G_(>72&XMI9)ED3X<8U4X>?#_`(OJ\_XB_//^7K\Y
M\SUY_*,ZP_E]]C;J^(F&Z+V[F\/4;MVQM_-[*ZOIMF"">CA[4VK5Y&MW-UY%
MCMS4\M-C-X35\TF=W`C_`&7W`DDG">*62!M43$-]O^JO\^E<L4<RE'^'_5YC
M(_;T,FXOY)O\FCX;5^T_D5W?DLKA-M]9YI<]1#Y.?(S/[FZPW-E=L8S-[LQF
M$S^T-^9.?&=A'#-CZC-4>$$52TM5CUE6GE$.CVJ;<;V4&,D:3C!]>DZ6-M&W
MB`MJ&?4>O^3R^S@:=5T_,O\`X4V9S?&*7:W\OK;@ZXQE<-53WW\A-A-6[AGI
M*JCAR%++UKU14YB&CHLG1UU+)32MNA&I*F@K(JFCB9HRGM#,?`TEU)KZ"O[?
M3JTDP--''K6C[A[][=[\RE#6_(#Y)]O=XUN,HI,52OV1O#<&7?\`A4>7J=QT
M6$KZ!10;1R.,Q^X*V:LHWJ<=424CD"%U2.)$O'O$D*B..W[1YZ<GYG%:])9-
M3HP#&I'KT!LV2I/LX\?C]R-3T")&B?;4,T<:)`JQP+2QH0BT_B6S")1&YY8?
M2SG[^NO]\L/RITD\"7_4>H?W6+2-14;BJY"!:67P5E/$PU'2/#$JM;_$GZ^]
M_P!8+O\`WV]/L/6_!F]?YGJ(^4HY3)+#NCRN^B*6>:ER'C98V+-%54UC#/),
M"`6#!K`&]_>OW_=^4;_LZ?B5D4ACFOK7J1#48;]EJG/@)"Q]305$TE=,;*)V
M:,,(Q#&--AR@-_K[]^_[H9\%OR'6WB>8:(_BX\:=.SU>/>6"<;QEI2]5//24
MM)BLFVI(X8HPL4C+:0J(2!*;,I!X`X]^_?\`=?[Z;]G2=K:9"5-*_;T_[0WI
M4]=[JQN^^N>U=Z]?[UQ^ZL!NJFS^P\SG=F9@9C;$\M1MK+9&7!5%+#FLMAJB
MHDDIWR457`AD<+%:1PS$VZ-<JJRPL%4U%%_+RZ?MX90S9\O7J][X8_\`"@7Y
M<_&J3';<[LW:OS+ZC_B^06KI>P5BQ/R/Q=#(VXZ_PX'M<U6)VSNA&S^4I@[[
MBHXXZ/%8]::E*LXD5D7$,CQ1K8-XA--9-*_,@\*?(]+@)4[G/:..<_[/V=;<
M'P%^<WP*^:M!NKL3XK9':&`[`W%G,Y_I+V-F]J[>ZU[ZK\AM::A%3N/?6SP(
M]T[CPXBW'25%)FR]?021Y!--3Y)&0*VC=>(Z>5E<54]&5^8^[<ML3XA?*C?>
MWMPU&T\[LOXX=W[NP6ZZ.>.FJ]LYC;?66Y\UB]Q4E5*DD5-582NHHZJ.1E94
M>(,0;>ZC##5Y'K;`E6`XTZTX_P#A.=L'XVO+WE_,!^37;=8N[?A]L[;>:QNX
M.P=ZPT&'P.U.\^F*#?79WR3["6NEGW#N[=^Z\C7Y/#4^6K*FHITDHZI*5&KI
M)"CLC&4KH)TTITW$C(&+TK7[>@3^5G<0_G6?S?\`X^[2Z'>CQW7^VLSMCK?I
M_>]+156=7?70W57:VP?D7VK\E,_C,KE-IQTFW&R6VH<1B<9$U/E1#7>6=&D6
MR4:-T&HX/VYZTD;*X)`TBO\`/K9C_FC?-?\`ETT6\>K_`.6_\Q5P.\X/E=D\
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MG]]7,E(O"8:L<*<<=)-#&97_``5'^SCKZ.7P#WO_`"XO@1\3NL/C;M;YA?&"
MEJ]C8:3(]E9;._('HM=U[E[5SC_Q3LC=.]JG`;F@QM=N?(;EFF6JF0-Z8436
MX0,:^%)_">C<,K$A3PZ.)%_,(^!<[PQP?-7XH3R5"ZH(X?D)U/+),O\`6)$W
M8S..?P/?O#DQVG/5J=#=U+W?TSWWM_)[LZ-[8ZW[CVKA=R979N7W-U=O;;6_
M=OXW=V"6E?-[7KLQM;)93'TNX,.M;":JC>1:B#RIK5=0OIE*X89Z]T*/NO7N
MO>_=>Z__U]_CW[KW73#4K+<BX(N"01<6N"+$$>_=>ZT1O^%"O\NF#X[_`"`D
M^:'6NS-JP=(_)W<V/Q?:L=+AY)*K8OR<J\5D()=YY:GH\"N'VWUEVOLS!0PU
ME4)_7NN*22K$U1ED)50R,Q*L<`=,7`)5?MZUDJJEP"?M-MW`R&H+P)!4;<H1
M&8HG!I(S/)2QSQ1P2R%A9@1?@?CVI_P],>(X71^&E.H]#08^-,XM-1[:PDD_
MB\T-/0TF,E:3$QRRR5<I/@,E)244LCO,YXM?4%O[\#3BH_,=-];@W_";'^61
M-5FF_F.=^[/FIO\`(\OM7XC;`WQL*;&5>*Q&0&.JLQ\J,9)N(MDZ?*]@8Z63
M$[<J8J:D>+!>>4:_NDE*.69FU)I4+7R`'\^ED<:@*U.ZG3#_`#VOY;'?'17=
MM=_-,^)^;[$W*U)O+"=R]RY&C8;U[-^,78/6^):BV5WEUUC*FE,NY/CM@=N0
MU=+NG:E1]\F%@J9ZVGC-#59!::T!%"K<#T]U4?M/Y`_-;Y:_-K>O\QKXS]:=
M05WRLV;LO;^)S_7G6^TMJ=E-MS;>&ZKG-=\Q,7T[O[-[:.:I=V+.<?3[DHJS
M,9#'Y*),9&DD,\,U0Z50($;X>DOBRFM!P^76P9\-/E-\IOYVW3WR2^'GS'^(
M<VSNC-V=7KMNN^4NT=N;TZCBV/N',;%H*O;-1BMC=W8Y\]N_N@[O<9VDDV]3
MQ8/;E!'$E74&HD2&1)(JJU%X4Z?C9F6K<:]&K[AJ_C7_`""_B2,/\6OCUNSM
M;Y']PX3&83!4.VMA]A;XW+\A.U^N=J8[$3]Q?(O>FV,=N*HPVW\/-F?XAD@)
M:62HEKWH\33^22\?HTUMI/#J_6G)\ON\/GO\Y-__`.D?Y+[5^2F]OM,UEMY[
M,ZPH?CE\@(.DNFB\5%@_-U1U_D-DU"XDXW&TD-++F:Z:MSE7-)+,9HS/*A5"
M&($'S'SZ32R2!F4#M^SHJF3Z=[PIV<5O0WR!#51CE*U'QQ[K@2HD5!]L$I_[
MBAW9HI!8#Z!P"0;V?!`_""?F*])J'T/4&3IKNFG$,J]`_(:MDJC5-,4^.?>(
MI98J.G1:)HY%V*TU0:$AKV1'B==-F%C[WK&?TT_8.O4/H>FG_0[W.R5%0O0/
M?\TJ4;QS0TWQW[JTB"1E=I5#;`)B<S%5`+KRW/O6L#BB?LZW0^AZD/T[W;''
M75+=!_(*".KC-5%2U'QO[QDI<U48V*)5H*:H_P!'X:&603EB[`1A+B]['W[6
M.&E/V=:I\NDU/TCWRCU<TWQU^0=0M-]M+"*?X\=V>"8R"5TB\\&P8PTS+&]@
MVDA$XOQ[]J`_T-/V=)Y9'1@%&*>G3G3=#=_-44T-/\:_D@#74QJZ.FE^./>1
M>IA+.DL\"+L)=2H\3`F_%KV-_>]8_@3]G2I&=#J7C]G3GCN@?D'5BCGQ_P`?
M/DE+!4Q0RQ)+\;N[R&BKYZFCQYIBVPXYYJ>LJ*6505"@&,J38B^M0_@3]G7F
M9G.IAG[.GVE^./R5K:FCQ]'\:_D3435%'4UE!3T7QG[O>JF^SJTIJVKIXO[B
MQ$+1.7!623\'2+>_:Q_`G[!UM'GC):&T,K'B*Z:#UKY^G3C3]!_(>@DCKF^.
M?R(>A-74>&HJ/C3WMYHC2JQGO_OR&17:%=3*;(;:;W]^+CAI7\ATX)9I&"2P
MZ*\5XD?+5_EZ4VQNJ_D]L3<^)["V%U#\M.N]_;;^VW!M7LG8/1WR#VOO/#TN
M-S6/R-'6X+-8C8`K),7#EHH9ZC%58FQM6T86>GGC!'NIIY\.K.##3PO/CY];
MK?\`*R_FT=T?)S<E3\4_GI\=>P-F]I[@IEQO6_;./^-O<NT^D>[-NT6T89]P
MXSL1-Z;;;"=?=EY)Z.OJJBC9DVW7T\IIZ5HI(Q!,7N`'8#A7I]22JD\:=);M
M[_A,7\2M^]D=D;NZT[I[EZ`V#V5/339+HSKZBV+7]6X>D6O&>J]I8K$;AP-<
M\G6_][43,X_;-8:K"X3):I,?!3Z@%VLC("%I0_+JW5?O8_=/P+_D0;(^2.P/
MAQOK'?*K^9IF:NJVQV'W+VG387*4?QEVL*&EK,4G9F6Q-)A-C;-V-U[1YU9U
MVK@6.:W3N29$RQNCO3/T:0=QHO\`J^S_`%>O'JKL574!4UZKB_EW_#+#_P`R
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M*(0Q4R8S')#'$?2$,2`+2I&HX7Z6X][/F.O([)73Y]&0Z(ZC[/\`D#VAUET=
MT-L1=U]N=E9*GPNUZ*@V[196+;M!5U2PYWM//4\=114U-L7K+$5C9;)35E51
M4S^".E\JS54"O5VT(S#B.G8Y9&=%-*5].OJ`?"[XK[!^%?QBZ<^-'6]/#'M[
MJ[9F,P=371-72-N'<KJU;NK=-1-E*W)922?<.X*JHJ`*BIGDAA:.$.4B0!"S
M%C4\>E71HO=>O=>]^Z]U_]#?X]^Z]U[W[KW1>OE+\9>GOF%TEO+X^=Z;<&ZN
MN]]4U**W'1Y#(8NLH<UA:ZFS>U]SXC(XJJHZZBSNT=QT%+DJ&97M#5TT;E6T
M@>[H:5/IU[KY4_=?4>_OCGVOVM\?NUZN@H.U.D^Q-P]<;RKZO&K0U>XUQ#J^
MWM\4\9>K8XKLG:5?09^F(DF;[>OC+$L653"-LHYR.D,O]J_V]')_E>_`'.?S
M"/EELGIV>GK\QTAMRJQ6ZOE5N3!XK)';^#ZGI)Y*E>H<_NJAJ\+5;6W7W]%1
MU..H$@FEKDH*>JDDIQ32"4-7T@D,5`<5Z>M_Q_EU]/?:^V=O[+VUMW9^U,/0
M;>VOM/!8C;.V\!BX$IL;@\!@<?3XO#8?'T\?HIZ'&8ZECAA1>$C0`<#VAZ4=
M.5;0TN0IIZ.MIJ>KIJF*2GJ*:JB2>GJ*>:-X9Z>HAD5XYJ>>"5D=&!1T8@@@
MD>_=>ZU'OE#_`,)[NX=A_-GH_O'^5]V'A?C;L*JWW-NW=&6J,HXR/Q!W&,C_
M`!/<>>Z0VFD<,?8G3W96`>;%3]:9"H."H\EXGTG%2/2TSS2ZDT$9ZWU>!\[/
MYD?2G\NC9O3^+[2SY[+[Q[AWSUQU;UAU/B,EA<)OOLK*[IW7MO9.?[!K*%(G
MQ^S=A;7J<U][ELM-3QXNFJ&AQ\3?<U5-$]%1F!(ZUU3[\9.@/E=\_OD5_-)R
M]9_-)^>OQZP'Q^_F.]T]$=>]?]-;WV0VQ\5U]B-L;'W+AL?08_>FR]QUF,.+
MJ=R2Q11TTT5-'3*@$9<M)[L'7';7]G^;UZ]T=&/^3M\F&2[_`,\'^:46>5ZB
M1EWET]&3.="@1I_HP=(:0"/_`#(&BY)XN;MDU-:=>ZZJ/Y.GR<E+/'_/%_FD
M1RF&6G!_O?TYX1%*Q8G[>#K"G3SJ6.F4$2*+!6``'MPR*:T2G[/\W7NNS_)V
M^3OG6H'\\/\`FBHZ3K41H-V]/-`)(8XTIUDIWZS>">`/$&EB93'-<ZA=B3XN
MO\`_E_FZ]U[_`(9S^3!@J:9_YXG\TLQU4D,\K)O/IV.H2HA:1U--5CJXU5'2
ML\K:H(72-UTJP8*MO>(M:Z!_+_-U[HIGSE_EW_*OXE?#7Y.?)C;O\Z7^9SNW
M<G0_2?8':.W=M[G[*Z[I-MYW.[2P53E\?BMP38?KVDS+8>OFIO#*M/40S#R!
MD<%;-J.AD%1CIN4TC8UIUJ32_P`R;^9#,\O@_F1_*P0K1T=0WV_<.<_:#E07
MFGFQ99)#(^EP`L8MQ:QLL\-/X!^SI'K?^,_MZV)/Y-_Q]^9'\S'XS]@=\=C_
M`,X#^8MUSGMD_(KL#I:@PG6';&SJ_;]=A]D;=V3EH,YD?[X[#SE?_&,A6;LF
M1T25:40P1LB78M[2LZ$]J4'Y?YCT8=6SQ_R;OD>%/F_GA?S5GDUN0T78/4,2
M:";QKXVZKF.I1P3JLWX`^GNNL?P_X/\`-U[KO_AF[Y':C)_P^#_-7UEXK?\`
M&0NHO$(T(+J8?]%F@N_^J%A_4-[WXB_P#^7^;KW68?R<OD2&UC^=W_-7/JN4
MD[$Z@:,HU]:VCZHC8-8^DAO2?P?I[UK%:Z!3\O\`-U[KB/Y.'R*&H_\`#WO\
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M2ZDPG:63[NP_76S\7VYFMA83JW+]B8_`XZDW;DNNMM9:NSNWMEUF9IX(ZN;;
MF%R^3GGIJ4MXXF>P&E5"^Z]T*1%^#R#P0?S[]U[K5!_X4M_RY\IV?LO$?S#N
MK*6CJ-Q_'[K^MV=\A]I)C\]6Y3>_2LVXL?7X3>VWZ7!4>32;<G2V2RF0R%:L
MU+JR&`FFC:JIXZ)%D?BDTT4@TKTQ+&6JPIUI)S8N-)9F@R>W7HGD>>FE6,E*
MJGL"D\<L5+(LE/+&`RR,JQLA##@^U>,CI)UNN_\`"9O^7U5;)V'G_P"8=VIM
MV*CW1W9A(-H?&.&HJL!D1C?CW/\`897*=E4E#2XVIR.T\YW)N*`J8C7I)4;?
MQ6.>HI8)7*!#*OZCTSFO2^/^S3[.MLWVWU?KU_Q^??NO=>]^Z]U__]'?QJ?.
M*:H-,T25/@E^W>>.26!9_&WB::*)XY9(EDL6565B.`0>??NO=:1?SL_FZ_SB
M_C/\ALUU3VSD.I?CAF=MX1(<9MS8O3T6_P#I[O':SUF5AHN^>L^R]_5E5NV3
M#YF'(4]+5845,%9MO)4"P5BEYKSJHHXV2I&>D\CRAB%!TT].J(^S_GK\T.T-
MG576?9_SB^3._MH5,F`R>8P>?[$IX8JJNV[E:;,XC(UN1VIA]L;FHZG'YBGB
MF`H:V"&9E5)4DC&CVZJ(IJ%STSXTG'5T1G-Y&JSV4FRN=W+D<[F:ZH\E9D\]
MELUN+-U8I8HZ*(YG.[@GJ\OD32T-.D4;R32-IB10="`>W#Y=4)+$DG)ZW5O^
M$F>3Z7I>F/F7M[%9'(GY#U?>^WMS=ET63KV:CK^J9-GP8CHC+[9QSU'CDI:7
M$T^1I,I5PP#_`')_LRRN4B"I)P=0H/\`#_J_U9Z50?">MN?VGZ?Z][]U[HO_
M`,F_E!T?\/NG-W=[_(/?N(Z]ZXV7CYZW(Y+).\N1R]5'3SU%+MO:6$IEERV[
M=WYEH#%08O'Q3UE7,0J(>2+*-1IY];&D5U''7S1/D#\QN[/Y@?S-ZC[J[VS%
M#4;KS'R5^..PNK.M\=0TV'PG4?4F2^4_6N>VIUSAS#1KE*JIR*PTU=N#(92:
MKK:C,@Q@Q04L406!$1<]%ME/-+=2+/40CABG^K]O6T#_`"[OYB_PC^&7?'\X
M?;GRD^1VR^H-Y;\_FZ_)K/[:VON2#<=9EZ_:N)P/7>SZ3-_:X'!9MZ6BK<U@
M*Z"`S2*95I@Z1JC(73-&=*D+Q_S#I?K7/<.K2V_GO_RC$5&?YQ=6*)$5T#8O
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MK`4"2[7H!]WEZFI6&(O(D9$FMF\88^W(E82*2IITW*RF-AJ'6@;4?8SS0"MK
MVCA:-(Y`P4/2!++$I"D1+"K'3Z0`3[68ITCZVC?Y''\XGX>_RZOB'O?HSOR#
MNK)[^W)\C>W.WX*SK;JZ?>N#GVENRDVCC]M)+F8<GC]67BH=OE)J4QN]/I5=
M6G1=++%2A1<=*HI=6';/5SE1_P`*<OY;<$C(,1\J9E6S>6'H2I>`Q,543I,V
MXTCDB+MINMSJ!%N#[:"-_`>JR3(KD>+3]G7:_P#"G+^6X4:1</\`*62/7-$C
M+T;<R&`L))%0;J\B)Z#I,BKJXM>X]W>)E`[1^5>K13(Q;]2M!YTZZC_X4X?R
MY)%C>/;GRN=)Q.:=CT5&GE^WA:9@/)NZ/PZPI4&4(H?AB/?O"?1JT^7Y]>,R
M"33XGG\NN+_\*=/Y;R"&^!^5KR3B,K!'T09)E#N(W+K'NEE'@)N_-[<B_O21
M.U<4IZUZ>UI_&/V]5H_S=_YZ/PF^;W\N[Y(?&#I[%_(''=B=GX[KRFV_5[\Z
MCEVSM-3M+M?8V_<H<KN"+/Y)<7_N&VQ4&,O"Q>8(FGU7&XU995JN*];#*2`'
M%>M;KYGT>-R?:'3^&J:S[&GG_EH?RM:4U$4S0SPU$7Q?Q63IJC'5,(TTF3Q]
M=4K/25$7KBG]:E7'"L<3CIB9V1E"G%.MZO\`D6?S54^>'259U-W=N#9&.^7?
M1RQ8?=6(Q,\6`G[EZRI:.BI]J=_[1V55,)L=ALHS-B\U34;U5/09JCDDO!3U
ME'&4DJ!22*TZ?1E==2,&'J,YZON]L];Z][]U[H&_D)OKI#K?I#M;>7R3S>S,
M!T)A=B;C;M[(]ABDFV5_<2OQTV+SV,W%0UD53#F*//4=<:%<<(9YLE)4K2Q0
MRR2K&VP&J*#/525HU3CSZ^0MBL?'CZ*%6JQ'312;BCQE,/\`(5I\!+N++2;3
MI:3&2(9J2DHMLM1QPT3A9:6!4A<!T8`RZ+^AFZB[F[?Z:W/%O3I[O;M[JG>V
M)P-?MO$9_8?8&Z,-D,9M7+R4<V2V[BJ-\E48;%8>N&+A'V]/2Q>)HU,90W)T
M5#`AACIP2R``!L#JRKIG^;Y_,DZFQ6\*?!_.7LS,T.XY*+*Y'-=TT6V.Y,AM
MJKI,2,;)/MR?L[;F;AVG@::D0U551Q.()JM&J'^K*6_!C_A_P];$DQK0D_EU
MNW?RD.^?F+\I?BUM;Y"_*VCZUQ&([%Q>$J.C\?M/9V[MI]AY[86&IZW"5?:O
M<D6XLBV`CSO;^1H4SF)H=O8ZAQ-)AJB&6.2H6J18$3?$P'"IZ6"M!7C3JT_W
MKK?7_]+?X]^Z]U4/_-V_E@;3_F(]*TM?@*J;:'R;Z5Q6[LW\?]_4<<<]%5U>
M3Q<=1F>G]_XF6LH*;.]8=H5^&H(ZT>2&LQM?34E?2S1O3LDKL<F@B@QUXY!'
M7S4]Q8S-[:R&4Q&[\3F-D[GV[E,GM7>6S=V8DT&]>O\`?N(:),YM/=%#7S4^
M1ILWC,A,T=YHDAJJ=DJ:=G@DCD8QC3Q:T-,=(GB\,+W5KT:7I?\`EU_./OO8
M^U^T.E/B;V_VWUON6"2NPF^M@UW5>?P%?)!*J3XG,TDW:]+F,!D:`$N]!D(,
M?7QZD$M.NM69J4K$74MD?SZLL!95;5QZ/7\8_A#_`#EOAYW7MCY$_'[X@?)?
M8':&S<+D:"G4X#KC);4[)VQ/6#*9?J/M?"4/<48S_5FX*Z"*H6D+#(4%>L=;
MCYZ:K@1V9$J2`ZP!T]''X=:FM>MZ'X.?.G:WR[VYNC:VX]HYWH[Y3])3[?VO
M\H?B]O\`^TI>P>F][Y;"4^2AJZ84];6TF]>I=VR>=]K;NQLL^(SM-"XCE%3!
M4T\*>1#&1J\^'G_J^WA7%>G>CY7`%_QQ_O/T_P!O[IU[K0]_X4I?.:E[X^2N
MU?A)LG,)4]9_%1Z/L#M2LH*NCJ*'<OR7W'A,E'M;:,51'55-)-5=/[1K&J9I
M8FIJK'Y?(U%'4J4#+[4PQD$/7_5Z])II`5T4SUJZ;CS-;!A\H*&:H2NH:FE;
M%U.-KDQQB=:JEGH\I3Y6*ICJZ;(4E=$KQ20-'-`R"6)E<`A3TF].K%OE/L7M
M#>WS@^<E3L3J_M;>E!1?++N;$9#-=<]8]B;^Q%!G*6LI\KEZ'+9C:VV\A!0;
MJI:>3[R0320UCPSJY#&422:!P.E)MC_&/V=!-)T1\@GH9X:;H_Y*>"M$2^23
MX\]P1UUZ:1'<*TFTJR0BG@E5A&[1,"WI)^GNWV=>^F/\?\NNX^B^\HHJB.FZ
M6^0U6(6GH:F$]"=VBIBE^^@H461#LQY!4">MC696?29Y!:Z@Z=5\^O?3?T_Y
M=>EZ(^0U14PU4_0OR%^SFM12TD'Q\[F%/34I@>CQT5%21[-5)9JJ2!FE9'9]
M1+%2+>_?GU[Z8_QC]G64=#?(.M,>1QGQU^14F/EP].*1H>B.XZI:AJ"9B,E2
MZMLHZQE5,4K)8LQ(^@M[]7Y],R1^&0*UZ0>[>D>]\!C<SN/<_2G?.V]M4.*E
MS.Y-T;CZ8[8VMM/:6'`67^,;IW)G]OT>!V_@8+GRUE9+$D9"J3ZE]W1=;!=7
M5VAT)KU>GEZ]``469%$QF.MQ%3JL-*7JJZ56>-=4U51S?9>+U,U]!;\:O>Y$
MT$"M>F>A?V3U=VKNC:R[EVKU+VSO7:5/F)\)7[GV'U'OO?.`I\Q01*V1PRY_
M96$S>.AS&-EE03TSOYT1T:55#+>G58&\>0Q@4Q6O'AT+>%^./R(E>+#K\?/D
MC0U3RU]573UOQ^[F1Z!:6/[V(32R[5FA>B%+4Q:E$)"M,AL3<CU?GTX]@78M
MXH'Y?[/3;C_C=\BS#'74WQV^1<M+,'^\:'XW=SQ^1)"29)&&TUTR0S`N&L0I
M!(7Z#WK[#U3Z4V_<7!KCAT_S_''Y!PST<#?'SY.+'%'4+5U,'QZ[NJFCKH6J
M%:E@<;/?[=)J,(_"%9$<AQJ6WOU1Z]66R+L)A)0$UI3ICI/C3\D<A5-'2_''
MY*O%5Y,H]+!\>>[-9@#QW5S_`'3H)H/MA*!9KZB?I:X][K\^E'TWEK_ETD-\
M?'KY$;:VQNW<.<^/'R(PN&P.U<UFLSE<WT7VW@MO8K$IC:JHJLQG\Y6[4CQ.
M*QF%I8FGFFJI%BC`NSBUO>J_/JR0:'#ZN'2X^:4?C[MZU"T:24\'P"_E=G[;
M[L56.5IOAUL^HCQZY"GKM%9!4)()S)`TFH@#6""`[%%XBDZJ9ZI<8=/LZ;_@
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MM,[^97UU_.1_FK;IP.Y*?X7_`"`ZY^)&-FQFYNB_CKN/+]0X#)UYT_<[=[L[
M_P!O9+LBBR([BR>/K"]-M[)1+%L:(BF$+9+[NK=Y76*JZ:GUZ03-<&?0L!,5
M1FOKQ-/EU575_P`DW^:U53U`A^$W9=1YEEACFJ-U=(4A36ZM%)(6[<2-5O<6
M1B%U7-A<^[K<`NB%:*?.O#I[Z?/Q_P`NJQ\CA*W`[KW+LJHI:=LYLK<.>V5N
MB*DS&`S-'CMQ[5KJG%;DH*3<V'R]?MG<>.PN8I)8/OJ"MGHYGB?Q2N%)"N1?
M#=XZUH:5Z9T?J>'7SI7K97_D(?RHJ[Y6;^P7S#^276%36?$#94<>YN@\/N7+
M?8XKOWN##[BQ[8_>62V7%#)6[LZ4ZXGQ55+C7KIZ?%Y[,.KK#D:"!7*6670=
M*\?\'2N./PPPU5KUOF4]/%2PQ001QQ10QQQ1QQ(L<4<<2+'''%$@"111HH"J
MH"J!8#VD/$].=9_?NO=?_]/=^[R^4?QU^-.&J\[WYW9UCU)0T>V=P[S,>^]X
MX3!96NVKM)*1]SYO!X"JK%SVX:/!G(4RU/V%-4M')41)IUR(K;`+&@%3UHD*
M*DT'6NW\K_\`A3YT/M+K[-4OQ'ZB['[*[@KJK=>$VM6=Q;7;874N)?%1U=/@
M-^9]Z7<7]Z=Y;(W!71T\L%%B#39B6@J4F98.5]J$A-.X4_P_ZOV]4,L=#1Q7
MK3F^<OS.[/\`GCW_`+G[][=V[U3M;>N=Q]!AH!U5LBGVM&V%PU#C,=@L=NS<
MLIEW+V?5[7-#-_"Z[,ELCC*:MDHED>".$*I0>&"$;I&SL]*GHU'\G3^9IE_Y
M9_R4DW7OO<6ZY?B=VE(N-^2^P-L4E'7XK'Y-VH:+;GR0Q^W:F+[Z#/\`7E&L
M[;D_@['(YW"@:J:JEHX=+<P+AFKW4Z51.@1%U#53AU]/#;N:P^[-O8'=.W<A
M3Y/`[CP^-S^$RE)K:FRF'S%'!D,7D:?R+')X*VAJ$E34JMI<7`/'M%D>?3W1
M,OE9\*<%W3F*/OOJ;<$G1_S9Z[V7/M/I?Y+8*FJJK(XW")GX]W0]4]K[:IZV
MDH.V_CYN3<L5\YM?(K)>&>6HQLU#DUIZR*R-3!^$\?\`B_MZ]T'/3O\`,9VG
MO?HGY3;@WGMB#;GR;^"&V-YR?+/XT46=$><VGO+8FQ,GOFCJ]G9'.T>,K,]T
MWVYC,/)5[)W=)2+C\O1F16*U5)600^8`D:,C_5_/KW7S&=X=J;N[9W1N[M_?
M,]!5[Y[KW5N7NS>-7A:*DQ.'DW'V[7U.\,K]KCZ.@I8,<U//F51HHHHX6E1V
M4*&T^UZC`J?+HN/%J>O039ROFJL1EII:E9*EXJ-/+5T<1D\XKZ*.F"1Q1K%*
M]3J\8)'I+7-_?O(]:\QU])+^1VD@RG\WY%E62E7^<M\JA2U4+F1*@_Z/>BS4
ML"99I289V,3%W8WCL"``H+VUXUUX>?1EU>SXWY/E;D6^A_W@:K*?\1[KU[KK
MQL/]VO\`U^C'\6_KSQ[]GKW7O&QX\K_[9A_O.J_OW7NO&-O^.K\_T!_'^`-A
M[]GKW54_\\JG6;^4'_,/261BB_&'L.>[%T`>EHXJF,DA@74/"+IR''I*L"5+
ML1(D4UZI)4H0HSCKYDN7D5:SSQ5,\[3JRO2-#33^222I,YFIXQ&98XU8:CJ4
M-ZC]+>U^HD@DU/2%E931A0];Z'_"4F%E_EI]A.H=(JCYM_)22!U/H94;9-/,
MUE:Q#5=/*`>;D7_/M'/35@CA_E/^H]&`55':*=;,>A[?YUK?\%-_][O[3T^?
M6^O>-[#]UO\`;&_^QN;^_=>ZZ\;#_=K\_P"#'_>`UA[]U[KOQM_QU;_;-_Q!
M]^SZ]>ZKM_F[05<G\J[^8PE([/.?A1\EB$\;.7C3J/=3SII6KHR#)3HRW\J:
M;WYM8WCKXB^M>O=?->^8LCQ]N]40_?T]9$G\O#^6&T,U%*AQ\ZU'PUZ\E,]&
MACI4>`*!&+4\6ET>Z*268Q1V7@Q&>DMS\2_9T6R@RSQM,)5,LI594UQ4K1LH
M+(;R@>5;H6&C1I-[D^Z\3TP"5R#GK>@_D%_S"=B=7_RI>Z,O\G^T]K;6ZU^`
MO:6>ZYI,M6Y>7*[NQ/2^>Q6V=Q]/X:IVC1?>9VKK,CN;=55L[8^.QM(\N=7'
M4M#0PU%6&UHIP%D(`\ATLA)9*DU->K"OCS\<>U_G5VYLOY[_`#XV1NC8.TMB
M9V7=GP)^`N^52"G^/]`(32;=^3'RHV@OFQNX/FON;%U$L^-Q%1+78WJK'5GV
ME-Y,\U76T[8)'`].]7.B**-;6X%R2Q+-R2Q)9B6)N?R?>N/6]1`I7'6II_PI
M'_FK3=1;*W-_+FZ)K,ICNU>VMA8K*]^]N[<W3-@ZOI?JO<U=,V/V#MNHVWE$
MSP[<[6HL61-2UJ04=-M&LDF<3??0-$_"AU!R.'`],2R!116[NM&NBR46.EPL
M5-18AL7CZ[$ST^%RF)HLOMV6EQ-;!5P87-;;K*>?%9W;=>$-/7XZKBDIJZED
MDCE!5V)6,Q8EB:L?/I)J;5JKW=;3_P`4?^%/_P`C^L:#;>TOD+T3U%V_LC;N
MTMI[,Q&1ZEMT7NY:C#YNCH=P;SS>,>'</7PQ6,V._P#N-V[@</BHFJZ<0)+&
MDB%&&A4\#3^?2F.84/B,*];$GQ__`)^'\N'O:7!XW(]J9KH7<FY\UN7&8';O
MR&V^NPA5T>!>@3&9FLWGC\AN+K/"1;W.3A7"4%;FX,Q6SL(/LUG*QE,T;J"2
MN.E'SZN;\RVU>G3^B_DCMY]?C\%]5O)Y/3_K\?7W3KW7_]2_?^=5_*`;YR8F
MG^2OQ^CQM!\R.L=C5&TL3A]QY9Z;9G>W6E%65>XSU3DZBOI\A3=?;\HLI-45
M&U=S4'V0BR52:;+M48YP:5V)M+5\J=4=!(-)-.M`/L?%;CVQNW<FU-T;7W3U
M[NG%55+1[DV%OS;6:V;O+;-;5PL8Z3<>WLQ1PY&E-0:>=Z>IC$M!7"!Y:&IJ
M81Y"M!!Z12*$;37H%:N.HC\TI93'2R2QK*R3>,2APDEQXG9A-,E[``L1]??N
M)Z8ED,84@<3U,H(:>@I,I65T7\7@$5)%44%+3SY"MRE56UD-)08G'X?[9_XC
MDLS75<=%3T2:Y*Z6=:=%+2<>8E59J<!T[`VLQ-YD]?3Q_DL_%_Y2?$[X/[%Z
MZ^5O<65[(WAD94W5L[K_`"4M?FH?C5UQF,7CFVK\?L?OG<5/3;TWS!LBEB)D
MJ,HD:XZ:=\=11K0TD#,@=]9K2G1EU;5[IU[JJO\`F:_RX\-\T.N-Q9[8F7R&
MQ^]<7UAVGLFEDPIPM'MKY`;2WILC*8VGZ'^0=-EJ2?'[NZMEWG!A\Q0RU8DJ
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MC\:M"4!Z,SQZL?@_D^_)!(LJL_\`.R_FBSS5T$(HYFWSU-$N-JTJ(WDJ(XH>
MM],L,U+Y(S#=%!=7!N@!]XH_WTO6NNZC^4!\DY*C/BG_`)V'\S^GQE?Y_P"`
MT7]]>J9ZO`AZB-H/)EGZ\%7ES!1*\1UB'6[B0V90/>O%&?TUZ]UR/\H#Y*#[
MKP_SM?YH:?<1TB()]Y=.U"TY14BKRO\`QBY''WD*_ME&1Z>3UAF-P?>**_V:
M]>ZYP?R@_DFA(J/YVG\T.=3Y&!CWATO3LDC>/0RL>J904C",-#*RG5<\B_O?
MBK_OI>O=(_L?^2'V+VOL7=?6'9'\WG^8_P!@]<[ZP>1VUO?8F_\`<_3^Z]K;
MKV_E:J/[O#YK&5'5M,T]!-3HD+*DB,1<Z@&93X2@&OA+7KW19H?^$K'Q6UM(
MWRM^5C,XN[HO2,0\T8M#)`Z=5&>%8WN2H8AB3?W;Z@_PCIEX@Y!U$8Z'[J/^
M0CG.@ME1=>]'?S5/YB73VSH\KDMRMM7K/='3VT=J-NW<&6&8W7N1,#0=7&(U
M^YJP&2I25Y8?(S,J@,5]U\8'C&O3W0MQ_P`H'NX3M++_`#F/YJDD+6<4_P#I
M<ZVCT3"5I]:RQ]87,)F/^;-U\?[?Z;`>\5?]]+U[K&W\G_O&1R\O\YK^:BX-
M/+&R1=M=<TX-1)&--2H@ZUC1#'/=P@&C2='Z1[]XH_WTO7NNY?Y/W=DDGDC_
M`)RW\U:*U#60+&W</7CQ?>SC_):\K'UM'(WV3?2+5HD'#?U]^\5?]]+U[J/'
M_)X[P5XF?^<[_-5<`S)57[?Z_!JJ9U_R>&*W716DDIW))F11*_`)L#?WBC_?
M2]>Z(Y_,N_EB=G]&_P`O3YM]MYG^:K_,Q[?QNQ?C!W-G*CJ[L?N39.3Z\W['
M'LG+1R[3[`QL/7M'7YG9.;64P9&C@JJ2::E=T252;'8F\O#4=>ZT_P#Y]4T-
M)\@-N8R"GBIEVY\'OY9NT*>GIEKI:9EP_P`&^H,B989)8S.\4ASGC_>/EC6,
M:O[/M4!@Y\^DMQ\2_9T7OIGJOM'O3?M'U3TOL;=O:O:&:FQ1IMC=?[=R&Y<X
M,=DLI286#.9:FHXC0[6VU3Y2NA@J,WE9J/%4S2KYZB,6O61_#74!GIJ-0[:2
M<=;K'\CG^2QV%UG41?)CYQ;?SNU\KB.R\7O_`*.^)>;JL7-B=H]B]:X;<?7>
MV_D9WCBL-59C;NYNWL-ALUD8MBT\-;5X_;&*KVKU,N3J8I,>C=];:B*=+$30
MND&HZVU``/H+<D_[$FY/^Q)]TZOUBJ8S-3SQ"22$RPRQB:+_`#L6M&7RQ75A
MY([W7@\CWL&A!ZT14$=?*Y_F;_#KNWX6?*WN#KOO*JWQNRFWGO+>G:?67>F^
MLS7;SSOR)V#N+-?[B]Z[NWRV*Q:Y_N+;\'VN/W;3)!$,;-]JD"M12TLTJR*3
M74%0`!TDEC"4.JM>JVHZ:(M(()89&F+-)3L]2H"(0$#EH0T88DW'J/MWIGI5
MTL_@IZJKR%904%)1T;9+(U4T\M-04M'1CRSU%7))!$M/24L*%GD4@`"Y/OW7
MOEULG_RA?Y,7;OS"W=B^VODYM?>G4GP]VE49*.HP&X*;<W77;'R7SM1BL5D=
MLT^S*6;$X?/[0Z)H*;)K6U&[8JBFR.X9XH(L,5IS-D@CDE+!DTBE>C%?A7[!
MUMM?\-+?`#^"?W:_V7[#?W>_V4S_`&2+^"_WAW?_``W_`&73_2#_`*6?[K?:
M_P`?\7]Y?])_^_@_O+;^\?\`%?\`*/O?)S[9ZWU__]7?V<K;UVM^+VY/X`O]
M6_I[]U[K6T_X4(_&'^7;OOJG;7R"^4'<.5^.'=/7;8[`[4W[U'MG!;X[P[6V
MEN7(OA\?U+4=53UV.K>U-L'=M=!64?D(EP\\51]E54DM5,9%$)>@`X5_U?\`
M%<>FW*`&HS3TZ^?#DXJM:BN-;5XNHJ:3(5<4]5CJ:MHZ7))1UDU/29K&X^K9
M\GC*/.4D,=4E'4EJVD6;PRLTL;$JO+I`0#Y8ZVO?^$_'P?\`BYM*7&_.;YV;
M\Z"P6\8LCMC=GPNZO[/[JZNI?[L;;JJ"+(T?R7RFPZG<QKZ+>VY<EY(-I#-@
M5F%H*9ZR.EIJRI$B(Y%<N]`:5Z71`"-#0#'6XV/F5\/U''RL^-O'U/\`ISZO
M^IYY_P!_1]3?VT01Q'5]:?QC]O7A\R_B`0Q'RL^-I"&SD=Y]8$(3]`Q&Z+*3
M_C[]I:E=)IUX.I-`PKUS_P!G(^(=PH^57QO+$:@H[QZQU$#ZD#^]%R![\%)X
M`];+*.)'58/\XG^8+\+]G_R[?D]MG_3KU=V+O+NGJO>_2G5&R.LMR;,[4W1F
M^T]^;2S>/VC6C!X3)Y2/"X?:M<@RM=F:[[:EQ-/1&99?N13QR.Q(XD4D4'5&
MFB12SL--/MZ^;=A<=#35VQL>!.*C^.]08;-05E)++20Y?_2'M.BR&-IJH.B5
MN*JZ=X3K9M9+L'U!;^U+2(ITDYIT56U=!))-7)_*HI_Q77TGOY&D<=/L#^90
MJAM0_G._S(UD)4%Y#3]M4%+$0R@&41TL"(#S8*%'``]HM)&#_J\NC@D#JPC-
M_)NFW_7Y?8GQ6J]A]N=DX2IV7)NELKN"OP^T-E[`[,P&YZK:7=N-KTQ\=%W9
ML2DS^`^SGIMKY*U54PUU",A2U]%/"FB",'CUL$'(X=-^6ZS^2\W5&7I\]\O/
M]'G8%9V-LWLW(]@[=ZHZOKMM]?\`7.!7960[.Z-VYB=\XNHH:_8.>7!YV*DW
M/G!-N7&4.961ZB2:BC=O!2>`ZJ6"TKU7ATS_`#N/CCB>Y\C\;_D]\B?B]4[]
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MK"/_`#V/F/\`![Y0=I8#=7QIWCL#X[8Q]J&N^%?R4WI0Q[XZ%.)VO)CMUR=(
M_(-J6#:4W4^2ST6-IL1%/49+:>&Q\%1]N*6I\E.5/AJRU)%?6E/V^7[/V]4:
M15(5CG[.MNCXG?.WHGY9]%;-[MVWG9-@MN'KJH[)W-UWVC')L3?G7>#P\\N,
MW;DMQX3=-/@ZR?96VMPT=31+NFGBDVYD1!]Q25DL#J_M(!7AU?H"=T?S2>I*
M+$TW86R]OS;MZEEZYSW;&%SN6WSL/K+L7O?8F.V=6;@Q&4^(_4/968V[N#NI
MZ[<F/EPE:N7GV<L,WBJ*!\G3U5*TU_#>M*=5+JIH3GJ5T/\`S=/AS\ENC<!W
M-T[N/=FZ<[N*NAVY%\=Z7;*3?)7;^^\E+F*+;FR-^=94&3R$?7%3NK,X<T%!
MG,]78[:35=33B7+11S+)[IU;KKNWOKY_[/V3E?D7U_T7UI-U'USM#>>^]V?&
M;/4>YMT_+'M_;N$P='N/;U+USNW!;VVMUEU9ONNQ]7/393;^4Q&Z):')8R6&
MDJ<@M3!(FQQ'7NB%?'/_`(4G_$;LC<>,V-\B^L^WOB'O+*[ARV&$F_</4[HV
M+M]#5;<AV)1[VSM'BMO[WV9O#L&EW32S0XNNVRD>.6YJZJ.,I([S0MC3G^7\
MNJLZI34>/1M_YT.Z]M[^_DO_`#^W9L?<6W=V[8SGQ2[*KL/N3;^<H,UMW+T4
M=`RS56)SF&JZK'9.,&"18VAEDCDE73<@D>V@"#0\:'_!U;Y]?/F_F&4\Y^76
M]W3[B"#'=$_`^E@>1_%II8?@-\=)44PM-$)9IHF-R=)=AIL"`"8#/22Y^)?L
MZV8O^$O7S#^(O5?Q^[E^.W:W8FQ.L._L+W'V3W-3YOLU\!L2@W3TUV7/LZGQ
M8VEV%N*JI*7-C!YO"Q4^6Q+5,511U+0NL,D`68)YE<G%2/3Y]/+)%Y$`T^SK
M:=3YF_#ME61/E=\:2CD:73O3JXJY9@@TL-TV8EB!_K^T^A_X3^SJ^M/XQ^WK
M)_LY?Q`TZO\`9K/C;I-[-_ISZPTFWUY_O1;CW[0_\)_9U[6G\8_;U&7YK_#1
MI)(E^6WQD:6%(Y)8QWSU87CCE-HG=1NK4B2'A2>#^/?M#_PG]G7M:?QC]O56
MO\U#HC^6_P#S-^EZ;:N8^7OQCV)W]UQ'GZ_X\]WT?=?6>0RG7VYMPQT`RVW<
M[B*?>]!_>SKC?AQ5-39K#S2`2+%%4T[15E-3S1N1ZT)(4_LZ]KC\V'\NOF\;
MAQ^X=K[EW7M7<U''@=W;1W3N#:&ZL?2Y7$[AH:#<NW,O58?*TV/SN!KLGA<Y
MBDJ*0M35M#5U5'50LK132+ZBL]*](7(+L1PKU>1_(_VW_*\S_?.!SO\`,`[,
MR.`[=V!V%'FNA.M.Q:6@H/BIOREHMO/N';N^-_[J>AJ8VWMUGF-MY?(3TFY:
M_%;6A23&L$KJTQK$FN"P*4)X=.PL@J']>OI)8G*8S,8S&97#U]%E<3E<?1Y'
M%93&5$-9C,ECJVFBJJ*OQ]92L]+5T-92RI)#+$S1R1L"I((]INE?V<.G+W[K
MW7__UCJ_S%?^%#/8&ZHLSU5\%<-NCIZ/:FX(*;LSO#M/;.,HMW5&/-)NS&UN
MP]D]5YY#GMJ5VX:O'PU6.W76/'%+1M'/BUJ)4FC12L*FI)Z13W+QJ"@%:^?_
M`!?6I3V3O?<O9.\<YOOL7.[O[0WSEXIZW-[\[&SV2W7NJNK<Q34-)65M1F)G
MCCQM5E9,33U-3!CH*&AJ*^%9V@+WN^B!!0<.D+74LC=P&2.@14TSD02T]2[`
MRE:^2HE9JFH0@"GGF58Y(_MU4AG92QD(`-A[MTIZ@0X_9L<L]75;5P.0JJF;
M[J23(X>@K:O(S&32QK9*O'L\ZQ*Q(F9K\:?S[]7JGU4H;P`%T5IPS3I0T6(V
M6GV?WVT-MQJ9S&A?`XR2F6F:7435S1XQU<Q"74Q.IDC`XX`]TDC60J6K0>G5
M^G^+';2JEE6?:NVZ>EIQ3P*M#@,8M/XX3(U0=*T;)5RS)I*/%I=E4,4`O;;(
M"@0UI3JK2-$#(H&H=-C4&U&2)%VMMN%8#)-%7C;N)6J,A1XZ>EDD-+>,/Y"`
M1?47]7/T\B",$+7/3$EW*^2%J!Z?[/3;+C\#CVF.,P%)C:N2'^'VH\90457X
M:ETFEAJ)Z6GA::$2HK&&1O$Q0%B"`?=\TJ>GV4.M#TI,:4DS'7-.ZRNF4[)Z
M4IJ.K_S*9"*;NK:%/2US4HUA&BE,BNTY#:4L"5`/MIXD8ZB37'7D0*-(X<>K
M:^\OD]VSF.[ODC\&L?WPWQ?^.6Z_YJ_\PC=_<W9&.R>]:+;N97M7N'=$Z9GN
MZ'9N4QFY<GL?JZ;845%C\7AJVCDKLCETJ:B=?M8XS1SX8#K\1]?S/^7I]OJ;
M@%(=.H9-0>'1G_@1\\>O?Y1_?V$V9L;L;X]?.+IKO'+["A[P^3?6.V^Y\+N3
MXQ]2XC<%;A1TKUQU[N=<ID*W%Q[BW-7;]J*6@-/0^6OR51+32U!BD:@C\1==
M*$_/_)_Q75T:6+3%,1X@XT!\_M/I]O5NG\V'Y`]G_/#XR;HR/1W9/P[PO\KF
M>;I;L7<?SOS?>^\Z#<NP,AM_=T]5FL-O?HO;.(I]U[OVCN'.XVFP7\%CGQF3
MRD63_:607*>C70?/53_5\OY].S`E1]O^K_4`>JIOAYV]_)8^.V$IJ+#4.Z.Y
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MJR&;:0A6U5_+_5_J^?5)+IT0LJC5_J_U<>B&=\_*#Y3_`"`[VQ/RB["[;W5G
M?D#LJ?&3]9]BYG!XJJP6PY:*)*VGP.V-@93"U6R8NM*NL::JRVWZJCGH<H:Z
MM0K:HTH[I`%%%.FDF>4:W`J#3'IUL&=Z?S=_Y9OS9ZLZQV1\NOCI\J]A;WV#
MU%MO.T?<G0^VABNV]D=WXBER^)S/677TVROX0,_UO#C0FYHE::;9.4DD@I)Z
M%YZ4QA@0LIJI%?\`5_JIT8.X1=1Z`'I+X]_'?^9A\T<3/\Y_YNG47R*SM9+D
MX^F>MNM,#N/K#>>ZNIL3!MNGH=KT>4RF(V_M3XP0[BI6H:[)[7VI6+EJ+>L=
M4U'75$$R4\&SVB@7\_\`5D_ZL]451*`Y)_R8ZM3[2^;W\LGX>?'_`+3^.7\L
MCY1_#[X<?+':68RVQMR9[N?ICLNJWMM3/[?W!-A]^-O[#YS8%-N/,]E9O=&#
M6,5&Y1)BY:RH?*30U2:%F:6&I(I@?,?Y^'5Y'T`&HX]$7^(O_"C_`.0_3/:F
M\MB?/$[6^4>P<CNS"T..[;^/U)M;%)UG2T&-']]*K:&+P>UMM1]]]<3L::7&
M5\%/09J?(2U,9A%''%(KA@%`5K7_`%?ZO\G3`G;-:4_U?ZJ?SZK`_F9?(WX%
M?(?Y!Y'Y1_"K;'R`INSM\;AK>Q^V\;\C-D[:R_0&Y^Q9),)M&GEW/T[V!7Y'
M.;LHGV'CP:3&8NH7;4U114ZY.'4`0Y&&7!/#_5_JI_AZI*XD`^7^KY]$Z[K^
M=>_X.KN]MG]`=?;8^*'5';/QU[`Z\[ZZ"ZX[#W[O[H'M/)YC;E/CZ[L?;'56
M_"-G=%9[`8[#)%B:3:T$>/Q:U#F%"5LWBBT->&?]7^K'5A.^!0?Y>H_\QN6*
M/YD=H4TU([5,'3GP=H#&D0HT-11?!+XV_<PPTJ-)#-2)(_Z/TQFY4W!]N#AT
MT[LY!;HC;28^OIUI\ACJ>NQ]-50U,..R$,5=2K4#4D@@IZJ&:F:5%)_<MJ35
M^??O+JO2@A&W:2K<4^`PE.$,4P+8C%HE++`1)XX$^T\<18@`V%K\_CW['IU[
MI_ACV[+,E'4;7PD,=14M(TTF,H&ABG\7E"A(*>0(6U$^FWJ>_P#A[]_AZ]U'
MJEV])!2%L!@4>&&&>>2?&JPR(E,[R5$5-)`$D5@BHQ``+QBQN"?>_P`^O=):
MMI=ISZS'M>A@5H:B+S#'8\T[I42":2$4T=!I29)%#EF)+"P)-O?NO=0(OLH6
MBBC1HX*/'QQ4,24VJEHX(E6.+]F)1I&@6T@$"W`'T]^^8Z]TJ,=4T[QDUD?W
ML-12O2/#)2FIAGI8I`\=)+25T<M*]/&UV".C(+D$<^VWC$E":XZ]U<_\%?YM
M?S@^#^*PFVNM]_U';G4NV,+1T=+\<N[JRJR>S,/@:1<5M[`X79.^3'7[TZIQ
MNW\5CZEZ&FBJ3B*BKK//50/%&0*?3QYR>MRW4D46I5!H0.!]:=;0/_025\3O
M[E_W]_T,=_?W?_V7S_3]Y/X;M/[G^ZW^GS_9;/[W>/\`O'X?]!/^D[]O_2'Y
M/X']IZ]'E_9]L^$/XQ_L>O\`J_;3HQS3@?AK_/APZ__7VP/G7_*8^'GSYK/[
MY=M;(JMO]S46W:7:^#[RZ]R%1M?LNCP>,ER>0PVW,SE*)T@W9L^BS>1^[DQE
M<C1U&CPF187=&NCZ#JZI(FL`?/K10^=W\GWYW?`O%UF\>Q]E8SN+JG#;?J<W
MNWY!](4F5K=D86CH)Z=<E7=@;-J$7<W6ABCK:)%J!%64-;63U#4T<%-2.X6+
M(K<,=)C`X%:CJG'(STXJ/-2F."*N7RP1QS5!8+*=4:2U4@85Q4$78$JY]0X(
M]W^73/413,-6KQ-Q9BVLE`>/[*ZE_P!N/?NO=.)JIZ&,1-#'/"ACT31R/XZ>
MHGY9U8%G:1P.`3^W]".??AU[IS6H0Z%92\I7]LF1VB46]0E,%E$G]'&DC_$<
M&Q\NO=87KG,!A`:GJ4I:D(R)'+(TQ=0!+63J3/$8`VE%C63R$:3[KP^SKW4F
M.IBI\=DHJ>RSU2I2-]S(C54F/KZ*"4Z:*6CDIZ2J6MIK&>-QIC9DT`L6]^Z]
MTJ>M*.JRO:_1E#-'&S9+O[X[45-#22`W$O=W7B++$%:T,U5&Q4D&T3`6'/OQ
MX=;MOTKQIV^`J!\_V=;E/\O3^4%\._GM2_.#OWO2D[;AWVW\S;Y_['Q];USV
MYNG8.'_NE@.]LR^&@.!PKPXM:RFER=4IG$(EG5KRER%THGDU@#R_U?Y.C'I>
M=^?\)>]JUE;O;<7Q8^4&Y=CR+A<$G5_5/<>V:??NR\?N"ACIH<_4;][4I*B+
MM[,X/<?[U0E/0R4\F/G*)&Y@#1EM30@^G3#PEF+5_+_9_P!CJC/Y`?R=OGS\
M8]Y9#8.=ZGH=Y[`S.[\3GL?WSLW<=3C/C7DMP2RTFP]B[Q[FQU6,MF]C[ZJ\
MSN5,1C*BHPNY,KBHZD5$=8E&\SP*OJ%SVGJG@/CN%.K1OCM_PFCK.U-G5N[]
M^_/389KI-RY+'8@?&G8^V^Q]APP8:GBQF5PFXMP[MSM>]=O;9V\::NH:J&BF
M7'Q1TP22G$[/XZ/.&4J%XCI0@TJJGB!U9CUY_P`)H_@+@L)LD=E[B[\[7W;A
MDVO6[^RTG:V?V/LKM?/X":&KK:O.]9;8G7`X3;FX*B(K/AJ":.C%,QA!LSLR
M?JW1OZC^1G_*7JJU:^7X)=&+4++)./M<9N"BIEDED,K::"DW!#1",.QTIH"(
M+!0``/?NO=86_D5_RDF+_P#."W2Z^21Y7*1;LCO)(SLQ(CW.O%W-@"`M[``>
M_=>Z"/L3_A.__*^WYG,?F<-U-O;IZFH<+'B)=L=']K[VZZVCE:F&JJ*BGW+F
M<'19&LBR.ZX(*DTHKW;RM1JD+:D10/=(CMUH>$=.B5=F?\);.@-P;\.<ZN^4
M7;W6'7M'2;9_@/6N:V7L3N>?"9;$I.<_G:;>_9IR.>ER>?JWCJJ.Z+'A:Q#+
M2J+J(_=*8HDAC\*/"9_GT0WY&?\`"?[^:KDNNMH;8I?DITY\J-N]<;ZKTZNZ
MWW%49GK_`'?AL!N*LR./J-[;H[AW?0YO.;LW#A]L/`*^'+U.;J:MG>.BF@2&
M+4[%($))Z9,#U.1_J_U?EU5!NW^5'\UMG[VK>OCM?I[L?MB@VCV!OO'],].]
