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<SEC-DOCUMENT>0000950123-10-005627.txt : 20100127
<SEC-HEADER>0000950123-10-005627.hdr.sgml : 20100127
<ACCEPTANCE-DATETIME>20100127142000
ACCESSION NUMBER:		0000950123-10-005627
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20100127
FILED AS OF DATE:		20100127
DATE AS OF CHANGE:		20100127

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TEEKAY CORP
		CENTRAL INDEX KEY:			0000911971
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12874
		FILM NUMBER:		10550149

	BUSINESS ADDRESS:	
		STREET 1:		4TH FLOOR, BELVEDERE BUILDING
		STREET 2:		69 PITTS BAY ROAD
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM 08
		BUSINESS PHONE:		604-683-3529

	MAIL ADDRESS:	
		STREET 1:		SUITE 2000,  BENTALL 5
		STREET 2:		550 BURRARD STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 2K2

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TEEKAY SHIPPING CORP
		DATE OF NAME CHANGE:	19950609

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VIKING STAR SHIPPING INC
		DATE OF NAME CHANGE:	19930914
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>o59022e6vk.htm
<DESCRIPTION>6-K
<TEXT>
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<TITLE>e6vk</TITLE>
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<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




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

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

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

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

<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>Report of Foreign Private Issuer</B></DIV>


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


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

<!-- xbrl,dc -->
<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Date of Report: January&nbsp;27, 2010</B></DIV>
<!-- /xbrl,dc -->
<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Commission file number 1- 12874</B></DIV>

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

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


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">4th Floor<BR>
Belvedere Building<BR>
69 Pitts Bay Road<BR>
Hamilton, HM08 Bermuda<BR>
(Address of principal executive office)</DIV>


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

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

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Form&nbsp;20-F <FONT face="Wingdings">&#254;</FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Form&nbsp;40- F <FONT face="Wingdings">&#111;</FONT>
</DIV>

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

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Yes
<FONT face="Wingdings">&#111;</FONT>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>No
<FONT face="Wingdings">&#254;</FONT></b>
</DIV>

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

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Yes
<FONT face="Wingdings">&#111;</FONT>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>No
<FONT face="Wingdings">&#254;</FONT></b>
</DIV>

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



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<!--TOC-->
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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>THIS REPORT ON FORM 6-K IS HEREBY INCORPORATED BY REFERENCE INTO THE FOLLOWING REGISTRATION
STATEMENTS OF THE COMPANY:</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>REGISTRATION STATEMENT ON FORM F-3 (FILE NO. 333-164315) ORIGINALLY
FILED WITH THE SEC ON JANUARY 13, 2010</B></TD>
</TR>



</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->-2-<!-- /Folio -->
</DIV>

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



</TABLE>
</DIV>
<!-- link2 "Item&nbsp;6 &#151; Exhibits" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Item&nbsp;6 &#151; Exhibits</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following exhibits are filed as part of this Report:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Underwriting Agreement</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Indenture</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Opinion of Watson, Farley and Williams (New York) LLP</TD>
</TR>






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


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



<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">TEEKAY CORPORATION<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date: January&nbsp;27, 2010</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Vincent Lok
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Vincent Lok&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap>Executive Vice President and Chief Financial Officer<br>
(Principal Financial and Accounting Officer)&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->-4-<!-- /Folio -->
</DIV>



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<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>o59022exv1w1.htm
<DESCRIPTION>EX-1.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv1w1</TITLE>
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;1.1</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">EXECUTION VERSION
</DIV>


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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">$450,000,000
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Teekay Corporation
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">8.5% Senior Notes due 2020
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U>Underwriting Agreement</U>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">January&nbsp;15, 2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">J.P. Morgan Securities Inc.<BR>
&nbsp;&nbsp;&nbsp; As Representative of the<BR>
&nbsp;&nbsp;&nbsp;several Underwriters listed<BR>
&nbsp;&nbsp;&nbsp;in Schedule&nbsp;1 hereto

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">c/o J.P. Morgan Securities Inc.<BR>
270 Park Avenue<BR>
New York, New York 10017

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teekay Corporation, a corporation organized under the laws of the Republic of The Marshall
Islands (the &#147;Company&#148;), proposes to issue and sell to the several Underwriters listed in Schedule
1 hereto (the &#147;Underwriters&#148;), for whom you are acting as representative (the &#147;Representative&#148;),
$450,000,000 principal amount of its 8.5% Senior Notes due 2020 (the &#147;Securities&#148;). The Securities
will be issued pursuant to an Indenture to be dated as of January&nbsp;15, 2010 (the &#147;