MTKVEVKNS;/6>[,3L7LJ#9='2[#P/7=9O?9FX\M#%D,'6[CQV:CM+:ED:,J7_
M`*B/T/5?IW]1T?SI'_A-'\_NR83ENUMX=$?':@GS>TZ>HPF5R><[AWE4[,K(
M\?E-P9W"3[37;NU=N[RVQ!55&.I\;D8\C2SY"%I7J#3:#(Q+()--*T'3\49C
MK6E3T]?S-/\`A.CLGX>?`GY7?)?$_,7M[L&HZHZBR^;I=B9[JWJW$XG/U%97
MT.%,65R>WJ.DR-+%'%F'DUT@A",H9@R@J:H=+`CB`?\`!UI8J2:Z]4C?S5*B
MHKOY@OR4>C>61*.A^-M$7B,A:1:3X7?'&*.&82DJ'*-8^+5$$/I9^6]KAPP>
MFKCXU^SH@U%)7QPSNJP)2RM1Q?;)(7@`ID!?QO*&G2=;ZG:X#D\\6'O?ETQT
MYQS2)&)'64*T@C"E`T8\NG3.VDE0$#7N2-=B/>P:9!Z]U*^[J:5Z6:,("E;3
M".93+&@97.J>-`))&EC`+%#Z1;Z^_5KQZ]U*FR<K/2TSJ]/%C,?!2T3UD@95
MHZ9)&3[CR%))(*DS,R)J7U/P+\>]=>ZAU457"*V`QS:XX#+5&,:5ITD5'2>3
MRNLB:A*J@V9K6%K#W[/7NH'CKYEA,<<*`JI`$X2&8$*UI0AO3V'X)!N??O3K
MW1[/A?\`R_?F'\Y\[G<3\7^I)]YXO:573TFZM^;DS)V)U-M+,U>)R.9Q^'W)
MOO+4U6:W(5<6-,$E%A:'+5M)+40&MCIXY4D-'D6.@(->G$C,@)!QUNI?!3_A
M.Q\?OCYN[9?;WR2W-%\H=]8KKK"4U5UMNS9^"I^D=E=P/DZ#/9W?>R\)$'RF
MZ$PTM!#08,[GDRT^.6)ZRG>":?3$A)JS'U/2T"B@?+K80_N+LO3H_NGMG3_=
M[^Z.G^`8?3_=7R^?^[6G[+3_`'?\WK^RM]KJ]7COS[UUOK__T-^VOKJ+&459
MDLC64M!08^EJ*VNKZZHBI*&AHZ2%ZBIJZVKG9(*6DIH(V>21R$1%))`'OW7N
MM$[^;[_/H[+^0.5W]\=?@WN2GVG\4\CM#>7679/><6$QE?O'O^KS<J83<(ZA
MDS'DDV1U?B<925-#%GI*::IW)%DIWHXX8(J:LD<4N"HH:`^G2:64@E5(IUJE
M2X>"@AI\=3T$B8W$T%-0X^*.(+`E-20QQ001:IS40T\-*BQBY,GIOJ/M=PP.
MDW3::169G6!DCNS0Q0-]T],ER+5`DJ$D'C4C5J)(^I/M,\DH=PHQ7TZ]TX18
MRLD62FCAF(NJF1$I@)(I&M&55IRZ:2"2!?CW3Q)?/_!UL>74N7%5-EBA1_*L
M0MX1!:".#TSRO*LJ"1E8>L$ZE/`]^\6:O^QUK->L`QU?3()"H6,LKEPD$ZM&
M2"9@D=2\WET\@@AA];>U$3.P);C7TIU[KC)CI33S5=*I+JY\D%8*>F^\DE`6
M%(R*HSR"1[!K*6C!U`'GVYU[H5^D\1CI._?CBVJM%(/D]\7:-JIE_AE6^,;Y
M!]815S:(*RK..:,S%%<,;Z5*\L0$\KR!J+\-/3I1$D974WQ5]>OHS?R)\;-1
M_'/Y69.6<S'=/\S_`/F,9]XA3F"&A>/Y([EP1I:9FD9:J!GPK2ZT5%5I"FFZ
M%F2]*NKM/?NO=8S$A;7;U<V(^HO8&Q^HN!S;Z^_=>Z))5?`+X_X//YC=W3.,
MW%\:=R;HWYUOO[?E=\<]Q575E'V._5LN8GP6S-X[>Q$4VVWV'GZC.32[AH<9
M28R?<#@?>3RW8M[KW01;3V7_`#5>ELW&<OW7\<OFEUK!C=Z;JSW]ZNLJOXV]
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M=H;TZ>Q)Q-5MW"9+O+Y%=&]WSP86HR\4]?N8P?'_`+8V105D5=3*QQF/EGIY
MHY!IDC.KW7NFV;^7GB^S*;)?[-E\A.^?D]3[XZ3Q'37;_66X-WS==?&OL.7%
MY''Y2H[,I.@=@/C\-L/LC(U>'II'K<1DHDA:-FA2/R2!O=>Z/?M+96T=C8I\
M-L[;^'V[C)ZJ?(U5-AJ&FH8\ADZO1][F<DU/&CY+-5YC4U-;.9*JI9=4LCMS
M[]U[I4#2+*"/IP+\D?U_Q]^Z]U39_P`*$:MZ+^3#_,#FC,%WZ5@HS]PZ1QZ,
MAOG:%!+I9^#.8ZD^)?JTFE1R1[LO'\C_`(.O=:"O\SC&5L'\Q#Y;Z8*AI\;N
MGIK%5$;M'Y5K:+XF?'7'S+5P&:,-*M4624@^A@;%B"?;\CR*1H';3TZ27'QK
M]G5?3T&4@GGC:AE@JXYWI9J9FI!2P`P%97B<58-3*?&+%^!;@^W9&98ZK\6/
M]GICJ<<?74\]4SPG7.%A)(IFE#-I+E8X96CDAE`%D)L"/I[8\6;`\OLZ]U*2
M&1GTF2J@@;4DDD@A\;2:&:&G$<50)%EFF``)L!]3[?F+HH*<:]*)DC504XU]
M>L,U%60&%C"T@J(AY0_B:&/7^H&HGELL!0V=2#8W;CWN,L44M\72?K)-CY8_
M1&K4RPPI65E,WC&J-6*10T9$\@E1V=6]11@M[<$>Z2LZA='^?KW4BDI:T'4:
M".HFCIVC9`(XH*5IG\:U49FKD:J5$`E)9'#`:2+^[:F\'5^.G7NK6/Y:G\S?
MY:?RX,^D'4LJ=B]#Y7=TN].T?C5N#^&8O;F^JS*15M#F,SUMN^IDJ*SJ_L;.
M5%3#++7K'+C:ZHI*2.MB\"$^TC:V(+`_LZNDK(>..OHM_$7YK_'?YK]8[>[+
MZ)[!P^X$RF&I\CN'8]574E'V/USD5KJ["9;;G86S9)AF=O9/#;EQ%;CFF>)J
M&MFI6DHYZFG:.9ZD$<1TN!!&#T;.X_K_`(_[#^OO76^O_]&SO^>IT7_-=^27
M8M-MOJGJS>N\_AMM*IVOC=B[.^/W8V)HM\=H;\W+LRO&\-W]];6J\MLNM_N#
M@GJZ[`0XZ6NJ\+X)!4U-+5&LT4[D;B-B2*BG3<B%U`!H:]:6N\\`M'6C"U&+
MJ=MY)(Y):;;^9Q^<VME'V[CJZNQ`R6+V_N##XK*R8*#.T4M%'-'3?8AHC&DE
ME`]K4?6H8`TZ+I7$4IB(J<9^WH&I\73QUTL2DI$L#S>.GJX)O(_J\P=*B2*.
M").;D7(_LB_O?5^D_)CE2&5V9%C5D1?\HC)E@C"A)?)&IT)8:6$E[VN?>Q\N
M/7NG*(^6GDF^V%/2QU,$ADBDC>DDJ9@M.CO52$&G:.);KI_Q)`%S[\3\^O=.
M1HD7SB&>$B!"TDSU5/"LI4>.2,S1?YV9R=,>D?N$@\^]5_9U5VT*6(X=8!CV
ME@*Z*=/&=$NFIH4I@X?TOJ9_%/.%]#264DBUO>\>9Z9^H7^`]94A42I>&&05
M``I&IZJCJ+QFZ/-#4,A::,,IOH"^,W^OO72CH8/CW1/!\BOB_'9ZF6+Y6_%(
M^>2>@"+*_P`C^K=7+$+':,^F5@(A^3[\U=-!UN#]6X,`%&"UK]O^K/7T7?Y&
ML1/Q0^02TDD<<I_F)_S'4BE33-4I*WRI[`2&2N24D?>*%4Z6TWCT$CF_LMZ,
M>AHE^)O\Q*78&W=MP_S9MYTV^,?OK=^X\[V2GPQ^*LE?N39F<QN%IMK=<2;4
MEP+;8Q%%L2OQ]95196GC_B.1?(-'4NT<$0'NO=%NP?\`.L^'G2?2&TL3N7OK
MOCYT]N;1J(=D;ZW!TS\.^R,3V+OS/8_)93%YW?,G6V*V%L[8N'PV.K,:Z5G\
M+J/M4LAITD\J`V9&2FH=>Z';#_SK_P"7CD:O=U)6]K;[P,>T*RDII:_-?'SY
M`PTF=IJC#X;)U.8V^E%UE75]3A<5D,P<14U%1!2A<O154"*XB$CO?27/@_4>
M%^A2M:CA]G'KW0W;DWCN+YU_'O9/8GP2^7^:Z!PN8WE-D4[EH>@\'O?(;EV[
MM>IW!MK<FR#UU\A-M8A\'%6;CA1VR+X]*I10@4Y,4YD]I^O=(O;OQ@^>V)V)
MV]@=P?S0=V;LWMO3#;*HNK>P:CXA_&G#2=(97`[F_BV[\]CMIXO#P8;?TV_-
MN7Q,E/FVEI\8EJFF`G%SM2`02*CKW1/MP?$'Y3?%U]Y=P=B_S].T^M<)V3N2
MBI<ME/D;UG\69>IL%N#)561K\5M[JS#=FIC]G]=2U\L]2D6/Q[,)Z:&.)(]-
M.I#GB*>,?\_]BO[3U[HS_4?R<ZE^+6U>T,/\P?YJW1/R'WIM'<&Y<]D\UNNK
M^./3>\NNMNX/;./R&4Z_JNL^I,E356:KL.M#/D1Y*&3-2_>"$(ZB(%KKW20Z
M,_GG_P`L_O\`[&R'6NTODCLS;V0I=H9O?6.W)V3FMO\`76R=Q[;PF^:G9#3X
M3<VZLWCZ3^*Y15H\U1XVL%)D9MOY6CK#"NN6.*XC)75Y?YNO=&#^1'6/8_S,
MV'U-GOBK\]=R=`=;UF5@WCE-^_'G;_5':5/W1MNFK\#F]KT^![%ST>=I<!@*
M;)X&1:F?"RO3YO'UE115:RT[Z?>E8+4E:]>ZII^9,]7U1V_UWT/\O?\`A2%W
M%\=NU<Q2)NSKK:FT>F>C_C\V;PF_\ME-CXC([KS^U=GG:>X-MT6;Q$D=,<Q5
M0QXZ6GGJ)60.LL;PH:$1X^W_`#Y_9U[K)OWYQ=3?!K"T'Q][9_GY9O?7<7QF
M[(H-]=C;3R/071?8/>?=G5$FP,+F=L_%2OS=;@:K`U.^=W/C*JJCW/%E:7<+
M5>;B@JIZ6..$AR.UGN=0@AKIXY`X\.-*=>Z4O\W;YR?&?YN?R)/YCN^/BMV-
MB>Y<)LO96R=F;W3!)E**39>Z,EOOJW.5F#S+Y''P1RY;;.$S$516)2M40B2-
MX3(K*^A-H9'9'6CBH(]"`>O=:<7\SN&"7^8I\PHEBM!/V)L"&`L8TD9Z?XM=
M%&AB6FIY:F&FI6$:^-"7C@6145F10Q7C`QTDN/C7[.B#B@FCHIHXB*V6GS$1
MJ6AJ*2ME2HJJ!A)CQ--%&M/3((_+:S:I?H1I`][Z8Z[IQ%5^-/&:=(8*=)09
MJ9VEJ5E*35,(A1!!2ACSINJ:39C?WK/33RA&TE2>I^/HK9!DBJ(!%553%)35
M+#2QM!'(\DQ^XALAB=1I((:4D:/>\CK4<H<E0M,=-;4>E0\2-',T*R3U,T\'
MKG9=4A4@$^17-R""1]"+CWKTZ>ZRB*M2&:BIFI8Z29X5R%/)4TU0^I)(JF.M
MDD1'C#O*HLHD5[+9@`;>]UIY]>Z<(J:"IK"IG!C\#NT[/'#K>=PP7PB.6T*:
M-(!("J.>3[]7IKQ1XGAZ<UITO-L4CF?'T%+61?=9G.XW"8;'4D@JLCF<[D9Q
M08S!X'&>*3*YK*Y*IJ0M/0T,<M142E5C0R:??O0=*8XS(&(8"G6P-_+F^"/\
MU/#=D[(^3_Q!Z=K^G-YXW:&]ABNU>YY*;J'KGL_&;?['@I<UTCW/L++TE=VW
MN7;.\J*@FQN.ILAM>DDPTE,F;Q^0I:N**69)+,&#)I-:_P"#IZ.$HP;4".M^
M3[WL3_GG=L_\>!][_P`?)7_\S$_YYW_BU?\`'L_]7+_@1_S8]I^E'7__TM_8
MJK<D7_'^P]^Z]T4'Y9?#;X7_`"DV]29+Y>=(]1=FX3KT/NJGW+V;C**!=I8_
M;E#F*NIK*[=WW&,KL;M7&4F2K*BI@J*L8Q2[32QEE#"ZLX^$FG3;QQ.>]06_
MS?Y//KY>'S8'Q*'R'WOB_@G0[S/Q1P4>/V]U[O'L+<FZ=V[J[=S$$U?D-T=C
MXM]WT]-7;7V;6UU0,;MNCIT2"OP=%3Y!HXI*DJ5J:BM6X],3".@T4K7-.B>5
M+C_)VIQ4+HET^&0JL<T9_$H>)ENIOJ/((M[MZ],=2))XJ;$9#(9"=Z/%8X+5
M5\\MVH**24%-2-'"J?<3("B(BF66^A%)8`Z9E6FH@=;"LW`$]7$]#?R./YGW
MR!V]7;MVS\7JWK;`4>$Q><QU3\@]V83JZMWIB=PX>IRV*J=D[;H\;O'.5^16
MGID62'*Q8::DGJX(YE5C)XJ&6,?BZ;$-PST928ZY_P`GI_*O5>?=_P`;>^OC
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MP.4P>VH)MG5QS"ST\&1BD5&A7_*7>-$%&].C'H'<1M?_`(4YX;?/8^_S-\6)
M\3V'N?=NX/\`1#-VUM_+[.V+%F=E5&Q-B[>ZJSFX.KZK-[=V[UM518_<^1IZ
MHU#;DS-%4ZVIXZ^:,/1^!11*2#YTX@?+RKZ5\^O=6C_#+L3^;/D]^4FT?G1\
M;_C'L_K2+8JQ1=N](]\9;>&[I]_8(8^GGJMU;"S.R]OX\8;L!)*BH@_A4T?\
M&FB\3I-'(K15E$%0(`]/F:_9B@\N/SQY5/NCX]T;D[3VEUINO.]*=<8WN+M#
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MN5BQ54TK2%:EYO`ZQ2:!KKW2PR7QE^-^8S%;G\MT'TAE,_D,@F6R6;R?4^P:
M_,UV6U(Z92NR=5@9*VIR.N)2)Y':2ZCU<#WNA].O=$Y^3OQI^0>=W?B:?XP]
M/?RRWZR;;U'+NFF^3_1&]MT;MGWK'EJY9Y\,W7=;A-OIM[^[YI$A%3&]8E8)
M26,115V"XP":=>Z(1\F?Y?W\X7Y/[%VYU%_LUWPL^,'26W$V750]3?&+J_N7
M:>,J\_UWNJ#>FULM#NIL_C=V8'#4N8H:..7`T<RXJ6.ABD9&<R(U>O=%^[0_
ME<_SB=P;1VCE>U_YK/QNI=N]$[8RU1%V'NWHF2MR\^U,;`,E7GO_`'WO:MKE
M[4V)@:6DJ:NKI\Z\-%(DU1)5LRLSBX,B8!(KU[JQS8W1O\P3*YW9VXMR[0_D
M[[CZ[SNYMK;DWSN/9_1/=C;LW=L_(U^-EWAGMIUM9N:MP#[NW-MF,OC*RJ-7
M1QU!A:45,`L=$N30DD]>Z)5_/+DR'2G\ASYC[6^0]1\=]G]F=KYC&[,VA3_'
M+K_=&RM@[USE5W)AMT];X*FV[E\AG\X=^2]9;-8Y>KFJVHI*J@GD@\<'C@&U
M!KP\C_@Z]UIQ_P`S[RO_`#%OF-/1UPB9M_=:24T8$:FK%9\6NA&JBFJ!2AIU
M`M^BPO95^@7+BM1TDN/C7[.J]:*FG6"8U2K!+'-%JD:0:I(93Y(V1ETFHA,J
M`M?@'Z@^]])V95%6(`KU;_\`R_OY7=1\R.@/EQ\K.S^_-H?%OXW_`!NVID<7
M1]M[]PN;RVW,GVMB4P.Y-P29&BIZ3%09KK':NSJV:CR4.+R!S5;N.NI:2GC1
MJ=TG2RNZOI5B!0=;:P:5ED:1EKY?(?Y_7JK7$8W+[@S&#P>#PV8R.>W=4YBF
MVUL+"[;R^Y]U9U<:U15)+MG9V%QM?NS-D82F%;4"&DE>BB8F8(8W(4>)'3^T
M'6Q`5-5BH>G?=FR]Y;$R.-P.^]H[PV!GLMBZO,8/;G8&S=R;%SV:Q=)624%5
MGL-A][X7%9/+XF#(QM2M4TL$E-YD9-9=6`]XB<!(.M^&^24-.D>U.\=&[STD
M\@FD:=I:,K'*;N*6*HDDA5:4P15?H9-"Z7%CR?=^J]*;8TF!PV]MLYK<NQ*?
MM/;^`R=+EMR]:97>^X.M*+L7;M'!*N1V?6]A[/2+=.SYLTLUZ;(T#&:GJXHB
M0T9D1M?9QZ\B1>(K,HX]?2)_DP]6_P`J_L;XX;"^3'P:^-6T=@9K'PY#JS>F
M9WQMF?/=^[)[$VGD*#*[VZ^WWV7O&+(;HW1F=OY^>GFCR457+!50&"2!D2T:
M))6D!TLW1@@C`/ATI\NKQ%15+$*`6-V/U+$"P))N38<#^@]L=6ZY>_=>Z__3
MW]R;6_J>`/ZFQ-O]L/>B:$?,]>ZT3_\`A0-_-=H/DYG1\*_C!O?<E;T+LO*[
MGH/D[NW:T\--L;Y#;KHEBP]'U+MS<M#(N4W/U[U7GZ.K_O0()$PV;RDL%)KJ
M(Z2595XA:-J./+'V'_/Q_ETEF;2Q"\?]5.M4[*_\"VFM,%HF2,P`N&JI)9C$
MU08I_5!4QPGQ)Z0%`%@#[<Z1R2>&`:5KTE*E*B:J5X(!%3JS>*.(BH'CC;3Q
M$?WI'91?^RS6))O[]]O#JR-K4-3CULS_`/"9WX`]??*3O;M?Y1=];3IMX=5?
M$3);2QO6&U]V;>S*[(ROR(SD<&[CV--D)*F+9N[*KI?;E!'&<16Q5KX3*Y.F
MR!$$RT[%+<\4IPZ66_!O7HR_SX_X4P?(+.[S[2ZQ^"&`V=UIUOC\RFS]@_*/
M?>)Q>].Q*[<^R]S5>+WUG<%U=DSE^LZ[8NZ:S&S8[!/7U'WTN/5\F43S4\4?
ME@U*&U>76VGTL5T\/GT-G7'S^ZU_G9_RW?GOT+\V-M=5]8=T?&[KS'[]VIO_
M`!=3C):*2M?;T\?5W>6QZG?%%C,7LCL6I[=Q4^W9J2DK$6>KKA24C/!*=>PA
MC8!2?]7[?\'ETY$_B"M//K2-Q]749+"8/*5H:EGRN!PF5JL=&)Z66BJ<CC::
MNFI-,J"I/V<T[(!JNZJ+B]_:GR!Z0GXB/F>A?Z2SN/VIW9\>=SY;[>3#;=^2
M7QKW9GJBMKX*"@7";:[ZZ[R.7R%97U!^VP&,I:2E8U51,0D$2EG*KJ/O3<//
M\NMI\0X=;/GQ[SV1^->3_FJ_$+.=M[0VAUMWS_,3^<&4^7/R*IZO,XG=_0?Q
M;ZKP/QK[#WSO39>S]O8?<V^*^O[!VK\@\ALX5\;TXVQE:@9>AK@E%)*K)[AJ
MS51]F?V_MS_FZ,.CR[2_F8_-';&)WS'MO;>1'QP_NW\;-H_&;=6/S;=L=A[0
M^$79N,^8E?B?YIO<?9O:>WMTY/);SI>J^BL+NK(8#>`.(R6.CCB8IE,CX7:,
M=>ZO$_ZOE_/]O7N@@Q?\P_Y,]&978WQV_E@[>VQ\ANENZ?E'VYE?@KGNR,G7
M[>H>V,-T]T]NCN_YF?$C,;9WUC*+?_5^TM@;WW#'C]@9(04=;#FL:^)G?^'M
M]PWE2@:ISZ?[(X8KU[H3^BOE5\B^I?CUVA#\".Q5^3G3%5V]\9Y.B?E;\EZ#
M>.'S_P`F_E?\H>[^H,!V;T'N'(;MV9B'W#CMS97(;MJ]P;XHY9,;MBCW!@<1
M@@9\=5_;.#^D/+U]/F*_YOEU[I*;+^<?>O1&S.]=_=7=E-O+?/R*P/R'W?\`
M*[,;\I<]FLE\'?YC_3_QC[W[<WKTSU_#O3:AVKVWU7LZ@ZMV]L/!XS#Y3(X#
M:T.R*Q\BC5>8\DE?"UD"M!3[?\O7NA-ZX^7^^]C_`#"S':^$VBF`^9_9F].K
M.G_YD_QWW#O#<V^-C=%]99[?W6/57PH[6&]A`-@X#<^\>M-S56XJ7:FS5IWW
M?4[D-;4-2TN%J%?P4."M<#_5^7Y]>Z"3>'SX^1#;9[1^8_3=5MFL_F4=M?%6
MDWED_C_E=Q]B0=$?$?\`EY;*ZQ'9<W?)ILAMRAZL[T[1P/;&;BR-!.#E*ZC.
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M)38_<6XOC3+N+*]H[/\`DYU?W#VGUSU!T[L3$;;VM%3;X^.WQ5V_M]NT,WOG
M*1R5U1F]A+/)`(*914T5=![2"2!_JX?ZO/'7NF;O#YF?-[/;.PO7GSEVEM;;
MOQ8E^)OQR['_`)C>S.M&.X>V.N\-V3WWWY2=4;(V;C*`RU7;66^=VR^I-N]=
M;XVM)5UN.QM9NN:"E/CFJ'&\4!'S&3_L?X/RKUOJ%B/FM\W^KZ.BZ<H=V0[T
M^-&PM^]T;8[`KMRUNZ>INX=L?RRML_'CXI=GI\EAOO&XC:G;FQ/DYT_M#O\`
MR>3K-O4U!05&).,^P@@EEI::62Q%.XJ./^KY?ZN->M=5Q_//>D_RE^-._/@U
MU=V/2XCX?[P^5WPBQG\N'*;YIZV+?U-M[MOY9_);H;M;=^X]LY;^']AGKOJG
M=.,7!;8P\T8KUVQ18^OKUBKZ]E&Q53KIWX_V?3_5Y]>ZJ-_F@U*4_P#,R^=>
MW5HGJ$V]WW0=>PY!F-'53R=;],=2[`K\P:?R5$5#BLL<"*RSO**>.15,C:6=
MKQU()\B?\@Z+[R7PY$&FM1_EZ)-#_#Z<35629,?0X7*8^HJIZW[>6EAA8O#6
M5DU:'4+9BAA6[4[B[-8Z;N=(BWU&F,C3D']G6X%_(<W9\,OF+_+Y[._D_P#R
M4SD5+N#>O;W:G96(V'A>P\SMG<?>W7,N^]N]WIN395?MQ<;/B*+9VX#!1UF-
MCKWJ:Y<54U`C:D$VE++&:U\J_P"S_EZ.D?Q$!IPQT=O.=U_RM?\`A/UTOM;:
M_3.VMI?*/Y=[CRTW7VYLCM?</7U5\A.Q,SLG)2P[_P!T]]]H4]/E:7JK&[(C
MW%-2C&S1PN]7)%CZ2B8"=Z>JPEO/_5_EZ;:;3Q'\_P##Z=2OEA\@.@_YMW\@
M_P"27S`[#V)M#XT"FVOV/+LO=V_Z7']O[CZJWKT-VM5X3:69PFYMHXS"Y^AR
MNXMUXLT=%]FJ-CI\NS2I-'Y4EH1I?3JX'CTX#J345XCAUH'Q_=3TTTU3CJO"
M5>2Q6-DK\3+6(\F(KRD534TTSTR10S3T=87A=RMB4+`7/LPX^72#\^G&DEJ)
MLA7I(8%,*23QD)3P^2I!C%0U+9X8J95B;7&O)`!L/>L=>ZL__EW?/GY`?R\N
MYX>W>DZ>LW;LC.T^+HN[^@J[*2T>U>YMD8QLA-!6TM?6+)B-E]C;.IYWFQN[
M(*=I65):6NBJ::9U#<D7B%3J(Z=CE\,$::U/7TV.E^X.O._^J]A]S=3[IQ>]
MNN.Q]LXS=.T=TX:I%509;%Y&(FX;1#+!6T52DE/502QQ3TU3%)%+''(C(J(B
MA(Z6`U`/0H>]=;Z__]3?/WQLO;?8VS=U;`WCC(LUM+>NWLSM7<V(FGK*:/)X
M'<&/J,5EJ!JK'55#D:45=!5R)Y:>:&>/5J1U8`CWIU[K7I[%_P"$QOP2R_6=
M?LSJ'?/R&Z>W;!3;:Q^R=]U/9^6[3H-CXG;E?3O'A:/KW>TK[3R^*GPD<E"J
M5:-)3^19TD\R%GN9)&-6D8G[3UHJI-2H)ZK;[I_X2==HR93;\O1?S:VSN&BJ
M8,M)O2?Y#=3.*V')K54LV$?:5+U'DMNTD]!/'/5-7#)/).LB1^%PC.$O'(06
M+$D4Z:EA5U%$%`?]7EUJ-=A[#CZ][7[.ZS7<F"W#%UUVKV'UI)O7#Y!Z3:6\
M(-A[DRVWZO=>V,G)-6?8[?W7/@FFQH$LRNLR1"1KZ_:SRKT7K+$2%1A3RIUL
M%?\`"?GYX?$KXI[+_F%=1_,CO2LZ*VG\B<-UYE.O*C-4^X*[99IZ;8FZ]@]@
M1;6CBIMQ8>'MK,56?IJB6A7&B;*4]%!+*U0(PD:>9'8C2O2R%T4'4>M>?!8R
M/#_P+!;;Q&YMXTR;AHMA=7XV?:YKMZ;ZQ\N8?:G6>#79-+/7MD.Q=V80T"OB
MJ<,*7(3RP*=$)<.@Z(P6Q0=)RZR3,B&K$GK:I^*W_"77Y$]I;.SE7\O^[Z;X
MV8O<$&(_A?4_5L&([>W'6383*C*8.J[5RNXXX>OLQ2X_R&IH:&FH9:G$Y-3(
M*MK79/(Y<C0W;3IQK;72MPZ-Z`TK^S_#T1_^;/\`R..P_P"6KU@OR`Q'<%'W
MO\?$W3L_96Y]P[JPDFT^U=AY7>,LU)0[GW'3;?H9]B9+9%3NEDHDE1\;/BX'
M1ZF:J>0('4E#$`_ZO]7Y?:>E,D58Z(O<*?RZH6K-O2O297`YN"2EAS6$J<14
M*U9%JBPN0Q\M-(M.T*S"G:HHJ]CH#$AN'LP(#U*U].D".K=R&H!I^8ZO5ZY[
MZER'<'Q>_F?U6W:'L[&[FV;\=O@/\\NMLIN?96R.I<5\ANJMP8#9.P(?DW4R
M8>OJ>M_B_P#(SJ/%8+>>V,Z]/E<&^^MO0XW+JM!'+2^V"2"5K0_ZOM_PUX<.
MC$2(<AL=6"&HW;6]S]@9+,]X/WYE^[ODM\9'W5UMM?>FP]S=54>V<UUK_-*Q
M$_\`*)V7D\J<'USN3868DVI#L&CJ:FE@IIZ[(#*XFB,HHF.QA>/K_DS_`,7^
M?6Q(E::L]0?G=NO#1_/CX?K\FOD-O7XT=J]=YCY&Y?Y&TWQRW-V)D-H_".B/
MPKQ59UCOCXRU>W]C19:BW%WSD1%N/=./KUR^:DH:DTN>=,*L<ONH&&T@$?.G
MS_U?MZMT,'?^Z-TKOG=V]OE['D/B/EGVI\=NP\'T'TS,:C_0I\4IOD_\0O[V
M?-/<6Z^JGR_8&&^4>V]SQXC:V*Q>$Q]#AZ:/9&9GP,,CSU4K67@?,?ZOR_GU
M[RZ1WR+_`-.V2Z_ZDS7:^7ZTS.!W!\*>Z,SU?O3K_/8_?>XOG$:W^7'\F<)G
M_DKGLWG*?$YG`9O85!51YNN&*Q-%AZ\]HP+FJBHR="C^]IQ('^K\O]7RQUOH
M3<G1P4'87Q"I-D9#;T?16/\`DKMG;W67<&W]_P"6[YK?YDV#W%\Q^E,;O+97
M=_9V]A1;BV#\@/COVW@LE44T<,V<.7Q@K:?;$E%@Z:L4U4_%G_8_R?E_Q76N
MB68%]Z;M_E>R;2VE\M-HXSXOP[/[`R._/D1AM][YH/DKVG\EMM]"SYS?/\JF
MMVONK&4&PNN^G,/L?:N+BJ&Q%3'A<UBMMT$5/2U.8J*R8^XOCU_R_9_LC^?7
MNCF;0S&_<+@OF!N/;7<VWNA_CAC?Y@FX*;YC=[E.VL=W;\3Z"D[UWK6;.^+'
MQ#K]@PYN3(;DW?A,_0198X_&09W$2=Q5$TE15TGBIJ?QX@<3^6?M_P!GKW0=
M_%[</9F$V)VOM_H#L?:.U,?E_AW\7]]_,#+]D8[<..Q'\O\`Z'VM\4NBAB?E
M7TCDA1YJEWU\D.[]KSYC=-%610QT;9/J^DIJFD2:ECJ??GIJ%?\`)U[H2^C=
M_P"[<9N#:.5^%,6Z>^_D%OA?YAV6V-U#\A#V=FNFOE;\5L7W]W1D=@]W[ZS/
M8;;;J:WY/;5W[C<?ALK7UL&-S4%'VHL.1BEQQ@:+S>0)IC[,_P"KT_S=;Z3_
M`$ED-KTWS(Z-PWQE[,W/NOORO^(>R\;T'OWY)9'>%=T;\W=WXWY3?,.J^:M/
MWM6[<K\]CMV&LW!CI^RNK:.A4*]/M"+^[]52T*M')H_"-7^7_5_J]*]:]>BO
M]:=DX#8GRGQ_1&]>YJKI?Y1;<WMV[W-M_:>ZM_U'^B,?(+Y`]"_"NGZX_EC=
MC=F4B[YI]P=,8#,]=9W:&X,#G9:NHV_MF.EER%0U:L2K8U*UI6O^JHQ_@_+J
MGB1@Y85_U?LZ*QO;M#`;H[VWQ_-XW]@MHYCJOX\9GM';/Q&VSB)\3%T/\FOY
MC--V#NRFQ-;\(]H;WH8-_P!5\<MF[AR\_<NYLGFX%,N_:6HI5GFAF1(/+\(5
M/\G#\O\`/7K3R*%.<_ZO]7^'JBK+9#,[@SF8W'N#)5>6W%NK+YS=^\LO-55]
M16Y7=FYZZJS&Z<U6UU1&M1(<YG*Z>HC5W/BA=(;%8P/;P%!0=(7[SJ<5/SZL
M,_E7]J?'#H7YJ=4]V?*/8'8/:'7>P-XX#'X./8F2PM1M;KW>&]:3-[4K>U^Z
MMN9*D?<>^MG]?X7*K+%B<8T$<,DDU95BH2GC@=-+*I6B.=5>GX8@C:G10M.)
MH/\`57K:0^:/\G'XY?S,]AXW^8#_`"M.T=E[6WUVQ49??%1D\+4[FVOU?WD-
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MT<NXL?B:_`++DNS\WN[;<N/Q[S9&BRD?\)IZBH,,31?;L654[S"C*,'_`%<#
MT8(BZ%JHK3TZN&Z)_P"$UOPEZR@W=3]J[X[P^0J9VNPE3MAMP[P;JX;"IL3C
MLK15E%BX^EEV*N;&<DR?EJ'R8JF0Q*L7C1I%D3ZW_B/5M"?P#JX/XC?#CX^_
M!WJNIZ:^-VQVV/L>OWAN3?V7@J\[G=T9G/[QW940S9S<.<W!N3(Y3+Y*NJ8Z
M6"!-<NB*GIXXT4*ONO5NC0^_=>Z__]7?X]^Z]U[W[KW6N#_PHG_F/Q?%_P".
ME=\1^NILW3]]_+?86[L)!NG$KCIL=U;TO'58C;O9VYLUJRE'F*;<6ZL1G)<-
MMS[5%G2MJ)*^.73CID+T(U,?ETGNI3%%A0=6.OGI&BEI%CQ,$*TE%CZ6+'T?
MVJ%J>AI*2G2*DHAXI-4*)"NB,B-8^"2%O;VL/D/+HLAA4+&^HZN/\^HN.RTB
M2-Y,G+CXU@DCCGA59IC("?MXV@J``\$T@`,C<J";#W[I3UM/_P#"73HGJO=_
M<OS`^9?:XQ&1KOB5M[8FS-A+G,(N6QFQ*_?FS<SO_L+N?#5U<M758?=,6U:*
M3#A:*,.,<TP!O,%]L2DM5/+_`(K_``D^O2F"VC5A)DN<_M_ET2C^8W_.T^2W
MS?SO8U%MWM7.]$_"NNK*K%;1ZRV3756/S.^=@!YL%B]U[\WY@\;A=Z;I7M<M
M2YO&;>HQ1U.*DFHZ6GDJ)WG22T484`GI.9S*\R`#M:F*YP#_`"S\O\)O]_ER
M?%WY1_%'^33\]LS\X<Q58VA[DZP[P[=ZXZ,[PW35;WS/2VW,ATUE\<F+[0K-
MZ9+*87";A[-W10P;@J=N15,\&'J:U*>9Q7&>"%*E?$'V_P"7HQ'#'IUH:XBJ
MRG]U-@4%;EIH\^VQ=N5570UU<7J:RJAPF,_B%7,*A8\D]:LY=JEU28B0EFL0
MQ*\`@`'HFMR"LI'#Q6_P]&"Z+[XW_P!"=@9#=&W<?M7>&#W9LW,=:=R]2;WH
M:K,]3?(;J#-TY?*]0]K8JATR5.%JJ@1U&/SE,IS&WLA&M70E)=8;3*&&>E*L
M5-1U8_\`'W=WQSH<Q@]U_#;Y&[;^+W8F4?"-A/@C\T)=SYOI/"?+O='3^9^/
MG6'=W0GS%CVOF*[+5OQ_P&Z=P;AQF?WS3:L!D9*.CC(+BJIVRKXKD4_U>5?\
M-?ETXK**$<:_ZL</\%/GT,.3[B[3Z[^>?Q-Z-R?Q?J\!3=;5'R(W]A^N?EY\
M@-NUF\/E/U'WQ\1\3U?NCJ6I^6$^3R/2O:V&ZWZ+VM!C.L,T=P9%LI30X_'9
MQJ"HG<SZI@YS_P`7]OV\3\Z=*$<L34#_`%?ZO3JP3)[FV[DMI@_"&JI_E?3[
M<WC\7<;UA\O._4DV1G.U?D]O;Y4_'FLK_@#F,)G:'$]IP=`=GRY&N[`W7GY4
MFVQB\WO:&#%R4<%5"AU4]VKT^7^0?ZOGT[T'?:=3U57=8867JC.38:JV1T7\
MKMF_)?K^;=>8W4WP:^0^$_EO]_X'L'X_;0S^^<#'O'L3:_8U5M)\&N;PF2FV
M92Q=2X^@>*JJ(ON#=*DY_P!7[/\`5YXZ]T,LVX*/^_G4^R,'U'!UEV9L+Y6_
M&_,_)WI6?N+(;QZO_EB[S[`^3&V-Q?'"3H?KM\-CNO8X_G1UO55F\=QR;0F\
MQR$U1:IHJ(R4GNBD5(J/]7KYX^?\^M=%[ILGC*GXJ9[#8CXZ5D'=^)^*&W]Z
M9;I>M[7SE3T-B/B_N+X@TN!ZX_FZ0P5NTTZ-P_RO[5W[02;26!4.\*O#4YHX
MH(:M*G+2['Q\?/\`/[/6G^JM,=>Z,MM^?<>U]T=B9;![+;>WR2['^7?>>!^!
M'153E-T["^,WS-RO3_RC[+WUVWW)\N-Y[,:L?*]L?$NE_O)GL7A-T38ZGV]B
M,!05>(.;J:RII\=YO2@_/B/2E?7\^O=!QTYA]D9#XP;VWMVK29O,XB@7X\]5
M_'W8F%WON7%[>^:?S@[S^`'QVH>H_C_VE/LJ@H-R;=Z_Q=/M^IVCC,GN3)1;
M:SN*[)RE&YQ]60:CSFAP?]7^K_4>O=")N*CQO97Q,QR_/[>NP?C#\5\5W]_,
M!PGR#[*Z]R_8W:'9G2/\PGM/MOO/JS`]![8;8.W,K6;<Z'V)B-SKN2AS>Y*B
MF3(Y"AP^.J/'!-1/4US7MXZ1Y^7KPZJ[Z`#_`).B4X+YO?)CY6=M1Q]#?'?J
MGM_KS?WP<^._0OS8V'@]_P"YNA_B+\?=Y],=F[ZR&Q%@^95'+LZIZZH\7U%V
M]1X#?.S,?4TV5E.;K\/3PUT$"S/L"@H3W"OS_P`G'\CUJNJ/5ZC_`%>?^7JM
M3='9WQ(V/D\5O+L[*P?S'>[H=G[!VKD>MMDT>[.@/Y?6R6ZVP&VL'@<7OSL`
MXZF[U^6F[J+&X:KPN?GH\?B,/NJICBGS/W%O+*X`QP<`_P"K_5_@'22JC(XC
M_5_J\_F>B?\`;?R"[4[XW#A-U=F;BQ%36;3V71]9=<;2V9MO$=>=5]/=<XBF
M@I:7K_I7JW;$:;7ZTVV8@'K&I5-3F*KR3U<TKZ1'8+3AQZH36E>`Z#W;%)1#
M<^RY]Z#<+]9MOC9O^E2BVD*T;JJNKCNK%-V/2;*FI*FCKANFMV,*Z&ED@>&:
M*=PR2(P5QNAH0./6@14$\.OI/]!_%'^23_,,ZJZ^[6Z,Z+^.O>W6?4FTH/C=
MLK*T>U,YCJG8&V^M:^M\/763P>=CP6Y<5786OR<]4LV4I?O:L58K%GFCG29R
MWS/2V6&*>/PY4U1FAI]G#HO&SN[/Y4/\KKY/=GX3<&6^17P`R>Z<CNB'`=`;
MPQ_:]+\1^\X<?3;5PVXODAT1UEUX.QNMJZJRTF#I:6LRDC8C<+3))45F.B2L
M2HJ7$C9Q4"HZO'''$@CC6B#A_@_P8'H,=)?^9[WA_)H^:_P&WW\GMZ;]ZU[1
MS6W>LM[8+XZ[PV1N"@V-\J\;O.KW,F&V]MKJ7&[JQ/\`?O;>5W3V3MZFIXH<
MUA'P]5!JDK8SBYII6<5&1J"M>F[A$=`'&*_ZO]7^`YZ^?@<KE:C[=CY&J9*:
MTT,4AB)FI0B5,M:M/,TBU2W'G$06GU%FA`CTV5=%GTZ?Q'IVBRM=54=0)*JI
M>HGJL70/5ZZFG:E`K/)!6^2))(JV`2$0J"JNP-KDW][ZJP\"A3-?7K;1_P"$
MT?STSFQ^Z-\?!3L_=+OU[V?CF[(Z!7/9S*?P_9?8^(I\50[]ZGVE%G\Q)CL1
M@MXT<B[@QN*I$%54Y2>N\%,(8I'5+-%34_1C;S%DC!`X=;ORL&4,/HP!'XX/
M(]INE77?OW7NO>_=>Z__UM_CW[KW6"J>6.FJ)((#4S)!,\-,LJPM42K&QC@6
M9O3"97`4,>%O?WL<1U[K0_\`E/\`R;/YT/S.[\W]\B>Y.O\`H^7?._\`.UM+
M225WR6V_)0[#ZIPF:RLW5/5.%QN"Z=HZ$8C9&$RCI),%EFR&2J*NMG9YJIBJ
MI98E``X_9TDN[..\6-9"1I-<?93HJM3_`,)MOYJ]0M1#_HJ^/T9^]J-;_P"S
M,TT$-;1HI>F%)!!U89((I)&42&1DD5T-E*M[MX\>!G]G3<=H846)/@44'5/_
M`,L?B=W!\.>[\Y\?N\3L?_29MW:NW=V9V@ZU["@[/PFW:3=G\6..PV3W!!AL
M)+C=W4`Q$CU..FI$E2*2"H77#/&Q<!!%0>O.C)35Y]'P_D^?S):7^7/WSOI>
MUMGY7L'XO?)S%;8Z^^0>UL97RS)M..FE?!TO=5!LF6FFI=X28C;&5FH,]CT:
M"L?"1$TRS.GB+<L>I>WXO]7^K\NK12:6%3V_GUL5]*8__A,5\,]I;9^3VP<W
ML7?QD[@WSDN@]P;ZI^U>VMZX;LOI+!5&8J-C="8;>N'-5M+#8"EJ8DV]KCI<
M/D*V:D--63RBG=4_@RU`I_/I1XL63_DZK@_F/_S;>_/YON?VI\"?A/TSV!A>
MK^W,V^(GZZR,F)I.Y/E<^.DQ>7HL9OREEI9J?X]="[`>-\GO6LR%8E3''2!9
MYEIC'%6U:-T%6I3[>JL_B#3&3J_U?ZOGU<EU-_+,_ER_RZ_Y?N,Z*_F7Y?IS
MLW<7R4[TVG6]B[^R&UL_13[M^0W8E9B=G];[(Z4GVW25G;D.UNKJK*14&WL@
M&@DQ<#3Y:I&/2:;PZ4,V0?\`5_J_;TXB:%H`.M0;^9M_+JW[_+1^35?T'NC>
M-9V)L/<NWZKM?H[M*HQ]729'=O6E3G:_#2[9WR(J!,/'VCL#(4RTF5-#4S#(
MT$E+E&CIC5/$%\9+QB6G;6GY\?LZ221E*'\)ZKZ02U=))231&>CJY)66A1YY
M(:Z,P^*6%X:RF,4D6FZ$.'#BZD6)][Z1M&YEUCX:CS_R='*Z&^:7;?3VWL=U
M/O'';7^3'Q1PNW=P[?;X1?(&C.YOCG5XW<F33/5[[-27"9'=?4>YL-N5$R^-
MR.#FI_MZZ,PB-:65U%2BD4I3_5CI8MPD5?%)SPQ7[>C%X[=NR>Z]UXO`_`CY
M6=Q?"CL/&ODH.F?C9\RNSILCLRFR,F3ZOW!@<ATG\WXX]PTF)W3-NGJC&[D.
M%W_#"T-7M[&45!7TT"PA:Z2.(J*4^?\`E/Y9_(=6617=9`QTDU_+[.'^KSZ.
M_P#([YP9&JK*#JKY&=(=@_&KY"]8_'KNGJ7.[7[/VC@,INGYH5;_``EK^K^G
M.VYNX=LT]5@,EVC@.V^ZMR+!@]NU&3VADVWY%DJZM22DGT>0<3_J_P!7[?ET
MJ5@]:='&RFW=[]>X/XV=?T_R&P_;?3O7/R/.=S&^9LCB]Z;_`/YF-'2_.B@P
M^4[)[>K*3"TF?ZPSOPMWM*-C)D*#.9FHW37@_P`!BI\$$UU6E2"<_P"#_B^O
M!@33->@9S^2[7["^!&^MNCN7-=F[.ZRP77_;>`^5VT9<;B*K;66H/AQUM29#
M^53_`*-NM\6W7FX=I]9];[HR:Y[>FZLI3X*@J-T14M#256[*FI^T\`"U?G_E
MX_ZAU;HTVTME[CS&U?E)UAC-^;=P^-[8^5N;[OROR#EWAOW:O<G\N&4_-?Y(
M;.^,^4ZPQ&U,34[6W[U;O[LG:N=GVS6UN2V_1;6KLIG1OB>LP=521^]-D\?R
MQG'^3YUKU[JNWXW?('OG<J[RQ/P"V)E.X,YV#\;]G=,;C[/W`^5V'T!\!:?9
MGQ.^.NS-W_)'&=[9E6ZWP/R'?N;:BMO):OS5^$3:6(K\;#4TCR+)L\<F@K\O
MG\L_9_+JC.HJ//\`U?ZJ]$RS\OQK^..^LRW?FZ]W_P`S#Y-9H;]S?R'ZDV7O
MK=/7WP=C^3#Y>FJ*;*_)CLZJ:EW1\S]T8'=&,E&Y_P"`45'M:NIEIEB4+XX_
M=@"0-./]7^KC^SI)4*>XU/\`J_U?Y>B1=Y?(GO'Y#8C;VQNU=\19+K?9>&H*
M+8'0FQ,#A>L?CALRDI\;A,5&NT>DMDX^@V0:)Z/#4[_=Y09C)>>%9#4"4EC<
M`#[>FW+,I4&F.B_4U/43U,FJ26*I1FDEK6BJ_MY$IX9/&WACIBQG0Q)'&BW0
M!_H-/O8^73,*,FK7Y]7`_P`G?^53NS^99W5F#NO,Y;KOXT])Y+;V8[KW[BZ?
M+#/=D39]JV3%]/\`4^8J<2=L8_+U$.-J!N?,15$E=MNE,(2!:NK@FA3RR@AD
M6M>E\,3:E8TIULG==?%[_A,W\C=W5/P$Z=V_TQGN],2-T;,&2V(W:.)[MR60
MZBKL?F=[S87Y,345/5[SW$\%.WWF1H]P5M3F,<E4D<LT,$WB8"NRD@X^WJR3
MQ.SJOQ*:''F/\/Y=40_+GX4?,;^0[\@>L>ZNF_D4:;'=O;TW_L[I'NO:N$KX
MU-,]#D)Z7JKY+]09NFR/6N_=P-L*.CJ<;DD*G*5^($5/#3O"974(R240KFG^
MK_B^FW1X^]3C[?\`5^SJ^#XK_/\`^!7\[;JW:WPS^?'5V$P?R<P6`J\^*3<W
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MBG.S/C51%865LE2?(O-&"H"G]BBJ:=>JA4%*%F)C*@6E6Y/`/M+#($U:J\.G
M/`D]!T*&V/\`A/O_`#;>O]W[9[!ZTQO2'7V_MD9K'[LZ_P!\8'Y$EMQ["WS@
ML;4XK![FQ@J>H&QU=%&M5+]U3R(OW]!4STDK!96/MR26-D8"M?+'5XXG5U.-
M/6\[\>,AW+DNDNL:GY#;=PVU.\!LW"TW:6$V]N*BW;@X=Z45,*+-5V*W%C,'
MMG'5]#FZFG-=&L&/I(Z9:GP!!X_:7I5T,_OW7NO>_=>Z_]??X]^Z]U[W[KW7
MO?NO=!]VMV)M_J7K7?G9FZ:FEI-O[#VAN+=V6FK<K08*F-'M_%5.2E@?,Y6I
MH\;C'JS`(8YIYHXUED6[#WM15@!QZT30$]?),[Z[7WE\H.Y.Q/DKV!/C/[\_
M(?=8[1SE-'MZFPE9BX,O24-'MK$318B&BH(LIM/8N*QF+R$\<:BLJJ>:5N96
M+*G+1!0HXCTZ0R.7.?+H()L-6R230I44D\/A:GKW@AII6AI(S<RT\I5IZ0LR
M@EP1*S?4V)'MY22JD\:=,R$JC%>/3KMC:]9FMQ;?P^"H9\QO_>F<VKL+;.'Q
M4-&N7WAF-U9B#`;7VO1UU<U/"M7E\[DX::F6JD6EADG,DC1HC,+<,>758G9U
M)(S7TZWT?Y?'PMZ7_D0_%GLSYH?-+=6%D^0F^=H;.VOOS%[$IAN&EP%)1SY.
M7K?XQ_'S&RPT&8[3[8WKN++!,C5)(K[BSA011TV/I(G"!Y&?!X=&B1JF1T/'
M\PW^6O\``_YH=S?&7Y-?,KO;<G5&+HJ:B<=)=Q=JT'7NV^Q]F083&[DJ>JL'
M@-U[EPL_4N3.=^SJ]Z5&UC%FLO"C4%;4K3"'Q:5W4$+P/'JY-.M?#^?U\J-@
M?/7Y8?&+XG_#JBG[`ROQJS>\ND]N9;"Y#"T.R>T?D+WI/UKM+;/4/5^0R%12
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M\K>Z^GMC4G3V0_N7W_\`&N+<&,S>1^+'R7P%'V;U!69J@RD&;CJMDUV4@J.P
MNF:N;)4%)KJ]M9*)8XH`B487CW4J#Q%#TZDKIA:='*^.>]MO8KL[HO='P8^1
M\OQ8[5Z)W/NB7I;X??.&+^_WQVVEG.XZC:`[?H>C_D_44^3V]`F^*79V1RU-
M1=A8^";!3FEDH<A!6M*[UT_%JJ0?]7#C_A_+KPDR"M-7^K_5Y?.O1J]D9/YN
MXW.=G]:=:?#/MW:N%Z^^7V"^<797P#["_NKL'X>XC?V\MHY;-YON'+?-*HSF
MR-K]L]"[%[[R.R]T[8V)_>:LP.2I*.HGKA4XZA@CAI1*X;Y5S7\OY\.G/%E`
MK05Z*[V%WEL';^Z^V=Y_*3NS+_/OY0=G=CX[<WR"^/'1!'4/\M;<G9O7VP]_
M]2]=9#N+M#&8';^^.^\)LF2YW;M?9L6-VKE\AG3/''7HE9+4VT5H!\'^K_5_
MDZ>DDTKJ4BM>B4]^_*/N;Y)2;8V_N_.1;5ZHVGM3<.T^M_CQT[CZ#J_HCK7:
MV4J$AR&!Q&R=M)B<=V#+_`:2GQ,V:W(M9E\KBJ*%9YA:0/8*!P&?]7^K_!TC
M>1VJ2<]%DGP,BBFHJ.2CI\304\D`AHJ-(Z*E--Y(Z>F2B3P1:98F]<4"^,:B
M0#]?=ZTK7'2:%W<L&'EZ=.7]T\S5P;QK<1B]T9_`]=[>HLEO_/;>VWDMP8CK
MVCJ\53U]/3[^R>WL;78+KZEK6IIFHSFZO'"58[J2+GWJH]1T_0^AZO0^.?\`
M(ZK?D;_*TRWSFZJ^0^`[<[TCP&\-W[:Z`ZJH,%N78-4-I5\4E9TSO+<N;3:.
M\J#OK%XZEKHJAS446%HLI/`AIJJC05=2GDF96HO2B*%6%6KU:I_PE'^1^P)>
MHOD'\,Q4T\^]:?L?<GRPVIDH\B]72;\ZQ[._NGM'<-5A<934$D6%HNO<[BL?
M0UU155@_B==EO)1QM&DK(F)))8\3TY'(=>@?A/\`J_XO\NM=+YS?!7L#^6/\
MOVZ)Q^]-V85=L9NF[E^('R#I,3)L#-;GI#)5[IQ62V+F,%72T-%OKI#.9&?$
M9@4$T53/'$E8U%'2UBB2R27$8*P[>9E/$ZM-#Z9X])I(5B=FC!JYJ?//^3K;
MLV[V5!_,V_X3L]G=F?);#Y+<>\:7XS=T9/=>Y#4XC`YS<O<_Q,&ZY<9VYA$V
M728BFV:V?[%ZR3*T^/@BAD@HIS23ADDE5]*S*=0%&]/\GY=+2`RT;A3K0"@K
M\OD<9@\S4999LU!3;?W-!FL4DN,GQ^[_`+*FR"[BV^]/+'5[;S%+6U+M35%)
M+%/2ZCXF4D^]LS.VI@=6/+HA$\I+`TH&(X>7^KSZ;6PE3*8ONY6F+5;L8(8B
MJI6(IJ?(:D",>5VD]=N6UDW)!/M7*S(H*\:]*97*`%>-?MZ>\-BLQC\Q15V*
MW)4[2W/BJW#9O;6Z=LB6AW-M#/86MILIA\SMJK:8&ASNWJ^GCJZ*=2#'5QH_
M`%_:<RRG%!2GITY"Q81LW&OV>?7U-/Y77REE^8_P1^.7>V4R.)R.\L]L#'8'
MM#^"5.7KJ#&]L;,>7:G8^%;(9VFI<CD*_%[IQ-1'53D2125.LQRRK9RST9]'
M_P#?NO=>]^Z]U[W[KW7O?NO=?__0W^/?NO=>]^Z]U[W[KW6O9_PHW[<[-P7P
MXVO\9>M.OMZ[NJ/FAOINF]TYW:.PZWL:+;NS<?1T^YLUMO*;>H-OYR>EJNUS
M21[=QV6\E`N$KJU*UJF*.%W5VV=(F9I%J*X%/\.1\_4>H/6FJ58`T-.M47;/
M\C[^:1V)OQMH-\2MT;&R5?1YS/4V]>SMU]:;0ZVQ9H%::HP>1W-L_</8-3_%
MLY5LL..IJ;'RT\S'R321Q*7"R2\CD*D(V/LZ2_3O_$.E3\C/Y#7S'^*WP^^1
M/S#^1&Y^C]B8OH/;]#N`]7[7RFXNS=P=BX>:JP6.EK:+>F,I]JX?9F1I\IF3
M3K%4XS*I,(3(7A1@0VLZLP4*1UIH64%BPZI*K:986EB2.K^QAFHA/5++-BJH
M31US+35V%R5!44N1H\G25-,)(YX9(9X"%D4J?;QZ9ZM;Z*^9&^/F1\X_Y;&+
M_F0=\;A[.Z#Z-[BV1A,?6[XS$^TMO;0J=M4.2JNMM[;JS6U4H:O,=AYSLNDP
M%/F=V5\_W==10^&KJ(J1ZPR,O&"C!`*UKUN&Y#2@&M*$=6"_\*D.^<;VK\Z>
MI/C[!G]N[KVA\9.C$W/G-I2;=I)JG8O>7=^3FK:K^,Y2KQZ5V8@W1TMC\'54
ML%-/48^G*L[Z:ABHK"H"LQI6O3T[$E1FE.E+_P`)C/A3-W+\EM\_.+<6%HAU
M?\5J?<?3W4E)/3PTE)D/D?O#$4:;VW!B8L3EQ0-_HLZZR*XR:BR6-:*&LW##
M54#^6&0AJ642*`!Y].Q1&,DD]7FYOXI_S4>R/YT.T?EIF>P=A]0_"GJ7$[CZ
MQVIB=AY_$9K>'8?2%7AL+N//;.[*V9F-ISMFJSM?M>C@J36-613;2I<1$V-'
MGGEFDT&4IX92I/SQUME;5K#=H\J9_P!7^KRZH8_GM=.;S^3_`//6ZT^.?QXP
MNW-\=U=E?&/JJF@VM!N+";7H*'.[2RG;^]<[E>U\_'"V0P,."ZY@Q]9)/)!D
M,HF*GI/MJ:='@A*D3JEK#&5)8,WGCRZJX\8JHQ3.?GT.Q_X3$X[!]7X)NY_G
M;L?K'Y0]G9'(;?ZHV+!@=KTW2>X-^5N,?<V.ZS1-S5E+VMV=G<30XW*FJDP5
M9CZRNHZ7[R"DIDAFC+HO:(H5,`9_XKT_,=)A9'Q/$,GG6G^S_L'K7\^>'P<[
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MA\ND4L$KZF<P2#Y_ZN/3CJT9TDX_U?SQT&&%-?G,G1X+`X3,;EW%E<IB\!M/
M9&T=O5N7S6Y\E5S^/%[:VAM?"H:[.YRMK62.EI(T-K<!85=DT[B-=1'GTFM[
M=O$^)>'5EWRK_E,_-SX4]1[4^1?R9ZYV9M+J_)Y_9NR*BIV%V!B-^;EV-NC?
M<*1[33?^VDPV!@HC4;@JEP<L^,KLK&F7EC1W-+(M26Q<)5>T\1TL-NU"=0Z%
M/^55MC^4S28SLOY$?S2-W[AVSA>H>S<+L#8VQ=U/DMP=-]F9W-[1SO9M-7OU
MQU;MS+=N[G_N3L?;<\.XX=QQU>RZJ>OI1"/NK0AZ\<S!%5<`DYZW;9+&OEUL
MZ?S/NYX/Y?'\J39W9O\`+&ZT^.77O17:M5L':QJTZ^IH(L-U]\C\<]!UYO\`
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MG\_G^7-\U.JML](?S.OCK0[3R.Z'?;V^LCG]E4/:_P`;::;&8O$9S^^0R[5#
M]@;)P^^-YX8PX[&18[(UU')'1_?5(#EX]20L<@@_X>O1W:25HI'54_\`,2_F
MY_';L_XJX#^7S_+P^/-?\8/AUD\JV;[EQFYMG;?V;N'-C^^%;O.JZUV3LC!Y
M_,P[0H*_?5'29S+YO[YWR<<PI(@BR5@DM'"4<,2*=-&[CEK&JG5\Z>76OM-/
M'4R2)5"DM/*SJT,9CGURU$LC5#U$3I30R1HX4*J!$6X06]J1\STEEB:1J@BE
M`.KWOC!_(9^3WR[^#_0_S0Z)["Z?W#7=YX''YJAZ2WKC<_L+(;8V]5;DS^V<
MSD:KM`Y3=F(RLF!AQ,=9%3I@86R:3NB/3F-3*F^H7':>E$5D\;$EUX=,O:W\
MA;^95U#6;20_'*G[5I,^:NFFJ?CSV#M7?-;M"JQ-/CA-6;J@WTO5G\+IMP"8
MC'&E^_`\4@G\952_OJ5_A/3CVKO'(@85*D?MZOW_`.$U&Y>\NM<'\N_AEW1U
M3W5L^JZ@[67LS%Y?L#;F:PNQ]J5W8DU1MC>/3>SYLGCEQ-=D,5N_8=9N6KJ,
M)DLGA:L[B\U.R78R,RN)""`>E$$9B@BB)&I13'6TM[:Z=Z][]U[KWOW7NO>_
M=>Z__]'?X]^Z]U[W[KW7O?NO==%0;7OQ_0D?[`V(N/\`#W[KW7!88E"!47]O
M]!/)6_\`1C<WY]^Z]UKD?\*BNPZK:?\`+2@V5B]W3X#(=R_(SHCK[+8"@S*X
M[(;VZ_;=4F:WY@)L9'*E=N+;+X['1-EJ>-7A6GTFHM$3=R(@2(2:"O3<O]F_
MV=?/SJ`7_A@J()/NY/OBC>*+1/+/.2890`IBEJ#&I8!00HN+#VN!!X&O2`LH
MXL!TTN:9J6?'5YI7DR1DU44YHBE7CHUM4QM25!:5Z>)V4W\9A9?]J]^U*30,
M">M"$(=80CY_;T^]B;W[#WB8-PYO<63W?O2?8FU]D83<>[,FN>W)#M38^,I]
MH[$V\<N[^:9MG[7IOM\*E29-,,<:RNUS[]0=7KPJ>MMKY6_S-?AQ\:_Y*/1G
MQ/\`Y:6]Z_(;F[QV?FOCG+F_!6]=]N]0XW!;4Q51\F>Y>RL?A:&@GB[AK<]N
M2'&_<TLHQ^0W1FY9J>OG@H9Q[2K#W%6&/E_J_P`G2MYEH3&ZG/V]:[&R?G_\
MV^K-E[5ZVZG^8'R:ZUZTZ\H*3"[$V5LKM;<-/MW:VW*0N,=A::#)5%;55U'1
MM,0JU,DY=0%-P``_X,?'3TG\63/=UL8_\)4^MCV7WE_,)^7_`&5C]U;L[=I\
MEUOUE@>Y-V3;ER;;G3L.+.=@=R3ME\K)+A\_NVIWAA<9][/%-)7XRD\-$X@I
MFBB9FX_`.G;?\9^SJBOYT?*C=/S-_F4;K[YR%5FMLK1_,GI3J[J3#QYR&@J^
MN,=TU\B=M=.XJKAGQC8^B3<F5JL?FZZ7.(B9!*#(I0M.T,3:_4`MR?E_J_R]
M6UOXXCKVUZV5O^%7^.V/#U%\)<MD<?DQON?OCL#`[,RL$>`CV\L&0ZNR^2W1
MB]XY"NA;<<5'48G'R5&+BH94I_XO##)5*T:BVK<T)'K_`+/6KL?XM,ZC]4#'
MK_JX=+CXD]P=U_'S_A*AUKW3\8*C(IWGU_\`%'.;CZSK<3M:@W[DL9N:;M_/
MT]154NT<GA]PXS/O@Z?(5+?:ST55$%A(9"%)]M+36=6!GIY*A$!-3I'^#I>=
M^9_*_P`PK^0?W%W!\XNN=E_'+L[$]2[@RV"[G[5ZWRLE+1UG7.5Q=;M'Y.;&
MV)3P+V[U1C.Q<KC168G#U<--F,;)4*9Z::D95FLS%36,]O\`J_U>O7F56'<,
M=:='\L2IJZG^97_+1JJR'^[GWWR_ZNJI:`$1SXW('`;R%7AYI*5F62I2HG_A
M<XTZ)&D8FRV(?GS&/M'2:#^T.<4/7T0.T]W]._/?LSY]?RLNWMA)38+K_I+H
MW.9?(UF\**.O[%P/?U!O;(TVYMIX/'QT&Z=JMU'NC8-*CY:*>7_+ZR!HG@E1
M0R,<1TK/`]?-&[QZ;W=TGV]VMT;V9%3UG9'4.^M_].=B,M)%!0;H.+JZB2"N
MI\<U;7Y#'8#?6U\AC\K2T<E1+HH,BIE<RZP#%6#`4()Z+)6FAH8JBOR_SCK<
M]_DM]C;=_F??RE>[_P"7Y\@(LWV3D>AMLQ]"9O/[DK<W0?WAV/O3&UFZOCS5
M2;[6JK,@N^=EX_%T\<]1C::*'#14E`E.)9%<A&X(E)(-*_\`%G'^3I7$_C0=
MU"],CT/H0:_SZTB]R;+WML'=&;Z^W\,IU_VQU5O&LVKNZEI:7(8G)[4['V!N
M#[2MRV+2:+&9-*6ISV-2OQU1/%`U3C9HG9/#/<K0=5#TC*+`34::^OGUMI?*
MK^:O\3/G3_)!P&U/G/N^EVE\NNT?XQMK";:ZPV%E]RYG;W?W0O8&`H:?OW`[
M0QNY*:LQ?46/R&1QU;D7KZRA7*X^HR$&/IJJ&/Q%.L9#@J.!_P!7I7_!TM=H
MWA()!!'RS_J_EUJ&15[3R,]1$KU:QUC31TZ1,"D[#QU#2.S31>,`G2NJVO2=
M3"_M1QS7I$JJE0HH.N%-*LE;34:20RYE#331451)3ES323_;*E10U3+-X48L
M3(HL6!O>S6V2*9..O"$(=>@@^OV]2(,?)2S3QP2NM1%.GW$<?C:!XS+IC!,F
M@P2.I\BZ2VI`3Q;G50153U;K>Y_X2G=I8?*_#3O?H)9-RS;NZ0^2>\=S[@ER
M4$G]UDVUWO3TV].N:/95<U?4QSTE+@L5.:VF2GHDHJJ32L;F1I&+M)`R".ED
M3E^/E_J_S];1K1H]M:*UC<:E!L?ZB_O73W7O&MP;$V-Q=FL#_@+V'OW7NN?O
MW7NO>_=>Z][]U[KWOW7NO__2W^/?NO=>]^Z]U[W[KW7O?NO=>]^Z]UJ[_P#"
MA?X<_)WYT=I_`WK/XW]$;LWW)U]E.]-P;M[5R55@-N=,;''8VT\;M'#8K>.[
MZC(UF[,753';]3+.V/PE>((GI]1/F"CW5776I6M*]%2^,G_"63<-8VU-V?+K
MY&?PL"JV-N//=,=&X6.6CGCC\]3OSKO=7;.Y)QF<A'(@AI,=GMNTF"JH-4TP
MBU"(AV.4QB@'G7I&]D'-2XX4X'_/_G'RZB_\*#?@E\3_`(,?RV.DMM_&/I?:
M'6DFY?FM\?L/OG=E)1#)]@=BQ;5ZK[T?$U/8>_,H*K=6\<JKO(S5596&21Y&
M+B0$CWN#^T_(]*)O[*GH1UIR/KBJ0L$3I.GVZP43*6:G.@)+*@=RZ/,RZA:Z
MWN>/I[6$TKT6R3"-BNFN.IJ2R:ZPU%'1QS-0%8IEB2-ZIE#0X^*6JCT`)3EY
MF#R'QH[-?]0]M1RZR1II05Z9MQWM]G^7IKU5$4U-#>5OLY'E=79HPHG5=4E*
M4<@NQ`*L/]<6]O5K]O3QE`?1I\^MIS_A,5\Y=I="=O=^?%;NOL"GV3U_WKA=
ML]Q](93>V[\?MKK/!]C[0J(-F=D;"PU!EI8J"#?G9]+N'&9=Z^6IIGR;XU:8
M1S3I$"EN?P'I?;GXQY=6!_"/_A/AF_CY\[MZ?+/Y0=J[*W=U1U!V/O'O;H;"
M[1@K-N#<O8/8>Y]Y[^R6]>Y9<Y6L-OX3I"GW554%#C8)IZ7-54G\4JYJ:.FC
MHS3Q"46.GE3JYCTNTG'->J-_Y[G\R7K;YU?*G:U5TQO?-YCXN_%_:N[ML46Y
M\I5^7KGL3L\YR5=\]P]<[<>):NNPV&VE2UFV8,[*7&8@DD>B'VO[TST2:!J;
M_BNF99-9HHZV3/C!\L<=_*#_`.$^WQ+[F^4.QJS$Y?K3JOK/;DG6R9F@BS6<
MR'8W8=9'MR"FRV)CW/BH,E5['RQS[:B8W2"2%FAE8*J1OB;[3TK'`?9T5'_A
M4=5]L[D^-?Q0[3ZZ[$W)DOBCO+L7$8[L?9N&FQF"V;FMX;MVQ/GOCUO_`'7/
M`^.WYNK&93*!\;3X&K^ZVZM344]964R55/3R>WX"!6HS_J_U?GTU<P_4P-#J
MTD^?'^76N+_)YZIWAW-_-.^"NW=JBBR51U5W)6=];FILQ+/14V'Z^ZMVWFSN
MC)R5\,-4]1FVR^Z*%*&G9?'-4MXWDB"L2Y<5T#[>F;?#T^76X'\E,[_+S^$W
M\X%/G-\B?Y@N>Z8[@WY\9L5UQF/CE)M^IR/764ZLQN7HMKX?<G8N>VMM+<&2
MV_AX-[[EI,A3+EJK'0O6Q)4JSTU+*8TRQLREAPZ4F158*:UZJO\`^%0_P[QN
M-RW37\Q;K>#'U&TNR8=O=$=Y5N(J:>MH<CF*NFR>4^.W9D,\>7EI*VAROW5=
MMNJGHX2:I<ACI)93'"C*Y;D!S\QTW<`E5IQ!ZII_E'?.O%?RY_F%6_(#=(WM
ME.D-R]#;^Z_[1VAM7%T^X<OO++4U?@,MU.N`P]5DZ$8U:+?8DAJ\LHGEH,=/
MXYT\!=T?E!*DCRS_`*ORKTEMR('G<YUFO#ABGY]%N^=_ROQOS:^6?;GRDQ_3
M^`Z!H>UVV,\_6V*RU)N7)1Y_;>UXL+FMU[OW!0TN/Q.<WYNJJ58:VOHH8J8X
M[&X]/W)DF<U@-5(IPZU<_P",:*8TU_/HG-5`5J3(U)`#-'34TAII()&J/L`R
MT:UFMRTD<$3L0XU2(20+(3[==M"EJ5IY=,))0B+3D8KUCU3"6IIPPII)J9ON
ME\T(\].QULOE5BK*3R=)L!]?Z>ZQN)`2%IUN67P\::XZW6O^$]'PX^//S"_E
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MJ:CK2YZ3^-/<_P`DNX]F]']$]>[B[&[:SU=CL-%C\?A\BF`V8V4AK:^"M[?W
M;3XJ3;G6FW*/!X^JKI:O(N)ZFGI9#2T]94`0%4SHM0S9ITD-NS?%%D^O5TGS
M1_D0;N^!'\L;L+Y/=F;HH>TOD3MOM;I_(;SAZWK,K0=0](_&_(YS&87L*C3%
M[@EI*WM/<]%E,J9ZS<4]'3S)&T7V%%24\51YDD!(?'$_Y^O+9);@N)68D4_V
M>'F>M<V4K%4U$,]J<1:T1415JRT8LH,6J2-8-8TW5BL?T`-O:WAGI"X_7_,=
M2(JB.2DDBJ(*2:@BFHZK[>MI5K&-325?W.+EC)A\;UU!5HLL,H`DBE19([.@
M(T55J:J'I>HD.KPZ_ET*63[8[2RG7]#UMG.RNQLUUKMO<>XMZ[=V%D=\[ERF
M$P.[M_P3T>_\Y`U7E#E:G(;XQ5;-%7Q5%544E1!-)'XE220-X1H#A!7KS/)E
M68]`SF<=%N;$9;#5$<%%CLKC)\&7IJ6C::AH&HFQ\46/HI$:CIHJ&F*QPQ6\
M2*H`%@![L/*G5.KDOF1_-X[B^;OP\ZX^&'9/273?7?3FP,_T_68W,;(S^]<_
MNW+TO2M`M#M;:V6I=PT=+@(L=GZ>$#(SHI*)=(H^=8:\%*DG/3OC/2@QT+=!
M_.[S>^/@?N/^7O\`,WHJ?Y&]/U?3&!ZGPO9NT.T,CMOO3);CVUEDRFW]^[[W
M'N.C?!-28O\`AV/A2'$0?>`4;AII$E*KKP0"&#$?ZOE3JPG8"E/]7YUZK1^#
M7R[[%^!GR-V!\I-C;=V)V%V1L[K_`'KLE,!O"?/;<V#D9^S,9A:#<VX,E+M>
M!<NG\.EP[/24KD`F<EV4HI]W9`XH>FE<H:KUE^9'RO[`^;/R@[;^2?<6-VI1
M;F[3V[M;;62V9MFAK*396,Z\VEMVJP6#V%'4U[?QK<5.(<Q6SU>3J?%5UKUB
MJL<44,:>_*BJ*`8ZVSLQ!)X=!#VAWYW%W#CMJTW;_<&_NT,3U7M.NVEUS1=A
M;GK-Q;<V/L\T=!#_`'>VWBHDQ>,I\3CZ?#TQH&FIYJFFDIT,,B<@["*HJJ@'
MK1=FPS$])*2N.'R<TV-JHY)(5QM5]Q-21S05&M**1C)#+1-64J1K(/1(I=KE
M?H/>R@D!1FTAL5]/GU7I,8Y]5918E:.*.LGKYZ>&40&J>-)8CIH@T4>F>[L-
M&A-1-OH;W=@L;9=6K<0/S/\`FZ]^76S%T)_(3HOFI_*N^+OS)^,&[IML_*;L
M/J+%[GW5UIO[/U,W2G:>Y!OG(8+<M5%G:^ER^?Z@RK;4QTIQO\,@FPB5@_RJ
MBJ/*98R]FTR.OB:HP2/D1_L_ZATX+%`WBAV+5K2OK7'IY_;4<:=47?(CXK=\
M_%C?62ZS^1O46Y.G]R4]3+1X-L]A7EVEO6&&LRU-1OL??-%!-M3<4.X:+`55
M=2P05$66%!']Q/0TRFP?62%>#`=5:W9LF*O6[7_PE6I9J?\`EQ]K35-.8*FL
M^<WR3DG)C\8G:A38F&BF4&\C'[;%HC%R6,B-<GVA/$_;TO'`?9ULM>_=;Z]8
M7O;G^OY]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U__U-_CW[KW7O?N
MO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW5=O\QC^7/UU_,DV7T;USVIO?>&SMF]
M._(39O>^4H-E-24U?V'1[6PFY\!D.M<IEYU-9M[;^ZL?N>6.KKJ`KD(XUTPN
MFMB;(Q1M0X]>Z-ATA\?.D/C7L>BZUZ"ZJV+U!L+'RUD])M38&W<=MS#139#(
MUV6JY#34$,0F>7)9.HFNY8AYFM8&WO3,6-2<]>Z)G_.0Z<J^^_Y77SAZSH=Q
M46U*FMZ!W?NQ<[D<34YNBIHNL%I>T:FCGQM)7XVHF&8I=FO1JPE*PO.)&CF5
M3$]XC1P?]7ITW+\!'^K&?\G7R[<5C\MOBNV?!@-K9S<FY^R*G;6.V9L7:&,G
MW%O;>&Z]YP4\^V]C;5P-#3I69K<>6GJA#''$`JE7EE:*&.61%K'2I-.'19X(
M>56UT-1UNS_RDO\`A.^>GI\[WW\\HJ6;MJIVWO7974G4.P]V',[;ZEVSV1LF
M+;69[%W!N6FQU-)DOD-0XK.Y7$X^?'R-B]LI)--1R5U3-'71)6G9A\-#^?1G
M'&(RQ#5KUIC=F=29?H/L_NWX_P"Z'Q4^ZOCUW#OSH_)M@LC6YS;D=3L//S8[
M%)CLU64&.R6:@I=JU&.C:HGIH:J2I64S(&N2I5M2*>!ITDD_M'IZ])C:>V-Q
M;GW!@MG[+VKFM\;QW=F,;MW9FP]JXFMS^\=[[US6N+&;9VUA*2U3D\M72!B"
M"*6D1'GJ'C@BED6Q)`)ZI3('1UOG%\"N]OY>^ZNHNJ>_8<+3;N[=Z?P/=V(E
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MZM$@=B#Y=;%'\X#_`(3W9;;*]R_,3X'4>?WCD-R[WRW:'8WQ!H<9BJB?&8_<
M-1!D^Q-Q_&FJB_A]2V5CS\]9G9]G5GW%-605-13804=0D%-4LI,U0IR#T[)"
MM&8=:?4F!JM\XIL%LZKQSU.^:.#:.U,E45E30P'<786:I.O]JU=;4/`E7A31
M[FW%3Q5>M(YJ#1(TL8DB*>U1&,>G2+61<00T^.OVBGRZ^OWT!UY/U+T5TSU;
M64V%I*[KKJKK[8^1I]N1B/`1Y+:VU<5A<C_!E%%CB<8]=1R-"33P%D()1"2H
M+F-68CA7HUH!@&H'3=\@?CETG\I>N*_J7O[K;:7:G7^0KJ#+-MO>.'I<S04>
M=Q+2R8;<6,CJTD7'[@PD\[2T=7&!-3RV92"/>NO=%\_EZ_`;K7^71U#OWI'J
M/<>[\_L+=O=^_>Y<)2[XR,F?S^U5WW1[<IJC:L^ZZV6HSF[X:"HP#3)D<E))
M7R_<E)&98T/OW7NCX^_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U
M[K__U=_CW[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]TA>
MS^N]L]N]<;^ZIWM35-?LGLW9.[.O=Y8ZCK:K%U>1VKO7;^1VUGZ*ERE!-3UV
M,J:G%Y.54J('2:%B&1E8`CW7NJ??Y6_\C[X[_P`NI-I]H9>IE[F^5N&V?N78
M\_<N;^^7";8VSG,Y/)3X;JK963J\E2;%GI]ET^/P=?F(W?-YNGI96K*EDJ'A
M&ZD\2>M4'H.KN[`C3]!:UA<<?3BUB/>NM]?/J_X4@_%FJZP_F,U/>%+A<[E=
MG_+/J#96?QSP8Z-_O.X>F)DZ^W#UIUOA=MQOG-U;FR.S9,7FZB":G>KJJ[))
M%322W\2*8I55=+$UZ0WL$TQ@,(X'.:8_R]7,?R'/Y,>=^)LN%^;/R8I*[;_R
M7WIUSD=L[+Z/6IUXSX^;`WI6T>5KH]X52O)-GN[]S8K'4<65TNE%@(C+04ZR
MN9ZB5N63613A3IVVA:%6UFK$_P"3_/\`RX^@L=_G0_!!OGY\$NQ>M=L4JOW+
MUI/2=V]`5"TU563'M+KVEKZJDV\*"DRF&_BZ;XV]4U^%CI:FH%"*RN@J:A)1
M3*ONJ.$8,2:=*EI7(Q3KYO'2O4.]/D9V;U%U'U+M1\GOSO#?F&V'L:FJ\NM=
M+29>O5ZS>64K8XZS`IG<;U5MV@R67R2054"U%+BIE25&=++I6$)4/Q85%,X/
M19%;7"F36!ER1FN/]7EU]3+X/?$387P:^+/4/Q?Z\J%R>(ZPVS#C\KN\X;&8
M#(]A[RKV;)[T[(SN,Q1DI*?/[WW-55.0J@))F$DUC(Y&HEU3G/1EUJ=?\*%?
MY1LG7&[=Q_S!/C7U=!+U3N.EKLQ\PME;"3/G+;;W]45]%+%\E<?LJB-;BGV3
M78R&6FWRF)AI:F&HF&=J8JM1730J(I0HHQZ33Q.X<H.XK3C\C_JKT*'_``EI
M^'N)K<GW_P#.O<^UO(T.0'Q^^/6XZEMLYK#M@,./O^Y=R;,R$4];G<77U.[9
MTVW7NBT]#5TN'C,+U`+LE9I%>@'`=6M4>.UBCD'ZHX^?\_/]O6Y2RAAS]>=+
M6%U)_*D_0^V>G^J+_E]_(<^*/R2^0O2'R#V;@L5TUE]O=[/VC\F-O;*@R&WL
M1\FL+599=]RU&Z?[OU=!48[M/%]J8+"Y.EW%"R3RXV.MQM0)*:HC$.ZGU/6M
M*U!TBH^75Z(O8:B";"Y`(!/YL"20+_X^]=;Z[]^Z]U[W[KW7O?NO=>]^Z]U[
MW[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U__6W^/?NO=>]^Z]U[W[KW7O?NO=
M>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW16_D'\-/CM\HM\_
M&_LCNOKZ@WAO+XG]L1=T=(9J>:>GJ-J[XBH&HO-((G$63Q$M1#1UTE%,K0OD
M<70U%O)2QGW[KW1HP`/H/K]38"Y_)-@.3[]U[KQ`:U[\$$6)!N#<?3\?X?0^
M]$5Z]U4A\</Y4?5OQI_F.?)GYQ[.I=@_P#OW8&U<9LOKJDZ\Q6'K>@]_+7Y6
M;N+,]:9?'LE!B<+WEY*+)9XQ4\.0K<PDS2RM3&.)'))'DT:S4JM!]G7NK</=
M.O=8IX(*F*2"HABG@ECDBEAF19(I8I4:.6*6-P4DCDC8JRD$$&Q]^Z]T$?1W
MQ^Z4^-.Q(.L.@>LMH=1]=TN9W#N&FV9L;$4^#V_3YO=>6GSFX<E#CZ91%'49
M3*5+RR6LHN%4*H`'NO=##[]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[K
<WOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[K__V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>21
<FILENAME>g850935dsp_005.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g850935dsp_005.jpg
M_]C_X16V17AI9@``34T`*@````@`!P$2``,````!``$```$:``4````!````
M8@$;``4````!````:@$H``,````!``(```$Q``(````>````<@$R``(````4
M````D(=I``0````!````I````-``+<;````G$``MQL```"<0061O8F4@4&AO
M=&]S:&]P($-3-B`H5VEN9&]W<RD`,C`Q-3HP,CHQ-2`P-3HT-CHQ-````Z`!
M``,````!__\``*`"``0````!````JJ`#``0````!````>``````````&`0,`
M`P````$`!@```1H`!0````$```$>`1L`!0````$```$F`2@``P````$``@``
M`@$`!`````$```$N`@(`!`````$``!2``````````$@````!````2`````'_
MV/_M``Q!9&]B95]#30`!_^X`#D%D;V)E`&2``````?_;`(0`#`@("`D(#`D)
M#!$+"@L1%0\,#`\5&!,3%1,3&!$,#`P,#`P1#`P,#`P,#`P,#`P,#`P,#`P,
M#`P,#`P,#`P,#`$-"PL-#@T0#@X0%`X.#A04#@X.#A01#`P,#`P1$0P,#`P,
M#!$,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,_\``$0@`<0"@`P$B``(1
M`0,1`?_=``0`"O_$`3\```$%`0$!`0$!``````````,``0($!08'"`D*"P$`
M`04!`0$!`0$``````````0`"`P0%!@<("0H+$``!!`$#`@0"!0<&"`4###,!
M``(1`P0A$C$%05%A$R)Q@3(&%)&AL4(C)!52P6(S-'*"T4,')9)3\.'Q8W,U
M%J*R@R9$DU1D1<*C=#87TE7B9?*SA,/3=>/S1B>4I(6TE<34Y/2EM<75Y?56
M9G:&EJ:VQM;F]C='5V=WAY>GM\?7Y_<1``("`0($!`,$!08'!P8%-0$``A$#
M(3$2!$%187$B$P4R@9$4H;%"(\%2T?`S)&+A<H*20U,58W,T\24&%J*R@P<F
M-<+21)-4HQ=D154V=&7B\K.$P]-UX_-&E*2%M)7$U.3TI;7%U>7U5F9VAI:F
MML;6YO8G-T=79W>'EZ>WQ__:``P#`0`"$0,1`#\`])ZO<^GI>7:QYK>RE[FO
M'(('M4*L/)-;'C-N;N:PN'L<)`_-+V.0_K(8Z'F#C<P,G^NYM?\`WY:36AK0
MT<-$#Y)*:/V3J8((ZA,2"'4LU_=^CL]RC8SJ=#0Y^;2&D@%UE>WG\QL6#^PM
M%9?7&[S@5@[769;0Q^TO#7"N^QKW-;[?S/\`"?H]Z2F5=W4G-9Z=^)<7"=-S
M9D>I7LA[]VZGWHF_K`F:\<^!#W@?#5BQLK(<W+O8+'>ICF]U#@!+37CX5+BU
ML>W^E66?R/I_S:D[,=;9CXYO]>OU*/2&I%GZU;ZOO</5N^QU8M7ZS_-7?SG^
M&14[`R.ICG$:9_=M&@_M,:D<S/#H.`XMF-PLK/X%S52R>HY=74K,;UF,87UM
MK#FS'K,V8[3M]WOR:\AWN_<V*G7>]SFL!LJ9:_$=76PN(:]V1E7O?[?S+F5_
MK&]VQ_\`-)*=DYN6!)P;>8(#JR>8_P!)_:3CJ#B0/LN0`26R6`:CQ]_T7?O+
M/S<Z^[HF(X6.HNSJVO?=3])@%9R[75#W?3;7Z7_7$S\[,;DW6-<7-8ZRUM)/
MM]-M&(=CG`'_``E[G^S_``EB2G2'4&>[=5<T-D[C6Z(;](Z)V]1QBX-.]I=]
M'<Q[0?[1:JUO5;JR\^A(+S55+]H-@M&*RM[X<UOK;O6KV?X/^<0QUBZK<ZRL
M6L-]E;2PAK@UEK,4-%3O?;8W?ZC_`/!>G_A4%-P]4P9(-L%LD@M=^;H[\U+]
MIX,AOK-W&"!K.JK9^=F49HJIVEA%&UA')LN]&[=9^9MI]S%.GK./:8VEKWEO
MHLD2\/-S:CS^CW_9K_;8DIL?M#"F#?6"1(!<!I.W_JE)N=AN(:V^LN)#0`X3
MN/T6_@J=?4Z;+-^S?3<*32!7[YL8^]SG^[W_`**OZ#&>I_QB@WJN,*'V.:RN
MT^O8P[2X;*'^CZUGI[G_`$MOL_G$5.D,B@Q%C#)@0X<J0LK.H<#\PJ+LCICG
M/FD.=4YP;^CU<YI;59Z&GZ38]WINV(E.+TW(8S(JIK>RR'L>&@3^Z[A!3;E*
M56=TW"<6GTXV`@!I<!#AM<T[3[E5RL.O%]!^(S8]U]3'>XZLW>_Z>[W;/^A^
MB24__]#T+ZQ`.Z6ZLQMMMI8Z=1!MKG3\Y/;UFNCJ%^-D-VU5,:ZNQLN+G%E^
M1=6]C6^S91C^I7_I4W7G15AM(D/S,=I[_G[O^^J%_2#^TG]1?:32'"YU#6ES
MG>G3;BBML'Z'ZQ99L97ZEEB/127*ZS15@9>9C-.2<(`V5@[-2RO)CU'C;_1[
MZ[%*OJ^,;[Z;OT'HWMQV.>=+'/KJR&N;'T/Z0UGO5#$Z7E7_`%;KQW15DY!J
MNM;:"(:'UO\`1LK^DW;BU,QO3_ZVFLZ)GO<\$UD6VY`>_<[=Z&1;1DA_T/?=
M55C?96U_\5^D04ZC^I8;<FG&W[[+W6-:6^YK75#?:RU[?YM^W]Y$;9B/].UK
MJW;A%3P6F1(TK=_6_=6$>B=0NQ6UV5UU6VLZ@+BUWM:[+L]6E[@P?I=U?LM_
M/2?TWJ%CJ[WXYK(>QPJ#FGTP_+Q[[&?HW;?T.-1ZF]B2G8NRNG-S!3;M^T?H
MX<6$ZN-GV=OJ1]+2[TT1N#AM+2VIC37L#2T00*]WI-T_-K]6S8W_`(19N11E
MGJK[O1<:3?B@.:`=S&MMW.MU_FZ+;-_\BSWJ@:,IF(Y[\>XO<*J[*0'?I,AK
M;_M+W/8?5:R[?77CY[/YK,91D?S3$5._^S<';0STH;BUFJ@`D!K'-%3F<_Z-
MNU`JP>CW$MHVO=60\[+'%PW;&^[:_=M?]FK]G_!(/3@\=2R'/=;ZFZX6@M<&
M;=]?V27.]F]N/_,^A_@_5];]*LNFW(PNA8>35;972YEEI/I@/@49+ZZ\CZ6Y
M[\A]=M?L_G:_204[HZ9@>LYXG>;`_:'F`X/;EN#*Y]F_('VBW]]1_8V$'[O>
M'%SG`[M?=<W-VC^0S(;[%EEP9FGU'[<QEKF8UA@O>[TNGLLV[O;^F]WJ,:S_
M`#+%-^;DEU-HL#W6>K#X;+&V96-B-]%Y#?;52;?II*=:_IU5USKW$[W&D]BT
M?9WNOJAO]>QRK78&334#CN?>]KAZ326^QK6VP/T^_P!7U?4]"Y_\YZ-G_!+/
MQ\VQ^77?ZAM>6"C=HW>Q]V8UKRSVM8_9A[OT;5<J-SL/H]1+MMVPY`>22YHI
MLMV.M;^?Z_I?\:BI)5TBST_=;M=8:76M+0[6EC:]K'CT_?O;ZM=O^#M3?L5V
MVV+0'/8]C(8``76NRFO.N[Z3OTO^D_D(%6?D8U36-M?DUMI<:;+*W!]CA6[(
M_3V.]/9:YK?8W9_-?SOZ6RI%_:>4U]%;MCGNL].W:UPW#>VCUV2[]#3N=[=^
M_P!>W]'6@I=W1[!]J:TU.KO)(:YD..ZUV39ZU[/TGL=9LQO3_F?YW^<6G2Q[
M*6,>_P!1[6@.>1!<1^="Q6=3S!9982PV6,QR*I<:VA_VFP-Q0T;LO)=4QGJ;
M?2K_`,)_@59=FW6Y/27,<:F937V6U#W`CTM[6.L#?S+'M14ZBS^K-W/P&@EI
M.6P@B9]K;7N&G[[6['?R%59G9CL"RUCR7NSWT,?#7'TAD&@[&`?X.IKU+U<J
MUG3'Y51]4Y;Q!&TA@KRO2N<S1S'.KV>W^6D%/__1]"ZR'OMZ=6P2XYC'$']U
MC7O>M-9G4=>K=*;'Y]SMVI(BO;_TMZTTNRE))))*4DDDDI:$DZ22EH23I)*6
MVCF-?%"MQF/I-=9-)B&OK`!;KN]LAS?I?F.;L>C))*:]&#C45,K8P'8`T.=J
MX@%SAN<?Y5EG^>I.P\5V.,9U+#0T`-JVC:`/H[6_F[49))36MZ;@W.<ZVECR
M]OIN)'+(<S9_F6/:F?TW"L<U[ZY<UV]IEWT@]E_C_IJJ[-GT%:224U/V9A^G
MZ6P[=Q>/<Z03NW0_=OV?I+&^G]#8E9TW'?556TOK^SL-=3ZW%KFM(#.1_4:K
M:22FB[I.,XZNLV"UMXKW>P6-?]HW-9'MW6?339VO4.G-`!<++':SH!58QSM/
M^,:KZS\J3U7`$$Z7N)`XAK&[G?YVU)3_`/_2]"RP']=Z>/\`1UW/F?$,KB/W
MEIK,LU^L50YVXCSQHV7LUW_R]JTTE*22224I4<Z^YF7T^FM^P77N%HB2YC:;
MK-G\GWMK]ZNK(R\MMO4<:Q@?Z.!]HMRYK/MVL-;/^W-[_2]/?ZJ04E;U!SNM
M.QVN)H8WT',C09&T9GT__"CV*`ZG<S)ZE3:YL4AUF(Z(&UE=9NK?^\ZJU^__
M`(NY464Y>/T_$ZCE':1>W-R-H/J[KRYEE3F_1V459#*/^*H0[6M=1U'J!]WV
M/-O]3D14ZEF+D-;_`%6_IO\`K2*GH.GVV78&-;<0ZVRJM]C@-H+G-#G'8?H>
M[\Q6%7Z?4:<#&J/-=3&\[OHM#?I?G(9P;O4<]N7<-SP[;+2T`.WNK9[?HN^@
M@ILVVLJK=98=K&"2>=!Y!#PLK[7CMOV&K<7#TW1N&UQ9[]I=[O:C+/\`J\/\
MCXQT]X<_0[A[W.L^E^=]))3/,ZK5B6['5O>Q@8;[6Q%8L=Z56\..]^]W^C3/
MZUAMROL_N<!:W'=<T36VYXWLQWN'T;-NS_MVI0ZD/M.7B8#8+=XR<D2-*ZO=
M4US/I.]7*]+_`#+5FN?C7,;L#,)AZS!+6R;+*G>[=_+R;:=F_P#,J24ZU_6,
M*A]K'N<[T#6+',&X!UK_`$:ZI;_A=WYBM47>LPOV/KASFQ8-I.T[=T?N/_,6
M/?AV974\VFAXJV-PK!I[06W9&3<[8WZ3[=OYWTU?Z3E696/8;3O=3=93Z@&T
M/]-Q9OV)*;J2222E+/M+7=<QFES26XUSPP_2!WT,]1NG]CZ2T%G@$]=)UAN(
M)XCW6.V_RMWL24__T_0V>[ZP7'7]%B,;Y>^RQW_HM:2R<37ZQ=0D1MHQP#,S
M)N_-_,6LB5*22204I-"=))2R1`(@\'1.HE[&D!Q`)X!,2DI<``0-`$ZI]4ZE
M7T[$-[F.NL<X5X^.SZ=MKM*J*I_.=^=_HJO4NL_15H6;FY.!T6S+R?3^V5U?
M1;(K-[O952S?[]EF0]E3$E)*LUUN8ZB&BDAXK?N]SGU%K+_;^YN?L_KU6?\`
M!JSCX]6-2RBENVJL;6-Y@?-9^%AUXN3AX@AYP\0ASR-2Y[JV^IN_X5U-KWK4
M24U;>GT6WG(+K&6G9+F/<R167.8QVP^ZOWNWUJ'[*Q?M(R"'.++#>RLN/IMM
M+36ZYM?[^US_`.W^E_G%=224T[^G,M?;:RVRB^[TIMK,$>B2^IO'OK][_5K?
M_.;T;%Q:\6HUL).YSGN<XR2YY-CW?YSD9))2DDDDE*6?66'KN0(E[,6F7>`=
M9D>W_H+06?B-<>L=0>=L;:&`CZ6C;'G?_P!N)*?_U/0\!L]6ZH^/SJ63I^;6
M'<?2_P`(M)837[<+KSVNU%MPF>#Z-?YWYJ%D9V35C9%#=IIJ;?0RMQ+06TX[
M7M/K-/J[O6_._P!'_+14]$DN?KS<IESH(+!;E,JL=O+:Q6^C$HI^SU^[)WO<
M[8BT]0S;'G(AWM8UCJX)#1Z]U3\EU#';MWIT?S;'H*=M)!Q[;K&M<]K`QU;'
M!S'[P7.GU&M]C-U3?9Z=O^$_<8EE5VV8[V4O-5I'Z-X[.&K9D.]O[Z2G.^LF
M9EXV-BT8;S5?GY=.(+P`YU;7DOOM8VP/K]1M%5GI[V?34LL]%Z336VYC;+7$
MC&I/Z;(M>2);1ZSGWWV;G_I'[_T7\[<^NKWH75:']8Z7&*0,[#NKR:6$[8OH
M<V^NFW=_-?:&?HW;_P#!W*UB7]+ZH^O+;76_+PBYL6-:;\9]C=MU+I_28UCV
M?3_TU?\`I*DE.=C8^6_K;"7,:["I-EM+7;F,=D.VT8S=VY]?ITU9%EMK&U_:
M;;:?\!532I_6')K?5T]CB64NS669$M+MK,5MG4'>HRN7?SV)377_`,-93^^K
M/2+Z;<>_JC!O^W7/L;M;[G,K_5*-O[S?3I]3_KJI74OO^M?2G9#0RRO'S<KT
MFND`@X>%6Y_^DL]*]W_!_P"B24Z?2JLDMMS<QOIY&8X/]+O54!MQ\9SA]*RM
MNZR__NS==Z?Z)7TDDE*22224I))))2DDDDE++/Z>XNZCU,F(%M;1`,Z55\N^
MB[Z7YJT5F]'<7OZ@\Z3EV-`F1#0QFG^:DI__U>]Z;=C#]H5Y3J6MLR[?T;R/
M<SVU_I&//YSF.5POZ5;R_'?,SJP_2'O_`,]K?<C.Q,1QEU-9.IDM!U.KNWYR
M@[IW3W1NQJ3'$L;_`')*6./@63HPE^XR#!.\LL>X;3^>ZNM^Y.SI^$T0RIK=
M`!M)!&TO>S:YI]FUUUGT/](AGH_2R(.+4`(`AH&@[>U1'1.EM^C0&3W:YP/.
M[\UR6BFU5CUTEQKD!P:W;N):`P;6BNLG;7[?W$!K^KR=U..1N($6O'L_-<9I
M^G_(41T?`#@YK'-/E8_6.WTTATJAIEEM[3$"+7F-=WYSBDII]0IZE67Y^%@"
MS-#0TLJR?3-K3[?=ZM7V>V_'^EC_`&INS^<9ZE?J+*R^H8]_3\GJN`^W)NLC
M'Q[*?2IR'7R*\?I]D,9DUO;=9^F9E4?J]?K6?071GIPD$9&0"WC](?QE"'26
MBTY#;GC(/-Q97NXV<BL?F#9O^FBISJ>G]9Z;4RK`N#*ZV55[+,=M[)8W8YS'
M4Y6'D>FZ/\(J^;;GT_63I+K7U#+MHRJR646%ME37XUU](K-VZJW97795;N?[
M_P!'L6\,3+:9&8\S$@L8>)X]OMW)WT9Y#=F2P$3)-4GXCWA)2`Y6029-HVCW
M;<<Z&/Y3K-W]A39U"EIBQ]TC4[J7-'81_-_RD1U?4H.RZHGMN88X_DO_`'DV
MWJHW0^AVC=A<UPUC])NVN_?^@@I1ZMT\$AUNV('N:X#4[>7-4F=3P'N+6W-E
MLD@Z:#0GW)@>JZRV@CL07:_@F%G4C`?CU20Z2+"0#IZ;3[/=^=O24E&;AENX
M7U[1))W"(`W._P"BI#)QS]&UAXX<._"JA^6X/#\!OD`]A#@1Q[@W^VHEK`1N
MZ:/<0'%HK,`]_P!Y&E-\/:[Z)!^!4EDLIPIV_LNRHNEYAK0)B-7U6?2VIA7T
MUTA^%>S=I[FN$@=_:_VLT04ZZS^C/%E.18#NW9-W:!H\L@?O?1^D@T7],IO]
M4#(K>`9]06[1OU]S7[F?FHO00_\`9K;'D%UMEMAVSM&^RQVUN[W(J?_6]527
MRJDDI^JDE\JI)*?JI)?*J22GZJ27RJDDI^JDE\JI)*?JI)?*J22GZJ27RJDD
MI^JDR^5DD%/U2.$Z^54D5/U4DOE5))3_`/_9_^T>+%!H;W1O<VAO<"`S+C``
M.$))300$```````/'`%:``,;)4<<`@```M?``#A"24T$)0``````$!_]2L;4
M9!QN%[EA'X4[2$4X0DE-!#H``````.4````0`````0``````"W!R:6YT3W5T
M<'5T````!0````!0<W138F]O;`$`````26YT965N=6T`````26YT90````!#
M;')M````#W!R:6YT4VEX=&5E;D)I=&)O;VP`````"W!R:6YT97).86UE5$58
M5`````$```````]P<FEN=%!R;V]F4V5T=7!/8FIC````#`!0`'(`;P!O`&8`
M(`!3`&4`=`!U`'````````IP<F]O9E-E='5P`````0````!";'1N96YU;0``
M``QB=6EL=&EN4')O;V8````)<')O;V9#35E+`#A"24T$.P`````"+0```!``
M```!```````2<')I;G1/=71P=71/<'1I;VYS````%P````!#<'1N8F]O;```
M````0VQB<F)O;VP``````%)G<TUB;V]L``````!#<FY#8F]O;```````0VYT
M0V)O;VP``````$QB;'-B;V]L``````!.9W1V8F]O;```````16UL1&)O;VP`
M`````$EN=')B;V]L``````!"8VMG3V)J8P````$```````!21T)#`````P``
M``!29"`@9&]U8D!OX````````````$=R;B!D;W5B0&_@````````````0FP@
M(&1O=6)`;^````````````!"<F1456YT1B-2;'0```````````````!";&0@
M56YT1B-2;'0```````````````!2<VQT56YT1B-0>&Q`<L````````````IV
M96-T;W)$871A8F]O;`$`````4&=0<V5N=6T`````4&=0<P````!09U!#````
M`$QE9G15;G1&(U)L=````````````````%1O<"!5;G1&(U)L=```````````
M`````%-C;"!5;G1&(U!R8T!9````````````$&-R;W!7:&5N4')I;G1I;F=B
M;V]L``````YC<F]P4F5C=$)O='1O;6QO;F<`````````#&-R;W!296-T3&5F
M=&QO;F<`````````#6-R;W!296-T4FEG:'1L;VYG``````````MC<F]P4F5C
M=%1O<&QO;F<``````#A"24T#[0``````$`$L`````0`"`2P````!``(X0DE-
M!"8```````X`````````````/X```#A"24T$#0``````!````'@X0DE-!!D`
M``````0````>.$))30/S```````)```````````!`#A"24TG$```````"@`!
M``````````(X0DE-`_4``````$@`+V9F``$`;&9F``8```````$`+V9F``$`
MH9F:``8```````$`,@````$`6@````8```````$`-0````$`+0````8`````
M``$X0DE-`_@``````'```/____________________________\#Z`````#_
M____________________________`^@`````________________________
M_____P/H`````/____________________________\#Z```.$))300`````
M```"```X0DE-!`(```````(``#A"24T$,````````0$`.$))300M```````&
M``$````".$))300(```````0`````0```D````)``````#A"24T$'@``````
M!``````X0DE-!!H``````YT````&``````````````!X````J@```#0`10!8
M`#,`7P`S`%\`-P!?`&,`90!R`'0`:0!F`&D`8P!A`'0`90!?`'``90!R`&,`
M:0!S`&D`;P!N`%\`8P!O`&X`=@!E`'(`<P!I`&\`;@!?`&\`;P!K`&\`:P!O
M`&L`;P!K`"T`,P````$``````````````````````````0``````````````
MJ@```'@``````````````````````0`````````````````````````0````
M`0```````&YU;&P````"````!F)O=6YD<T]B:F,````!````````4F-T,0``
M``0`````5&]P(&QO;F<``````````$QE9G1L;VYG``````````!"=&]M;&]N
M9P```'@`````4F=H=&QO;F<```"J````!G-L:6-E<U9L3',````!3V)J8P``
M``$```````5S;&EC90```!(````'<VQI8V5)1&QO;F<`````````!V=R;W5P
M241L;VYG``````````9O<FEG:6YE;G5M````#$53;&EC94]R:6=I;@````UA
M=71O1V5N97)A=&5D`````%1Y<&5E;G5M````"D53;&EC951Y<&4`````26UG
M(`````9B;W5N9'-/8FIC`````0```````%)C=#$````$`````%1O<"!L;VYG
M``````````!,969T;&]N9P``````````0G1O;6QO;F<```!X`````%)G:'1L
M;VYG````J@````-U<FQ415A4`````0```````&YU;&Q415A4`````0``````
M`$US9V5415A4`````0``````!F%L=%1A9U1%6%0````!```````.8V5L;%1E
M>'1)<TA434QB;V]L`0````AC96QL5&5X=%1%6%0````!```````):&]R>D%L
M:6=N96YU;0````]%4VQI8V5(;W)Z06QI9VX````'9&5F875L=`````EV97)T
M06QI9VYE;G5M````#T53;&EC959E<G1!;&EG;@````=D969A=6QT````"V)G
M0V]L;W)4>7!E96YU;0```!%%4VQI8V5"1T-O;&]R5'EP90````!.;VYE````
M"71O<$]U='-E=&QO;F<`````````"FQE9G1/=71S971L;VYG``````````QB
M;W1T;VU/=71S971L;VYG``````````MR:6=H=$]U='-E=&QO;F<``````#A"
M24T$*```````#`````(_\````````#A"24T$$0```````0$`.$))3004````
M```$`````CA"24T$#``````4G`````$```"@````<0```>```-/@```4@``8
M``'_V/_M``Q!9&]B95]#30`!_^X`#D%D;V)E`&2``````?_;`(0`#`@("`D(
M#`D)#!$+"@L1%0\,#`\5&!,3%1,3&!$,#`P,#`P1#`P,#`P,#`P,#`P,#`P,
M#`P,#`P,#`P,#`P,#`$-"PL-#@T0#@X0%`X.#A04#@X.#A01#`P,#`P1$0P,
M#`P,#!$,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,_\``$0@`<0"@`P$B
M``(1`0,1`?_=``0`"O_$`3\```$%`0$!`0$!``````````,``0($!08'"`D*
M"P$``04!`0$!`0$``````````0`"`P0%!@<("0H+$``!!`$#`@0"!0<&"`4#
M##,!``(1`P0A$C$%05%A$R)Q@3(&%)&AL4(C)!52P6(S-'*"T4,')9)3\.'Q
M8W,U%J*R@R9$DU1D1<*C=#87TE7B9?*SA,/3=>/S1B>4I(6TE<34Y/2EM<75
MY?569G:&EJ:VQM;F]C='5V=WAY>GM\?7Y_<1``("`0($!`,$!08'!P8%-0$`
M`A$#(3$2!$%187$B$P4R@9$4H;%"(\%2T?`S)&+A<H*20U,58W,T\24&%J*R
M@P<F-<+21)-4HQ=D154V=&7B\K.$P]-UX_-&E*2%M)7$U.3TI;7%U>7U5F9V
MAI:FML;6YO8G-T=79W>'EZ>WQ__:``P#`0`"$0,1`#\`])ZO<^GI>7:QYK>R
ME[FO'(('M4*L/)-;'C-N;N:PN'L<)`_-+V.0_K(8Z'F#C<P,G^NYM?\`WY:3
M6AK0T<-$#Y)*:/V3J8((ZA,2"'4LU_=^CL]RC8SJ=#0Y^;2&D@%UE>WG\QL6
M#^PM%9?7&[S@5@[769;0Q^TO#7"N^QKW-;[?S/\`"?H]Z2F5=W4G-9Z=^)<7
M"=-S9D>I7LA[]VZGWHF_K`F:\<^!#W@?#5BQLK(<W+O8+'>ICF]U#@!+37CX
M5+BUL>W^E66?R/I_S:D[,=;9CXYO]>OU*/2&I%GZU;ZOO</5N^QU8M7ZS_-7
M?SG^&14[`R.ICG$:9_=M&@_M,:D<S/#H.`XMF-PLK/X%S52R>HY=74K,;UF,
M87UMK#FS'K,V8[3M]WOR:\AWN_<V*G7>]SFL!LJ9:_$=76PN(:]V1E7O?[?S
M+F5_K&]VQ_\`-)*=DYN6!)P;>8(#JR>8_P!)_:3CJ#B0/LN0`26R6`:CQ]_T
M7?O+/S<Z^[HF(X6.HNSJVO?=3])@%9R[75#W?3;7Z7_7$S\[,;DW6-<7-8ZR
MUM)/M]-M&(=CG`'_``E[G^S_``EB2G2'4&>[=5<T-D[C6Z(;](Z)V]1QBX-.
M]I=]'<Q[0?[1:JUO5;JR\^A(+S55+]H-@M&*RM[X<UOK;O6KV?X/^<0QUBZK
M<ZRL6L-]E;2PAK@UEK,4-%3O?;8W?ZC_`/!>G_A4%-P]4P9(-L%LD@M=^;H[
M\U+]IX,AOK-W&"!K.JK9^=F49HJIVEA%&UA')LN]&[=9^9MI]S%.GK./:8VE
MKWEOHLD2\/-S:CS^CW_9K_;8DIL?M#"F#?6"1(!<!I.W_JE)N=AN(:V^LN)#
M0`X3N/T6_@J=?4Z;+-^S?3<*32!7[YL8^]SG^[W_`**OZ#&>I_QB@WJN,*'V
M.:RNT^O8P[2X;*'^CZUGI[G_`$MOL_G$5.D,B@Q%C#)@0X<J0LK.H<#\PJ+L
MCICG/FD.=4YP;^CU<YI;59Z&GZ38]WINV(E.+TW(8S(JIK>RR'L>&@3^Z[A!
M3;E*56=TW"<6GTXV`@!I<!#AM<T[3[E5RL.O%]!^(S8]U]3'>XZLW>_Z>[W;
M/^A^B24__]#T+ZQ`.Z6ZLQMMMI8Z=1!MKG3\Y/;UFNCJ%^-D-VU5,:ZNQLN+
MG%E^1=6]C6^S91C^I7_I4W7G15AM(D/S,=I[_G[O^^J%_2#^TG]1?:32'"YU
M#6ESG>G3;BBML'Z'ZQ99L97ZEEB/127*ZS15@9>9C-.2<(`V5@[-2RO)CU'C
M;_1[Z[%*OJ^,;[Z;OT'HWMQV.>=+'/KJR&N;'T/Z0UGO5#$Z7E7_`%;KQW15
MDY!JNM;:"(:'UO\`1LK^DW;BU,QO3_ZVFLZ)GO<\$UD6VY`>_<[=Z&1;1DA_
MT/?=55C?96U_\5^D04ZC^I8;<FG&W[[+W6-:6^YK75#?:RU[?YM^W]Y$;9B/
M].UKJW;A%3P6F1(TK=_6_=6$>B=0NQ6UV5UU6VLZ@+BUWM:[+L]6E[@P?I=U
M?LM_/2?TWJ%CJ[WXYK(>QPJ#FGTP_+Q[[&?HW;?T.-1ZF]B2G8NRNG-S!3;M
M^T?HX<6$ZN-GV=OJ1]+2[TT1N#AM+2VIC37L#2T00*]WI-T_-K]6S8W_`(19
MN11EGJK[O1<:3?B@.:`=S&MMW.MU_FZ+;-_\BSWJ@:,IF(Y[\>XO<*J[*0'?
MI,AK;_M+W/8?5:R[?77CY[/YK,91D?S3$5._^S<';0STH;BUFJ@`D!K'-%3F
M<_Z-NU`JP>CW$MHVO=60\[+'%PW;&^[:_=M?]FK]G_!(/3@\=2R'/=;ZFZX6
M@M<&;=]?V27.]F]N/_,^A_@_5];]*LNFW(PNA8>35;972YEEI/I@/@49+ZZ\
MCZ6Y[\A]=M?L_G:_204[HZ9@>LYXG>;`_:'F`X/;EN#*Y]F_('VBW]]1_8V$
M'[O>'%SG`[M?=<W-VC^0S(;[%EEP9FGU'[<QEKF8UA@O>[TNGLLV[O;^F]WJ
M,:S_`#+%-^;DEU-HL#W6>K#X;+&V96-B-]%Y#?;52;?II*=:_IU5USKW$[W&
MD]BT?9WNOJAO]>QRK78&334#CN?>]KAZ326^QK6VP/T^_P!7U?4]"Y_\YZ-G
M_!+/Q\VQ^77?ZAM>6"C=HW>Q]V8UKRSVM8_9A[OT;5<J-SL/H]1+MMVPY`>2
M2YHILMV.M;^?Z_I?\:BI)5TBST_=;M=8:76M+0[6EC:]K'CT_?O;ZM=O^#M3
M?L5VVV+0'/8]C(8``76NRFO.N[Z3OTO^D_D(%6?D8U36-M?DUMI<:;+*W!]C
MA6[(_3V.]/9:YK?8W9_-?SOZ6RI%_:>4U]%;MCGNL].W:UPW#>VCUV2[]#3N
M=[=^_P!>W]'6@I=W1[!]J:TU.KO)(:YD..ZUV39ZU[/TGL=9LQO3_F?YW^<6
MG2Q[*6,>_P!1[6@.>1!<1^="Q6=3S!9982PV6,QR*I<:VA_VFP-Q0T;LO)=4
MQGJ;?2K_`,)_@59=FW6Y/27,<:F937V6U#W`CTM[6.L#?S+'M14ZBS^K-W/P
M&@EI.6P@B9]K;7N&G[[6['?R%59G9CL"RUCR7NSWT,?#7'TAD&@[&`?X.IKU
M+U<JUG3'Y51]4Y;Q!&TA@KRO2N<S1S'.KV>W^6D%/__1]"ZR'OMZ=6P2XYC'
M$']UC7O>M-9G4=>K=*;'Y]SMVI(BO;_TMZTTNRE))))*4DDDDI:$DZ22EH23
MI)*6VCF-?%"MQF/I-=9-)B&OK`!;KN]LAS?I?F.;L>C))*:]&#C45,K8P'8`
MT.=JX@%SAN<?Y5EG^>I.P\5V.,9U+#0T`-JVC:`/H[6_F[49))36MZ;@W.<Z
MVECR]OIN)'+(<S9_F6/:F?TW"L<U[ZY<UV]IEWT@]E_C_IJJ[-GT%:224U/V
M9A^GZ6P[=Q>/<Z03NW0_=OV?I+&^G]#8E9TW'?556TOK^SL-=3ZW%KFM(#.1
M_4:K:22FB[I.,XZNLV"UMXKW>P6-?]HW-9'MW6?339VO4.G-`!<++':SH!58
MQSM/^,:KZS\J3U7`$$Z7N)`XAK&[G?YVU)3_`/_2]"RP']=Z>/\`1UW/F?$,
MKB/WEIK,LU^L50YVXCSQHV7LUW_R]JTTE*22224I4<Z^YF7T^FM^P77N%HB2
MYC:;K-G\GWMK]ZNK(R\MMO4<:Q@?Z.!]HMRYK/MVL-;/^W-[_2]/?ZJ04E;U
M!SNM.QVN)H8WT',C09&T9GT__"CV*`ZG<S)ZE3:YL4AUF(Z(&UE=9NK?^\ZJ
MU^__`(NY464Y>/T_$ZCE':1>W-R-H/J[KRYEE3F_1V459#*/^*H0[6M=1U'J
M!]WV/-O]3D14ZEF+D-;_`%6_IO\`K2*GH.GVV78&-;<0ZVRJM]C@-H+G-#G'
M8?H>[\Q6%7Z?4:<#&J/-=3&\[OHM#?I?G(9P;O4<]N7<-SP[;+2T`.WNK9[?
MHN^@@ILVVLJK=98=K&"2>=!Y!#PLK[7CMOV&K<7#TW1N&UQ9[]I=[O:C+/\`
MJ\/\CXQT]X<_0[A[W.L^E^=]))3/,ZK5B6['5O>Q@8;[6Q%8L=Z56\..]^]W
M^C3/ZUAMROL_N<!:W'=<T36VYXWLQWN'T;-NS_MVI0ZD/M.7B8#8+=XR<D2-
M*ZO=4US/I.]7*]+_`#+5FN?C7,;L#,)AZS!+6R;+*G>[=_+R;:=F_P#,J24Z
MU_6,*A]K'N<[T#6+',&X!UK_`$:ZI;_A=WYBM47>LPOV/KASFQ8-I.T[=T?N
M/_,6/?AV974\VFAXJV-PK!I[06W9&3<[8WZ3[=OYWTU?Z3E696/8;3O=3=93
MZ@&T/]-Q9OV)*;J2222E+/M+7=<QFES26XUSPP_2!WT,]1NG]CZ2T%G@$]=)
MUAN()XCW6.V_RMWL24__T_0V>[ZP7'7]%B,;Y>^RQW_HM:2R<37ZQ=0D1MHQ
MP#,S)N_-_,6LB5*22204I-"=))2R1`(@\'1.HE[&D!Q`)X!,2DI<``0-`$ZI
M]4ZE7T[$-[F.NL<X5X^.SZ=MKM*J*I_.=^=_HJO4NL_15H6;FY.!T6S+R?3^
MV5U?1;(K-[O952S?[]EF0]E3$E)*LUUN8ZB&BDAXK?N]SGU%K+_;^YN?L_KU
M6?\`!JSCX]6-2RBENVJL;6-Y@?-9^%AUXN3AX@AYP\0ASR-2Y[JV^IN_X5U-
MKWK424U;>GT6WG(+K&6G9+F/<R167.8QVP^ZOWNWUJ'[*Q?M(R"'.++#>RLN
M/IMM+36ZYM?[^US_`.W^E_G%=224T[^G,M?;:RVRB^[TIMK,$>B2^IO'OK][
M_5K?_.;T;%Q:\6HUL).YSGN<XR2YY-CW?YSD9))2DDDDE*6?66'KN0(E[,6F
M7>`=9D>W_H+06?B-<>L=0>=L;:&`CZ6C;'G?_P!N)*?_U/0\!L]6ZH^/SJ63
MI^;6'<?2_P`(M)837[<+KSVNU%MPF>#Z-?YWYJ%D9V35C9%#=IIJ;?0RMQ+0
M6TX[7M/K-/J[O6_._P!'_+14]$DN?KS<IESH(+!;E,JL=O+:Q6^C$HI^SU^[
M)WO<[8BT]0S;'G(AWM8UCJX)#1Z]U3\EU#';MWIT?S;'H*=M)!Q[;K&M<]K`
MQU;'!S'[P7.GU&M]C-U3?9Z=O^$_<8EE5VV8[V4O-5I'Z-X[.&K9D.]O[Z2G
M.^LF9EXV-BT8;S5?GY=.(+P`YU;7DOOM8VP/K]1M%5GI[V?34LL]%Z336VYC
M;+7$C&I/Z;(M>2);1ZSGWWV;G_I'[_T7\[<^NKWH75:']8Z7&*0,[#NKR:6$
M[8OH<V^NFW=_-?:&?HW;_P#!W*UB7]+ZH^O+;76_+PBYL6-:;\9]C=MU+I_2
M8UCV?3_TU?\`I*DE.=C8^6_K;"7,:["I-EM+7;F,=D.VT8S=VY]?ITU9%EMK
M&U_:;;:?\!532I_6')K?5T]CB64NS669$M+MK,5MG4'>HRN7?SV)377_`,-9
M3^^K/2+Z;<>_JC!O^W7/L;M;[G,K_5*-O[S?3I]3_KJI74OO^M?2G9#0RRO'
MS<KTFND`@X>%6Y_^DL]*]W_!_P"B24Z?2JLDMMS<QOIY&8X/]+O54!MQ\9SA
M]*RMNZR__NS==Z?Z)7TDDE*22224I))))2DDDDE++/Z>XNZCU,F(%M;1`,Z5
M5\N^B[Z7YJT5F]'<7OZ@\Z3EV-`F1#0QFG^:DI__U>]Z;=C#]H5Y3J6MLR[?
MT;R/<SVU_I&//YSF.5POZ5;R_'?,SJP_2'O_`,]K?<C.Q,1QEU-9.IDM!U.K
MNWYR@[IW3W1NQJ3'$L;_`')*6./@63HPE^XR#!.\LL>X;3^>ZNM^Y.SI^$T0
MRIK=`!M)!&TO>S:YI]FUUUGT/](AGH_2R(.+4`(`AH&@[>U1'1.EM^C0&3W:
MYP/.[\UR6BFU5CUTEQKD!P:W;N):`P;6BNLG;7[?W$!K^KR=U..1N($6O'L_
M-<9I^G_(41T?`#@YK'-/E8_6.WTTATJAIEEM[3$"+7F-=WYSBDII]0IZE67Y
M^%@"S-#0TLJR?3-K3[?=ZM7V>V_'^EC_`&INS^<9ZE?J+*R^H8]_3\GJN`^W
M)NLC'Q[*?2IR'7R*\?I]D,9DUO;=9^F9E4?J]?K6?071GIPD$9&0"WC](?QE
M"'26BTY#;GC(/-Q97NXV<BL?F#9O^FBISJ>G]9Z;4RK`N#*ZV55[+,=M[)8W
M8YS'4Y6'D>FZ/\(J^;;GT_63I+K7U#+MHRJR646%ME37XUU](K-VZJW97795
M;N?[_P!'L6\,3+:9&8\S$@L8>)X]OMW)WT9Y#=F2P$3)-4GXCWA)2`Y6029-
MHVCW;<<Z&/Y3K-W]A39U"EIBQ]TC4[J7-'81_-_RD1U?4H.RZHGMN88X_DO_
M`'DVWJHW0^AVC=A<UPUC])NVN_?^@@I1ZMT\$AUNV('N:X#4[>7-4F=3P'N+
M6W-ELD@Z:#0GW)@>JZRV@CL07:_@F%G4C`?CU20Z2+"0#IZ;3[/=^=O24E&;
MAENX7U[1))W"(`W._P"BI#)QS]&UAXX<._"JA^6X/#\!OD`]A#@1Q[@W^VHE
MK`1NZ:/<0'%HK,`]_P!Y&E-\/:[Z)!^!4EDLIPIV_LNRHNEYAK0)B-7U6?2V
MIA7TUTA^%>S=I[FN$@=_:_VLT04ZZS^C/%E.18#NW9-W:!H\L@?O?1^D@T7]
M,IO]4#(K>`9]06[1OU]S7[F?FHO00_\`9K;'D%UMEMAVSM&^RQVUN[W(J?_6
M]527RJDDI^JDE\JI)*?JI)?*J22GZJ27RJDDI^JDE\JI)*?JI)?*J22GZJ27
MRJDDI^JDR^5DD%/U2.$Z^54D5/U4DOE5))3_`/_9.$))300A``````!5````
M`0$````/`$$`9`!O`&(`90`@`%``:`!O`'0`;P!S`&@`;P!P````$P!!`&0`
M;P!B`&4`(`!0`&@`;P!T`&\`<P!H`&\`<``@`$,`4P`V`````0`X0DE-!`8`
M``````<`"`````$!`/_A#V!H='1P.B\O;G,N861O8F4N8V]M+WAA<"\Q+C`O
M`#P_>'!A8VME="!B96=I;CTB[[N_(B!I9#TB5S5-,$UP0V5H:4AZ<F53>DY4
M8WIK8SED(C\^(#QX.GAM<&UE=&$@>&UL;G,Z>#TB861O8F4Z;G,Z;65T82\B
M('@Z>&UP=&L](D%D;V)E(%A-4"!#;W)E(#4N,RUC,#$Q(#8V+C$T-38V,2P@
M,C`Q,B\P,B\P-BTQ-#HU-CHR-R`@("`@("`@(CX@/')D9CI21$8@>&UL;G,Z
M<F1F/2)H='1P.B\O=W=W+G<S+F]R9R\Q.3DY+S`R+S(R+7)D9BUS>6YT87@M
M;G,C(CX@/')D9CI$97-C<FEP=&EO;B!R9&8Z86)O=70](B(@>&UL;G,Z>&UP
M/2)H='1P.B\O;G,N861O8F4N8V]M+WAA<"\Q+C`O(B!X;6QN<SIP9&8](FAT
M='`Z+R]N<RYA9&]B92YC;VTO<&1F+S$N,R\B('AM;&YS.F1C/2)H='1P.B\O
M<'5R;"YO<F<O9&,O96QE;65N=',O,2XQ+R(@>&UL;G,Z>&UP34T](FAT='`Z
M+R]N<RYA9&]B92YC;VTO>&%P+S$N,"]M;2\B('AM;&YS.G-T179T/2)H='1P
M.B\O;G,N861O8F4N8V]M+WAA<"\Q+C`O<U1Y<&4O4F5S;W5R8V5%=F5N=",B
M('AM;&YS.G-T4F5F/2)H='1P.B\O;G,N861O8F4N8V]M+WAA<"\Q+C`O<U1Y
M<&4O4F5S;W5R8V52968C(B!X;6QN<SIP:&]T;W-H;W`](FAT='`Z+R]N<RYA
M9&]B92YC;VTO<&AO=&]S:&]P+S$N,"\B('AM<#I#<F5A=&5$871E/2(R,#`X
M+3`Q+3`Q5#`P.C`P6B(@>&UP.D-R96%T;W)4;V]L/2(B('AM<#I-;V1I9GE$
M871E/2(R,#$U+3`R+3$U5#`U.C0V.C$T*S`U.C,P(B!X;7`Z365T861A=&%$
M871E/2(R,#$U+3`R+3$U5#`U.C0V.C$T*S`U.C,P(B!P9&8Z2V5Y=V]R9',]
M(B(@<&1F.E!R;V1U8V5R/2(B(&1C.F9O<FUA=#TB:6UA9V4O:G!E9R(@>&UP
M34TZ26YS=&%N8V5)1#TB>&UP+FEI9#HU035$0T9!.4$W0C1%-#$Q.3,X.3@W
M0D8S-#<T.3@V12(@>&UP34TZ1&]C=6UE;G1)1#TB>&UP+F1I9#HU.35$0T9!
M.4$W0C1%-#$Q.3,X.3@W0D8S-#<T.3@V12(@>&UP34TZ3W)I9VEN86Q$;V-U
M;65N=$E$/2)X;7`N9&ED.C4Y-41#1D$Y03="-$4T,3$Y,S@Y.#="1C,T-S0Y
M.#9%(B!P:&]T;W-H;W`Z0V]L;W)-;V1E/2(S(CX@/'AM<$U-.DAI<W1O<GD^
M(#QR9&8Z4V5Q/B`\<F1F.FQI('-T179T.F%C=&EO;CTB<V%V960B('-T179T
M.FEN<W1A;F-E240](GAM<"YI:60Z-3DU1$-&03E!-T(T130Q,3DS.#DX-T)&
M,S0W-#DX-D4B('-T179T.G=H96X](C(P,34M,#(M,354,#4Z-#8Z,30K,#4Z
M,S`B('-T179T.G-O9G1W87)E06=E;G0](D%D;V)E(%!H;W1O<VAO<"!#4S8@
M*%=I;F1O=W,I(B!S=$5V=#IC:&%N9V5D/2(O(B\^(#QR9&8Z;&D@<W1%=G0Z
M86-T:6]N/2)D97)I=F5D(B!S=$5V=#IP87)A;65T97)S/2)C;VYV97)T960@
M9G)O;2!A<'!L:6-A=&EO;B]V;F0N861O8F4N<&AO=&]S:&]P('1O(&EM86=E
M+VIP96<B+SX@/')D9CIL:2!S=$5V=#IA8W1I;VX](G-A=F5D(B!S=$5V=#II
M;G-T86YC94E$/2)X;7`N:6ED.C5!-41#1D$Y03="-$4T,3$Y,S@Y.#="1C,T
M-S0Y.#9%(B!S=$5V=#IW:&5N/2(R,#$U+3`R+3$U5#`U.C0V.C$T*S`U.C,P
M(B!S=$5V=#IS;V9T=V%R94%G96YT/2)!9&]B92!0:&]T;W-H;W`@0U,V("A7
M:6YD;W=S*2(@<W1%=G0Z8VAA;F=E9#TB+R(O/B`\+W)D9CI397$^(#PO>&UP
M34TZ2&ES=&]R>3X@/'AM<$U-.D1E<FEV961&<F]M('-T4F5F.FEN<W1A;F-E
M240](GAM<"YI:60Z-3DU1$-&03E!-T(T130Q,3DS.#DX-T)&,S0W-#DX-D4B
M('-T4F5F.F1O8W5M96YT240](GAM<"YD:60Z-3DU1$-&03E!-T(T130Q,3DS
M.#DX-T)&,S0W-#DX-D4B('-T4F5F.F]R:6=I;F%L1&]C=6UE;G1)1#TB>&UP
M+F1I9#HU.35$0T9!.4$W0C1%-#$Q.3,X.3@W0D8S-#<T.3@V12(O/B`\+W)D
M9CI$97-C<FEP=&EO;CX@/"]R9&8Z4D1&/B`\+W@Z>&UP;65T83X@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`\/WAP86-K970@96YD/2)W(C\^_^X`#D%D;V)E
M`&1``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$!`0$!`@(!
M`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#_\``$0@`>`"J`P$1``(1`0,1`?_=``0`%O_$`:(````&`@,!````
M``````````<(!@4$"0,*`@$`"P$```8#`0$!````````````!@4$`P<""`$)
M``H+$``"`0,$`0,#`@,#`P(&"74!`@,$$042!B$'$R(`"#$403(C%0E10A9A
M)#,74G&!&&*1)4.AL?`F-'(*&<'1-2?A4S:"\9*B1%1S148W1V,H5597&K+"
MTN+R9(-TDX1EH[/#T^,I.&;S=2HY.DA)2EA96F=H:6IV=WAY>H6&AXB)BI25
MEI>8F9JDI::GJ*FJM+6VM[BYNL3%QL?(R<K4U=;7V-G:Y.7FY^CIZO3U]O?X
M^?H1``(!`P($!`,%!`0$!@8%;0$"`Q$$(1(%,08`(A-!40<R811Q"$*!(Y$5
M4J%B%C,)L23!T4-R\!?A@C0EDE,88T3QHK(F-1E4-D5D)PIS@Y-&=,+2XO)5
M9756-X2%H[/#T^/S*1J4I+3$U.3TE:6UQ=7E]2A'5V8X=H:6IK;&UN;V9W>'
MEZ>WQ]?G]TA8:'B(F*BXR-CH^#E)66EYB9FIN<G9Z?DJ.DI::GJ*FJJZRMKJ
M^O_:``P#`0`"$0,1`#\`WJ^YLO58+J7M',4&2EPU?A^N=[Y6CR\2Q/)BZNAV
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MFBI(P7FD:)$C4'\BWOWA"AHRFG7NG&#O[`FER-56[)[<Q7\+F6FJ*3(]:;@6
MNEJJAF3&TU'2TB5<M7)EF2U.4!7D>0QW'ND4$MP2L3`$"N<8_.G7NG"3OOKN
MGCCDR-7N3#--4UE%%3Y78V\:2KDK<:8(\I2I3-A6F:7'3U"1RD+H+FR,X!(L
MT+(#4@D>8/\`J_EU[J=1=Z]3UU-D*J+>=!'%B*6>LROWU+E,5-04M,_CDFJJ
M7*4-)50@O^A2FJ0`E`RJ2&>O=8$[\Z<D265.SMF^.*JI:.1CF(`(ZFN$C4M,
MY;3IJ)(XF?1^I8QK-EY]^H?3KW3C'W-U7+5/0Q=D;+DJXY/%)3IGL>TJ.(A,
MUU68G1%&07;],>H:B"1?U#Z=>Z>5[%V,SF)=[[1\HAHJDPMN+$1RBGR2-+CY
MC')6*PBK8HV:(_VU4V^A'O85C@*:]>ZF4V^MEU30Q4^\=JU4U14QT5/'3;AQ
M,SSUDZN]/20I'6,\M5.D3,D:@NP4D#@^_$$&A%#U[I[I\E15(#P5]#51L=*M
M354$H+>4P<,DA4_O*4XYUBWU]^*L.((Z]U.62-UU(ZNMV4,AU@LK%6`*W!*L
M"#_0@^]=>Z\7M_9<_P"L/^-W'OW7NNO)_M$G_)(_XK[]U[KEJ_VEOTZOI_R;
M_P`&_P`/?NO=?__0W7OF1F%P'Q9^0N3,Z4[KU)O*C@DD5G0U64P]1BJ.&151
MR$J*NM2,M;TA[\6O[5;<1^\K5SPCU5_,5%/V=;!Z%?J+#1[<ZJZTV]#8PX+8
M&S</$RI'&C1X[;F-I%94B)C4$1?CB_T]I!P'6NA#][Z]T`WRGR]#@/C+\A\S
MDZX8V@QO2/:=55Y`UB8X4<,>R,X6J3D)(*J.@\/U\[12+#;658"Q]U[JN3NR
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M^1G9.<ZTAW8M;3[4W5'TSVKE=K;IZ]W%E:G;E+O'`[=Z'VEO(9?`_P`0.)R-
M?2]M=H9##8D9$,V%.+DJ=3S-8NI'IJK9-1UY'#K4#HQO1_:^Y<KWCV;L9LO+
MO':^7[&[UGHZVNRLE=7;"J^I8.D-J5^T,2D*I14^T1F=V5$D=.Y-7%7RREK)
M8>VY`NA#ZT_G4_MQU?H#^POD;V?_`'E^4-?M#>QQ]#@=D[GVIU=M>?'X>*#;
M&Z>K=_[*V%NSLG)Y::"IBD@SFX.Q"M)3U/D%138F0!8_&2[I@\(1*X&H@'\B
M*T^W_+UKH?MJ_(?,8:M[$H]V8?*[BI:'>W9,6TLEAYJ!;8G"]U8?IS#;;CQL
M<4=2:6@R.6@EJ,D_E2-8ZH-?PC6VT>K00<FE?V5KUOJ1NWY;4N,V%N[+8/:.
M5_O7MKKCLG>%:F6J,7_=/;V2V1NW)]>XRFS6=_B%')D<3NS=^)J3C:RBA>GJ
M:"EDG9X5`]T$+<*CCUKH3]O]TX#-=D4O5V>VKN+";PJ*'.M05V9Q%`F*SS[0
MH-N3[IDP\@JI,L,-35.ZQ#1UTM-%0Y%X*D4\LGC.JK(5TU/'KW1?H/DG-C.R
M]Q[?WOLK9U)LC;VY/D+%N'*8C$U=9FML;+Z5V]L_,8O=FX:<&MAD7=<6ZQ2)
M"B))-))3K`K>21$>T$Q@`FII]F?\W7NAG/</2&,Q>4S63P*[8R&*7+/N;;>2
MV730;OP<.,V[@-Q[BK,WBZ*&K9<;B\#N+'25M4DDM/&*B-6>XL-+&XP#_/'7
MND_C]]]+1[CW70;PVSUMC*BG[$RNU-OU]+MD92NJ:?!XO8]=D\INZ:HV\D."
MJ*#=.^Z2DU^>:F9JRD9)0TS+'NLP.J*0AZ9R1Q\A2GEUNG[>F3;';/Q_.R8-
M[4^T.M-H;HRE#N[?V+V]F8\/@9:S&[(W-F-LOO&;<<^W(VQF,,E.98ZUJ=33
MBJ"*"6NVG$\K:I6U,*"M:_9QSUKI:5T'Q>R%5GZ2NIMBU%;L+)R5&?I*2EG`
MPN9IY*3'SI]OCT5*[(8RLRE/')'`)I*6JJ(V94FE!;TDEY.JB9]2UQ_J\L=;
MZ>L3TWT%O3&T>Y\!@L9FL3G((YJ/-;>W1N#^&UU/%5-()*6IQ><C@;Q5B.'`
ML5<.C?V@6""I((SUKI0Y/I#9U13108VNWGM@PY6GRT4^U=Y9[%3QSP50JGIQ
M_ED\+X^K*)'+`R,GAB1%T@<V1RE:>?7ND#O/IC!;;VSNW=N%SW8DF;P6`W9G
M\;%D>P-V5F+J*M<;FLH,1DZ"/)TTE;M^KS=4E5-3B6,ZZ>((Z(I7V_'(TDD<
M=!W$#AZ_GUOY=`E_I,[9_P"=9V'_`-D,?Z0?U8G_`)FI_P`<?^/O_P"+U_M?
M^;_Z;?>_#^0_M=/6NO_1W.OGB['XG=U4$<!J9<]MNBVU'`)33^1=PY[%8JI9
MZ@34_P!O%!15,LKR:U*JAM=K`J=N!-[]@)_XRW7NER.Z-D[&[.V9\?LD:K%Y
M"OZMQVZL!N3)5./I]O9/P;CQ6Q,5LZBJ:NI@K*[>.7K*D34]+'"3+#&Y!U>G
MVG56*!PI*>OE^WKW0K4N_=G9*BJ:W#[DP^;CI]OG=/BPN2HLI5S[?+UT$.7I
M*2CGFGJ<?55>,J((9E4Q2SP21JQ9&`]0UI3/7N@+Z^^3G2/>R;8VSBY*ZNI^
MS>GL_P!LQ8/>6UI:''R]<XO=-/U[N2GW/'DX9,735M/N*O%)48^=F9H]3$&,
M$^_:6_A/6@0>!Z$#M#&=*T>T<MNSMK%;#CV1MS;WV.3SFZL;C9<3A]JG*8/*
M_9-5SP2)0X=LUAL;4^--,;5%'326+0QE=KJ#"@.KK?4W,=(]3[@@W3#E>OMJ
MU/\`?L4O]\9_X33TE?N(T60I\Q2G)Y"A6FKI9(LM2QU=Q(I-4GE-WNWO8D<4
MHW#KW7'<NQ^HL7U_1;6W9C=KX/KK`9O:>4Q]%D*U,#@</FL!N_%[FV?-!5FL
MHEHIZ/>5)2S4R"55><+'9E;0=*6U56NKK14,*$8Z0[_'/I#=>UY\128PU>T\
MSMOL';NG![GR$='5T':&^*#L+?65H\ABJT.N9S.\\3%5M6PS"6-X]"E5X%M<
MH\SUY5"BBC'2HVUT;LC:F_W[(Q<V7;<+IV6ICJ:^"3&!NU]Q[/W1NN1:1*6.
M37_%-D40I29"88FE4E]8*U+,P`)P/^*ZWT%M5\/=A5.V<7MA=V;XCBH8NR(,
MCFHZ["'<6Y(^T^R]O]J;G?/Y!<&D=9-'N#;Z4]*WB`BH)I(G$CD2K=IIF.IG
MJ<?RP.O=.E7\7L+)%OF.CWONR&+=>1RN<Q4%2N)KJ/:&<RW;,G=&0FQ$<5%1
MUM;B:[>HB%5CJJ>6FJ:*(4[65FO7Q'QW</\`BNO=)W<GQ'I=V;>[(Q^6[2WA
ME-S]C]1T/5];O/.4F&RN5@%%O[?'8]/FY*+[>FHJFAH\YO>2DH\6%BI*3$TL
M5*NH>H>#N*4/7NEOL_H"#:/9M1V5'N6KR556YWL_/5U'64,-163R]EG9<@Q<
MN:DDEJY<7LQMI-#B$LGV]#6-3`!8P6J69J5/#KW0;YGXH5V6>MEJ=ZA)LZOR
MBAS>1CQJ-)!3?(G)XFOH*2GQ-8U50Y^DV:F'IX!%D7*R1IZ-`"(EA(X_%_J'
M#KW08]N=>;LVG2MG1LG;^;WIO^C[4CSF+V5U=NC=.WZ.C[`Q'56RZW!T.:V_
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M3(32(*[/X^C+@T:.#=9&)`8]O^K^77NCD=3X+-[:Z\VOA-R4F"H]P45%-_&D
MVY3TM+C*G)U%=55=9DS!046/H$R>8GG-77_;PI`:^>8Q@II)I(078@XZ]T(G
MNG7N@<^1-7]CT%W;5B>KI6AZG[":*JH'BCKJ:<[4RJP5-')-)%"E3!,RNC,P
M4,`3[46@)NK<+QUC_#U[HMO\,[&_YW^T?^R$/L/\UC/^9E?\]-_P`_X]7_:?
M^`__`#:]OX]#_;]:Z__2W*OGC/3-T#-A:MPD.[.T.E-J,#($\IS':FU4%-:2
M6FI915^+Q%)I8H2KG4WT!5[;F\D']`_\=/7N@Z[_`.F>W]\_(^AW#M+;%%D-
MGU>V/C-B9=T5N1QM#!M*7JWY-5'<N^<G(LE4,_DJ^JVKB::@H:2BA*S3UI:>
M01*P]T2<)`L.DX8GC\J4Z]TD?BCM&NQNU/E1OS9E!39:KV]5]@]"],55%'C\
MC)F-K]1;F[/W)BH<94T,9QM=CJSL7L?)4T4<+F)6I!`Z*\+%FF>KZZ>G\NM,
M*@CUZ+OMGIKL+:=!MF+>G7&ZY,-LOH/X809*BIMJ9?<LF1V?N#MK%;]^777]
M?CZ6DRS;HW6^]]JPUF0QT433'$5;4\,*P\,Z9Z@]O=G_`#=4CC\.N:CI,Y;9
M/9&7Z:^2&V]Y;8[(I,QL/XP?''9N*PU31YO/[?I\3V3VSV-O?>6+H]DRTW\,
MR&X=E[#&(H,FT$U764%'3K3H8S&FOWCY!TXKTYT(6^\UVWA=R_(#!8?.[YQF
M\I,WV9CLU5RU.X)Z/;&Q]U]R=`;0^+\6W("APD&.R>QI<\:>;'`U,4D=>:EQ
M,7<:$P%*KP_P^?[>O=#ED=P5F<Z`V-296;.9VCS7S[CV3MV7*5T]37';>UOE
MYN"AVI'E:G(?=5N1PE#CMIPQ5$54#+54"-$2-884C-')^1_P=>Z!Q>V-Z[-Z
MYP>)V)N3^[>4I<7WMV!C,;M&''8K:>\NTJ'Y;X_K[^XV(I*S&56O`U,>2R"T
MV&IXTD1:M9)90RI*%%`6-5KY9^SC]OSZ]T-\W<G:TV>S>U</V7-79'<W<FR=
MH09+;^"VCE*/`[1W+D.W'IMP=99+.0Q8IJVJCZZ.V<IA<W3R5.(S6%KZM9)X
MJRFD9*JZJYI05Z]U)[DSN\=_;2^$ZU<FW-V[FWYNK,U^[-E[0WI)M/']DST7
MQX[,S.3QNTMS4\\LU/@_XY30O+4QRM"E*Q<.4*L7`WA%T/$XKZ=>Z2W8'R/W
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M<[2`L4[Z5^7R)_R=>Z,SVWOGLC_2+BNK.N*BEP-?4]-]F=DC=63HZ/)83^\V
MVJ_;.!V1MC<+SL\V%P65RF=GJJNI\0:>"A>**2-M=VX=+*S,M:&G^'_-U[IH
MK/DT^U<1NY=X[2=,UU]L=\]F(,;N#;PK-U9>@AVM2&7:>WS6SY6+:.[\_N9:
M/`9*L6`5L\$JO%$GBEFMX-:$-@G_`%?[/7NE$GR0PL=1LRFK=J[AHO[U[JK]
MAU=9-6[<GQV!WM0[SEV`^V4EI\P:K=.47<,$DDRXF&K6DQL4E54&)$(]^\'X
MCK&!U[H/\#\J9<QN?<==+M'<TFS&VOUI6;-VS1[>9^QZBOWKO3LG;*[IW%2-
MD?X?M?8&4I-G)41UF5?'PXZ&"62KD4S11KXPTIWCKW2TW-\@C/LCH+?G5E!1
M;FP'<_;6P-EF3-)7T%32;1W5+F#F\U0T].&+Y;#T^*>1%D)IG1';4RZ2?1PE
MVF4L`44M]M/\_7NN-1\A)\?D/ER*S'8JHQWQGQ.+R\$5%+D16Y>&HZF@[*K(
M<O5S4_\`#X*LR2M3QQ4OE:*(*\OJD"!M%UNB5XFG7N@+[%^0:]E?'#Y;4&YL
M'!M2HZ^Z=QM=G*C&9B?*8]\?V3UH^Z83C<M]A1!\AC:*J,3JJW2H"WL"K%9;
M)X>X1Q\=,E/2M/EU[HV7V^#_`-5EO^9-_;_YJ@_XL?\`JO\`@3_Q=O\`:/\`
M@/\`[7[I4^H_M?\`5Y?ZO3KWY=?_T]QSYW/1R];]6XJMIWJHLW\E>A*!Z:*F
M%9*ZIOJAK/N/M@RS-%124ZRL\0>2(+K"L18J+;4AFG0D!5[F]*X%?V_SZ]T=
ML@,+&_\`@0;$&UK@_@\^T_7NF7;NV=N;0Q%+M_:>W\)M?`T4E9+1X3;N*H<)
MB*27(UU3D\A)38W&P4U%!)7Y*LFJ)F5`99Y7D:[LQ/NO=/.A1>R@7;62.#JM
M8M<<W(X_UO?NO==:!8:?21<@_4@L;L?\2Q^O]??NO=<$@10JE58(24NO"$BQ
MT_6U[^_=>Z@##8U8_"M!0)`*TY)8%H:98ER)J36?Q!8P@5:X5;&7S`>3R'5?
M5S[]4C@>O=-3;(V@\N+G?:VV7GP>4K<WA)GP&,>7#9K)22S9+,8F1Z<OC\KD
M9IW>HJ(BDTSNQ=B2?=M;FO<>O=)G(=*]3Y7';CQ-=U[M*7'[PS\6Z]TP+A*.
MG;<&YX:Q<A%N#*3TT<-159>.N!E$Y;R!W<W];ZM*Q4U4T/7NG&NZPV/D,QL'
M/5&W,8,IU8^3DZZE@@^SI]H',;<GVAD5PU#2-!1P0S;8J9*%8RC)'`Y"!?QJ
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M<?\`%?X.O=")V9TQB^QZZFRAS.1V]E'V]E=E9ZHQU'BJZFW1L'/ST\^>V;G*
M?+4E2SXVN>GNDD+PS1&1R";BV@2OPFF:_GU[H(-U_$3'[DS&Y<K0;XJ]KQ9R
MAW7A\=18C:&U(VV[B=Y9'J;+9JE@KFH_O<R&K>I:9(/O'=:>GJC'&JK3TX3>
MM_XSU[K)D_BI-5;FP6Y<;OE,:V&W+4YLXQMJTE5`,?5_(`][U5!A:Q\FL^W<
MOD?NZK!Y'(PAY<G1RI+*@9/&?:W'!SUNO3;#\5\T*!Y:S>E!DMQR[@ZI:IK:
MK"9),/N78G46<W-6[4V;OK%)FVJ]QBCQ6Z9%>>:J:.KKZ2GGGB9%:-O:W_C/
M6NGB/XZ[CH>G_C]L2GS>U\KNCHO=NW]Z09C<&-R,^(S>:V]A]TXN"L\-%)2U
MV,GGGW(:H^/A=#0+9'U#:NX).LBN#\QYCKW25W#T/W36X/Y#8[`Y+K:BK?D/
MMNNJ-S9.HJMS5%;A=_S=/XWKVB.`9J*6&395-G,%3S+350:1:&::X:5F5[,R
MC08\,//S^1^WKW2G^0^U<5LCXF=L8[%4>+V[5UFQ1#N.NP&W:!9,MDJI<3A\
MMD9L7C*>BCR]?D(-42J5!D5E066RB\$I%RDLDG=JJ2?\/7NC*_P[%?\`*B__
M`!Z?\._XMDG_`!:?^5'_`#/Z_P#IE_5_M/MO6_J/CKY];QU__]3<J^4=0*CL
MOX@;=#03-D?D%#F'Q<M--52Y"FVULW.U4M1`498:5\+-615IED(T+!Z59ROM
M;:J&L]UKPH@_:1U[HYWM%U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWO
MW7NO>_=>Z][]U[KWOW7NNK`V)`N/I_A_K>_=>Z[]^Z]U[W[KW7O?NO=>]^Z]
MU[W[KW7O?NO==``?0`?ZP`]^Z]T67Y<N'Z,W/2NRJE;N'K7&:7C@DA<U_9NS
MX2*L54U/!]D5!$P9P#$6'UM[]U[HR]S_`,<V_5_7^W_7_@G^/OW7NO_5W&_D
MA'-6_([X6T4<$,\5)V!OW-3^2:J1HC3[,:EBE2.DTL6C\[.ID/A)4JX.H66V
MSJMIN",<N$I^1J?LH.O='=]HNO=>]^Z]U[W[KW7O?NO=-F:RM-@L/E<W6G31
MX?&UV4JVN!II<?32U<[7/I%HHC]>![VJEW6-?C/#KW0)U7R(VE1_':A^2=1B
M-Q1[.K]CX#?T>'DH8X=RIB-QI024%.]#+.D2UNG(QDJ9`I'(-O>]#:S'3O!(
M_,<>O=+'L3MW9G5^%VMN#==;54V)W?O;96P<56TM%)60QYS?N4@Q&WYLBR.@
MH,2]74IYZISXX$.IN/>B"#0]>ZG5'9.VH.SJ'J,RUS;RR.Q\EV'!3IC*R3&I
MMG%9W&;=JZBIRZ1FAIJMLGE8TBIW822J'9;A3[]I.G5Y5IU[H0/>NO=>]^Z]
MU@J*JGI(S+5314\*@EYII$BB075;R22,J("S``D@7('U(]^Z]UF!N`>>1?D6
M//\`4'D'W[KW6!:NF:9J99XC4(JN\`=?.B,659'AOY$C8H;,0%/X)][TFE:8
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M>F^VLU4U`I*7$=7]@9.IJFIQ5I3P4&U,M52SO2LKBI6&.(L8['7:UK'W>VS>
M6X^8_P"/#KW1!:K+[=W#M?X+=`[AW8NV<#3]2;1[G[2JLGGJ+'8_*;1VIU[1
M[,V3M/-Y#,55(F0&[>S=VTU;#2>.1IX\!.2J+'[4NNF:=UJ2'/\`A-?Y=>Z:
M,CN*A[(^)7PVVMNS'UE4F\.].K>EMPTKS-/73R;-GWAMJNS*U\AB97FI]F#)
M0U2>7]:,A>X?VVZ`NY-105_U?SZ]TL/C)N/?.[^^>OZS?<LDVZMI?%3=?6O8
M,D.0@*Q]D=?=X4NV,T^6HH:FMFFR&=HZ.')1B=[4\<]T,AF<IN4`(:<"U?Y=
M>ZL#WWNR?9.W:C<%/M?<V\'IJFBA;";0HH,CG)(ZRJBI&JH**>II1-3433+)
M.58M'"&>Q"GVG&2!U[I.[![0&^LGD<2^Q]][1J\9A\1EZD[NP7\+@MF'JXX\
M='4+43Q29.F-$SRP@ZDA>-S;6![<>,(`0P->O=`'\W\+/7=48VN3(U#?:]@]
M9XS'[<DGIX<#E\[NCL[8^!QV6W!#++3SY8;3IJJJJZ&B63PR5YBE>*5H8U#7
M7NCF#45-M-]3VXXX=AR!;\?[S[]U[H@[]>XK`?+_`*PBV]65>1WN^/[A[D[=
MW;4C[;(Y?9>=I:/KKK_9.36F=**;'QY^KA_AB>-1'3[:+$^1G9U)),)!X8`^
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MZV.5:7'5M3A(HJBHC7S0Q.61E:S#40\'QM.==:U^=.'[.O=&9U-_J8O^`M_U
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M+78C<5!41_W@S,5?#4"DK(-V4V.Q[U0>`3?<T8?60[7]U[HPY`/^OS8_D7_H
M?Q[]U[KC8)<W8\'B]R3]>`?R3[]U[HMOR%VYE.S-I]7P;,HL?NJBIN].E=Y9
M22&6GJJ$[2VEOC&[CS.4HZ^&LAB22CI\;KBEC=[R*%TL&(]^Z]T9%6`0,>!]
M3Q^2W+?ZUS?_`%O?NO=$LZ]I]Z3]A]RY'=O6N[L)O3MZNW5@]N=CP48FVMM/
MK;KZCJ<'UQMW+553N2JK\775]77UV9C^PQ\=+65.2<L3(FKVXS*4503@?SZ]
MT%WQNV+VUMW)?#[9$6U]Q;/VO\>.A]\]=]T9O<F%Q^'AWONV"DV1M3;F)VS/
M!65E9F:#(9C;E?N,U,#''2TY@=G^X=(T;Z]T(VW<FG4N\N]=]=@;(W%DMO;^
M^46WH<#N/%;<K-PC`8N'IG9FVJ#?><IY4>NQ.U\7G<)48D5]##(J2U41YCDF
MD1UG4JH!-0*=>Z$#X=[9W%MCHS%1[L@R]+N#/[Q[-WA6P9N"*BR$=/NSL3<V
M<P_EQD%H,3KP592M]LBJ(F)%KW)U*P=JCA3KW1HO;?7NO>_=>Z][]U[HL7?<
M=35]C_%:@AIFJ8?]-=?EJH"KEHDA3$=8[\>.H8B1:>M>&:I#"F=6:0`NEC'[
M]U[HS&@_T7]']!^O^GT_1[]U[K__T-R7`9`UOSX[*HVAJ=.%^,^PXH:A_P!R
MD_W([\SU5*D,C37@>3TWB6/2^C66O8>UD^-LB^<A_P``ZWT=/VCZUU[W[KW7
MO?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW4>6JIX)(8IIHHGJ)/!3K)(B-43^
M*2<P0*6#RRB"%W*J"0BEOH"??NO=`-W]NZ7'T6PNN,2U6-R]U[[HNNZ&7%UB
M4F5P^W!BLGN;L/=5+(LB5,2X'8V#K0DT8/CK:FF!_4+^^?EU[K%\;X!CML[\
MP-'B*'![>VSW/VO@-J8[&ULE;10X"AW75/$(0Y(QZC(U%2OVB?MTVGQJ`%L/
M=>Z,-[]U[KWOW7NN&@:@W)(O:Y)M>XXO_K^_=>ZY``<`6`^G^'^M[]U[KNP'
MT%KFY_U_Z_Z_OW7NO>_=>Z][]U[KWOW7NBH=UFLJ_D5\.<73ND=/!O#N#<^1
M(>!IY*;#]/[@PL,"4TZ7:G:OW5"TDT3>6(HBZ2DCLGNO=&O]^Z]U_]'<,Z[H
M7F^??R/R\+3-28_I#I/`5'GR'W*)D9Z[<.4T8^B=+XZE^Q,1D5&TR3$N;LWI
M5W'_`"3(/^:C?Y.O='L]I.O=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW0(U_>^T7
MW]E>KMHT^:[!WYMRD:;=^'V91P9'&[`JI\5#FL)B>QMU5%13;:V/GMRXVJAJ
M*#'5M2N1GI)DJ13_`&S"4^Z]UW5]O5FV,)4Y_LO8.Z]A8ZF,OEJHVP^^(8@(
M@**.2'959ELD]?F*]EHZ&EAIYIZNLDC@C!DD1395+&@X]>Z+G\?::I^279-;
M\OMSYBFJ]G85MY];_&;K_'U=)78O9.#QF7J=I]F=F[FKZ%Y*7+]L=BYG#S8U
MTADFH]NX.@2BIY'J*O)S3ZEC(UH2*D?X1U[J%D]^8K,_-_LW,[HI8*'KSX8?
M%G$YO(;PR%721T&,WOW_`)W<6X-WQ0P-,)(*[;'5'2^-EDJ9/&%I\^4!(=C[
MM!V6\<`'>",^7#'\^O=&=^/6+R^.ZCVK6;AH5QNX]UC+;^W!0B".FDH\OO\`
MS60WC54=33PEH8:RA_C0@F5"5$L;6)')])0R/3UZ]T-/NG7NO>_=>Z][]U[K
MWOW7NO>_=>Z][]U[KWOW7NO>_=>Z+!OK'T&4^57Q^GEH#45VV^O^[\O2Y!9J
ME?X<,@VQ,$\;P+*M)*E:E0ZZG1G0QC20&;V^HI#)\Z?Y.O=&?]L=>Z__TMRO
MI/)8RH[\^9^ZFK+4.*W3UWMS(,YHHZ>DFVEUQ2U62FC@%\A3D+6A9I9F$-08
M5:,>EO;\X8+#":^'I#`?-LD_G0=>Z,[LK>^"WYL[:^^<!-4/@-X[?QFYL#+D
M*63&5U3B,Q0QY+'S2XZK$=53234<H?0ZA@/J/;.ELBAKU[I@P_<O6^=HL17X
M[<U,T><J=N4=!25='D\=F/N-WO7KM:.OP.0H:7-8@;@3&3R4IK((!)%&7X7G
MWO2W\)Z]TM,SN/![>DPD6:RE'C)-QYNFVY@TJYA$^4SM735E938JB6Q,]9-2
M8^>0(/[$3-]`?=:$\!U[IZN"2+BXM<?D7^E_]?W[KW7?OW7NF^@RV+RHJFQ>
M2H,DM#75F+K305E/6"CR>/E\-?CJHT\D@IZ^AF&B:%[21-PP!][H1Q'7NJV?
MY6-133_%_?\`EI?%ENT*GY@_.F?NL0BGARLW;V/^5W;V(RF(R]5*8H*K(8;;
MN+Q.+I)I)'CBQM+2QHZP1HJ:Z]TD,WV%WAV9\?-Z?*GM;IG?'46Z**E?`?&#
MXI;Q;:\/9/7O9^<R_P#HHVUV3VC4X;<&YME[@[,S>\\LE?MI:.LGH\-MN:GD
M1!E:FI,-X_B`)HIX_9U[HZ.S.J<)\;>J=F[=ZYHS%MSK3:&V-N9S%4E*D3[E
MV]M';U'@ZO.QT43+34^ZXJ:B.0>6$:JYUD24.\@==-W.3ZGKW5>WQTV;4?*W
MN7YG[SJLIB,ETCFOFWF]O;^\&%FHJ[L6A^*>P^J^JMB]-,*A_MLYUSC^P]O9
MO<.>RH\D.9$T&(CC:E:O9[DA-!0]],]>ZN<4:1:Y;ZF[6N;DG\`#\^VNO==^
M_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[HH.6IX\A\X]DR@TC/
MMCXY;UF=:EZK[V(;G[`V]3QR8J**<0>"?^#%:J2:,J3'"J'4#I5`+^[]1_MC
M/3YZ:&F/2M,]>Z-][2]>Z__3V[>JOXCDE_F%2XW%9"IEJNS-ZXS"T]'X9ZS+
MSTG5.*@6+$4R^5GDJLQ+(D6MF$DSD!5TZ0KNZB2"O$0I_@/7N@?VCUMOS:7]
MV\]6;9W::K;V[OB9B\"T5#7)E\9L[8?QLI4W3`JK"U/B<-_?&2MI,I$J"&24
MRPNH>13[:\;B*8SY^IZ]TF=E[4[3V]E,1E%'9N&S'\4^(4NXY(IJJLW7V'MW
M8/Q2WWN#<>U*RKKH#2PUF<W]2RT%7.]05;)V#>-M)?QF^7K_`#/7NGCKBISV
M2S.*HCEMTXK!TO8&W<[LS[=MZ]CP;4KJ;X?]K9O.;GBR>\*&#-;WRHW=G8#7
M3"*CI\GEJ+QQP1U!F#^,V:Z?]5>O=&YZ3R=--0[=VYE>QL]09NAWG'3XJC&Z
MJ7/8GLB7;/6V,;<5)M>OW+B/[VU^TZO^(_QK)T,SFNQ>:2:+[CP1F,M,=3$^
MIZ]T;[4O)N/2;'_`_P!#[UU[HIF_<[3?'7=>2[-J,75_Z*MZYNEJNRLEB8)*
MNFV'F:FC6BKNR-TT%/2A<1L:@QN(C?(Y6,R/#-/(]9II[3PNZM:A*=U,?YNO
M=!9-!6?&/=O8'=O3&Q]P=X]'?(G?FU-Z=E[(Z.H-N;HW9U_V7N*BQFUMQ]^;
M2PT&1QL_8FR-W8>@Q53NG'4-159NFDH#D<;25S5-5"M=`X$T/S_U8Z]UUW/W
M[L/=7>?Q0ZQP^:P^X\!EMW[R[3WN,7+49'.8%^KL%C,=UWC<CMJEBJ,W15N=
M[1[!Q+TM/4T4<LKT)DC9#%<V\(YKCKW1M\_MK<>]J^DIJ_+UNWMCPR4=7783
M%NU-GMU.CB:7$9_*I=\3MPE(Q-2T+>6O3R0SS)"S12MD4-`:]>Z(G_*`K*/,
M_"+![OI]`EWI\@OFKN2L\5-'1(DC?,CO3$4=$*.&&..B3"X;$4M!'`I=((Z8
M1H[(BGWKKW5GM^;<_P"V-O\`;_0>_=>Z]<#@GD_3_'_6_K[]U[KOW[KW7O?N
MO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW13<)B\K)\U]_9FI=WQ-)\==A8G%I.8
M[4T];V%N[(9+^&B&1R8:QJ6(U7W`1P\47B#)J/M\_P!BGV]>Z-E[8Z]U_]3;
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M%8&EN2+0KYC:/U^VI;>:`*9HRH/#AY=>Z?)/D'\?I*BB=NU.MYITJG2@D&XL
M94.E1-3RO*U',COXPU-K\CH0N@D,;'F@BD(!"&G7NDAN;-[5WGN6AW)MKY6I
MLO&4F'3%U&U=O9_K2JP.3KJFJGJ:7-UC;@QN1RR9%HZA8@L-1#&Z1J"NK5>K
M*R_$*=>ZS)@-TS8O[1_E$F7ITI$?)S9K:O461H,C0ZU@R"Y2GH\?CX_X=D$F
M$+!&B5?);5<@>_"H.*UZ]U7/O#9_;'3W;E!M_M`XWOKH#L?=T%1UK\CMH_'K
M:V6K_C3E,=B%BVQU?\CL+U#NS:^ZLYLNH:$SX/L2.E_A&/BA3%9^D1IJ;)5+
M\;=N:EJ_R_U>76Z].?67Q(W/WMW!WOV]N_;74-'TAF>MMB]&=&T<W7FX]H[E
M[0H</7Y#>':??>YLAMW>6)[%Q%-N3.Y6AVUM:.;-"K7%;;;)"-8Z^#R;=F`H
MIH?\'R_U<.O=&.VS\+,UL_=4^8VYV9VIM;!TU1CIJ/;N#^3_`,G*K:<Z4=51
M-,M5LO?^[]^8+&Q55`DXE2CE42R",$J&?VQDG437JI%01Z]%V_E^]#_([KWK
MSN;_`$A;!W-M_<%?\CN_9CM+<OR([*CP>[<=1]K;RJL#VML>GQ&+CVYBL/W?
MAMPQYN=H8J1)'T>:E6K$TAO(\34$8%?LZ8@MWA+%[AI*@<3P_P"+Z/,=E[WQ
MJP5S=)[+SDLAK*@TC=R[H:>DAFHTF@H*FIW!B*NDJJ]ZZ!(II$!@86<'ZCWZ
MB:*DD-3./\O2CI78G=79V,CE;_9>%H)$-3#"N#[/V?D$J*>&&!Z-D:LCQ#H:
MJ:21"K(/%X]1)#<-+W5TYIU[IQ@[2[*CDBAR7Q[W_`TSUH\V-W3UIF*2*.FU
M/2O-/%NRFD1J^,#2!&P1CI8CZ^[*N0#C[>O=2L=VWN"2EJZC,]+]KX>:A%,L
ME$E#MS-2U4M2DTA3''$[@G2MCI$B432`JBR2*JEN;;<`$48$4\NO=3*CN:@I
M,55Y6JV#VU$M%2SU4]"G7N8J\F3#6P4*4E-04)JIJZMJ7GUQ)#Y-<*-)P@O[
MIU[J$._=@--6QRQ[[HOL*AJ>9JOK/?\`!"PC*B2LBE.W&6:@C#W:9?0`";V]
MV".PJJU'7NH>*^2W268DGBI-_P`,4E-DX</,,E@]S814R-1$\T%-KS6$H$=Y
M8HF*D$H=+<^DV=2VGD)"1DG\NO=/47?_`$JY5%[2V0Q:G6K_`',_11N*22E:
MNBJ71V7QP3TBF2)FLLJ"ZD^VY(WB=HY%HXXCKW3WBNX.J\Y48VDQ/9&Q*ZLS
M$E%#BJ"#=>%.1R$V2A-1CX*/'-5K65$];`I:)%0M(%-@;&U.O=`GUQ4O5_+;
MY,_[C7OB=G=#8P9.6MB6]/58W=V32DH\<JF8Q&:JD>6H=PK/&(U6ZEB^:>#&
M*^O7NC9^V.O=?__5W^/?NO==$7_-O>B">!IU[K#+3QSHT<P6:-UTO'+'')&R
MG@AD=64@CZ\<^Z@2CA-3\AU[IO;`860N9,3BY/(I277C:)C(A@>E*.3`2R&F
MD:,@_P"ZV*_0V]V!D/QR%NO=,-5U]LBK@%)4;(VG44B0/2I3R[=PKQ+2O&(6
MIT1J.T<)B&G2MAIX]N!V7@>M_ETSY#I[JO+%6R?5^P,@ZT]/2K)6;3P%1(*>
MEJ(:NFA\LE$TGCIZJG21!?TNH(Y]U9BWQ&O6NFX]$]/%IG_T7[+4SS">55PE
M"L+R"7[A;TZ(L(1:@"0(`$$H#VU`'VJ&X7X55%T0`*#`\N'6Z])^3XR=&N:,
MKUMB*9<>%^QAH:W,8^FIF01*DD=+0Y2GIA,@@2SZ-090;W`]TDN[B9M<TFI^
M'`#'IUKKC4?&?J2L%6E1A,V8J^FJ*2MB;>>ZYDJX*IFDG27S9B1UDEE<LTBE
M968G4QN?=?'D^77NGFDZ3V[CIDGQ^=["HY5JI:DD;]SM4KI/+YYZ)TKZFK7^
M'S5#/(T2@`M(WX-A[QV\U4_EU[INBZ+\$L\\?;'<<TDT4\219#>8KJ*#S^-G
M:*C.-ABOY8@PO<B[`$*Q4N-=%N$**:^5?V<>O=9'Z<SGWU'4T_<O:%/24C-*
M<3_$<6V-J)?X;-0(LOCQT-<]*)I!5-$TQ#5"WOH]'NHF74&:%3G]O7NFZ+J#
ML>EQV&H8/D-O^63$T7VTE=783:=;596HC%2*>LRK_P`.A>I9?.GD4$>7Q+J(
MNU[23Q/IT6JK3TKGKW61NNNZX*&1*/O0S9$R^:*;);$PTU`K(ZB."2D@JHJB
M2E>'4'7SJQ<@@V&DM>*/]]#K=>LZ;4[]B%9&.U-IU(6@Q*8VJJ=A1QU(R5%+
M5RY2?(14]<M/+2YU9HHS'"(C2+`&C+,SZJDHV2"#\O\`9ZUU@Q^+^2]+25BU
M^Y^ILK7"HE%!.<1N&@I'I)JR.I$L]'`))J:KI*-Y*1%$\\<FE)W(8M$'1]#Y
MRRU^Q?\`/U[J1/7_`"(I&HQ'A>K\O`*B+^(20Y;/8^L>D:"6>;[2*I$E)%50
MU&BG76[(X#366XB#H&W!:&=RWV#C^WAU[J!#GOD/.]+19OJGK2KII8W>JK:/
ML"LJJ2FG6&1HU%!D=MQ5-0IJ"BAEYTZC938>T>IN*FA_U?9U[J(FXNV(VFCR
MWQZV^]-//!348QF[L%D&FIJ=-/WF4AFQ5-'CXU"_LPJU2R@A2PL3[=1$<!I)
MJ'S_`-5<]>Z2,^Y,O29^GJJGX@5SU5+5_P`6HMR8F+8M;-!4X^H$%%71SBCA
MRE)D7IF>2(+^\B^@D%A=\6L+U\*\3_;]O[*5K\^'7NI7Q[Q.X:_M7Y(=H;CP
M&\]N/V#F^LZ;;^*WEA8\-/0[9VGL6"FAI*`0M)%6QQYW)Y!I9=;/Y'T-;0/:
5>6JL8JJ0A(J#4'YCKW1M_;77NO_9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>22
<FILENAME>g850935dsp_005a.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g850935dsp_005a.jpg
M_]C_X0Q+17AI9@``34T`*@````@`!P$2``,````!``$```$:``4````!````
M8@$;``4````!````:@$H``,````!``(```$Q``(````>````<@$R``(````4
M````D(=I``0````!````I````-``+<;````G$``MQL```"<0061O8F4@4&AO
M=&]S:&]P($-3-B`H5VEN9&]W<RD`,C`Q-3HP,CHQ-2`Q,#HS-SHT,@```Z`!
M``,````!__\``*`"``0````!````GJ`#``0````!````(@`````````&`0,`
M`P````$`!@```1H`!0````$```$>`1L`!0````$```$F`2@``P````$``@``
M`@$`!`````$```$N`@(`!`````$```L5`````````$@````!````2`````'_
MV/_M``Q!9&]B95]#30`!_^X`#D%D;V)E`&2``````?_;`(0`#`@("`D(#`D)
M#!$+"@L1%0\,#`\5&!,3%1,3&!$,#`P,#`P1#`P,#`P,#`P,#`P,#`P,#`P,
M#`P,#`P,#`P,#`$-"PL-#@T0#@X0%`X.#A04#@X.#A01#`P,#`P1$0P,#`P,
M#!$,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,_\``$0@`(@">`P$B``(1
M`0,1`?_=``0`"O_$`3\```$%`0$!`0$!``````````,``0($!08'"`D*"P$`
M`04!`0$!`0$``````````0`"`P0%!@<("0H+$``!!`$#`@0"!0<&"`4###,!
M``(1`P0A$C$%05%A$R)Q@3(&%)&AL4(C)!52P6(S-'*"T4,')9)3\.'Q8W,U
M%J*R@R9$DU1D1<*C=#87TE7B9?*SA,/3=>/S1B>4I(6TE<34Y/2EM<75Y?56
M9G:&EJ:VQM;F]C='5V=WAY>GM\?7Y_<1``("`0($!`,$!08'!P8%-0$``A$#
M(3$2!$%187$B$P4R@9$4H;%"(\%2T?`S)&+A<H*20U,58W,T\24&%J*R@P<F
M-<+21)-4HQ=D154V=&7B\K.$P]-UX_-&E*2%M)7$U.3TI;7%U>7U5F9VAI:F
MML;6YO8G-T=79W>'EZ>WQ__:``P#`0`"$0,1`#\`]57F7^,?K-UG7:>GT6.8
MS`JW6;'%LVY'YKMA]WIX[/\`P9>DY%]6-19D7.V54L=98X]FM&][O\T+Q7!9
M?]8?K)C[I%G5,S[1<!RVH'[2X:_Z+&IKJ2074^I'6KL3ZRX[+[7OISP<5P<Y
MSH>?TN.Z''V_I&/K_P"NKUI>+?6_!OZ;]9NHUU2Q[K1FXCAH)L/KU[?^+RZ[
M%ZYT7J=75NDXG4:OHY-3;(\'$?I&?V+-S$E!Y#_&E;96>D%CG-FR\':2/\&W
MG:KO^+![G]!R7O<7N.==)<2[@5#ERS_\:_'1S_PM_P#Y[5W_`!6&?J_E#L,Z
MZ/FVEW_?DE=7B*;;7_69E9<X[^K;2W<3I]J/MU*]H)`YT^*\-OR&877LC++0
M[[)U"Z\-=HTFJ]]K6N_=;N:MVWZK?7/JU)ZKE@WV7?I!79;MLVGW-]/'_F:?
M^#IW;TBH/JJ=>2?5CZWYG1LRJO)M?9TRUXJR*;22:27>EZ]?J?I*_0L]N33_
M`.07;?7?ZSV="P*F8FW[?F.+*"X;@QK1NNR-OYWI^WTVN^G:])+T;GM:)<0T
M>),)P01(,CQ7C_2.A=>^M3[LEEQL96_;=DY5CBTV0"ZNMC0[Z##[]C6,8F^T
M_6+ZH]5-.\U7MBPXY<7T9%<[6[?Y+OYO?^CMH>DI]B3+G^K=1Q^K_4;,ZCC$
MBK)P;+6<RT['$M.W;[ZK&[%YGTGJ^=@V9%F)9:[,S,<8F.X.<\M?996]UC*W
M;MU^QCF4[?STE/M/K4^IZ/J-]7GTY&[_`#?I+R_Z[?6'KN#U_JN/B9]U%--=
M;JJV.`:TFAK_`&>W\Y_N1>B?4OZP.=G"_'^RG-Z?=CLR+GASA98^E[3=L<^_
M_!O]RYOKV%;T?J.5@Y+Q?;B!K['MDAX<P7-CU/=[6'8D@OM73G/=@8QL<76&
MJLO)Y+BUI<7?UD=SV,;N>X-:.23`7)_4KZM9?17Y'4,G*9=1FX])8T;I;MWV
MR_U/Y-JX?,ZIU3ZV]8J;N<YN5<:\#',BJNOW;+'_`,KT6>K=;_88DE]>KZCT
M^Y_IU9--CYC:VQI,_P!5KE87DO7?J)G=#Z99U)]M%U-):+A4TL<UKB&>K)^G
MM>Y3Z9U_J-OU:ZSTN[(L>,:O'LQK-Q%C:[+FX]V-ZW\XZOV_]M6>DDI__]#J
M?\974_LGU>.$QT6]3L&/$P?2_G<IS?\`K+/3_P"NKB?J?U7IG2.LOZEU'U"&
M4FO&;4S>0ZQP]9SOW=M=;&L5K_&#U(9_UBLK#OU?IE?H`\CU'1?EO_L?H*O[
M"V?J]_B^Z;G=%P\[J+KV9>36+GLK>&M`?[ZV;=A_P6S<BAP_KOUSI'7<G#S.
MGBUM]#7TW^JS9NK.VRHLU/T+1_X(N@_Q6]4WXF9TBQTNQ7C(H!/^"OG>UO\`
MQ>2VW_MU&ZC_`(M.E-P,A^#9D',;4\XXLL!8;`":P]NQOM<Y<?\`4[JAZ=U_
M`RR2RC(_5L@$Z;;H%>__`(K*;2DEZ;_&N`6](_XV_P#\]*Y_BK_Y`RO_``];
M_P!10JG^-4^WHX_X6_\`\]*Y_BL$?5_)'_=Z[\6U%!3PGIU7?6WT+8]*WK!9
M8T\;3DD_]+:O;%X?E4Y%_7<MF+N;DOZA=]F+?I"T7/?3M_E;VKM\?_&CBNP6
MV685CLO;JVMS?2<X>TQ8[WL_J.KWL1*'COKQ773]8NM5U_S9=ZACL]]+++?^
MG[EI?7NVU^;T8V&7?LMKS/[SG,W_`)%FX'3<[ZS=<=0??=FW&_/N:#MKJ)W6
MN_.V?HA]FQ6.7:?XR.@W9.)B]3PJC8[`#J\AC!+OL[]KM[1^=]FLK:_9_H_4
M22X7U>ZE]=,7I-%/1</U,`[G57"D/WESWOL>ZSU&?X3<WZ*AUC"^NO7;:+,_
MIMCK,</;4]E3:SM?MWM>[U'>W]'N8B?5#ZZCH>">GY%3LK$#W68SZG`N9O.]
M],.AKZO4+[&.W(O4_P#&!US+SVCHP=12]OIU8NQEMUMA/TVZ.VN_-V?]N)(=
M/I.#U#"_Q==7Q>HT64/8S,-5;XGTW-=8PM#2[:S>YZYW_%]6VWZUX>[W>GCW
MV#P#MM=8?_X(]=UGT]3I^H^<WJUHR>H'"O=D/:`UNYS'N].L-#6[*OYM<1_B
M[VCZU8NL$XM\#Q_F/^^I)?6EXS_C#C_G/UC_`(JK_P!MVKV9>/\`^,+'L'UH
MZBVP&MN552ZEQT#F^EZ#GM_>V6,<Q!3ZI@/97TG'?8X!C,=CGN/``8TN<Y>?
MY?\`C#ZKG93:>@X[*:K';,6:_4OM!'M>*OH5;OI[/]'_`#BUNE?6$_67I&=T
M'%QW49-73BP6%S2USGM?C,:W]W<YGYZXCZM]3;T;K>-U"ZEQ;C"RJ^CBQA>W
MTK!M=_A*7M^BY$*=KKV)]=KND9.;UVYU?3Z&"Q]#G,&\[FM8PX^./W_=^E>L
MGI.[]G]>9(G[+BR?/[4MSZT?7"[ZP]/R.G].QGU8-+/M'4+K(GTJRVQK(:7-
MJWO;^]ZEG^#6#TNVIN)UNISP++,3'+&3SLRF[X'[S/4:DA__T<OJO\]U+^@_
MTG)_G?I_SK_Y_P#E_P"F7LN/_,5_1^@WZ'T>/\'_`"/W5\LI)*?JE>,V_1M_
MY&_GG<?\:[Z/\O\`<_X5>>))*?>/\8/TNE?T/Z=W].X_F_\`!_RU;_Q?_P#(
M]_\`1?Z59_0OYOZ-7T_^&_?7SXDDI]59_P"*&O\`Y(_Y2/T?Z1_2?S/^[G_H
MU`^MO_+N3_0?I?\`:3Z7_H5_P_\`I%YBDDI^@?J!_P`EW?T+^<']#^GQ_P!K
M?^'74KY5224^J?6C_E"__DKZ0_HO\YQ_A_Y2V?\`%Y_/V_\`)O!_F?Z9_;_X
M->)))*?I[J__`"1F_P`U_1[/Z1_,_0=_2/\`@/\`2_R%RWU8_P"5L?\`Y%_F
M[?Z!_/\`T:_YK_@O]+_UM>%))*?JI8GUH_HC/^3_`,[_`)1^CP/YG^5^^OG!
M))3]`_5#^D9/_)?\U7_R=_.<V?TC_@_]'_;6;]=_^4&_\D\#^E?TCAO\[_(_
M<_D+Q!))3]"]$_\`$[D?\E?1?_,?T7@_TS^3^^@'D?\`('T3_#_HKP%))3__
MV?_M%,)0:&]T;W-H;W`@,RXP`#A"24T$!```````#QP!6@`#&R5''`(```+F
MK@`X0DE-!"4``````!"+@FB,YFAE3NCUH0\9ER-=.$))300Z``````#E````
M$`````$```````MP<FEN=$]U='!U=`````4`````4'-T4V)O;VP!`````$EN
M=&5E;G5M`````$EN=&4`````0VQR;0````]P<FEN=%-I>'1E96Y":71B;V]L
M``````MP<FEN=&5R3F%M951%6%0````!```````/<')I;G10<F]O9E-E='5P
M3V)J8P````P`4`!R`&\`;P!F`"``4P!E`'0`=0!P```````*<')O;V93971U
M<`````$`````0FQT;F5N=6T````,8G5I;'1I;E!R;V]F````"7!R;V]F0TU9
M2P`X0DE-!#L``````BT````0`````0``````$G!R:6YT3W5T<'5T3W!T:6]N
M<P```!<`````0W!T;F)O;VP``````$-L8G)B;V]L``````!29W--8F]O;```
M````0W)N0V)O;VP``````$-N=$-B;V]L``````!,8FQS8F]O;```````3F=T
M=F)O;VP``````$5M;$1B;V]L``````!);G1R8F]O;```````0F-K9T]B:F,`
M```!````````4D="0P````,`````4F0@(&1O=6)`;^````````````!'<FX@
M9&]U8D!OX````````````$)L("!D;W5B0&_@````````````0G)D5%5N=$8C
M4FQT````````````````0FQD(%5N=$8C4FQT````````````````4G-L=%5N
M=$8C4'AL0'+````````````*=F5C=&]R1&%T86)O;VP!`````%!G4'-E;G5M
M`````%!G4',`````4&=00P````!,969T56YT1B-2;'0```````````````!4
M;W`@56YT1B-2;'0```````````````!38VP@56YT1B-0<F-`60``````````
M`!!C<F]P5VAE;E!R:6YT:6YG8F]O;``````.8W)O<%)E8W1";W1T;VUL;VYG
M``````````QC<F]P4F5C=$QE9G1L;VYG``````````UC<F]P4F5C=%)I9VAT
M;&]N9P`````````+8W)O<%)E8W14;W!L;VYG```````X0DE-`^T``````!`!
M+`````$``@$L`````0`".$))300F```````.`````````````#^````X0DE-
M!`T```````0```!X.$))3009```````$````'CA"24T#\P``````"0``````
M`````0`X0DE-)Q````````H``0`````````".$))30/U``````!(`"]F9@`!
M`&QF9@`&```````!`"]F9@`!`*&9F@`&```````!`#(````!`%H````&````
M```!`#4````!`"T````&```````!.$))30/X``````!P``#_____________
M________________`^@`````_____________________________P/H````
M`/____________________________\#Z`````#_____________________
M________`^@``#A"24T$`````````@``.$))300"```````"```X0DE-!#``
M``````$!`#A"24T$+0``````!@`!`````CA"24T$"```````$`````$```)`
M```"0``````X0DE-!!X```````0`````.$))300:``````.=````!@``````
M````````(@```)X````T`$4`6``S`%\`,P!?`#<`7P!C`&4`<@!T`&D`9@!I
M`&,`80!T`&4`7P!P`&4`<@!C`&D`<P!I`&\`;@!?`&,`;P!N`'8`90!R`',`
M:0!O`&X`7P!O`&\`:P!O`&L`;P!K`&\`:P`M`#,````!````````````````
M``````````$``````````````)X````B``````````````````````$`````
M````````````````````$`````$```````!N=6QL`````@````9B;W5N9'-/
M8FIC`````0```````%)C=#$````$`````%1O<"!L;VYG``````````!,969T
M;&]N9P``````````0G1O;6QO;F<````B`````%)G:'1L;VYG````G@````9S
M;&EC97-6;$QS`````4]B:F,````!```````%<VQI8V4````2````!W-L:6-E
M241L;VYG``````````=G<F]U<$E$;&]N9P`````````&;W)I9VEN96YU;0``
M``Q%4VQI8V5/<FEG:6X````-875T;T=E;F5R871E9`````!4>7!E96YU;0``
M``I%4VQI8V54>7!E`````$EM9R`````&8F]U;F1S3V)J8P````$```````!2
M8W0Q````!`````!4;W`@;&]N9P``````````3&5F=&QO;F<``````````$)T
M;VUL;VYG````(@````!29VAT;&]N9P```)X````#=7)L5$585`````$`````
M``!N=6QL5$585`````$```````!-<V=E5$585`````$```````9A;'1486=4
M15A4`````0``````#F-E;&Q497AT27-(5$U,8F]O;`$````(8V5L;%1E>'14
M15A4`````0``````"6AO<GI!;&EG;F5N=6T````/15-L:6-E2&]R>D%L:6=N
M````!V1E9F%U;'0````)=F5R=$%L:6=N96YU;0````]%4VQI8V5697)T06QI
M9VX````'9&5F875L=`````MB9T-O;&]R5'EP965N=6T````115-L:6-E0D=#
M;VQO<E1Y<&4`````3F]N90````ET;W!/=71S971L;VYG``````````IL969T
M3W5T<V5T;&]N9P`````````,8F]T=&]M3W5T<V5T;&]N9P`````````+<FEG
M:'1/=71S971L;VYG```````X0DE-!"@```````P````"/_`````````X0DE-
M!!$```````$!`#A"24T$%```````!`````(X0DE-!`P`````"S$````!````
MG@```"(```'<```_.```"Q4`&``!_]C_[0`,061O8F5?0TT``?_N``Y!9&]B
M90!D@`````'_VP"$``P("`@)"`P)"0P1"PH+$14/#`P/%1@3$Q43$Q@1#`P,
M#`P,$0P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P!#0L+#0X-$`X.$!0.
M#@X4%`X.#@X4$0P,#`P,$1$,#`P,#`P1#`P,#`P,#`P,#`P,#`P,#`P,#`P,
M#`P,#`P,#/_``!$(`"(`G@,!(@`"$0$#$0'_W0`$``K_Q`$_```!!0$!`0$!
M`0`````````#``$"!`4&!P@)"@L!``$%`0$!`0$!``````````$``@,$!08'
M"`D*"Q```00!`P($`@4'!@@%`PPS`0`"$0,$(1(Q!4%181,B<8$R!A21H;%"
M(R054L%B,S1R@M%#!R624_#A\6-S-1:BLH,F1)-49$7"HW0V%])5XF7RLX3#
MTW7C\T8GE*2%M)7$U.3TI;7%U>7U5F9VAI:FML;6YO8W1U=G=X>7I[?'U^?W
M$0`"`@$"!`0#!`4&!P<&!34!``(1`R$Q$@1!46%Q(A,%,H&1%*&Q0B/!4M'P
M,R1BX7*"DD-3%6-S-/$E!A:BLH,')C7"TD235*,79$55-G1EXO*SA,/3=>/S
M1I2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V)S='5V=WAY>GM\?_V@`,`P$`
M`A$#$0`_`/55YE_C'ZS=9UVGI]%CF,P*MUFQQ;-N1^:[8?=Z>.S_`,&7I.1?
M5C469%SME5+'66./9K1O>[_-"\5P67_6'ZR8^Z19U3,^T7`<MJ!^TN&O^BQJ
M:ZDD%U/J1UJ[$^LN.R^U[Z<\'%<'.<Z'G]+CNAQ]OZ1CZ_\`KJ]:7BWUOP;^
MF_6;J-=4L>ZT9N(X:";#Z]>W_B\NNQ>N=%ZG5U;I.)U&KZ.34VR/!Q'Z1G]B
MS<Q)0>0_QI6V5GI!8YS9LO!VDC_!MYVJ[_BP>Y_0<E[W%[CG727$NX%0Y<L_
M_&OQT<_\+?\`^>U=_P`5AGZOY0[#.NCYMI=_WY)75XBFVU_UF967.._JVTMW
M$Z?:C[=2O:"0.=/BO#;\AF%U[(RRT.^R=0NO#7:-)JO?:UKOW6[FK=M^JWUS
MZM2>JY8-]EWZ05V6[;-I]S?3Q_YFG_@Z=V](J#ZJG7DGU8^M^9T;,JKR;7V=
M,M>*LBFTDFDEWI>O7ZGZ2OT+/;DT_P#D%VWUW^L]G0L"IF)M^WYCBR@N&X,:
MT;KLC;^=Z?M]-KOIVO22]&Y[6B7$-'B3"<$$2#(\5X_TCH77OK4^[)9<;&5O
MVW9.58XM-D`NKK8T.^@P^_8UC&)OM/UB^J/533O-5[8L..7%]&17.UNW^2[^
M;W_H[:'I*?8DRY_JW4<?J_U&S.HXQ(JR<&RUG,M.QQ+3MV^^JQNQ>9])ZOG8
M-F19B66NS,S'&)CN#G/+7V65O=8RMV[=?L8YE.W\])3[3ZU/J>CZC?5Y].1N
M_P`WZ2\O^NWUAZ[@]?ZKCXF?=13376ZJMC@&M)H:_P!GM_.?[D7HGU+^L#G9
MPOQ_LIS>GW8[,BYX<X66/I>TW;'/O_P;_<N;Z]A6]'ZCE8.2\7VX@:^Q[9(>
M',%S8]3W>UAV)(+[5TYSW8&,;'%UAJK+R>2XM:7%W]9'<]C&[GN#6CDDP%R?
MU*^K67T5^1U#)RF749N/26-&Z6[=]LO]3^3:N'S.J=4^MO6*F[G.;E7&O`QS
M(JKK]VRQ_P#*]%GJW6_V&))?7J^H]/N?Z=6338^8VML:3/\`5:Y6%Y+UWZB9
MW0^F6=2?;1=326BX5-+'-:XAGJR?I[7N4^F=?ZC;]6NL]+NR+'C&KQ[,:S<1
M8VNRYN/=C>M_..K]O_;5GI)*?__0ZG_&5U/[)]7CA,=%O4[!CQ,'TOYW*<W_
M`*RST_\`KJXGZG]5Z9TCK+^I=1]0AE)KQFU,WD.L</6<[]W;76QK%:_Q@]2&
M?]8K*P[]7Z97Z`/(]1T7Y;_['Z"K^PMGZO?XONFYW1</.ZBZ]F7DUBY[*WAK
M0'^^MFW8?\%LW(H</Z[]<Z1UW)P\SIXM;?0U]-_JLV;JSMLJ+-3]"T?^"+H/
M\5O5-^)F=(L=+L5XR*`3_@KYWM;_`,7DMM_[=1NH_P"+3I3<#(?@V9!S&U/.
M.++`6&P`FL/;L;[7.7'_`%.ZH>G=?P,LDLHR/U;(!.FVZ!7O_P"*RFTI)>F_
MQK@%O2/^-O\`_/2N?XJ_^0,K_P`/6_\`44*I_C5/MZ./^%O_`//2N?XK!'U?
MR1_W>N_%M104\)Z=5WUM]"V/2MZP66-/&TY)/_2VKVQ>'Y5.1?UW+9B[FY+^
MH7?9BWZ0M%SWT[?Y6]J[?'_QHXKL%MEF%8[+VZMK<WTG.'M,6.][/ZCJ][$2
MAX[Z\5UT_6+K5=?\V7>H8[/?2RRW_I^Y:7U[MM?F]&-AEW[+:\S^\YS-_P"1
M9N!TW.^LW7'4'WW9MQOS[F@[:ZB=UKOSMGZ(?9L5CEVG^,CH-V3B8O4\*HV.
MP`ZO(8P2[[._:[>T?G?9K*VOV?Z/U$DN%]7NI?73%Z313T7#]3`.YU5PI#]Y
M<][['NL]1G^$W-^BH=8POKKUVVBS/Z;8ZS'#VU/94VL[7[=[7N]1WM_1[F(G
MU0^NHZ'@GI^14[*Q`]UF,^IP+F;SO?3#H:^KU"^QCMR+U/\`Q@=<R\]HZ,'4
M4O;Z=6+L9;=;83]-NCMKOS=G_;B2'3Z3@]0PO\775\7J-%E#V,S#56^)]-S7
M6,+0TNVLWN>N=_Q?5MM^M>'N]WIX]]@\`[;76'_^"/7=9]/4Z?J/G-ZM:,GJ
M!PKW9#V@-;N<Q[O3K#0UNRK^;7$?XN]H^M6+K!.+?`\?YC_OJ27UI>,_XPX_
MYS]8_P"*J_\`;=J]F7C_`/C"Q[!]:.HML!K;E54NI<=`YOI>@Y[?WMEC',04
M^J8#V5])QWV.`8S'8Y[CP`&-+G.7G^7_`(P^JYV4VGH..RFJQVS%FOU+[01[
M7BKZ%6[Z>S_1_P`XM;I7UA/UEZ1G=!Q<=U&35TXL%A<TM<Y[7XS&M_=W.9^>
MN(^K?4V]&ZWC=0NI<6XPLJOHXL87M]*P;7?X2E[?HN1"G:Z]B?7:[I&3F]=N
M=7T^A@L?0YS!O.YK6,./CC]_W?I7K)Z3N_9_7F2)^RXLGS^U+<^M'UPN^L/3
M\CI_3L9]6#2S[1U"ZR)]*LML:R&ES:M[V_O>I9_@U@]+MJ;B=;J<\"RS$QRQ
MD\[,IN^!^\SU&I(?_]'+ZK_/=2_H/])R?YWZ?\Z_^?\`Y?\`IE[+C_S%?T?H
M-^A]'C_!_P`C]U?+*22GZI7C-OT;?^1OYYW'_&N^C_+_`'/^%7GB22GWC_&#
M]+I7]#^G=_3N/YO_``?\M6_\7_\`R/?_`$7^E6?T+^;^C5]/_AOWU\^))*?5
M6?\`BAK_`.2/^4C]'^D?TG\S_NY_Z-0/K;_R[D_T'Z7_`&D^E_Z%?\/_`*1>
M8I)*?H'Z@?\`)=W]"_G!_0_I\?\`:W_AUU*^54DE/JGUH_Y0O_Y*^D/Z+_.<
M?X?^4MG_`!>?S]O_`";P?YG^F?V_^#7B222GZ>ZO_P`D9O\`-?T>S^D?S/T'
M?TC_`(#_`$O\A<M]6/\`E;'_`.1?YNW^@?S_`-&O^:_X+_2_];7A222GZJ6)
M]:/Z(S_D_P#._P"4?H\#^9_E?OKYP224_0/U0_I&3_R7_-5_\G?SG-G](_X/
M_1_VUF_7?_E!O_)/`_I7](X;_._R/W/Y"\0224_0O1/_`!.Y'_)7T7_S']%X
M/],_D_OH!Y'_`"!]$_P_Z*\!224__]D`.$))300A``````!5`````0$````/
M`$$`9`!O`&(`90`@`%``:`!O`'0`;P!S`&@`;P!P````$P!!`&0`;P!B`&4`
M(`!0`&@`;P!T`&\`<P!H`&\`<``@`$,`4P`V`````0`X0DE-!`8```````<`
M"`$!``$!`/_A#V!H='1P.B\O;G,N861O8F4N8V]M+WAA<"\Q+C`O`#P_>'!A
M8VME="!B96=I;CTB[[N_(B!I9#TB5S5-,$UP0V5H:4AZ<F53>DY48WIK8SED
M(C\^(#QX.GAM<&UE=&$@>&UL;G,Z>#TB861O8F4Z;G,Z;65T82\B('@Z>&UP
M=&L](D%D;V)E(%A-4"!#;W)E(#4N,RUC,#$Q(#8V+C$T-38V,2P@,C`Q,B\P
M,B\P-BTQ-#HU-CHR-R`@("`@("`@(CX@/')D9CI21$8@>&UL;G,Z<F1F/2)H
M='1P.B\O=W=W+G<S+F]R9R\Q.3DY+S`R+S(R+7)D9BUS>6YT87@M;G,C(CX@
M/')D9CI$97-C<FEP=&EO;B!R9&8Z86)O=70](B(@>&UL;G,Z>&UP/2)H='1P
M.B\O;G,N861O8F4N8V]M+WAA<"\Q+C`O(B!X;6QN<SIP9&8](FAT='`Z+R]N
M<RYA9&]B92YC;VTO<&1F+S$N,R\B('AM;&YS.F1C/2)H='1P.B\O<'5R;"YO
M<F<O9&,O96QE;65N=',O,2XQ+R(@>&UL;G,Z>&UP34T](FAT='`Z+R]N<RYA
M9&]B92YC;VTO>&%P+S$N,"]M;2\B('AM;&YS.G-T179T/2)H='1P.B\O;G,N
M861O8F4N8V]M+WAA<"\Q+C`O<U1Y<&4O4F5S;W5R8V5%=F5N=",B('AM;&YS
M.G-T4F5F/2)H='1P.B\O;G,N861O8F4N8V]M+WAA<"\Q+C`O<U1Y<&4O4F5S
M;W5R8V52968C(B!X;6QN<SIP:&]T;W-H;W`](FAT='`Z+R]N<RYA9&]B92YC
M;VTO<&AO=&]S:&]P+S$N,"\B('AM<#I#<F5A=&5$871E/2(R,#`X+3`Q+3`Q
M5#`P.C`P6B(@>&UP.D-R96%T;W)4;V]L/2(B('AM<#I-;V1I9GE$871E/2(R
M,#$U+3`R+3$U5#$P.C,W.C0R*S`U.C,P(B!X;7`Z365T861A=&%$871E/2(R
M,#$U+3`R+3$U5#$P.C,W.C0R*S`U.C,P(B!P9&8Z2V5Y=V]R9',](B(@<&1F
M.E!R;V1U8V5R/2(B(&1C.F9O<FUA=#TB:6UA9V4O:G!E9R(@>&UP34TZ26YS
M=&%N8V5)1#TB>&UP+FEI9#HT,$(Y,#(T.40P0C1%-#$Q.3E#,SA&,T1$0D0Q
M04)$1B(@>&UP34TZ1&]C=6UE;G1)1#TB>&UP+F1I9#HS1D(Y,#(T.40P0C1%
M-#$Q.3E#,SA&,T1$0D0Q04)$1B(@>&UP34TZ3W)I9VEN86Q$;V-U;65N=$E$
M/2)X;7`N9&ED.C-&0CDP,C0Y1#!"-$4T,3$Y.4,S.$8S1$1"1#%!0D1&(B!P
M:&]T;W-H;W`Z0V]L;W)-;V1E/2(S(CX@/'AM<$U-.DAI<W1O<GD^(#QR9&8Z
M4V5Q/B`\<F1F.FQI('-T179T.F%C=&EO;CTB<V%V960B('-T179T.FEN<W1A
M;F-E240](GAM<"YI:60Z,T9".3`R-#E$,$(T130Q,3DY0S,X1C-$1$)$,4%"
M1$8B('-T179T.G=H96X](C(P,34M,#(M,354,3`Z,S<Z-#(K,#4Z,S`B('-T
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M94E$/2)X;7`N:6ED.C0P0CDP,C0Y1#!"-$4T,3$Y.4,S.$8S1$1"1#%!0D1&
M(B!S=$5V=#IW:&5N/2(R,#$U+3`R+3$U5#$P.C,W.C0R*S`U.C,P(B!S=$5V
M=#IS;V9T=V%R94%G96YT/2)!9&]B92!0:&]T;W-H;W`@0U,V("A7:6YD;W=S
M*2(@<W1%=G0Z8VAA;F=E9#TB+R(O/B`\+W)D9CI397$^(#PO>&UP34TZ2&ES
M=&]R>3X@/'AM<$U-.D1E<FEV961&<F]M('-T4F5F.FEN<W1A;F-E240](GAM
M<"YI:60Z,T9".3`R-#E$,$(T130Q,3DY0S,X1C-$1$)$,4%"1$8B('-T4F5F
M.F1O8W5M96YT240](GAM<"YD:60Z,T9".3`R-#E$,$(T130Q,3DY0S,X1C-$
M1$)$,4%"1$8B('-T4F5F.F]R:6=I;F%L1&]C=6UE;G1)1#TB>&UP+F1I9#HS
M1D(Y,#(T.40P0C1%-#$Q.3E#,SA&,T1$0D0Q04)$1B(O/B`\+W)D9CI$97-C
M<FEP=&EO;CX@/"]R9&8Z4D1&/B`\+W@Z>&UP;65T83X@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`\/WAP86-K970@96YD/2)W(C\^_^X`(4%D;V)E`&1`````
M`0,`$`,"`P8```````````````#_VP"$``$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$"`@("`@("`@("`@,#`P,#`P,#`P,!
M`0$!`0$!`0$!`0("`0("`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#`P,#`P,#`P,#`__"`!$(`"(`G@,!$0`"$0$#$0'_Q`#9```!
M!0`"`P`````````````*!@<("0L$!0$"`P$``P$!`0```````````````0,$
M`@`%$``!`@0$!0,#!`,````````"`0,`!@@)$@0%!Q$Q,A,*$#,X(38W(Q0U
M.2!!-!$```8!`@(%!@L$!PD``````0(#!`4&!Q$(`!(A$S<X"3$4-64V.4$B
M,F,T5&05519F46%Q9Q#P@9&A(S.Q@K(D1E88:#H2``$#`08#!P,$`P``````
M``$`$0(A$#%!41(#<8$R\&&1H<$B$R#10N'Q,P2"(T/_V@`,`P$!`A$#$0``
M`#]^X&=L,8VIT-)?4$NW%)_3Q361:;<WI<CCY[NO(Y([[\?7@G.(&Y\LX<>H
MZY#7<'?&DCW9A3?/7I9HEIL&HVN4'8#UIFM8C:@VDHI5`FK9.KUQA2*P>=R6
MN"JE/<1G.:Q97XD7G"IG!`6Z1>*8G9#+?UM1^-R1W@49B]1"2O,"M1-I>5\I
M2=HW:A/53$[&BO*S,^<G0[4P/JJ=L0RNPHF@39DLO<7C?-Z]>;4E]`0>A!2$
M@&R<\GE9JO?YZ]C>0$+!8[%:',;<WU\1`&:1;_0ZWJ6:I?>.UDMTO\;5)[,O
M9Q02^D*>'5UIK\X);)OJQV?PZ:S95I((70QOB>,=6)O,3084;-B'!I@[_]H`
M"`$"``$%`(:0%4VV\$-H*FZ@H3K8"WZHBK'!?\$15C@J0B*L823T3FZUVT[O
MZ<-CC-P.VKWM0XUVTAMSMP0(0P`XR-$%6S[:F6,^"Y>"?Q#`B1*^)%#;7!'Q
M$59]W,=;WT:_VB@C8"!"C"G`(T`O8.+@(+?."049'BI.Y-PA`&@$@;1UG@C7
M[@H1\B)UON(U[N8ZS%#;,,#F81!%IQ15QG&I)A)>3OLP'ZJ*/;=?)7Q1E`(_
M>3HA(3DG,N8]*P?JO.%Z8#F74/)>:]7_V@`(`0,``04`C.N*B9=[,=R-0)T,
MGE_9RI.+F55$CBGIB%(XIZ*J)'TC-/9EO-_2,21C&.*1QX0#7=S/#"_#WM9?
MH1PVU$#?'+JN(U5`;;5V$XLN`6*&TXN-AVQ(5$FAX-JPJJ3&$1559(A%`=%J
M%XD+!$2/>WE^C+D0O*L.<(<1W@@YPA`75-!08%6<7."++HYQ3"KCI*J\&`]I
M[ZNN9,30&D!EMOMP8XQ`$;0P<:0<PZB`W@)U<+66S:J@+FU?@6D$X?91'6^!
MM-LHW#Q&J@.<1E>KT3U#J<Z_0.2>UZER'E`=:]7_V@`(`0$``04`541/([K'
MF^8JY;(E:<X;,7)A5"3RDIGF"67O&*UC4Y@H-DZ:ILUBY=F<YE\H.-(54&,_
MJVFZ4QE\UE\TUQ1$Q+`SG)[DQWKKA==.P=?E.VIZKJFPVI:MI>C9.7*A]@9R
MUA"18W"GJ5=L)$V,T>=;E=QR[IL;.M+URRBZI26*PJ4?*Y'#EO%GS)O4!3MN
M'HNP]>$S6M+SE8LH6P[N>[]#^[][:YM,=OO8BDFA:N^[[K);C7$++U5E5U1,
M@UFV-J2ZN-\-@9BHHLNW`,_J=>6R<RT5U"65;:F[5#&M;QU1517DZO:ZK$V^
M5`%-=--?-0TW6V/),J7#9VWS9_JEICHSK,O=5P4CW!=R_%NJ@<US:?RMVFG=
M-\6$@*@59<E6=KM.$12]_+DNR3<-OKS/,NN[T6^ZC[S^T=)M86S5Z>X#-5)N
MR50.Q/CL^/KH&FS5=8^B)Y#8-+<TV%UC1I=I2W:\ANJ;?_="O#::]E.M)=)Q
M:@NP7D%5(M5"7#;>OCYTW5`T8U$>-12II^Q-G6IW,TU5]>54ZG['Q:FQ9M_[
MG2E/T]UR[?>41MAJNQFP].6]MU.MWR/*#YRW-VHM#WI\K0%LA4S?\K?WFW\W
M[E*IR1K'?CO#D6+J<>0CM_,#-T&E:X0[=0I#MOU+9.B"MBY_=]FVY73_`$N3
M3+&F;2U5?>4A?8I],U_Q?D"?R5@#X?Z'_81=G^<U@7XQ+%S[\^^/5]\U<_$>
MV5\KXN??BJT-^1+W7R$HI_KL<_Z/_]H`"`$"`@8_`%+7<R,HBMD1*Y`0N9`Q
MBQI]%`ZJ/HH"ZJF`JNDV`('4]5\>G!K(Q=DSNA7*P'4];#1W4MT3OJU@B[45
M).$3I>BU`7IS5^2E'3?WV!ABHZ8NQ3[D!ZJ.D,ZBH\/4H9TLA\@#-BMPB(-2
MWHB#OC;(SQ\BM!W!+,Y_NO8S-@@0`"P\[(28"3_=`,Y=#5O';/EP#O=FH;)(
MG(4?/O6V!$,05J;,^"Z0@"`Q*!Q`\5%D.'W0!+"A0B^2A$"CH1:A*!!8J47N
ML'`6#:-`*N@'N(*TLWFHSE.H*VN:_+T[9V_]%CRO6/-?EZ+&['MX(=7.S_HC
M?SOYV?ESNL-]V"QYWH=7)1ZNV2CU>O)?_]H`"`$#`@8_`%".W+WO4"I;,Y<5
M",R?CX#M?9O2V7^6C,'/4'\E`GJ(KQ1$GTM+!5*;&P$D,@QLJ;-J&V3\-'HX
M\?U5#17A=0L?);N^"P,0&O:N:B!GV\K)J7'[(SAM&<L@6Y\E\LX:)9&MW?WJ
M0P92(O9$DLJW#S0+,B!0U1#O5&+H1./JNL,I2U7#);@>YD7(%"O?(@$*&[!R
M&=Z>*EJ+LI(\?LB8G`JJ_P!/\CU:_LZ#.VFOJZ`_JRVP,=;^3>:A'?B"1>P]
MO+NXIHQ9>S3J[O.S1(Q^5G;%LT3$T9&,'IP?[(B1]VFJW3WA:3=3S0!F:'N4
M=EZ`,ZDTG=&+WK2"Z.YL1U[CW&@8WEQD@-_9$=S)_"]2EJ<E;DFNB5,&(8=Z
MC+X0/ZY-[F[/*_RLUZG-@_LZ_<VEL.+J.3-Z(D2)<+<AM1>;XX_HMZ,OZX&X
MX85KGX+\<./;+ZL;L.UR_&X=5_;*T_Q<O5#JN_Q_;Z,.=R%W*ZPW7BZ_]U'K
MNY\E_]H`"`$!`08_`!$?(`"(_P``XQYMQQY;[/7X#:OB0ECNB50MEAK3F7RW
MN/ZA5E&3R==D6/WPRJ>)*NU5;MW'.4J]G!0I0,4HCAJ%R%=KE/4;=+#S&VF7
M96.T6ZSE9W:774O>'IU*/FIEW'Q;M.VUJ2AG+@$TEBEFR)&*;E```P>00U#4
M-/\``>D./#L5@YF<AB/K[N;:OE(2=FH4SI,<0PG5MWPQ#YB5TUY3*&*"W.4B
MP$$`Z1'C-LU,3,S.2+_?-G\7+R:F9:=5`S2`QA'@FUD)AR[<&:F*T!4R9#]4
MDNHH0`U`W%8J[N4FWJ4[XOI89Q&?F^R/DU8Y'?9+K&B&K9](MVDA&$9LM"(`
M"2)$2"!2AH!1!1RLBW3,H1(JCA9)`AE5!$")E,J8@&.<0Z`#I'X.``P@4PZZ
M%$0UZ!T'3]H=/&HB`?Q$`_V\>=2C]E&-!4*D#N0>-F3<5#@(D("KE5(@G.!1
MT#74=.C@KANLBNW4Z4G"*R:R*H`(E$4U4S&(;0Y1#H'RAP`Z]`Z`'[]?)_?Q
MTE$H#Y!$0_LU#74->#TPEJKA[>1N9TI5"SL6-F3;%;H.A<'@@=?>J:(-722@
MG%("@FH4PCH8!'?UCO$&[+-F+<?8]H6,Y>ATRJ62+CX&N/9G:S7K`\6KY75:
M>OV:DO:G*KY;E7$I70*'3.10=286=6.6=35J<8BQD]M$E)+E7F7T](4B#>2D
MC-""BIOO*2?+*+JF$1YSG$VHZZ\+2,O),(J/;B0KA_)/&[%F@*ARII@LZ=*)
M()BHH<I0YC!J80`.D>%*]3\XX>M=@2=)LE(*MY,I4Y,$>K.5F:3,\9&3;IZ1
MTJ[;J)%3$G.91,Q0#F*(`.G28NFI?A`1#4`']FO%TR1>I5O!4F@5*R7:X33K
M7S:'JU4A7L_8)1QH`CU#")CU53_N+^WC$@2J4PVM.]K>4WSKD5!`Q7$A3\41
M4X;-DW'&.^Y`3;T;!^.XB`30-H5$QBD*7F,(#O(K52.[@)N4RG`;P]O<XQ44
MAF;=]E-ZCE6JFA2%<&4(VJ6?ZA--G1RF20*5/JR$(F;EXV_[FZBJF>(S1BRJ
M799NDBX;_=-@?QY6]NKJJ+I--9)U6+:T?1RP#KHJU-H(AH8?#A7Z!`N4MR2`
MEYP*<>MPLS7U(41^/H#4=0^#77C.:`G*=%EOJSHFV*4J0=41[2,.S"Z1SD*1
M94P/9-40%4.8I3`4HBF4G&7<S/8R.F$\`^(7G;-K6(L+EY$UF0?XIW/WJ[P4
M5+.2`YD(R'/*1I#.^K!1=1N!RD^6&B^[S,#:0R;:,BHI7YG3+SF/\I9&&">M
M#ST0E3L/:M,=8WC&K1V"$17O/&,BV;@0C@?.!/K0:YDR]7BW;0[K=&.+\OXS
MR2[L#^6P%+2-P"AFRO37-O!W:J<[QA<DSLKK6EU_,%H\';E-N@\8E,K0H;#)
MH)7<MN)LDY5,6+V&+6GH>B5"K1:<IDK,KR'*4(Z:6IC!^Q;PS!ZJFRDIR59I
M*@HB"R8Y,RI"Y,D+1#5*[*5W(><-R63[J^K<OE).+CGTE4Z=5X2+ET'KJN5Z
M29B_2CF,9%19'230G,N"I4WM&_-,G2,@Q+>+R`MB*1N#^X[=MSV+2/GL%$NX
MQHZ7.W;Q$XY(XBOO)NWBK!5Y0^JH*E(3SC<AN7Q:NZ0IN8MA66,C5\B[J0;2
MU9DRXSGGDA`R#V+5C)!E9*);(QQ'NE$%$Q1?,3F*;E`-<NV+#%TRS(YSW![=
MV>UK#DRPL%FR%-U&[91RM0+/+W.MU.8>S*T]D]_7H!['5D6+<RK24>$>N"J-
MD3DXW2MK_B,^$G.Y#P[\_8!K69<KY%C+/98K*N3<CX7L<-(Y%<5RT6C*GWD[
MCJA(+N'J!E7(+)E!P8Y!31#/6`\IV".R7=<#P]8L]OM,0K-.XZZQ5HQE'9*A
MDV#BXJNYHQHJOR7W8*#M04D54M$O^7Y>,P;D\I9WIN0L>[BMOV"W5?C8E6[%
M?51M5_SM=G,A/.+8[>,"-&D%>46J)VB@`)&QA,5,@)D"B1*<Y/249G/,LU0M
MIN'I56=@L/8FQFLXL+N!MEB:-6RL=(SB^-:XI8;+..6[Q^\4Y6+(A$TFR7%K
MW0S]^P9D>@8]>UIODAOCFJ3]!MU7K-GL,16_SRWD7[M56QMX6P3:0/$&ZB,B
MFR4,LCUIBG3#Q*=I5WS#DJ>1P]C?:S?,(W4ESFF&1Z9B_(^XZMX@R'AEYD1L
MLE=9RH+JQ)DV@KN%'"4',NHGK_-DD.1Q@N&ED6-TWFY!A<#%;HR#B/FD<2-V
MKB^9\G(Q5``Y2(XWKBT0H8X\@*3B)>DQP#BT[H-S'Y]?-*QA*8Q_A2(QO0G5
MRD&EKR3:8M;),Y+)LW+!I$,HFF5.-8Q_,<PK$>/0#0Y`*?;EFK;8ADZ-R)C6
M"R3B/*9<DT8]+"Q8OF7,-<Z%)5]8TM(@^=UG($<Z322.F14&DPY4$"@0.?<;
MLNLDJ#B7PM>V><\6-7#LZAS8BS\ZD75GB8EIR`1JPI>:X6<.JF4>5,)UN'3S
M='AS<YC]8&6MQW(F":H)F3#!*RC@YG1%"D15213'D()1%74>40$NAL^&3Y^3
M_P`\,W`7G4(H/(7'.$2I!T!UA=$0*&B@B81Z0'E$O`X^MR;(E-O'C)2-1MT5
M)*&1BU:\[WHRC]PT<IO.O6*VE',:BB<JH\I^O!/4$U!T.8H%*8>8PFT\HZ?*
M-^WR!_=QXGU?K`I_EQS.GOKPD<FH"+*Y9!VV4:WWSF34-R`Z3LCP[U;JPY3.
MGASA\<YQ'PU7MG>G7EU?"MJ%K>^?.E4P4LL_>*4I:GA2HK=4F\6<Q[7K3D#5
M30A1$2@`<8FI&QG;::W[:%U;I8:'D5A@*-O2]XD+3D"W3]UL,M;ELDUX9%R2
MYN7S(#NF:+E)!FBD(GY2CQBNS;A=E=\D;+B9M>(B@V&H8?J6,I`U=R$O65K'
M#6F34R-,ED8MI)5)H\CT7/FHMW/6+%*85.CQ#L0[F,89"Q=.5VJ;_P"2H5+N
MBD>A.(8PLE7G;M67\:QB)"5")@59^9D13;JJ`J<4U5#$*14H<;;E)-,)8]2V
M^[C<A1Z:ZJ9V;"REK>-*>QLK=%5+JW3AE'W61;MRE_S$"OC*%$``>/X!QXD8
M$,!C&Q-A<51.(%(FJ.TJ%*7F5`P]61(A"F`?E%,;R::".&IZR2K-A7X+;WCJ
M7GYV6<M1CFD/&8UA7LI+2;XNC'S-NQ1.LLJ&B7(43?)XB:5X>.'Z;0:3<;.G
M6,"'<XR+D[<1F6/>Q@+P-B84+G:5:D!-,VKF19QYD9%5C#F!:2.W,"B26;,\
M>(%DB<J&UW&=2@[[9,82]IQPS&ZOD;C5XBL5I[B/#T4"3B13LS]J]3&>E#L&
MIVP+"0RG5@3Q8X5-\V47#:GLG!R_Z\P)MG@;]T&[9,%A^45=!0YA5`V@"`:\
M6NKLI@`QELJH2.&F#Y-3SN')DJV-XO*&X.PE`#D32=5^-1J]?6$3:)K1CU(V
MFAM=MF?]R\]GROYKS%CF%RO8J]2,@Q5=JL!$7PYK+3:^UA'=,D'39VQH3Z/2
M?&.N90SXRYM0^(!<S3&W^V;A'V>8K&-XE<-,KQD^'FJ>[R;'5Y^_ID;8(M.G
MQ1G4-*3K=!HX`S@G(BJ)M=2AQM+S.\?/:YC3+:B.WG+C5P[\W9M:GGI"/8U!
MS:51;*$!M1\]15=235^(4IG3CF,4IA,'AQHJ%5#GRIN17,*(%,H7S?!"I!!5
M7D4%-MJOJ<2ATG`GP:\9N1(8!*GOHSL<I0Z[_+!U3L1/0(8%4D@`^CG4>03E
M,(ZZ@(B0N?X+$2EBB\K3OB%;@%<)OH@$%K0US#"[F+I9,='A`=G!DO*)6""2
M7;)KJ&(L"74FU*?E&+L-FVS9`F\UF@CHK1E)L]4-AZR6*/5&,?O6-RDWIK)5
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MK1@RCFIW$>Q0%R\?K`4`.ANJB]XF0HK,.YUSL?W'3>8[)`1D%`55&UV''-WE
MG51J;&$BHB,)5Z%'ODHIJY%'KGQ60NE!$ZP@&"0.]69*N-JNY0K-HFX%=.77
M*&#U")'1;J*"BW0BR&7,HXT(+@@%+\;E_HWF15D9OZE&9SQA@&;Q[+RR*36-
MMU>1P4CC"3M$"N<4SS"%7NM>?L':"!Q7061`52`15`YMUGAXXGQ!:<6Y9I/A
MPNZNRN#^XUF3@+#9KA4+;A6OP\.T(5"0AV$S*UPZIE9,R"B+5QRF+J45.,(;
MDKSC2S.X_#;+)N+\JXE!LK$Y*H<A=:LVH=M8DA9@C0[&XXVL4&*'F+TJ",@P
M!<$EB@HW6',6W/;+A*Z4O;OC^GESKN_R7>U:\XFF^'\96*#M<+67#"%?R410
M8ZQV*&;JN2.WBLU--T?,XU`2&=+I>*#5'UAAF=JMVTG::_KL`O.MTG,ZC3=]
M=45L:<>Q,X*DZE:^%L8F=&*8PID?(FT!,QN-Z7<8[R.\#M-]N.W.V=K/Z@_[
MC^R]9Q3/9SV4KOL=[(>B&?LK^F_J/V7DX_WB?\9?\.,@>Y8[7[I]%^C=O%B]
M#^OOPWUWU?'A^]S3VYSWWU_1/9&P]C/U/]:^;Y>,M=U+O89.[GO9I[$XL]HO
MYE?BOS?F_%2]SS[SF;]!]Y[OGK>@O_9+ZKZ[Y^,T=Q/VF3[JGM?_`*[[M\_F
MA^,_;->,B]QWM%8=T?VP]`M>\Y_,_P"I_8N`_C_;\/D_KY.,G^Z8].,N[+VC
M_0G/:KZ\^M?:>?B]^[6]%O.RCON?0TO:'])_7?W]5QN6[)N[WE[MU[#^SV?[
M7OY7_COJOK^,,^Y&[/<O]R+O`>QN,_8#^7WX_P#->8?T5KW>'_5WO`_9ST4P
M[,_77U_YCJ>,X^ZF[+<:]P+M.]HKWVN_HK\(]8>?<0GN@?1\9WEN\SZ`KW:!
M^E_P[U=R<9A]U#Z"O'8GW._H4KWD?4_XGZNX9?\`SY>A93_4^D?1X;Z%ZE^M
&?-^;\?_9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>23
<FILENAME>g850935dsp_012.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g850935dsp_012.jpg
M_]C_X0Y`17AI9@``34T`*@````@`!P$2``,````!``$```$:``4````!````
M8@$;``4````!````:@$H``,````!``(```$Q``(````>````<@$R``(````4
M````D(=I``0````!````I````-``+<;````G$``MQL```"<0061O8F4@4&AO
M=&]S:&]P($-3-B`H5VEN9&]W<RD`,C`Q-3HP,CHQ-2`P-3HT.#HQ,P```Z`!
M``,````!__\``*`"``0````!````PZ`#``0````!````*P`````````&`0,`
M`P````$`!@```1H`!0````$```$>`1L`!0````$```$F`2@``P````$``@``
M`@$`!`````$```$N`@(`!`````$```T*`````````$@````!````2`````'_
MV/_M``Q!9&]B95]#30`!_^X`#D%D;V)E`&2``````?_;`(0`#`@("`D(#`D)
M#!$+"@L1%0\,#`\5&!,3%1,3&!$,#`P,#`P1#`P,#`P,#`P,#`P,#`P,#`P,
M#`P,#`P,#`P,#`$-"PL-#@T0#@X0%`X.#A04#@X.#A01#`P,#`P1$0P,#`P,
M#!$,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,_\``$0@`(P"@`P$B``(1
M`0,1`?_=``0`"O_$`3\```$%`0$!`0$!``````````,``0($!08'"`D*"P$`
M`04!`0$!`0$``````````0`"`P0%!@<("0H+$``!!`$#`@0"!0<&"`4###,!
M``(1`P0A$C$%05%A$R)Q@3(&%)&AL4(C)!52P6(S-'*"T4,')9)3\.'Q8W,U
M%J*R@R9$DU1D1<*C=#87TE7B9?*SA,/3=>/S1B>4I(6TE<34Y/2EM<75Y?56
M9G:&EJ:VQM;F]C='5V=WAY>GM\?7Y_<1``("`0($!`,$!08'!P8%-0$``A$#
M(3$2!$%187$B$P4R@9$4H;%"(\%2T?`S)&+A<H*20U,58W,T\24&%J*R@P<F
M-<+21)-4HQ=D154V=&7B\K.$P]-UX_-&E*2%M)7$U.3TI;7%U>7U5F9VAI:F
MML;6YO8G-T=79W>'EZ>WQ__:``P#`0`"$0,1`#\`W&O<>N]2&XZ=3J$`GCU/
MJ_Y_16=UPO\`5M<'$.%'UC+8<9D;&MA:`G]O]3\?VG3K_P!<^KRSNN@G(M9P
M74_6-H,]RVMX<[^QM14AZF][;,8AY$].`,N<!KU;";//\K_OB+FV6#KM8-C@
MP[R8<>_UAQP8;/[GM0NK%X&.[1S6].<\M/&G5<%]HW?U1M4^HM#>M,L)]OZ4
M$B)]OUAQBX_]))39S'N_;[8<X>_IX(DC0]9R@[3^RU5L&RP=8Z4-QU/0P3N.
MLX?52[_.5C,G_G"!/#L"?EUO($*IA?\`+/2P3(W]"'_LGU3\Z??[O<DIH=+N
MN_9O0@;7D/=TX.]Y!(]7ZQ';/]ABUA<]O4KR'NVB^L_2,#_(60_3^TL;I)'[
M,Z"0!`?TX:B=?7^L;)C^NMFC7J][1)/VFC72=>A96WZ7YR2FC3;>['Z:!8XC
MTJ]TN=_Y2->[3_IJ_E6V>MU8[WR.LY3![B2`.E9I:QL_RUGU#]4Z7N^B*:C/
M'_>)J?[&Q7<P`Y/6&Z`GK&29U@3TG-VN24IV1:[J60UUUA!Z[GUP'GZ`Q*1L
MC=_@_P#!M0>LW6MPNK'U'M_0];/TW1[>I8K*]NOYOT$6R6]0RB^0T=>SR[3L
M,.IX]S?H^UJ!UELX75R./0ZZ#,<CJ6(XG_-<Q)2;K;[6CJ^RQX<*.I;/<[<-
MK.A,;K_TO[:A]9,F^NS,V6/9MQ,\M<'N!!=UFJH[8=[7;/H)=>>"WK!`@FCJ
MAY[^GT*S_HM]BC]:&&,L[CL&+U!VUW\GK6/99_8?]'^HDI?JU][<'ZTN%E@-
M>1U#8=[A$.Z+MV^[\W<[8K/7[<K]I]0J9?=6P4`$-LLB1E]+KW^UWML]/?\`
M]N?N*GU9I_9WULB8^T]1_P"JZ*4?ZPNCJG4B22W[..8/M^V=+UB?]&Y)3/-R
M;J^D=6>;;&.#.N^F=SI;MR\)E;6^X?1W>W_1I_K!DY58SV,OL9Z?1LYXBQ\[
MAG-8Q^[?]-K!L8A9[7OZ1UAH]A;7]8-^NA(S,%__`%/L3?6(NC/CD]%ZA$?^
MG!NY)2;K.1DL=UH-OM;Z3LW:6V/`D=+QK!P[_2;KF(G7<O*;U?ZSL9DW,;59
MTT4M;8\;"^FSU&TMK</3];_IO_G%6ZR9?UX@0`_/B>S7=+QPP#^JWV-_D(G7
M"[]N?6O4C])TD`CP]*WS^C^\DI__T-HV,_;_`%(EP+CU.AH]PG2SZO,_ZI9O
M7[6&^S:6P*?K&/WA(8S=N_M-7I98T\@'_65SW7LAG2NL=-SGY%U6)8[(.=7N
M>ZGT:<3*RG.^S-#V[_4K]7]&WU;/^$24\;UO(K-=+`X%K>G.#C/YKNKX-7]G
M^;<B=2>QW6]DR`VV=H]VOUBH8?\`J?8M?K^5GMH^LW4L7-OILZ6[';@,JLVU
M,!IQ<M[G8VWTK?5LR;?4LR/4_1_N>DB=?OSJZ?K-U"G+R:+>EV4,PA786U,_
M08F4_P#5A^AN]2W)L];UV6^RQ%3G9SV'ZQM(+3N?@01W_P`M9+G0JF`]C^L]
M+:'AS6OZ$)'_`(2ZG8V?ZVY=#??F-NZCG,RKVOQ>M8F'36+'"D46'IU5U3L;
M^8<U_P!KO_2.9ZG\M`;D]0J%74&YMXL?]8'X/HE\T_9AD6X/V=N-M])C6T5^
MW_">K^D]1)3RG2GM;TWH)W;8=TX$SQ^D^L9U6K7=77U?)LW-`9?4XP==K.A9
M7N_U:NFRZLBKKV'TW`R<J^]UGVS/]5P./5A.-S/0+"P5?I[OU;#HI;Z^RCU/
M4_G7VTNC9.>ZOHO47Y=[[.I=0RL?(I>_=2:6CJ+ZVLH(V5>G]DQ_3V?\6DIY
MBBUGV;IK7/#=M=>L@0W]AL+B[C]Y7LJQCKNL/W`_Y:RF:\2.EYS&CM^?[5U-
M./=5U['Z?BYN5F#%+[^K#(L8ZL57LR&XE'I-KK;ZCLC:^BNAC*Z<;'_2_P`Y
M3ZJZ/<[#Z[U'IF5E79%'J8]?3QDDV.-KJ+LS)8RS;NV^E7O]_P#+J_X-)3R;
M[JSU#)&]HW=>ZD!!@2W$J8[G;]!#ZY:UN#U4;FC]!UR9TU?U/$8!_:_P:ZO$
MRV]/_;73[LJR^S%>_P"P.RW>M86UX>'F7>Y_N?Z5N3ZKO4_TBAT,9SG]);;F
MY%CNK=(LR<@VN9;LO;^S]M^-ZM;V5N:[-N_1^^A_Z+U*?T:2GF>N65/KZS8'
M@M]'JD'0S+>A5>/[RC]9K:_5S&R"!BYNX`C\[KE+/\[VKK&#+KSLNG`RLO,H
MZ?AW4Y=M[FV?KA;CWXC,=NQN_*KIWW7[*OL_ZQ57_.?HZ<ZGKF;^R<VMUA&7
MA_5ZK,W/IVO&7MRG9-[G75LW.]>FA^UWL]7_`*X@IP.JW5_L[ZUN+V_TKJ;.
MP$^IT2K_`#M_L_KJUUQ]-O6,ZEM@._'J;`@D-LZATZG=M'\EOM7749=&5TH]
M-Z?=_EAV`YV-;E5.!<_8Q@RGOR*=F0W[0['LR/9;^9OK5;H[NJ4]?HZ=U%UC
MF6X%E[ZK[*KYMJNQF>JRRK'QWL_GG_\`&_HOT=-E2*GE\RZO_F[U*XD`Y%77
M'\R)=FX-?M_SF;5'ZS7U5UYWN#@.BY;&ZQH[J5=+%T70LM^+0U_UGMRV9HQ,
MG*RZ,EE9QME%K'WW558M>QUM5;J'[:/I^IO]/UD3ZIWY]USL;K@M?9FXK<NB
MK*961`NM;DMJ-#=C*:JKNE?JUOT-_P"B_P`(DIYOKMS&N^L`<X-)MZ@">Q(P
M<&G;_GW>W_A$7KUK&]<^M>YX;^FZ4T$Q_HG1,_\`&;5Z0[%QGAP?2QP?(>"T
M&=T!^[3W;MC$CBXSBYSJF%UA:7DM!+BWZ!?^]L_,24__T?55QGUV_9GK?K,>
MIZ61N^T_M#T8^RY/]&_9_P"K_P#IR]+]+^S_`%?^#7A"22GW#KG[-_RYZOV7
MUOU2?4^W?8_YO'V?MC[-^I[O]!L_[3_9OM"G]9/V;MZ[ZWH^MZV+N]?[?]CG
M9B^G^U_LGZGZW_%?X#[#]J7AB22GWC)_9WV_+W>E]H_:^-_W.^S;OU';]J]/
M_)_[4^AZ'_:;?]F];_#H-G[-]>B/L_K?M\_SGV[[-ZGJ7_T;=^I?M?\`]D?M
MGJKPU))3])L]'_G7?'I>M^SZ9CU?6V>MD[=T_J7H;MWI[/UKU/4]7]%Z*P.C
M?LWUND^EZ/K_`&[,C9]N^R;OUWU?V7]H_4?M/^DW?H/Z9]D_P:\+224_2/3_
M`$?^<W6-OH>KZ6'ZGI^KZT1D^G]J]3]5V_2^S_9?TG_<G_`KG^F?LG_G31]G
MV^IZYV?:?VC]I_H3MV_[?^K?:MG\UZW_`'G>IZ7Z9>'))*?;\?\`9?[8N^S>
MAO\`2RX_:'[0]2/LO3MWVG]H?H/W?MF[]+^SOL'I?X97_JO^S_6Z3]E^E^S;
M(W_;8VS@3^ROVG[/V=]#Z7Z?^B?\.O`4DE/TKT3T?M/5_3]*?MQ]3TO4G=]G
MQ/Z1]H]GK[-G]%_5O2]+_#^NJ/6OLWK=>]3[//[';ZOJ_:/YN>H?TO[/[/LG
M\Y_0_P!?_I'_`'67SPDDI^A>E?L_]M8/V?U?4^P6Q]K^V[]F_$_H?V_]!Z?_
M`'+W_KG]$_P?J*?4_L?_`#CM]6/4_8]^^/M/J^EZM>_[/]F_5]O^G]'_`"GO
M^R^@OG=))3[ME_LN7^CNC]DYT_M7]H?0VXV_T_M7_:;Z'V_9^N[/0]#_``ZM
M]`^P?M3I_P!GW;_V99M^T?;/5V[\.?LOV[]#]D^AO]3]9_H_YGKKY^224_52
M2^54DE/_V?_M%KA0:&]T;W-H;W`@,RXP`#A"24T$!```````#QP!6@`#&R5'
M'`(```+7P``X0DE-!"4``````!`?_4K&U&0<;A>Y81^%.TA%.$))300Z````
M``#E````$`````$```````MP<FEN=$]U='!U=`````4`````4'-T4V)O;VP!
M`````$EN=&5E;G5M`````$EN=&4`````0VQR;0````]P<FEN=%-I>'1E96Y"
M:71B;V]L``````MP<FEN=&5R3F%M951%6%0````!```````/<')I;G10<F]O
M9E-E='5P3V)J8P````P`4`!R`&\`;P!F`"``4P!E`'0`=0!P```````*<')O
M;V93971U<`````$`````0FQT;F5N=6T````,8G5I;'1I;E!R;V]F````"7!R
M;V]F0TU92P`X0DE-!#L``````BT````0`````0``````$G!R:6YT3W5T<'5T
M3W!T:6]N<P```!<`````0W!T;F)O;VP``````$-L8G)B;V]L``````!29W--
M8F]O;```````0W)N0V)O;VP``````$-N=$-B;V]L``````!,8FQS8F]O;```
M````3F=T=F)O;VP``````$5M;$1B;V]L``````!);G1R8F]O;```````0F-K
M9T]B:F,````!````````4D="0P````,`````4F0@(&1O=6)`;^``````````
M``!'<FX@9&]U8D!OX````````````$)L("!D;W5B0&_@````````````0G)D
M5%5N=$8C4FQT````````````````0FQD(%5N=$8C4FQT````````````````
M4G-L=%5N=$8C4'AL0'+````````````*=F5C=&]R1&%T86)O;VP!`````%!G
M4'-E;G5M`````%!G4',`````4&=00P````!,969T56YT1B-2;'0`````````
M``````!4;W`@56YT1B-2;'0```````````````!38VP@56YT1B-0<F-`60``
M`````````!!C<F]P5VAE;E!R:6YT:6YG8F]O;``````.8W)O<%)E8W1";W1T
M;VUL;VYG``````````QC<F]P4F5C=$QE9G1L;VYG``````````UC<F]P4F5C
M=%)I9VAT;&]N9P`````````+8W)O<%)E8W14;W!L;VYG```````X0DE-`^T`
M`````!`!+`````$``@$L`````0`".$))300F```````.`````````````#^`
M```X0DE-!`T```````0```!X.$))3009```````$````'CA"24T#\P``````
M"0```````````0`X0DE-)Q````````H``0`````````".$))30/U``````!(
M`"]F9@`!`&QF9@`&```````!`"]F9@`!`*&9F@`&```````!`#(````!`%H`
M```&```````!`#4````!`"T````&```````!.$))30/X``````!P``#_____
M________________________`^@`````____________________________
M_P/H`````/____________________________\#Z`````#_____________
M________________`^@``#A"24T$`````````@``.$))300"```````"```X
M0DE-!#````````$!`#A"24T$+0``````!@`!`````CA"24T$"```````$```
M``$```)````"0``````X0DE-!!X```````0`````.$))300:``````.?````
M!@``````````````*P```,,````U`$4`6``S`%\`,P!?`#<`7P!C`&4`<@!T
M`&D`9@!I`&,`80!T`&4`7P!P`&4`<@!C`&D`<P!I`&\`;@!?`&,`;P!N`'8`
M90!R`',`:0!O`&X`7P!O`&\`:P!O`&L`;P!K`&\`:P`M`#$`,`````$`````
M`````````````````````0``````````````PP```"L`````````````````
M`````0`````````````````````````0`````0```````&YU;&P````"````
M!F)O=6YD<T]B:F,````!````````4F-T,0````0`````5&]P(&QO;F<`````
M`````$QE9G1L;VYG``````````!"=&]M;&]N9P```"L`````4F=H=&QO;F<`
M``##````!G-L:6-E<U9L3',````!3V)J8P````$```````5S;&EC90```!(`
M```'<VQI8V5)1&QO;F<`````````!V=R;W5P241L;VYG``````````9O<FEG
M:6YE;G5M````#$53;&EC94]R:6=I;@````UA=71O1V5N97)A=&5D`````%1Y
M<&5E;G5M````"D53;&EC951Y<&4`````26UG(`````9B;W5N9'-/8FIC````
M`0```````%)C=#$````$`````%1O<"!L;VYG``````````!,969T;&]N9P``
M````````0G1O;6QO;F<````K`````%)G:'1L;VYG````PP````-U<FQ415A4
M`````0```````&YU;&Q415A4`````0```````$US9V5415A4`````0``````
M!F%L=%1A9U1%6%0````!```````.8V5L;%1E>'1)<TA434QB;V]L`0````AC
M96QL5&5X=%1%6%0````!```````):&]R>D%L:6=N96YU;0````]%4VQI8V5(
M;W)Z06QI9VX````'9&5F875L=`````EV97)T06QI9VYE;G5M````#T53;&EC
M959E<G1!;&EG;@````=D969A=6QT````"V)G0V]L;W)4>7!E96YU;0```!%%
M4VQI8V5"1T-O;&]R5'EP90````!.;VYE````"71O<$]U='-E=&QO;F<`````
M````"FQE9G1/=71S971L;VYG``````````QB;W1T;VU/=71S971L;VYG````
M``````MR:6=H=$]U='-E=&QO;F<``````#A"24T$*```````#`````(_\```
M`````#A"24T$$0```````0$`.$))3004```````$`````CA"24T$#``````-
M)@````$```"@````(P```>```$&@```-"@`8``'_V/_M``Q!9&]B95]#30`!
M_^X`#D%D;V)E`&2``````?_;`(0`#`@("`D(#`D)#!$+"@L1%0\,#`\5&!,3
M%1,3&!$,#`P,#`P1#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`$-"PL-
M#@T0#@X0%`X.#A04#@X.#A01#`P,#`P1$0P,#`P,#!$,#`P,#`P,#`P,#`P,
M#`P,#`P,#`P,#`P,#`P,_\``$0@`(P"@`P$B``(1`0,1`?_=``0`"O_$`3\`
M``$%`0$!`0$!``````````,``0($!08'"`D*"P$``04!`0$!`0$`````````
M`0`"`P0%!@<("0H+$``!!`$#`@0"!0<&"`4###,!``(1`P0A$C$%05%A$R)Q
M@3(&%)&AL4(C)!52P6(S-'*"T4,')9)3\.'Q8W,U%J*R@R9$DU1D1<*C=#87
MTE7B9?*SA,/3=>/S1B>4I(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]C='5V=W
MAY>GM\?7Y_<1``("`0($!`,$!08'!P8%-0$``A$#(3$2!$%187$B$P4R@9$4
MH;%"(\%2T?`S)&+A<H*20U,58W,T\24&%J*R@P<F-<+21)-4HQ=D154V=&7B
M\K.$P]-UX_-&E*2%M)7$U.3TI;7%U>7U5F9VAI:FML;6YO8G-T=79W>'EZ>W
MQ__:``P#`0`"$0,1`#\`W&O<>N]2&XZ=3J$`GCU/J_Y_16=UPO\`5M<'$.%'
MUC+8<9D;&MA:`G]O]3\?VG3K_P!<^KRSNN@G(M9P74_6-H,]RVMX<[^QM14A
MZF][;,8AY$].`,N<!KU;";//\K_OB+FV6#KM8-C@P[R8<>_UAQP8;/[GM0NK
M%X&.[1S6].<\M/&G5<%]HW?U1M4^HM#>M,L)]OZ4$B)]OUAQBX_]))39S'N_
M;[8<X>_IX(DC0]9R@[3^RU5L&RP=8Z4-QU/0P3N.LX?52[_.5C,G_G"!/#L"
M?EUO($*IA?\`+/2P3(W]"'_LGU3\Z??[O<DIH=+NN_9O0@;7D/=TX.]Y!(]7
MZQ';/]ABUA<]O4KR'NVB^L_2,#_(60_3^TL;I)'[,Z"0!`?TX:B=?7^L;)C^
MNMFC7J][1)/VFC72=>A96WZ7YR2FC3;>['Z:!8XCTJ]TN=_Y2->[3_IJ_E6V
M>MU8[WR.LY3![B2`.E9I:QL_RUGU#]4Z7N^B*:C/'_>)J?[&Q7<P`Y/6&Z`G
MK&29U@3TG-VN24IV1:[J60UUUA!Z[GUP'GZ`Q*1LC=_@_P#!M0>LW6MPNK'U
M'M_0];/TW1[>I8K*]NOYOT$6R6]0RB^0T=>SR[3L,.IX]S?H^UJ!UELX75R.
M/0ZZ#,<CJ6(XG_-<Q)2;K;[6CJ^RQX<*.I;/<[<-K.A,;K_TO[:A]9,F^NS,
MV6/9MQ,\M<'N!!=UFJH[8=[7;/H)=>>"WK!`@FCJAY[^GT*S_HM]BC]:&&,L
M[CL&+U!VUW\GK6/99_8?]'^HDI?JU][<'ZTN%E@->1U#8=[A$.Z+MV^[\W<[
M8K/7[<K]I]0J9?=6P4`$-LLB1E]+KW^UWML]/?\`]N?N*GU9I_9WULB8^T]1
M_P"JZ*4?ZPNCJG4B22W[..8/M^V=+UB?]&Y)3/-R;J^D=6>;;&.#.N^F=SI;
MMR\)E;6^X?1W>W_1I_K!DY58SV,OL9Z?1LYXBQ\[AG-8Q^[?]-K!L8A9[7OZ
M1UAH]A;7]8-^NA(S,%__`%/L3?6(NC/CD]%ZA$?^G!NY)2;K.1DL=UH-OM;Z
M3LW:6V/`D=+QK!P[_2;KF(G7<O*;U?ZSL9DW,;59TT4M;8\;"^FSU&TMK</3
M];_IO_G%6ZR9?UX@0`_/B>S7=+QPP#^JWV-_D(G7"[]N?6O4C])TD`CP]*WS
M^C^\DI__T-HV,_;_`%(EP+CU.AH]PG2SZO,_ZI9O7[6&^S:6P*?K&/WA(8S=
MN_M-7I98T\@'_65SW7LAG2NL=-SGY%U6)8[(.=7N>ZGT:<3*RG.^S-#V[_4K
M]7]&WU;/^$24\;UO(K-=+`X%K>G.#C/YKNKX-7]G^;<B=2>QW6]DR`VV=H]V
MOUBH8?\`J?8M?K^5GMH^LW4L7-OILZ6[';@,JLVU,!IQ<M[G8VWTK?5LR;?4
MLR/4_1_N>DB=?OSJZ?K-U"G+R:+>EV4,PA786U,_08F4_P#5A^AN]2W)L];U
MV6^RQ%3G9SV'ZQM(+3N?@01W_P`M9+G0JF`]C^L]+:'AS6OZ$)'_`(2ZG8V?
MZVY=#??F-NZCG,RKVOQ>M8F'36+'"D46'IU5U3L;^8<U_P!KO_2.9ZG\M`;D
M]0J%74&YMXL?]8'X/HE\T_9AD6X/V=N-M])C6T5^W_">K^D]1)3RG2GM;TWH
M)W;8=TX$SQ^D^L9U6K7=77U?)LW-`9?4XP==K.A97N_U:NFRZLBKKV'TW`R<
MJ^]UGVS/]5P./5A.-S/0+"P5?I[OU;#HI;Z^RCU/4_G7VTNC9.>ZOHO47Y=[
M[.I=0RL?(I>_=2:6CJ+ZVLH(V5>G]DQ_3V?\6DIYBBUGV;IK7/#=M=>L@0W]
MAL+B[C]Y7LJQCKNL/W`_Y:RF:\2.EYS&CM^?[5U-./=5U['Z?BYN5F#%+[^K
M#(L8ZL57LR&XE'I-KK;ZCLC:^BNAC*Z<;'_2_P`Y3ZJZ/<[#Z[U'IF5E79%'
MJ8]?3QDDV.-KJ+LS)8RS;NV^E7O]_P#+J_X-)3R;[JSU#)&]HW=>ZD!!@2W$
MJ8[G;]!#ZY:UN#U4;FC]!UR9TU?U/$8!_:_P:ZO$RV]/_;73[LJR^S%>_P"P
M.RW>M86UX>'F7>Y_N?Z5N3ZKO4_TBAT,9SG]);;FY%CNK=(LR<@VN9;LO;^S
M]M^-ZM;V5N:[-N_1^^A_Z+U*?T:2GF>N65/KZS8'@M]'JD'0S+>A5>/[RC]9
MK:_5S&R"!BYNX`C\[KE+/\[VKK&#+KSLNG`RLO,HZ?AW4Y=M[FV?KA;CWXC,
M=NQN_*KIWW7[*OL_ZQ57_.?HZ<ZGKF;^R<VMUA&7A_5ZK,W/IVO&7MRG9-[G
M75LW.]>FA^UWL]7_`*X@IP.JW5_L[ZUN+V_TKJ;.P$^IT2K_`#M_L_KJUUQ]
M-O6,ZEM@._'J;`@D-LZATZG=M'\EOM7749=&5TH]-Z?=_EAV`YV-;E5.!<_8
MQ@RGOR*=F0W[0['LR/9;^9OK5;H[NJ4]?HZ=U%UCF6X%E[ZK[*KYMJNQF>JR
MRK'QWL_GG_\`&_HOT=-E2*GE\RZO_F[U*XD`Y%77'\R)=FX-?M_SF;5'ZS7U
M5UYWN#@.BY;&ZQH[J5=+%T70LM^+0U_UGMRV9HQ,G*RZ,EE9QME%K'WW558M
M>QUM5;J'[:/I^IO]/UD3ZIWY]USL;K@M?9FXK<NBK*961`NM;DMJ-#=C*:JK
MNE?JUOT-_P"B_P`(DIYOKMS&N^L`<X-)MZ@">Q(P<&G;_GW>W_A$7KUK&]<^
MM>YX;^FZ4T$Q_HG1,_\`&;5Z0[%QGAP?2QP?(>"T&=T!^[3W;MC$CBXSBYSJ
MF%UA:7DM!+BWZ!?^]L_,24__T?55QGUV_9GK?K,>IZ61N^T_M#T8^RY/]&_9
M_P"K_P#IR]+]+^S_`%?^#7A"22GW#KG[-_RYZOV7UOU2?4^W?8_YO'V?MC[-
M^I[O]!L_[3_9OM"G]9/V;MZ[ZWH^MZV+N]?[?]CG9B^G^U_LGZGZW_%?X#[#
M]J7AB22GWC)_9WV_+W>E]H_:^-_W.^S;OU';]J]/_)_[4^AZ'_:;?]F];_#H
M-G[-]>B/L_K?M\_SGV[[-ZGJ7_T;=^I?M?\`]D?MGJKPU))3])L]'_G7?'I>
MM^SZ9CU?6V>MD[=T_J7H;MWI[/UKU/4]7]%Z*P.C?LWUND^EZ/K_`&[,C9]N
M^R;OUWU?V7]H_4?M/^DW?H/Z9]D_P:\+224_2/3_`$?^<W6-OH>KZ6'ZGI^K
MZT1D^G]J]3]5V_2^S_9?TG_<G_`KG^F?LG_G31]GV^IZYV?:?VC]I_H3MV_[
M?^K?:MG\UZW_`'G>IZ7Z9>'))*?;\?\`9?[8N^S>AO\`2RX_:'[0]2/LO3MW
MVG]H?H/W?MF[]+^SOL'I?X97_JO^S_6Z3]E^E^S;(W_;8VS@3^ROVG[/V=]#
MZ7Z?^B?\.O`4DE/TKT3T?M/5_3]*?MQ]3TO4G=]GQ/Z1]H]GK[-G]%_5O2]+
M_#^NJ/6OLWK=>]3[//[';ZOJ_:/YN>H?TO[/[/LG\Y_0_P!?_I'_`'67SPDD
MI^A>E?L_]M8/V?U?4^P6Q]K^V[]F_$_H?V_]!Z?_`'+W_KG]$_P?J*?4_L?_
M`#CM]6/4_8]^^/M/J^EZM>_[/]F_5]O^G]'_`"GO^R^@OG=))3[ME_LN7^CN
MC]DYT_M7]H?0VXV_T_M7_:;Z'V_9^N[/0]#_``ZM]`^P?M3I_P!GW;_V99M^
MT?;/5V[\.?LOV[]#]D^AO]3]9_H_YGKKY^224_522^54DE/_V3A"24T$(0``
M````50````$!````#P!!`&0`;P!B`&4`(`!0`&@`;P!T`&\`<P!H`&\`<```
M`!,`00!D`&\`8@!E`"``4`!H`&\`=`!O`',`:`!O`'``(`!#`%,`-@````$`
M.$))300&```````'``@````!`0#_X0]@:'1T<#HO+VYS+F%D;V)E+F-O;2]X
M87`O,2XP+P`\/WAP86-K970@8F5G:6X](N^[OR(@:60](E<U33!-<$-E:&E(
M>G)E4WI.5&-Z:V,Y9"(_/B`\>#IX;7!M971A('AM;&YS.G@](F%D;V)E.FYS
M.FUE=&$O(B!X.GAM<'1K/2)!9&]B92!835`@0V]R92`U+C,M8S`Q,2`V-BXQ
M-#4V-C$L(#(P,3(O,#(O,#8M,30Z-38Z,C<@("`@("`@("(^(#QR9&8Z4D1&
M('AM;&YS.G)D9CTB:'1T<#HO+W=W=RYW,RYO<F<O,3DY.2\P,B\R,BUR9&8M
M<WEN=&%X+6YS(R(^(#QR9&8Z1&5S8W)I<'1I;VX@<F1F.F%B;W5T/2(B('AM
M;&YS.GAM<#TB:'1T<#HO+VYS+F%D;V)E+F-O;2]X87`O,2XP+R(@>&UL;G,Z
M<&1F/2)H='1P.B\O;G,N861O8F4N8V]M+W!D9B\Q+C,O(B!X;6QN<SID8STB
M:'1T<#HO+W!U<FPN;W)G+V1C+V5L96UE;G1S+S$N,2\B('AM;&YS.GAM<$U-
M/2)H='1P.B\O;G,N861O8F4N8V]M+WAA<"\Q+C`O;6TO(B!X;6QN<SIS=$5V
M=#TB:'1T<#HO+VYS+F%D;V)E+F-O;2]X87`O,2XP+W-4>7!E+U)E<V]U<F-E
M179E;G0C(B!X;6QN<SIS=%)E9CTB:'1T<#HO+VYS+F%D;V)E+F-O;2]X87`O
M,2XP+W-4>7!E+U)E<V]U<F-E4F5F(R(@>&UL;G,Z<&AO=&]S:&]P/2)H='1P
M.B\O;G,N861O8F4N8V]M+W!H;W1O<VAO<"\Q+C`O(B!X;7`Z0W)E871E1&%T
M93TB,C`P."TP,2TP,50P,#HP,%HB('AM<#I#<F5A=&]R5&]O;#TB(B!X;7`Z
M36]D:69Y1&%T93TB,C`Q-2TP,BTQ-50P-3HT.#HQ,RLP-3HS,"(@>&UP.DUE
M=&%D871A1&%T93TB,C`Q-2TP,BTQ-50P-3HT.#HQ,RLP-3HS,"(@<&1F.DME
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M:7-T;W)Y/B`\<F1F.E-E<3X@/')D9CIL:2!S=$5V=#IA8W1I;VX](G-A=F5D
M(B!S=$5V=#II;G-T86YC94E$/2)X;7`N:6ED.C5"-41#1D$Y03="-$4T,3$Y
M,S@Y.#="1C,T-S0Y.#9%(B!S=$5V=#IW:&5N/2(R,#$U+3`R+3$U5#`U.C0X
M.C$S*S`U.C,P(B!S=$5V=#IS;V9T=V%R94%G96YT/2)!9&]B92!0:&]T;W-H
M;W`@0U,V("A7:6YD;W=S*2(@<W1%=G0Z8VAA;F=E9#TB+R(O/B`\<F1F.FQI
M('-T179T.F%C=&EO;CTB9&5R:79E9"(@<W1%=G0Z<&%R86UE=&5R<STB8V]N
M=F5R=&5D(&9R;VT@87!P;&EC871I;VXO=FYD+F%D;V)E+G!H;W1O<VAO<"!T
M;R!I;6%G92]J<&5G(B\^(#QR9&8Z;&D@<W1%=G0Z86-T:6]N/2)S879E9"(@
M<W1%=G0Z:6YS=&%N8V5)1#TB>&UP+FEI9#HU0S5$0T9!.4$W0C1%-#$Q.3,X
M.3@W0D8S-#<T.3@V12(@<W1%=G0Z=VAE;CTB,C`Q-2TP,BTQ-50P-3HT.#HQ
M,RLP-3HS,"(@<W1%=G0Z<V]F='=A<F5!9V5N=#TB061O8F4@4&AO=&]S:&]P
M($-3-B`H5VEN9&]W<RDB('-T179T.F-H86YG960](B\B+SX@/"]R9&8Z4V5Q
M/B`\+WAM<$U-.DAI<W1O<GD^(#QX;7!-33I$97)I=F5D1G)O;2!S=%)E9CII
M;G-T86YC94E$/2)X;7`N:6ED.C5"-41#1D$Y03="-$4T,3$Y,S@Y.#="1C,T
M-S0Y.#9%(B!S=%)E9CID;V-U;65N=$E$/2)X;7`N9&ED.C5"-41#1D$Y03="
M-$4T,3$Y,S@Y.#="1C,T-S0Y.#9%(B!S=%)E9CIO<FEG:6YA;$1O8W5M96YT
M240](GAM<"YD:60Z-4(U1$-&03E!-T(T130Q,3DS.#DX-T)&,S0W-#DX-D4B
M+SX@/"]R9&8Z1&5S8W)I<'1I;VX^(#PO<F1F.E)$1CX@/"]X.GAM<&UE=&$^
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@/#]X<&%C:V5T(&5N9#TB=R(_/O_N
M``Y!9&]B90!D0`````'_VP"$``$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$"`@("`@("`@("`@,#`P,#`P,#`P,!`0$!`0$!
M`0$!`0("`0("`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#`P,#`__``!$(`"L`PP,!$0`"$0$#$0'_W0`$`!G_Q`&B````
M!@(#`0`````````````'"`8%!`D#"@(!``L!```&`P$!`0````````````8%
M!`,'`@@!"0`*"Q```@$#!`$#`P(#`P,"!@EU`0(#!!$%$@8A!Q,B``@Q%$$R
M(Q4)44(6820S%U)Q@1ABD25#H;'P)C1R"AG!T34GX5,V@O&2HD14<T5&-T=C
M*%565QJRPM+B\F2#=).$9:.SP]/C*3AF\W4J.3I(24I865IG:&EJ=G=X>7J%
MAH>(B8J4E9:7F)F:I*6FIZBIJK2UMK>XN;K$Q<;'R,G*U-76U]C9VN3EYN?H
MZ>KT]?;W^/GZ$0`"`0,"!`0#!00$!`8&!6T!`@,1!"$2!3$&`"(305$',F$4
M<0A"@2.1%5*A8A8S";$DP=%#<O`7X8(T)9)3&&-$\:*R)C495#9%9"<*<X.3
M1G3"TN+R565U5C>$A:.SP]/C\RD:E*2TQ-3D])6EM<75Y?4H1U=F.':&EJ:V
MQM;F]F=WAY>GM\?7Y_=(6&AXB)BHN,C8Z/@Y25EI>8F9J;G)V>GY*CI*6FIZ
MBIJJNLK:ZOK_V@`,`P$``A$#$0`_`++?DEF\Q%\^/YIL:Y?,046)GBIJ.GBS
M.:^VQZ0?R/>[\W53XVACK9*2D>HKZVFE*1101I-2B8*\\OD"M:>&GV_\_=>Z
MC?SI,QN#'?';Y2SXS)YNDJ,;_)6ZZJAE,;GLGBF3(9'Y6=<TYK_-35$+TGBI
MJ&5JF06J*FE9XE;AA[HO!LYU'_`>O=8>N6S$WSL[%P,V<SRPT_P=^!%!2TYW
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M)JKXC_\`"J;<>3HL;NC+XN&I_A>:^0M3MA:\X[*0PT8P\Q!HZV5IFIWIX!$D
M#QJR>!HQ%/3_`)]ZWTQ[IW)NYOE)OFE?=^[$I:GX&_\`"=HU-')N#-4M(V6W
M1\__`(LXS,5<L8KA'69/+XX305%*+392*>:!WTM)?PR3]O\`E;_5\^'6N@8W
MEOS>U-\$?YLNYH=\[_QN92'^<4N+R60W7N!,CCZ#'_S!OBMM_%X^BS$.9\U3
M44>,FFQZ21N$A6H>`!HY'633'M'VG_+U[I;=Q;NW]3];=MU:[XWB%K?YE'_"
M?C:&/FBW;G,-424F9^"/QLR>Y<=&8<LST-%G<CG9*NMQT#PJ9)&FD!U'WO@P
MJ/7_``CKW2;[3WCOBI^6NU<-%O'>^2Q]7U%_PH+IU@J=V9>LILDFWOGQ\IJ+
M"5M31T62CIG7:_V--0T("E]*Q1TXC2)?=P*4!.?]7^#AUXF@)Z,[3;VW9/W_
M`/SL(7WEOFI.WOYS?\G':6!@J]VY>MH]O[?R_P`S^L:G*[?V]!_%9Z;![?RL
M60F6JHJ;[=)=>F9?JBT%"(P/3_-UH,&)`KC_`#T_R=(K?F^=V3=T9;!-V%O:
MFP]+_P`)E_G]V'CQC=S[IH(L1O6/NGN;#'>\,,.1I8X]S8[%5/@I:Y%%7!X5
M,<JA8R'@ZBW\$UU_4:OE2E/VYX=;Z661WQO*?MG^4[2MO3?E/C]Z_)'YRIO!
M:/>FX<:N1DVY_+2ZOJL53YFFGRB2Y:F;*T'\36KJEFCQ,TDKZ/(WJ:SK'Y?\
M_=;Z*)V?V!O]\-\4*N/LGLC1)_PD![IWOE;[HW-3P9KLB?XX]AS4&Y,_2/ER
M!N3[K-"K@S3%JV>2*%UD52"N[4$VEW0'XO7^D/+_`%>=.M='9Z^R>[*/Y\9O
M;U)N_<QQF*_GY?"?94E-2YG,)AYL/B/Y2?=V<S^V5HAE$IXL;-N.D^\K*5@8
M'K$21EFE"^VR:ZLXH?\``/\`/U[HDWS"["W_`+:I=^?P;?F_<#4[*_X2]=;;
M[HEI=Y[IQ]%)N[?'?O7^*&Y*B09J(TO85-#GY*^EK5;[ZHE96=O4R%XBH(^9
MZ]U:-F-R[T'\\'Y>[?7>/8(VW2=W?R8:?%8:EW3N&3#T;5^PNR*O==,^*ILJ
M^-HZ3/08^+^)TP1*>M%ZB42M%ZFJ'0WI0_X3U[UZJ`ZW[<[;IOY.N^,^G;G;
MN/W;2[N_FZU&W-VOVAO&GR>"H]FY'H3;FVJ.@W*V?&663`S9*^+=)T6GD-1%
M'&!,[^[C+-7_`%9/7NK%/GYOKM+;_P#,GJ\?@.Q]_4%/EOYZO\KW8.*PV'WO
MN>'$8K9&2_E_;+W!N_"2X2DSM-01;1W#N#*R5>2Q.B.CFJGCJY5DDGN?1GL&
M.(/6^N7S9[`W_@/DG\'L3@.Q>Q]OXW<7R._X4)5.9Q&WM];OPZ[MH-B-W)7[
M=7<4%#FJ&DR6VMJ9.GDCQ'E@F:AJH##3:8X0?>TX#'D/\'7N@3_F(]G=X;2Z
M(_G19;:G<'9F`_N9\C/Y/&U=H+@.P]Y[<J=H)G_B?\?9=U3X6NQ6?@?"4O8F
M>W1`,ICX)*>.JGUO5F5Y6)JM"PJ?7_"/]7_%]:Z$_9G9G9]1\]/F1M,=I]EI
MC,'_`#HL5MG$8JEW[NS[.BV]1_RM_F]N?=6V,0LV6:FQFU)]S8N'(G%K&M.*
MNFIY($:HIXF3PR2:X_XKKW4;>?:_</\`=/\`X3JENX^V8INP?Y8?R,W1V[#B
M-^[E@A[$K<;\":?.XC<W8[PYV:3<>Y,-GJB6KI:^J>HK%RDKS120S>M=IC77
MU'^`=;Z9/]+WR"_N?]S_`*9.S/OO^'8/[A>3_2KN;1_=O_3G_"/[B_QK^\GC
M_NQ_=[]K^'Z?X3Y/]Q6K7^Y[OUK\^O_0L'^29$?\R#^:S510&"6"CPK+.0S1
MU]1#_(_^2+H:F8S_`+4,4<P4(T/A1D+1EI)9Q&J3^S3[?^?NM]8OYW<D4?QD
M^4JE*VTG\D;KT1Q4BU,M95@?+/JF+SC3)HAH<(U0CUQ13KIZJ\Q"QH#495JG
M\1_P'KW2BZGR<S?/C>1?%MDJ3'_"3^7O75--]PVFIP\?\N?^9Q-*T-6B!9Z+
M(Y"K2C5J8SH)=;B0,"@<_#_MC_QX=>ZJ9^`A2J^,72R-6S3YN'^3!\7_``5$
M4-$<<N)B_G;]ELAIY$KTHC5;=6GCCR"$:'LG\1:'2JMI>"#Y_P#/O6NCW]&R
M53_S4=]0.LOGA_X4%_+>K_RQY##/2C^4/W,T,E/-,RU)FQ5'3:HXV4*@GB6D
M$P+JM!P7CQ'_`!WK8Z+1N0TY^1F>%2D]/Y/@[_PF;9I'1H::D'^SZ_%I9:^G
M6>7PR4]*K>*T;&B\C.))!*HO<<6IQK_E/6NA-_F0M,_;?3<4Z,M/0?$7_A6%
M4P4,D+BAK7GS?R%AEPE&S2NZYU*/Q35LM.%K7B*&1%1K#7XA^7_/O7NDGN*&
MO@^56Y%EE2":M_EZ?\)R*>BK$HHI!7QS?S#?BA2R9?[-ZEZ2):>OIY(_$SK0
M64"::,>IMK\1^W_*W7L]!7O2.EQWP._G`3>#)5KO_P`/;TT[U48J7I)ZG^8/
M\5L=!#%,DIKIPBQ1U53)5QQ3(P+%3&%)TWP?FW_/W7NG'NZ'Q=6=Y5-1)C(,
M=B?Y@_\`PG!R$9J8J)(,?,OP4^-=+D,C5_:U3X?,8EH*A(A2R$T,?BFD65V/
MHV>(^T_\>'7NLW<%)5Q?+[;L-/224RQ=-?\`"C>DK(:Z))IYYV_F*_)&>NH:
M>2OG.4@EK:2OIUDF`-28:AU913EV6X&5^S_-U[CCRZ,'@Z:AJ/DG_/>I*ZM:
M+&R?SFOY,@J*IXHH&QDTOS,ZQJA,T%=(YJ(1,!&BU`%'.6\D37M&**11`?3_
M`"#K04`L0./2=WJLE3W;432T$];55G_"6WYWTN3H)J9S63QGN3M623&X^F1T
MR.-S5/7'[>>:E+U=4LNF90P5ALC)-?QC_)UOI0UL<L7;?\HB>DA1F'R'_F"U
M\%1]P*66*"#^5KUY6TE%*\3>*'*Y:BI4>FFB_P`IA71]BLBF,-YL./R_Y^ZW
MT2WL%(EP/Q-GII)'-1_PC1[QIZ>.JC!I)LC%\?=^O7T]'2P,T,50M`E7(SQ:
MI*IHO\H4$R%:QU2-E0]K<1QR:'_#_JX=:Z/CUFPQG\Q'=C.N)5*C_A0)\)*&
M,PT&/G-313?RB?D'_"LEXIZX""ERB5$511D%HJ661VH_+(H4>)^/[#_@'6^B
M)?.JAK%PV^#/3QKD:+_A*MTKB\E%CVCBAGBJ_F+U'5Y^NQD*U$M,:?;F+=Z-
MFI9#]S6(ZU\BHW#C#!SYG_!U[JU^='C_`)[_`,U8F:&=I.ZOY)IB+45&\]'0
M4_6G:Q^XC85%/0_85%5&D4GV_GCCJYXFB.N-$9O&AJ'-#_A/6O7JF3K"JJX_
MY,VY(?L(7<[Y_G#&.>%X*TTZ-O'X]T<T>1HWE::LKB<G+(DLZFH@AIED<"D\
MKBZ?&WV_Y3U[JS+^837J/YFSP/5''4E1_/X_E3T%;455'@(Z$T=)_+VV3D,A
M//-EIX()X*>2:DU-D'2ED.E*;7+'*/=8R1&M!Y'_`"]>Z2'S?GJ4^3/\O#*R
MXIJ2O?M/_A2%/,(89XYJ6JJ]V?(RF2$M7/%(BU2JM2!-$E<BRASIA"ZG%.#G
MA3KW04_S1J*G?XT?SQL6*F.FARWS!_DP8>KJHFIG-#%5_%;XDR39[R^7P.M0
M)3I\R''$)>($EF5M?B%..?\`".O=")L.4U/\Q#YO5-6D;)+_`#TL)+)2QU"2
MRUM-A?Y7O\P*':U1-&9&R/\`"<EEJ`"3PD2(6M0W?3:RCS-<_P"8=>Z9]_F,
M;8_X3&4BP00./Y6'RQFKUH(_!35U#5?RZL<OV=?)%6QXVKH6G5I(UIP:VGD>
M260D&WOR_CS3(_P=>ZQ>"?\`T7Z?[KIY/^'@/M?X5_#*_P`_D_V<#S>:_P!W
M]SYOM/\`<SY-6K[;BW@]'NWY>76^O__1L-^2M!1R_P`R'^:A-31U,CG;.SJC
M-338YHHJ.>K_`)+'S`H%:GK8F5J_'R4-'3`RE9&^Y9XD'[;:56K1&IIBO^`U
MZWUG_G91R/\`%+Y*9%T2"!OY(^W:=IQ2I+/65%3\GNE)8J>616;R1T)4Z;*1
M`:MW##5S1<HQ`P2?^.GK72DZ"ECS'SLJ\3%4T-;2P?!?^6[2+-AE>>LJ8LC_
M`"^/YH$D:UPJ+NCU4=1Y:58]:F/1J]3'VZ?AK_2_Y^ZWU37\!(ZO_92.DH:V
M>"7(T7\D_:62IM<$,LU7)4?SN=X5VQL%515)B#T63?')0H-860.YNATDMJXU
M(M#Q'^"G6NK&^E*V.I_FG]DUKTN+A%'_`,*)>T,5'5TO@JV$55_*0^0V/R,8
MIO%"89Y?X'"]219I:EF4F1H]7O:DT`^?_/O6QT5?=]5;Y%YZ`K!6U%!\!O\`
MA-9B<I!)#%$KUT_\P'XKUH:DK)(_\K"QSQL*N4^C48B;*H%OQ,:>?^5NF]8U
M!*>?^8_Y>A,_F22T<O;G3T\=X_XC\1_^%8E`R,U,E/'246Y_D8:58*68-4UE
M6R(T<JIKE=%5M"JDGOV==/L_Y]Z\[A.(_P!5"?\`)TB-V&+)_)'>BSROCY'_
M`):__"=/`5$E(9J21LKGOYA?Q/DHZBIJU,KRU,#U"1B9"X6$:;DJ??A\1^1/
M_/W5P:T/20WY6P4OP=_G*UJZY3D:O^>4[458E%6TM&,G_,`^,6*ISBTE'B:F
MB+F19N)(ZH,\7J5?>C\%/F?^?NM]-G;<%--T/WZ\<335T?SG_P"$WE)1"F^S
MRKP92#X._%U&JA5O$]%]Q-3U<L/GF"Q2,0C?K*^]L#5?]7XAU5F"BI'^JE?\
MG63NVKI1\O=H5&)=Z;^(],_\*2ZO'U5-$\M139.?Y^?*JGBJ(4JI(9ZFJQ\U
M`)M"R(UENC(""+U&I:'R/^$5Z;$P_@/$?SZ'V*:"H^3G\^F7U.\?\X7^2'`E
M/*B)#%60_-KK"G^Y>G5(D+S4D!43D:9(GTL6>[&E1IC_`-7I_L=.]-6^<A'%
M\CJF3(+3F67_`(3#?S%),JRMHR=?CAW[VG44V-A<.GCCHTHW-,U/()@GDN$3
MW4M^H$_I?YO\W7NA`P\5,W<G\H>BJ8TDFI?E=\OV#5<L'VE&F*_E'=8RU6+8
M!'?165*1MH8DRN&M=72UF^,?E_S]UOH@_8%I=F?#R2H65)Z3_A'5\F)8]..A
MI)7^ZZ([.I*-'U$^:F2D\LD15@[1AIP`'=3H5T$C_5A>M='JV8M._P#,5W&D
M%3"J1?S\_P"7%!YHX:<12ST/\HSOA*F>'0L;)#E9H'6-R/&P<>/U,3[J[A6<
M$9(/\P.O=$P^:J004.]:2.!)S0_\)/MK8XU,SI4AZ[</RZZWJJ;&?=54<)RL
ML`J8ZJ*JA`:E2,)+I"L/;Q!96H#4U\^O=6CY*.&C_GL_-B"I?[F3_3O_`"/,
M:KZF@*Y2AV+V5Y:EGA:*.&M$%+(BTUVIZBFFE90[HEFP.UC3!4T_G_GZWU3'
MUJL+_P`FWL19Q%)*G9'\XB#$!<>:N"7&5^X?C5C9J:C21X(J=ZC*Y*%H%T7$
MH634JQR*UT^(_P"KS;JB.&X`_P"JG^?JQ3^8_&__``YSFJ6@AIZBIJ/Y_'\H
M_(?:,:7S5#4W\O/:L>5IH&G@:GADK*)*1YEG$C/'3QF$75A[]%_9KG.>J&4!
M]&DUJ/Y]3OGX%H?DU_+NQD$4,&*C^5G_``HJJ:CRQM]PE-FHNX\?EJR&!ZF2
MJJ*3&QU515FSCRR^H*%90-J`0#YT'^#IWY]`K_-`I87^.?\`.X>IGDCH7^7/
M\DN#[GP01)CF;XD?$Q9<J)*@V\H%>H83'3&JK]23[;4C54CS/^$4ZT3I5F(P
M!TO^M4IJ+Y_?/Z?R0)31?SK?L<;'K0K-E:#^5?\`S#W>1GE=@^/J*&+RR&/Q
MRH-2QGZ>[J02>(K_`"^'KRMJK0=>[*HUQ>"_X3&???;29X_RJ?E=)7@SRS_9
MXNC_`);&+R%#65,<8*UU%45U8D;*?VXW_5Z#[JD@ULI!J3_@ZWQZB?9XO_13
MJ^]JOX=_P\9_`M'WL_D^Z_V<_P`/CU_;_<_??WH_<M_FO%Z;?;^[U\OEUOK_
MTKV^]/@=\JMY_+GYZ]O;<V/@LML7OBF6DZDR,?9.$H<S(F*_E>=N_&V(Y+$9
M&GIO[O4^7[R['@QM'`\T@AC2IRDK1P/I:VIB--<=>Z"/^<%\:^Q]Z=`]K;8J
M=Q=-=;_Z1_Y:6V/BALG<W=G>_7'4>#W!WQBN[]B]K[DV7'D]X9?#TB_PGK3K
MK)99ZR-A15<431L=*71Q&`2A.:G_``4_P]>Z<=K_`!2[XZZ[8W/\J=P)TY2]
M`5'P]^(])!VU_INV'AMJ3R].?R_?FGU-NC-9+=M36X[`T&UJCL3O7;M/09I)
MSB)L75-D(]$<+O[<#J1I!KG_`"U_P=-RQR.%\.8H16M//&/7@<]5U?"3X,]]
MY'J_8VR>M,Y\8NV]X[-_E3='_'G+XOJ+Y5=.]CTM%VCLC^:-N_Y"5]#5G;>;
MS,U-MC'=4Y=:S^,V>AFR)DQR23U2(3H!5HS+0@^A]/\`/U=05%&:I]>C'_'7
MI>JR/\Q#<O9.U^\?B7O"GSW\Y#Y(_*7!;9V-\INE=Y;RS73^[/@/VYT+B*2'
M9N&W/6YJHWON#>672GEPLD#UN,@BJ9[TT,<\S^PH75C_`(JG^'K?00[C^,N]
MIOE1F,%E>V_B7A=R?Z$/Y(W0S;!J/EGTTO9&([%^%_RFZ"[<^0&UL_LO^\,6
M<@R.V\1MG)QT2-"KY>H^RCI%EFJ4B7QU%9&2ORQ\S_GZUI%=5.[I4_S"/CKO
MS/\`=.UL7E.POB[U_F]N_$O^>5LC<>V.S_E=TIUOO^')?S!-R_(+)_&,Y':F
MY\_09.@P.Z:#+8NKJLG'#&*+[BJ%1,31R!_1EC5B*G\_EZ?9UYE5L,*]/78'
MPZ[UV1\B?[^=C9_X[;%V9V%\7OY+W7.SI]Z?(SJ?;QW3)\+/EC\;.ZOD?N+`
MXG.9[#3YK&=<[?V[D)Z*OI1]O7,:5*>&H>LC5?!EU&G'\_G_`)#UOH!=[_!_
MO:K^`?SKP.=R/0&"QOR%ROS_`,3UOOO,?*7HK'=79;>'R.^=/QV[;ZKVG-V@
M-WQ8.+<%5M/KS-5-125<R3":E6CD6.:81#=<!0#4$XSP-?S\^O=+7.?#/O'L
M;H?M3=W5NZ_C7N39&&^;G\H/O3<NZ,%\H>G<UL/9W6GPJ^'_`$AL'OK.[KWS
MC\R-KXF;![UV(7IZ/(3T[UV/`K:>-D*&7S,*C5_E]0>O$`X(J.O8_P"$'>_:
M/R(VCN?K#)=#=HQ8'J'^<?03;;V!\FNE-T;HRDGRT^<W<_9_5CQ8>DW)D*M=
MJUVSNP<4V4KCK_AM7/+25G@G7Q/M67M/X<YI\^JZ$_A_U#AT+W3_`,3.[NU.
MW/YKV]>FL]\?>V<3\@OYH'\NSY0=92=8_(GI_L=:WI?X]_)_&[Z[#W'N6BPV
M?S']QLDNU=ERI3T61/W-?7TU1!30@P^]:M(2H(Q3_!\OMZMTTY7X@=L[M^2'
M8>P^NLM\>]X;\P7_``G]^4WP*R'6^)^173\W:./^578._=S]@XWJW</7]-N.
MJW3A,7AL3O3"/69^HBAQU(F5\D]01*"WF"@AZ>=:YX8_V>M]/G8/Q?[3ZM[C
M_EYUW:><Z*ZNDZ3[7^9N_.P<=VQ\D.HMAY"IVOVC\"]A_'7:>X-HX'-[BQ&1
MW'ALWVAB<E1K)1(30+3>5F@@E5H]U#-5:TQP'V]:\^BX]R?`3Y3839/QHSFX
ML%T9M6EH?^$XFZ_Y;4&[=Y?)SI;;&,S?R,W/T+O3;]/LK;4F5WC0X#.;;QT%
M=2R-G<=5U=!/)4)4&7[1)YAK6"I4'O\`L/'_`%?LZWT;GK;XG]I'Y([M^2%-
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MTD_R`[%^)NYM@4&7S55V0D%-D-YG:FX'@I90LL8HECJ(X_-`LS@(#$BNG'D?
MG7K055X#_5_J'1^/FC\,_D`WSTV=\@\S@MB[,Z7B_G-_'7Y3U6]]\=T]0['I
MJ;HCJ[X-]#=2[M[&IH=];YP^6R5=C-][*RE%'A88)LI31PR3T])]M4B9Z!@%
M&!4#_)_+T_GU[0M:Z17I'_)3XA_(3NKM'XC_`"&VIL_8.9ZKZ;WA_.KWMVGV
M33]Z]23]=[2H/E7V3W!MWJ89/=;[R3&55'F=IYC%Y"MC@JW.VM4RU@BF@>#W
M99(P,/Z?R'6R0.)QTGOG)_+O^7'R;Z@_F!#HOK[;O;V&^3'S<_ER]A=;UFUN
MU^KJG$[VZQ^,'QBZDZT[IW/)DH=XKA::'`]C;!K<8<?6215E3/3%H:9AXW-%
M9*U)%/\`BO\`-UHT8$5JIZ7>&_EQ?.#;WRB^6_:U'TK#/M+M'^91WW\A=C-4
M[YV%)%N;J/*?RU_F9T/M'*U=%#G?XC@*?='9O;.W<"**H5<BK5;56FGI899U
ML'6F6%3Q_E_J_GUX*%PN!U*[-^`'S8W?4_R4_P"#=%5QA^+'\KSNOH?OW7O?
M9--_H[[SWU\/=L]2X/9>1:HW'Y=Q4T._,<\45=B'J:6)HQ/)-X-)-5\,%F)&
MJN.M]3_]D(^;O^B7^&?Z'\[_`'C_`.'3O]F&_A7]Y^O;?Z)?]G:_O=_I.T_Q
MW[7[C_15_N9_A6O[_5ZO%]Q^U[<\2/\`B'7NO__3W^/?NO=%H^8NW<'G_BW\
MA3F=LXG<\N+Z.[AR.(I,GA\9F)(<HG6VYH89<=%E$,$-?+'*T2N&C)#E2P4G
MWL"I`Z]UKF]H?(?K'N7^1_0_&'&XO)Q9OXT]+?R)L)VA7[APV-GV'F<3WQN[
MX>;YP-5MO[6JR:;IV_'MLS4U?#44/BEJ%>`4U3$;.H1-#C/K_+KW5@6_=G;+
MV7_.9H5VSMO;.TZ*I_DQ?)DUN/VWA,7@&R:4_P`K>CY_*5P])CJADH/NI2S?
M<0VDJE*DLS,M0:QC_3C_``=;Z)%UUL+:6UOY9G_"<O(4FS=LXO<E;\H/Y;[Q
MYC%[?Q=)EI(\AU/V3F'GFR@H:#)S-68RNJ6GD;R23&IE:1I/+)*U)?C8>0ZU
MTR=R;&VCDOY6W\TG/C;FUDSLW\WKN&N;.5V'P=;E\?+C_P"9GU-Y:J:MK,:T
MU)50?PM:B$-)5M$%B=02%IHW1\<0\M(_P'KW1J<IU]UMO'O?_A1'F^P-A[5W
MA38S973./,FXMN8#<5;28^B_ER8JHKHL5/64E544)G@S$J^'SQ$>1V\<?EUS
M>7`@%?\`57KW0O;*W-\>_CY_*.^*'S;[JZ,P/=VZND_Y='QEPN+E?:.S\YO[
M,T.\.N^HZ:FV+M[,[T2''[<QN\M_38IZ^:6:GIHO$E34:EIE`8)HQ/GU[HJ6
M[_BQNWH':_\`*LZO[FH.I!O+O3^<[VG\BNY=@[*P]/D>DML;@[KZ:^9O;U9U
M'LV'<F.AJ=RX?:$63IJ"DR%1BDDR%;1/6*F/5HEB>5BP=O1?\_7NCA?&?I/I
M_<WST_G$]1YWJSKO*]2[BI_@-1;DZNK]F;>FV%N%H^@<Q43#-;2?'G!Y:@JZ
M>CH(9(9X)()%HE1@P4K[HY[(_P`_\/7NN'QBVYB?D3_,#[0^1O6'5'4_3'07
MPFC^1OP0P-3MW:>-PO;W>O=.8W=U%G.^-T[D&$H:#![:Z3ZWR_7U'C-LTC/6
M9;-963)9&84E,:6*?2O1=-*FO^K]O7N@^VUO?IGX<_S6OECE)MD1;%VGW!US
M_*=^-NU\'UEM+`T5!D>RN[.T?FKM_96YLUB,=/C:;'8.GR&.DH*RLC5)XHHM
M1I9D02C;FL<9/&IZ]TI/G)OGJ#XE?S`?BY\G-P[)VUAMM[%^&_\`,[[B[IS^
MT=HX)>RMP[8V*GPXJ,QD\=]G1TN4WIF:*FEB::*HJH=%*I82D@1/=!JC91QQ
MUOI\Z[ZXZU[2_G"_S`:_?^Q.O.P,=MWX3?R]J.EQ^]-GX#=]7129;=WS-RDE
M5B&W'BLF:#'9"C`BF2GFHTJI(5,T$C1I*M`I4`*V2WV>HZ]T@?@%MCXTX;^3
M+\,/DI\@NIMD]HXCXH?##=_:."R.3V!M[?VX-E;/QVQLUD.PJ7KG'[EIY(:'
M+9W9.W?X:U/#)`L\<:TQD$7NI.F1C\SUKHN^^OB5WMVK_*X^>?8V/Z:VK0=B
M?S$.T_CW\F]B_%3X^8/!5,/577.+K?C+A-IX>HR=:^WL!OSN]NKNKX]R;OKZ
M?P89MP--38]*B"!*BLJ36G7NA`P';&9["^2W\^Y,KL+MS9M!'\&/C3D\7A>T
M98:''8**'I'Y78NLQPP-+NC/8':F3W!+!_$&:&6"7(4+Q2U*1^&-I'#'31W#
M)Z]T-/\`+Z^9W6_2WPL_E?=1;JZ)[\ZOV]VATW\3.A^M^P\OU]M2DZGR_8V]
M.AJ//[9@&0P6[ZG<5+1;SK=N5<<-=/AHG>MJ8FJQ%YS)[\8B"W<#3]N.O=$E
M_F*_RY\S\<_A+_-D[:7+_&+?>SNUJGY9_*V?-;U^,$%=\B=G5O;+8O>%1L;:
MO<B;],5!!M/<&"BFQ&7?&R5%%,L,HA_R:!4<CD#,BT-:4X_Y.M]60_-OXM=J
M=_\`>?\`+9[PVOTWU3\@-E_&/,]]Y[MKKGM+=6+QC9ZF[D^.\G6NVI<'/N7:
M.Z-OY]\=N/+_`'U8*NFA<I3))$PD]#5[1K!-*_YS_DQU[HAORM[NQGRR_EIX
M'XK]#?%G;/2&^_EU\T>U?@/1=6OE=EX;I_J[L[X_=L=H=@=MYW/9[:.VEP69
MQ&],5\<<T^-:EP<\62RV5A2MC>'S-)KPJ$@G`%>'3;IK4BM.C[_RM,MFNO\`
M>'SJ^(V\NO,-UUO+IKY-[G[^AQ&RMP4&X>N*;K;YQ[AWGWSUW@-M/28C`2X7
M.[+U9/$Y^A-(*5LK2R5M%+)15T"QM&E30U'5@*"@X=6[%5:UP#;^OO76^N[#
M@V%QP#8<#^@_I[]U[KOW[KW7_]3?X]^Z]U5K_-A_T>_Z#=B_Z1/]%7V7^D/-
M_P`$_P!,_P#LT'^CW^._Z'.T_%_>G_96_P#?P?W8^P^X_B_]X/\`?N?PK[CR
M?Y9]E[V.(^WKW5*_2'^A_P#V0'^85_"?^&=/[K_W3_EV_P![?[N_[//_`*$/
M!_HZZ;\?^FO^^O\`QF'^%_;_`/9/G]R?\H_AW]W-?[_MW\7XN)^WA_JK\NO=
M6"?#[_1G_LU^^?[@_P"R;>3_`&3'L+[[^,_[-O\`[-#]O_I\GU???[,M_DW^
MR@?<:O[P_P`._P`I_O?IT_LZ/?F_#\7'_53Y]>\^B._%/_0A]W_+0_NO_P`-
ME_QO_33UQ_#_`.#_`/#AO^B?[S^Z?='WO^R%?Z8O^,>_W]\OF_N)_%/\@_N_
M_%/M?V_M?='X+Q_/_)_J].O=1.UO]#']^OD+]Y_PU'_>C_AP#>GW'][/]GY_
MT3_QK_9P>GK?Z:?X%_QA[_9HO/X?XY]K_N`_TJ?PZ_[/W7N_X5^+R_U#_)U[
MH=_ES_H?_P!F?_F.?WO_`-D&_O#_`**-N_>_Q?\`V>C^]W\+_P!E0RWV_P#L
M^/\`H-_XQA]EX]?B^P_W,?Z+;>;U^+WL?"OQ_P"KT_U<>O='A^1/]T?^&:L+
M_'/]DR_N?_LO'Q=\O][?]-_^R.?8??\`4'\/_N5_H]_XSG_HEU^+^Y'B_P!R
M6K^&_>^G[GVR>)Z]T]_S9_[E_P!ROBM_?W_98OX%_LX/76G_`&8C_3__`'N_
MB?\`<3LS^&_[*[_LMG_&1O\`9@?N/]7_`+B/[I?QG[_]GW=//XORZ]TE/Y6'
M]P?])OS?_N!_LK/V7]^>D/XC_H4_V9;_`$[?>_Z'*#3_`+-)_LR_^Y_[_P`-
MO[D?PO\`R#^[&G5^[?WI_+C^?^K]O7NC'?!3^[O\'^87\!_T":?]GH^5O\>_
MT"?Z4_X9_>#^\N+_`(I_I;_TC_N?Z?/T?WO_`+M_[]C^):OX?_NSW4<1U[K7
MCZT_V7G_`&;3HG^Z_P#PV=_$?]FC_E__`,#_`-)'_#HG^G?[[^'][_P_[+_3
M!_OU_P#3A_G/]#G]XO\`<=]M_'OO?]T^W)."_%Q/'_)_EZ]TL?YH/^R__P"F
M;Y"?WB_X;L_C/]R?D'_'?]G!_P"'-O/_`!+^+?&?R_QS_1;_`+\+_0)]OX/[
M\?W<_P!Q7\;_`+N^/][[SW[R'Q<#_J^SUZWT?SY(?Z'O^'`]P_WW_P!`O\>_
MV7?X[_P3_1[_`+/7_LT7\/\`[U]N_;?[,'_LO7_&-?\`1W][?^Y?]X/]R>C^
M/>?_`"33[\//XO\`57_5]M>M=&/ZZ_NK_P`,HQ:?]E!_N5_PWOO'7_HR_P!,
MW^R/?W:_T)9[S?PKR?\`.0'^R_?P[5][H_W]G\)\WB_R[1[:Z]U8-\?/L?\`
M0'T?_#/[K?PW_1!UI_#_`.XW]XO[E?8_W,POVG]S_P"]W^_L_NMX-/\`#_XI
M_N0^T\?W/[VOW[KW5>;_`-TO]F!_FZ:?]E)_BW^RX_'K^]_WO^FS^]_\*_T'
M]W_PG_9U/+_ORO\`1[]K]U_!/[C?[F?[M_>_Q+_*/X?[</X/BX_ZJ=>ZK9^.
M_P#LOG]W?Y2_]TO]EY_BG^DSX]_W6_O+_P`.>?[+Y]S_`++3OS3_`+)5_IL_
MWY_]^OX5Y?\`1O\`WR_R3^Z/W6K_`'(_;^[>1^/@?]7V>O7NK;OYOG]T?^&V
M/EQ_?S_1?_=#_1DO\=_TV_Z;_P#0Y]K_`'GV]X_]*?\`LMO_`!G+_1_]UX_X
MM_=S_+/LO)Y/\G\WMH?GU[HI?S,_T,?[-KLO^_\`_<;^/_[*[L3['^ZW^S\?
MZ1?X-_I-W3X]7^RS?\8S_P!%GWFK^!?Q'_<__'O)K_R71[='`_%Q_P!7Y]>]
M>B@I_H4_V4'X>_?_`.RE?W&_X=8[V_A'^B;_`(<"_P!)?]Y?^<HO)_HX_NY_
MSD5_LZ7E^Z_TD?QS_?I?;_WAT?M_8>]?Q?%P_P`OG_JX];ZLA_EP_P"CW_3[
M\UO[A_Z'+?P3X<_Q7^!?[,__`+,?I_T(9#^#?[,+_LR//]W_`.&:?[A?P;U_
@P7[C^*?Y?K]MM\3<>/GUKJW3WKKW7O?NO=>]^Z]U_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>24
<FILENAME>g850935g78f39.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g850935g78f39.jpg
M_]C_X``02D9)1@`!`@$`8`!@``#_[1*Z4&AO=&]S:&]P(#,N,``X0DE-`^T`
M`````!``8`````$``0!@`````0`!.$))300-```````$````'CA"24T$&0``
M````!````!XX0DE-`_,```````D```````````$`.$))300*```````!```X
M0DE-)Q````````H``0`````````".$))30/U``````!(`"]F9@`!`&QF9@`&
M```````!`"]F9@`!`*&9F@`&```````!`#(````!`%H````&```````!`#4`
M```!`"T````&```````!.$))30/X``````!P``#_____________________
M________`^@`````_____________________________P/H`````/______
M______________________\#Z`````#_____________________________
M`^@``#A"24T$"```````$`````$```)````"0``````X0DE-!!X```````0`
M````.$))300:``````!M````!@``````````````<P```&T````&`&<`-P`X
M`&8`,P`Y`````0`````````````````````````!``````````````!M````
M<P`````````````````````````````````````````````X0DE-!!$`````
M``$!`#A"24T$%```````!`````(X0DE-!`P`````$!T````!````:@```'``
M``%```",````$`$`&``!_]C_X``02D9)1@`!`@$`2`!(``#_[@`.061O8F4`
M9(`````!_]L`A``,"`@("0@,"0D,$0L*"Q$5#PP,#Q48$Q,5$Q,8$0P,#`P,
M#!$,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,`0T+"PT.#1`.#A`4#@X.
M%!0.#@X.%!$,#`P,#!$1#`P,#`P,$0P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,
M#`P,#`S_P``1"`!P`&H#`2(``A$!`Q$!_]T`!``'_\0!/P```04!`0$!`0$`
M`````````P`!`@0%!@<("0H+`0`!!0$!`0$!`0`````````!``(#!`4&!P@)
M"@L0``$$`0,"!`(%!P8(!0,,,P$``A$#!"$2,05!46$3(G&!,@84D:&Q0B,D
M%5+!8C,T<H+10P<EDE/PX?%C<S46HK*#)D235&1%PJ-T-A?25>)E\K.$P]-U
MX_-&)Y2DA;25Q-3D]*6UQ=7E]59F=H:6IK;&UN;V-T=79W>'EZ>WQ]?G]Q$`
M`@(!`@0$`P0%!@<'!@4U`0`"$0,A,1($05%A<2(3!3*!D12AL4(CP5+1\#,D
M8N%R@I)#4Q5C<S3Q)086HK*#!R8UPM)$DU2C%V1%539T9>+RLX3#TW7C\T:4
MI(6TE<34Y/2EM<75Y?569G:&EJ:VQM;F]B<W1U=G=X>7I[?'_]H`#`,!``(1
M`Q$`/P#U5))))2EROUA^NC<.U^%TQK;LAAVVWOUK8[O6UK=OK6M_/]WIU?\`
M">^I6_KCUBSIO315CN+,G,)KK>.6M`FVQO\`*V_07&_5WH;^L9WV<$UXM`#\
MBP<AI,,J9_PMT._L>HHLDS?#'=CG(WPC=)C,^LOUAN<&779#9`L>]YKH;Q])
ME>RC=[OH55>JMC'_`,7MQ:UV1G-8Z-655D@'^3:][/\`STNPQL;'Q*&8V,P5
M4U#:QC>`$5$8A^EZBD8QUU>2LZ!U#I+1=5]8G8S>&MR8-9/A%]KZ6_\`;*T<
M3K'5,=C3U?'9;CD:=2P";:?C=1_2*6_O7L]6C_2>BMM9&7]6\%[SD=/>[I>8
M=?7Q(8''_NQC_P!'R?\`KM:/#7R_9:>&MG5KMKMK;;4\65O`<Q[2"T@\.:YO
MTE-8'2<CK6)D.P^I8(>Q[Y'4,6/2<7'^<NQMVZI[W?SME?\`USTU:^L^><'H
M67<QVVU[/1I(Y#[?T+'#_B]_J_V$>+0GLF]+[.'TSZW=7ZGUUF%0W&^QV6V%
MKMCS9Z#"[W^IZ^SU'LV?X+\]=BN)_P`7N`/4RLXMAM8;CU::?OV;?_`VKMD,
M9)C9ZHA=6>JDDDD]<__0]522224^?_7VYS^LU5=J:!'Q>XDG_HKH/J1AMQ^@
MUW1^DS'NO>?(GTZ?_`*ZU@?7VDLZS3;K%U`U[2QQ_P#)KH^C9E>']3\7,(EN
M/A-<6R!+F,]S?ZS[&J&/\Y(GHQQ^>1+N*AUSJC.D],NS2`][`&U,/YUCCLJ9
M_GGW_P`A>?T=;^M-\BC(RLAS0-XIK=9$\;O1K?LW0J_4<_K-[6X_5++X81:V
MK(8:R-'5MMV6-K?M_G&[TCF%:`J.330%L48OUB^L5UES'/R2P^][K/3J:3KZ
M=;)V_P"8Q'_YF?6;_1,_]B"J^'?]9\2@5856=5027@5X]I:2[4OW>B=VY3?U
MWZU8CFOONR:"?H?:*7,:Z.8;?6S>H_3^EQ6LTZVE_P"9GUE_T3/_`&(/]RS>
MI=-S>EW-HSH;:YGJ!C;#9[9+0YW]ICUZ9T3J!ZGTK&SG-#'W,E[1P'M)99MG
M\S>WVK@L\NZ[]:WUMDLMR!CLB#%5)V6/;_(]EV1_UQ.G"(`(OU;)E$`"KU>T
M^JF#]BZ%C,(`LM;ZUA'<V>__`*C8M=<_]6?K(SJU^7C.VM-5CG8NW0.Q]VRH
MZ?G-CW?\8N@4T".$5LRQJA2DDDDY+__1]522224\[]=^F.S.E#)J!==A.-D#
MO61MNT_J^]<R>HW,^I=.$^-N1E6-H/.ZBIPOL/\`8S'>E_Q:]'(!!!$@Z$%>
M:?6KT:^I#IN`T5X^"P54US[198?6L=+C^_9^D4.45<AU'"QS%:]Q3TWU"P?1
MZ59F.$/S+"6GOZ=7Z*L?]N>O8W_C%RO7,AN3]9<JS++A2S(%;PW4BJK:R&-/
M[^WU/^NKO,'J'0<+#HPZL_&->/6VMI-U<D-&W<[W?2<LSJW3OJAU3).5;GU4
MWNCU'TWU-WP-K?4:_P!1NYK?STI1]``(T48^D`$:,O\`G]T0:"O(_P`QO_I1
M<Q]:>N,ZQEUV8H>VBBO;6VS27N.Y[]HW;?S&+2RNA_4K%I=:_JMC]HTKKNI>
M]Q_=KKKJ<][ED?5WI`ZSU/[,[?7C,8ZRYS2-S6_1I9O+7,]1[S^Y_@[4V1F:
MB:U[+9&1T-:]G?J^N/2<'H[<'`9>;J*/2H>]C0"\-VLLL]_YUGOL5+Z@8`LZ
MC;E$2S$J#&3^_9[9_P"VF6?YZV/_`!ONC_\`<C*_SZ__`$BM?HW1<3HV,_'Q
M7/>VQYL<ZT@NDAK(]C:_;[$\0D9`RJHKA&1()Z/`T/'1/K217[:L;*=5`_T-
MIAK/[%5M?^8O3EY5]8K?4Z[U&QI_P\`CQK;73_U52]2I)-+">2T$_<EBWD.Q
M5CWD/%FDDDI61__2]522224PON9139?9HRII>X^31N<O,.F=/R?K#U2YC7BM
M]HLR;+'"0)<T;8'YSO579_7;-^S=#LJ:8LRW-I;K!@^ZQW^8U4O\7V%LPLG/
M<-<FP55_U*9;_P"?[+V_];44_5,1Z#4L<M9`?:X_4?JC3TNMMN?U&NBIQ@/]
M![FS_+<S<VO^VCX_U#LR:67X_4*;:K!+'M82"/\`.7=V5LL8ZMX#FN$%K@"#
M\6E<E=ACH5YLQKG=&;81)+3=TZQQ@?I&2+.GV.=N_P`)57_PMJ1QQ'311@!T
MT:S?\7F3N&[-8UIY+:S/XN74=%Z)A]&QC3C`N?8=UUS_`*;W?ROY+?\`!UI=
M/S<ZYK?M%-3VDP,C%M%E9_E;7BM]?_@JT$Z,(C4!=&,1J`I4^K]3HZ5T^W-N
MU%8AC.[WG2JIO\JQZAU/KG3.EL+LNX!\>VEONL=I,-K'[W\I>>==Z[E=:RFO
ML!KH88QL9ON.YWMW';_.Y%GT?^A6E/((CQ1.8`\6MTW%NZAU/'QB2ZW(N#K7
M@?RO7R+?^K7K:YGZG_5RSIS#GYK8S+F[65G_``3#KM/_``MG^$_S%TR&*)`L
M[E6.-#7JI)))2+W_T_54ES/_`#^Z5(!QLH3W+:O_`'H6UTWJN#U2DW8=F\-,
M/:06N:?W7L=[FI*5U#I'3>I^G]NH;?Z1)KW3H7:.^B0C8F)C86.S%Q:Q516(
M96W@2=Q_Z11DD*%W2J&ZDSFM>TL>`YKA#FG4$'L4Z2*GGLOZD])LL];!=;TR
M[L<5VUD_\0[=6S_K'HJA?]3NON&QO6G75\;;!8V!X>VZW<M?-Z_=B]<QNE-Q
M/4KR-N[(WD;=V_\`P?I/:[;L_P!,ME-..)Z?8MX(]GB*/\7>27;LC/8T?G"N
MHN<1_P`;99_Z*>NAZ1]5^D])<+:6&W)`C[1<0YX_J:-KJ_ZU6Q6>L]0?TSIU
MN;73]H=46`5;BV=[V5?3:RWZ._?_`#:ETK-?U#I].8^KT'7`DU27;8);](MK
M_=_<2&.(U`4(1&P;:222<N4DDDDI_]33^K?6.E],KSF]1E[<AM893L+]^SU=
M[3IZ3?YQG\\]B?H1SL3H_5^IXQ=CAM0%%D!WN!+O9ZK7UV^DT[-[VJY]1<?%
MR7Y_KU,NV"G;O:'1/K_1W#R6_P#6@-9]7,YK0&M;20`-``(24XW1<WZS]2?B
MYC[PWI^*[9DN(8UUVT.]:QP;7^8[;_->BAT=2^L'7;LB_$SJ^FXM3ME+';)<
M8W-W;V6O=["SU'?S?O\`T=?\XM7ZHL%OU;KKF`\VM)^+GA<G1C=%Z=?=B_6;
M%L:]COT-[=VTMXVMV_38[^=;8U)3T?1_K-D?8.H?M,"S)Z6TN<YFT>J/>T,]
MGZ/U/5K]/?7^B]]2I8#_`*Y=;K?FT9S,2O=M8S:T,D?2],&JY[V-_?M>B=.Z
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M236QSP`-TV.=98RD5>VNJO\`,^F_TV+)HKRJOJ+F_:`]M1R*CC-?(BOU,8?H
MVN^A5ZOJ;$;+Z;D9OU.Z?=C--EF*7/<QHEQ8XV,?L;^<YCMEG]1)22S_`)ZX
M^!^UWYK7,:WU7XY:PD,Y]U;:F?19^:RWU?[:L]1^L69?]6*>I85AQ,EUS:K=
M@:^'`N;:UOKLM;L=&YOM5/+^N.-E=%=T^NNP]1MJ]%]>V0"1L=9`][O^+V(>
M=T^[IWU-I9DM].ZW*;:]AY;N+MC'?RFL#=R2F=V5];[.DLZU]L%6.&M+:V,9
MO+20QN0YKJGL=ZO\Z[\S_@JTO^?6?_H:_P"C[>#_`$G_`$_TOZ-_W7_G/^'6
MCD$?\P*3V^Q8_P"2I</O;XI*?__5]4#6M^B`)\$SRP-)?`8!+B>('BI*OU#^
M@9/_`!3_`/J2DI6+FX.3+<2^J[;](5/:Z)\=A*;*R^G4%K,RZFHNU:VYS6S_
M`%185R72/LF1;T#]F5DY>,P?M"^MA:UM?I$.JR;=K66;[/YMBM_6BF^[JH9C
MLKLM'3LAP9:SU`0',W"MH_P_^A24].^['II]:RQE=#0#ZCB&L`/'N/M37'&9
M#[RQLD-:Y\"7..UC07?G.<N<ZF[&?]01]F+G4#&I:S>070UU3=MA;#?4;MVO
MVK0^M+ZZ\"BVPAM=>7C.>XZP!:PEVB2G5L--;3;9M:U@DO=```[[C]%,&T7-
M;8`VQK@"U^C@0>"URSL[.Q.H=`SK\.P75&FYFX`CW!K@YOO#4_U>ZCA9?3Z:
M<:T668U-3;F@$;26Q'N#?W')*;XOQK:3<VQCZ!,V`@L&PD/EWT?T;F^],S*P
MW,J=7=667$MI+7-(>1.YM4'W_1=]%872`/\`F=D?#._\_92RNE5VXN5T3$<"
M['O+,[&>?S2_'?7F8_\`9OLKO9_QJ2GL;[</%;Z^0^NALP;;"U@D_P`M^U2I
MOQ<NH6T65Y%1)`>QP>V1H?<W<WVK`^L'I5]:PK\]@."VFUM-MK#917DN+?3L
MR:Q_(_F_YO\`XQ7OJUE'*P'V%E+0V^UC78S#76\-=_/-K<Y[OTOTOI)*=7:V
M-L#;Q'9-Z=?[H^X*222G_]D`.$))300A``````!5`````0$````/`$$`9`!O
M`&(`90`@`%``:`!O`'0`;P!S`&@`;P!P````$P!!`&0`;P!B`&4`(`!0`&@`
M;P!T`&\`<P!H`&\`<``@`#8`+@`P`````0`X0DE-!`8```````<`"``!``$!
M`/_N``Y!9&]B90!D0`````'_VP"$``$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0$!`0$!`0$"`@("`@("`@("`@,#`P,#`P,#`P,!`0$!
M`0$!`0$!`0("`0("`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#`P,#`P,#`__``!$(`',`;0,!$0`"$0$#$0'_W0`$``[_Q`#(
M```"`P$!`0$!```````````("0`'"@8%!`,!`0`!!0$!`0``````````````
M`0(%!@<$`P@0```&`0(%`P("!04)$0````$"`P0%!@<2"``1$Q0)(146(A<Q
M&",D)34903(F-@I10E)B5G:7US@S0U-C-&6UML8G-Z?G:(A)&A$``@`$`P0%
M!@D*!04!`````0(`$0,$(3$%08$2!E%A<9$BH3)"<A,'L<%2@I+2(Q05\-'A
M8J+"0U/C%G.3HU1ELC-C@R07_]H`#`,!``(1`Q$`/P#?QP01."")P00H3R!>
M6"A;3'K_`!9C*,C,GYW20(,DP=.E0I6.Q<)=5N-O<1ZR3V4G%"&(<L0U5;JE
M2/U%W#?FD1:E<R<XVVC,UG:(*VH[1Z*>M+$G]42Z21A.LZUS'1TTM;VZBI>;
M?DKZTLS^J)=9&W/>CF?R,^0^^.Z?6;?E/(3MP"CE[4*3)#1L;5R,=&.1)6P(
M1CJ`IT5'$*F**+F76,LL;]&"JBIQ`^:B^YGYFN&H4JU:J3FJ'@10>F4E`V`L
M9G*9,4H76N:W6-*G5J.?DJ>%0.N4E`ZV@^,:>`#*4VT0D<PY_J%+?+\G+J'I
M=5E<@N0,HJ!SMW,S+RU&;(O!3,(J*)HNTRJ^A14+]?%BM/=O>5`&OM22FQV*
MI?RDICN.^)FWY+N'`:ZO50]"@MY25^."DCO%)E?;K$*6;&'DKR!B1I#@FJY/
M/P[B&HATDA(5!&9;J93;5\K1,0]`=-720\@#0'XA,+R=>:8AJVG-56BJ](DF
M_P"TEW@Q(+RY<V*^TM]>>D!TB2[_`!R[P8)?#6=]Z]`CTE\HPV*][>*VRJ:#
MK-&TJR0<ED.&;Z`#O+'BXI86.M[DP@!SMJX`.4TS"8B;@WT!*V.HZ];*#=TZ
M-_9C^+;L"XZVIX!NQ,>HQWVMYJU%0;A*=W;?S*)!8=J8!NQ<>V&.XZR;1<L5
MM&UX_L+6P0YUC-'/32=,9.'DTDTE7,)8X*309S=:GV1%R=PP?MVSQ#4'43+S
M#BT6MW;WE(5K:J&3+H(/0P,BI&T$`CHB=H7%&YIBI1<,OE!Z"#B#T@@&.[XZ
M(]H0YY)?*YE7:5GMAAG#%7Q590C*1"SMV>9`B+9+/&%AL#A\[80[$*W=ZHDW
M11K9&;HXJD6,<7A>0E`OKG?-/.-YHVHK8V%&B\J8+EPQ(8SD!PNOHR.W.*=K
MW,=SIMXMK:TZ;20%N($R)V8,-DCOATF*9*\3.,<?3.3641&9$EZ96I6[Q<`R
M?1T+$VF2B&CV<B8QG)RDS((LXN074;DZSI90P)ZC"`CR"]V;W%2TMJEVJBY:
MFI<`$`,0"0`23('#$F+7;-6>WH/<`"N4!8#``D8@3).!PSCO^.F/:)P01__0
MW\<$$3@@@#/(]NP5VA;9;+>X%5O]QK4];T'&23@A%R(6F;:O7"L^LV/J!5O5
MX1@Z?`!R&04=)((*?2MZUWFC63HNDU;BF1]Z<\%/UC/'YH!/1.0.<0^NZE^&
M:?4K)_WV/"G:=NX3/;(;8QW[7-NV1]Z>X&'QM"/WKB5L[^0M.0;Q*"ZDQ@*\
MF[*[M-PG'*ACK/'J[EX5-'JG`7DDZ12,<HJB<,1TC3+K7M22UIL2[DL[G&2Y
MLQZ3CATL0-L9?I]C7U6]6@C'B8DLQQD-K'\L21&Y;;[MZQ9MCQI"XLQ+74(.
MOQ21%'SY0J*L]:)DR9"/;):90B**LO.2!B`)U#`5-),"HHD20322)]`Z;IEG
MI-I3L[*EPTQF=K':S':3^@2``C7;*QM]/MTM[9)(.\GI)VD_H&$7;QWQUQ."
M"!)S-LJP?F"1<7!"*E<3Y=`JAXS-N%Y5SC?)S!Z8O)-T]G:Z+1.T)%$``4)9
M)ZD)?0H%-R,$-?:#I]ZQKA#1O=E6D>"H#UE9<78TQ$;=:5:73&J%-.YV5$/"
M_>,]\X#."M6]?:AF!A&YAQ#+[Q\<3C0T-$[B\(U4D=F=A!LUA[*+RY2(=5M%
MVPT(FJ!FO<:>F"ZZS9\NN9=N$%3K:]HUZJ7UDU]:L)"O2654`9"H@P:6R?22
M&)F(BDJ:MIMT%NK4W5`B0JTQ)Y=#J,#+9/K(),Q#:VTY'.(%"R*&<QL4K%$F
ME#SK!]`.V#`S4'JAY>,FFS"2AEVK?F*Z+I)%9`2F*H4IBB`7,5%-,53,)*>(
M((&>(,B.L&1&V+*'4H*F(64\1*0ZP<1OC%AA]LXW^>4=A8'Z2\E6;WFV3R%)
M(O$C"5#%5!66G(J#D-9"BDD>FUME#@)@*(J*D#D!A`.,(L0>8^;EJL)TJEP7
M,_Y:8@'YJA8RFU!UGF%7;&F]4L?47$`_-`6-LW&]1K$3@@B<$$?_T=_'!!$X
M((R[?V@F\/W.1MO&-@47)&0M*MMX42`0*V<O[/.M(%%10"GYJKL6]1.!!,7D
MF5P;2/UG#C)/>3<,;K3+6?@6FS[V('DX?+&?<ZUF->QH>B$9MY,OW?+!/>!/
M"["N8)R5G)XT)\@R7>#5*+='`3F2IU$:(&`&YC%#H^X6B:>E7`HB"@,D1$>9
M``LM[NK!:6G76H,/M*M3A'JH/C8F?8([^3;44[.XNR/'4?A'JK^<D]PA]?&B
MQ<HY:\7.NXZIEKO]ND$XJK4JNS%IL,BH',K.&@H]>2D5P)S`RJA&K8VD@?4<
MW(H<Q$./&XKTK6A6N:S2HTU+,>@`3,>=:JE"E4K56E3122>H"9C&QEG>?OH\
MA&8Y&I88<Y.CH!X=\I5<.XEE96'9QE7;*]-.0O$I#NHY.7<=-9/O'\HN5BFX
M5`B)4"&33XPZ\UWF'F6^:C8FJ*9GPTJ9(`7I<B4^LL93REE&6W.JZQK=TU.U
M-0(<D0D2'2Q$I]9.$\I1\WY%/+!_D-G#_3!#?ZP^$_M[G+_;W'^:/KP?A',G
M\FM],?6B?D4\L'^0V</],$-_K#X/[>YR_P!O<?YH^O!^$<R?R:WTQ]:*CS7M
M_P#('@6DJ7;-C3+5,I+J1:UP\E,Y5:OVKR1ED79F\45A&W62=O%';5HL8Q"H
MF+TDSF-R*`CQQ7^F\RZ=;FXOQ6IVY/#,U)S)V2#$F<CLCEN[+6K.E[6[%5*1
M,IE]IV8,8:/X`,*@[GLX;A))F0R<.PBL2U-V<H*<GTJHWM5T,F!BZ4'#1DRA
MB%4*.L4W:A?0HB!K=[M["=34-29<%`IJ>L^)O(%[S%AY+M)O=WK#(!!OQ;]W
MOC3=QJ\7^)P01.""/__2W\<$$3@@C+%_:!ZN^:Y@V^W0Y#^VSN-K-5VQ]`]+
MOJI:"2KT@*<^0G[>Y-Q$OIR#D/KS],A]Y-%A>Z;7]!J3+O5IG_J$9YSI3(NK
M*KZ)ID=QG^\(:QX?GL*Q\=>'7HK(LTX]WEMS8G;@YD6Z"S?*MX<G=+K+""1$
M4(7MQ,<H@0I2CS]0-Q<.26IKRQ8M.0!J<1_]C_%*+%RP4&AVIG*1>?TV^*4(
M9O\`YIMZ3^]71[0;[!0=%=VNPN:7"O,=4A\\B:FM+.U*[&NWKV$7>.W3*(,B
MFHJJ<QU#E$QAYCQG=SSWKK7%=K:Y5;<NW""B$A9GA!)$S(2BG5N:]5-:J:-8
M"B6/".%<!/`9=$43E_RA[R\YXWM.*,B9&B9"EW)HT8V!C&4>H03QXS:23*5(
MV)*1,0TD&Z*SE@0JQ2*%!5$3)FYD.8!CKWFW7=0M:UG<W2FA4$B`B@D`@Y@3
MV8]6$<=US#JEY0J6U>N#2<8R51MGF!/9%+[:MX&<MI+RV26#YV#KDE=6T2RG
MY"3J5=LSQ9E"JOEV3-HO/Q[\\<V,O('.L1#I@X.1,5-723T\.E:WJ&BM6;3Z
MBJU0`$E58R$Y`3!EGC+/">0CEL-3N]--1K1PK/*9(!R[099P6J7F>W^IJIJ'
MR;5ERD4(<R*N,:&"2Q2F`QDE!1@T5@34`.0Z#E-R'T$!]>)D<]<R`C_ZT_RT
M_-$E_=6L_P"X7Z"_FC17XQ]\$WO7P_9)>\0L3"Y*QO/LJ[;/CR+AO!33.4CN
M]@;$R:.W;UQ'.)`6KI)RWZATR*MQ.F)2*`DGIW*>OU->L:KW%-5NJ3!6X<B"
M)A@)F4\9CI&&<A>-`U=]6M:C5D`KTVD99&8P/5/&8ZMT*U\_V:P>67".WJ.=
M`9*$BY++=J0(H8Y!?S2SNJ4U-4"&Z2+MBQC9A0Q#@*G2?)F#24P">H^\B_XJ
MMAIBG!0:C=IFJ]P#=XBO<YW<ZEI9*<`"Y[3@OP-WQ<.PS<Q3MGTOM-V36R.C
MXY;-F*665;C;C`=J\A\S9LFEY[&]6FR*JI@GUJ"WC8I;]$90KYPR#44@+:>W
MEW5:&B/HV@UE`-Q1%1FVBK5,T4_,X5/65ZXZ='OZ6EOINDU5`-6GQLW0]0S4
M'YLAVRZXT)<:7%VB<$$3@@C_T]_'!!$X((4WYDMNKW..T65M-=CU7]QP7+ER
M4P0:H]9Z]JB;1:,OL>E^(E0;0BY9933]9_:"E+S$W(:;SSIC:AHKUJ2SKV[<
M8Z2LI..[Q?-BM\TV)N],:HBSJT3Q;LF'=C\V$Y;4]U%AQ7XH]X545;N&?*[Q
MF.L;3YE")$?2>>(-2-N5?C52J=9%_4JM79"8*H4@'*H^()3<PYIT?1]8JV?)
MVMT2"/M`B'I-828#K55+;XJ^G:B]ORYJE,B7C"J>NH),!ZH!;?!#^`#"I7,S
MG'<-(M1$D6RB\151R=(#I&=R9VENNPIG,/))VR:LX0H"4!-TGAPY@`B!I/W;
MV$ZFH:FPR`IKO\3=TD[X[N2[2;W=ZPR`0;_$W[O?`U^=/*LI<-V\-C0YE4H'
M$&.X1JR:F,!DU9Z\D):IR52_P.[BSQ;4P?W6//\`EXBO>%>/7UJG:_PZ%(2[
M7\1.\<(W1P<WW+5=22W]"D@[VQ)[I#=#BMM._3Q[8$P#B'#S7<;4"J4"AU^"
ME56=9R`#=]8R,DW-JE4P"H<OVQ97+MT(_P`IEAXO&E<Q<M:=IME8C5$G3I@&
M2OBTO$?-VM,[XM%AK&B6=E;6HOE\"`'!L]I\W:9F`1\NWD,P9FK;]6,-[>\E
ML[V>WWAI,9!5BXRPQZ#&LU%#W",BWOOL1%=4TO9W3-TETNII]L-JT\R\Z[SK
MS-I]_IM*QTV[%3CJ3>0(DJX@&8&;2.'R8AN9M;L[NRIVME<!^)YM($8+B!B!
MF9'='U^(W=%LTVM[<YQ#*6;*_5LHY&O<I8+#"NH.WNWD3!PJ*5?J\8X<1->D
M&"H&(U=2!!(J80+(Z3<A+R!W)>KZ%I&EU!>7ZI=U:A9A)B0!X5&"D=)^=#N6
MM0TO3K%Q<7:K<5')(DV`&`&`/6=\+>R)+_Q$/)L9O".7$G4,I9EAJI!NDTW*
M)B8@I@-HQ>;;,UTT7#(5*#6W$J=$Y4S@LJ?7R,)AXJUT_P#<W-DJ9)H5JX4?
MX:X3EL\"EI=,0-=OQO7Y(9TJE4`>HN$_H@F"$\XV*4<:;LJ;DVM%7B$,GXYK
MTCUF1E696-JQPH2H?L@[<$DV"3"L,(/ID1$IDE`$WTZB\2?O`LQ::S0NZ7A%
M:DIPPDR>'#HDH3*.[FZV%OJ5*XIX"I3!WKX<.C#AC2_LZS6IN)VPX5S&Z.52
M6N-)8FLATTTTD3W"!7=5BYF;I)<DTFPVN%>=(@<M*?(/Q#C5=#O_`,3TFPOC
MY[TQQ>L/"W[0,7W2[O[]I]I='SF3'UA@WE!@E>)6.^)P01__U-_'!!$X((_)
M=!%RBLV<HI.&[A)1!=!=,BJ*R*I!351624`Q%$E"&$#%$!`0'D/"$`@@B8,!
M`(((PC'_`.6>FXSVQ)X[V@X8%=G55K=?MS5PB5E@<]C/Y%<HU2E0::H$U)LZ
M?5:PZ:M"*'.X%FND=43&-U#XGSE0M-)^[:)8X4>-Z[#H+^%!V*JD#;(B?3&8
M\R4K?3_8:9:X4^)JK#K;!1\T`@=1QC0EXS<*A@O97A.MND!0GK372Y.M`*)F
M1<>\Y#$MD1:.TC<A3=PT$[91Z@?CJ:>OKSXTOE2P_#]!L*1'VCK[1NU_%CV`
MA=T770+3[GI5I3(\;+QGM;'R"0W14>^_Q88XWK6N(R2VOLGB7)C"(:UV4L#*
MMM[="V6%8+JK1Q9FNJ3=96-+QI'"B*+Q)\F84#%35(J5)$$^+F+E"UUZLET+
MDT;L+PE@O$&`RFLUQ&0,\L#.0CFUCEVAJU1:XK&E<`2)EQ`@93$QB.F?P"%Z
M./[/6W:-UW;O>(BV:MD57#ERXP*1%NW;HD,HLNNLIFTJ:2*291,8QA`I2@(B
M/+BM'W:!02=<D!_X?ZL0AY)`!)U3#_#_`*D(VO6$(=IN2=[?L,Y`0S:T<7^"
MQS4;]%P)(-A<9V67C(APO%Q32>M*)HIO9'BS9NY2?N$GK=`KD@E(J!"Y]<:>
MBZJ=-L;G[PIJ!%<"08F0P`+8<1(!F9@3VQ4:UHHOS96M;VHXPJL!+B)D,!,X
M3P!F9C&'G_\`YX__`'??^0'_`*V<:#_^9_\`-_Z/]6+?_9/_`"?^G_4@QMC?
MB,A=G&;0S5)YJ^[$@PJ<[7Z[$#C,M)+"2D^=DV=6`)$;_;S.E"09';($`12Y
ME>F,*GTZ33G+_)=/0[_[^]_[9@A51[/@D3+Q3XVV3$I;<XE-(Y:32[O[VUW[
M1@I`'!PR)VSXFV3&^`4_M"4FQ5N.U^&3(@$DPK64Y-VH77W)V,O*4=K'D5YA
MT^@FO".A3Y#JU&/S].7%>]Y3J:^DTQYX2H3V$I+X#$/SJP-73T](*Y[RLO@,
M'IX.I=W);'6[)R;4C7\MY!B(\-1S:&BR4!/G+R,82DYOYM<>10`/7GRYB(C8
MO=^[/R^%.2UG`[,#\),3/*+%M(`.2U6`\A^.'"\7>+/$X((__]7?QP01."")
MP01A<W)O[[OV\@&28_%;3Y;.WR_S-1QHP%XUC6CJI8^BW,9$.RN7RS=C&LU:
MQ5CR*YE#D*!E%#F'4)A'Y\U5KGF/F2Z6S''4J5"M,3D.%!(''`#A7B.^,AOV
MK:SK5=;<<3NY5-F"B0[,!.+1GO&!Y!Z@T;N[02`K#%=8&C5S/;A*#"M%G`)G
M4*U;K2%R;(J+`BD8P$*(FTE$>7(..RIRES+1`-7A1<L:R#X6CH?E_6Z0!J<*
MCKJ*/A:/3CO%5Y'YABUE(F(92D:^1*X92,=G>F/6+QN?U(NU=MK<JW<(G#\#
M$,)1_N\.7D_FAU#H@*'(BLI!W\4.7EW76`95!4[147ZT?HZ\17DCDD#LI&H-
M'C-<4P6;OLRT]TU.!%"*D,L@I9E2*`DH0#A](B`E`0]0#A6Y+YI<<+4`5ZZJ
M_6A3RSKK"34@1ZZ_GAMWC?\`$B[VS79EG7/<Y7K-D^';.4Z/4:P=Q(5JE.9%
MJX9/9V2EG[-D><LH1[DR+<B*!&C$3J*%4<*"BHA<^5^3#I5==0U&HKW:CP*N
M*K/`DD@3:6`PD,3B9$670N6C851>7CJUP/-48A9[2=IEEL'7A)YO&@Q;HG!!
M&(SRV[@H[/V\JYJ5R21E*?BF+C\25Q\T5*JQ?*UMW(O[2_;'2YH.$U+A,/T$
MW!!.5PV;HF*<2:.6!\YZDNI:Y7]DTZ%$"FI&1X22Q^D2)[0!&3<RWJWNJ5>!
MITJ8X!NG,_2)QV@"-)7B0QB^QCL1P\G*MP:RE]"P9.<I`F)!%C<9ARYK#@QQ
MY&6%[3F\<OJ$`Y`II#F!0,.I<EVC6G+UB'$GJ<53<Q\/>O"8O?+5N;?1[7B'
MB>;_`$CA^S*&4\6J)Z)P01__UM_'!!$X(($C?=FD=O\`M(SGDUL]%A.1U(?0
M-2<)G`KE&XW-1&H59TU3]3KJ1DU-HNSE*',$6YS#R*4Q@A>8;_\`#=%U"[#2
MJ"F0OK-X5[B0>P1&:Q=_<M,O+@&3A)#UF\([B9[HS_>!+"GR;-^3\YR3(JL=
MBVG(52O.%B>B=NR`NJ5P[8G$@@9>/JL(];K<C!H3DR\P'6'&;^[JP]KJ%WJ#
MKX:*<*^L^T=B@@^M%,Y-M/:7=Q>,/#360]9OS`$;XT^Y)QACW,-0E*#E"GP5
MXI\R30_@;`Q3>M#J%*<J+ML8VEQ'R37J"9!TW.DY;G^I,Y3``\:U=6EM?4'M
MKN@M2@V8(F.WJ/01B-D:!7MZ%U2:C<4@](Y@_E@>L8B$]U?$>5-DN1U:?M5R
MS'H5BPR[]XRV>;J9IQ$URV@=P.MYMNS<B@ZCW\JYZI=$6;3(MT1(K,HG4%/B
MD4;*\T"Z-#1[P"DS$BVN#)6ZZ%7(G]7S@,:@G**Q3MKG2:YI:=<CV;$_85C(
M'_"J93ZLQZ0AB="W3M90$8K,>(\M[>;<F4A)%I?:J\F\?E<@4!7&*S12DY_&
M3UB01^@[M_'N#E`3=`H`/%GMM7#R2^LJUM6VAU)3=56=,CM*GJB<HZB&DMU;
M5:%7;Q":[G6:=Y!ZH*HAR*$(HF<JB:A2G34(8#$.0P`8IR&*(E,4Q1Y@(>@A
MQ,9XC*)&/Z8Q2E$QA`I2@)C&,(`4I0#F(B(^@``<$$('\G'E?JU#KMAP%MDM
M#&RY(FD'\#>,E0#P'4-CM@J0S60BZQ+,U!;R=X7`YTC.$%#HQ/(WU"[Y`AG'
M-G.-&VI5=-TFL'NFF'<'!!M"D9OLF,%];*F:_P`QTZ*/9:?4#5S@S#)>D`[6
M^#MR25X^-D=MWFYEC(DS!\RP]4)".E<LV\"K-VK>&(L5<*G%/BZ2FM5I32,@
MW*0PG:HBHZ,42(Z3T+EK0*VNWR)PD6*$&HW5\D'Y39#H$SLBIZ)I-75;I5D1
M:J07;JZ!UG9T9[(W01D9'PL;'PT0R;1L5$L6D9&1S)$C=FPCV#=-JR9-&Z0%
M30;-6R14TR%`"E(4`#T#CZ"1%IHJ(H"*``!D`,@(UY55%55$E`D!T"/NX="Q
M.""/_]??QP01.""`ZWK;0HW>EC*#Q7/9#L6/Z_%W!G<7RE;C8]^YFW<;%RL;
M',7ON"A"%8-AEU%Q(`#K6(F8?5,.(/7M%37;2G9U+EJ=(.&/"`9D`@`SV8S[
M9=$1>K:8NJVZ6SUV1`W$9`8R!`SV8Q]>R[9]2ME6*)#%U,G96U%F;?*7*:LL
MXT9,Y21D9!C%Q2*!DF/-%)G'QT.BFD0!$-0G/Z"<W#M"T2WT&S:TH5"_$Y8L
M0`22`-FP`"%TK3*6E6S6])RTV+$G,DR'D`@NN)J)..'R+C2@9<J,K0\FU"!O
M%/FDNG(P%BCT)!BJ8H&!%TB54HJ,I!H8VMNZ0,FX;J`!TCD.`&#GNK2VO:+V
M]W06I0;,,)C]!&PC$;(\:]O1N:34;BDKTCF")_D>O,0M6Y;'=V&*C'>[(]Z-
MUJ4,DJ)V6'=P"WW4HT:V%0R@15;M-BA[?-UV&2(82$;C'O'!A/K%V4X:AJM?
ME_6;/Q:!KM1$V4JWVB#J5F#%1U2)_6B!JZ1J5MCI.JNJ_(J>-1U`D,0-Q/7`
MM7+)GGAHR2[,^*,9W1!-4AD[/38NA3JK@B/Z$Y$(I&X1\D1)P8Y5!ZL4F?\`
MP!*!3E"(KW?O$MP5^YTJ@^4H0^3B!_9B/JW'.-&8^[4W'2H4^3B!\D!#E#'G
MFYW2H.*K?J]EH]=>D[9[64)+'>(:>^:*@H86LPUCI6GQM@:!I$1(^.[Y&`O\
MNCB`N[7G[5P:-S2K>R.:S2FI'7(J".V<1%Q0YMU`&G62KP'9-47?(J#OG%J;
M<_`MD.7DX^;W.9#A*?7$E$7#JCXX<C8;;(I@)#*1SZS/&2%<KHCS$#*M22_,
M`Y%TB8#E[-+]W5R[K4U:Y5*7R$\3'J+$<*[N*.FQY.KLROJ%<+3^2N+'JGD-
MW%&D/#^&L9X$H4-C/$M1BZ93H-/]6C(U,PJNW9TTDW,M+R"YU7\U-OP1*+AX
MZ45<+"4-1Q```-1LK&TTZV2TLJ(IT%V#X2<R3M)F3%ZM;6WLZ*V]M2"4AL'P
MDYD]).,6=QUQT1."")P01__0VXI;N]IRRB:*.Y_;PJLJ<B2226:L;*****&`
MI$TR%LHF.<YA````$1$>%X6^283B7I$7O%2T5/1S28@Y./F8F02!=A*13UM(
MQSU`1$H+-'K-19LY2$Q1#40Q@YAPD+'H<$$3@@B<$$3@@@?<][IL#[86E:?Y
MRO7PAI<',FTKJOQBY67W%Q#),EI)/14*]/J-.V3D41YK@D4^OZ1,(&Y*%+9"
M$)`S,7RS=MY!HU?M%.JT>MD';970=/JMW*15D5-"I2*$UIG`>1@`P<_4`'A(
M6/IX(('W`FZ;`^YYI97^#;U\W:4]S&-+$K\8N5:]N<3*3U:-3T6^O0"CON4X
MY8>:`*E)H^H2B)>:E2N8A`0<C!!<)"Q."")P01.""/_18EXPMI6WW<_6]S#S
M/9W\6RQTPQBK!6UE;#50E32LQ<D#-R;APZ.:!6+_`$<:"`OT5D4P(/(`U&Y^
M[L1*4>*`&<XM'Q=Y^M&!T-YQ8MY(9(Q+B/%UCRE#U]21<1$/+SE8GDX^.>QK
M\S2:;5A>XP1E#+B1NL98J"9A*IT`X1Q/AZ85#+BZ(-&D>9E')TUB"JTC;Q-.
M;)=K7$P^1DPMKR7A,:Q$W=$ZI&/"2S.E,EIQVY9KIOU15;L&K8%$T`564,<4
M6^SE.9AP><L(M?-WE`DH'.%AV^[9=O=KW*7BDJ2#:ZO()_(-(Z)D854K:=CV
M#*'KEB?OT8-^H5F[>+BR02?%%!,%N9#F0)A-C(0%\9`3B\]EN_6J[N'-TILC
M1YO$>8L="92VXUL+LS]RDQ1?!$O)"/>+QD&_,,5+B5J_;.6+9=DNLD4P'U@8
M$9>'&>$*K3[8$>^^7U_+Y/G<;;5-M-UW'%K2KY)]88)><6-+$CG`M'4G`5RJ
M5.URBM<ZX`*3]P=#K%$!Z)0$IA<*>$V,H;QXR`G'.[YMT&,W6`-KN3MR^RU6
M[3>07&056V,K9DVST*4QA)1"\2PD2N'+.G)R$FM.-TT%.DY9M#MBE*'(PB(\
M"@S(5H&(DI*P4>[GR(5K:>.+,>5;%LUE'*^2*Q"3%7Q]$2JT>A&Q$NY-`UXJ
MS]&&G)68?RDRU6:LF35D=9V=J<#'1$R>M%3BF2<(<S2D)8Q8>TG=)G3.EGN%
M4S1M3NFWE:N0;"<BINPN)]:+LP/7QF2D:P"7IL`W[MB!>HH9)VX'2;D9,G+F
M9&4#)IP!B<Q*!L\5V:,`WVGYYG<5;>H7;)!5-[475Q.7)TQ>F,VA[7:'B4M(
M/[##P9()M`,V3@3B&LAR+"8XET!S<X((F9PB$8R$HX&P^8*R6^VV6)VL;2\D
M9\J5/'5-7%@6S$.=J*BY$I,]?K-)M+F`AGA6BAVR\BNBLJF`ZVZ)B&+P>S^4
MTH3CZ%G!O[+M]F,MY\!.J5J+DJ5>Z@#0]MH$XZ;/G;)J^,HFUEX64;IM23L(
M=PD9$ZPMVRR"P`55%,%$3*-92O9#E8-VPO>F>:VP9,9R$'CK9M>[GE(52+0=
M)IEODKR1S`H-UCS,])+0>-$IML$6X,W*1!&/736*H<RCAOH("K_9RS;"&^TG
MDL?.AYOV2V-Y1Z;;^\1S/'7Z"IZ6-U+FY[*2C)EE8UG$^R?EJ!I?W"%E8)*/
M<Q9V1#]:00.1P?\`2)$/9XYX0>TZL8__TCP\:6Q/'.]4^9AR#;KM5D\9FQN,
M:6FJP21Y$ER&]^XE?'FX:8*4S8M41Z(IE*`"J?4!OI`.AV*RE'BBAISAXN3M
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M>_>;17$X.KRTU7TJ_"QL<W">C&HEZY$`671U`!S%.(-+`@#APAP4S))$Y1Q/
M@RON,ZVPSU2)Z6A:[DR3F*O,HMYIRRBY":JL2RE&*C9@9X*+AU\=EW2IG*(&
M'H]Z0VD.9AX*@.!V0E.6/3'I>=.;AK%0=LLO7Y>,G8IQ9\KHH2<,_:2<>NLP
M0J<>^21>LE5VRBC-^U505*4PBFLF8AN1BB`%/,P5-D$YO)V)Q>ZN<P]><>YL
MBL6[B<?XPJ_LL;(/N9Y&M0[]].5N;12B7J%JJZL+9WCTR<LW;O$Q,`D!,#I`
M8$5N&8(PG#F69!!QBK/&IO`W%VS<+DO:;GNV0>4E:!!VQS'7^,5823U&5I5F
MB*^_9EL<6W8H6BOR19111)VZ2,^(HF0ICZ3"1,=1(,(129E3`3>.Z'LD_L7\
MD414B.%IU[1(<B#9J7J.GK).J7Q:9CFR0%.==Q(PR;A`B90$ZAE`*7ZA#AS^
M<D-7S7@Y_"GDS$\5MCO59=V.KURXU[)4[8KBWEY6/BWR\%(0,"6%LBZCU1L`
MPR:$:NU`^LQ$5&B@FT:PU-J`S'1#J9$C`[>.MZWO7E*W.7_%JI3XO=)YFDW,
MC'IE2AY6"L&0XD\`+;I&Z'0F99--^T+Z"9!`Q@*728"N?!`#G"+B[$91ZO@-
MC(]62W2S*C-N>58,<-1C-^9,HNFT?+.,H.I-FBK_`#B-WSF%:'4*'H8S<@C_
M`#0X2KZ,%/;`9]@Q_C$=IV33M?SJ]SVW;(]OW'W%[[N.CHZ?6[W]-KY:NK]?
M/5Z\._A[H;Z>^/_3V=;4]DN&]G/SS[2N;HY^XOQ?Y!\OFV$SH^(_(O:O;^RA
M8CMM7R=SUM74U\B<M.D=3F8M*<-50LY00>4,=P&7,=77&%J/()UN^5N5JTX>
M)<I,Y,D9,-5&;LS%TLW=I-W0)*#H.9)0`'\2CP@,C.'$3$HK?;3MIQUM3QTO
MC#&"]D7K:]DD[2<]IDVLM)^YRS6-9NBE=,XV+2!J"46EH)TN8#J^H>?H$EC,
MP@`42$4#N3\9^UW<_:'-[N$-9Z?>Y'MPFK=CB:90<E/=HDD@W/,L)F'L==>.
MR-D2IBY[$KLZ8`4RI@*32H=EP&4(4![8[7:IL1P5L]7L4CBLEQD)VU1[&*FK
M!<["G+2#F.8.%':+9-I%QT%!-P.Y/K,<C,J@B4``P%Y@(S%LX`H7**8SKXF=
MI6=KK+9`?LKUCJR6%^XEK(KC&P0\1'SLL\456?2CN(LE:M<8T>OUU157,S2:
M@LMS4.`J'4,=0[`2A"@)G'16_P`8VW"[87Q!@B9?9*+2<).KJ\IZS*SQ2$ZN
MO?9Q6PSQIM^>M+-GH>XKF%$$D$`3(.GZOQX.,S)VF%X`0!T1[.YWQRX$W83%
M5G\BRV2X>9IU0CZ1#O:998B/`(*-?OI%`CEE.UJQQJCP[B15!18J)#G()0'^
M832BN5G*`J&SCO\`:YLBP'M#:S`XH@I5>Q6%NBRG;O;9,DW;)*-;J@X1B^Z;
MLXV,C8TKDH*G19-&Q%U"$,MU#))"09BV<`4+E'[[5MF>(=GL?<XW$SFX.&][
M>0KZ;&W33&84(M`HR2#$&)F4/$`@022BO4`P'U#IY"'+U&8MG`JA9R@9<K>'
MO9WE*VO;>A'W[&;J3>*2$G#XRL4-$UMV[74%5PHE#6*L6EO#I+'$1Z,>+1N3
MG]!"\**C"$**8,O;OM@POM:J3JH8<JA(%K*.&[RPS#QTO*V2S/FJ:J35U.S+
ML3.'0-"+J`@@0$FK;JJ=%(G4/J:6+9PX`#*."VI[)<-[.?GGVE<W1S]Q?B_R
M#Y?-L)G1\1^1>U>W]E"Q';:OD[GK:NIKY$Y:=(ZE9BTIPBJ%G**X_AJ;=OS$
M_F=[W(_W(^X_W2Z'R:+^-?)?=/=^G[7\<[OVSN_3I=SKT>FOGZ\'&9<.R$X!
M.>V/_]3?QP01XMD=N(^NS[]HITG;*%E7;97013I.&S%=9%30J4Z9]"A`'D8!
M*/+U`0X!!"3<6;DMW%3Q)L^W+WW.$=EJD;@LK5S$U\Q?8,<8^J;V`4MUHLT`
MPL=*LU)A:Z\>NXUM73K*-7A%"'-_B"8R?H0I+*!B(\P3)3/."2\B6X'(V$+#
MMPCZ=E*S8HJ]ZE\IDR%/T_&M5RE8PB:E48V<C5H^MV:NV#J@S=G.*PH]N4C<
MYU%E"IIZR(@!GA"L2",8[;`>9\TVSQ[.LXW^:CULIGQ'E2Z0MICXVM)=XC#M
M+2]HU@?P43[A5V<N:/9-%73$$Q227*9)9(IP43!"`&D,H4$\$]L3[WY0_AJ?
MF`^3_P#>Y^63[A?+?9:]_7#XG[G[O[#[3\9_Y=]?;]EVO\G3T^G"R''+9."9
MX9[90:&-Y:0G\=T*=EG'=RLU2ZM+2;KI((=S(2,&Q>/7'0;)HMD>LY6,;0F0
MA"\^10`.0<-.9APR$#'L4RSD#,F'[1:<D3_R.>CLT99J;-][5"P_1K]9M"T=
M"1_:P,;%LU.R9D`G5.F9=3\5#G-Z\*P`.'1#5)(QCV\2Y-O%FW9;O<9SDWWM
M(Q="[<'=%A/;8AM[&XOM2NLG;%/<FC!O+R?NSZ(;GY/'#@J'3TH@F4Q@$('"
MIVP`GB80KJW;_-PV/<B;WJY:;:FC3HU_G2E[:[6:LTPA*)E#$D06U,ZH[,6O
M)MY@L]5I@JC89KOSN73`J28&$ZW-X4$+#>(@M/*&&[F=QUVPILTB<MUX(J2R
M9:(+%\!!2,\D@W@F=MR&$,Q6LDPB@1!DBSB^]7=@GH(V%4A"&*"0B'#%`+2V
M0YB0L]L<EMQMMLK.X6:PWE#=7D_,F0B42;D9:D6S`<7CBD+2<7+U@7MTH%OC
MJS%HOHB*,_79%:MG;EJN5Z!C<CMB`"G*87"`9R)AC7#(=$X((__5W\<$$<Y<
M/ZHVG_-R;_Z,=<*,Q!&8+:'[7[KL!]Z^YG<?<-Q\=_,_\P_+GW7RT=7Y4/M_
M^S/NAIU]#Y3^I>\]'3]72X]F]/XL]\>*^C^7=#>MY7^U1X^?W=_73/O[X_='
M_A,3]Z_\W?\`#_\`%:N/-<FCT/G+OBGMF7+^%7DCI>Z=G\-W2^W]37\1[+N+
MUT_MCWO[>^`=35T/=/U_O^[U_1T^%;SQNA!YAWQUO_TX?_##_L)P?Q-\+Z&Z
M+!\=WN'PR?[[\ZFCXQBWMOS8_%_C&GVJPZOL?\>_6/8>6GON[^OM_;M/KKX1
M\]FZ!=\!_P"-+O\`[CV#E^<3V_[NY[U=G\:_)QU/=)K]ZZOZ2_+=?+3I_1^X
M]'^]Y\*^6SXX:N>WXH.?!'^W;O\`/\W-H'_4/(W#3YJ[X</.;="<=V?;?ETW
M^]Q\+ZG\1Q[V?R?W?WWN?8&W/[>>V?JWROMNIU^^_5/9._\`]_Z''HN:=D,/
MFMVPUK=[[5_#<DO>_MC[9]J,7=Q]VOF?Q;5RJO;=I]O_`.EORONM'L_;?1[E
MT>O^K]7AB^?OAY\V!6V==]^<?$/?_FHZ7Y2;9[/^:OX[[O[?\GI&G[<_&_UW
AXI^&OWW]J?[ES_ON'-YIRSV0U?.VY0\_CRCTB<$$?__9
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
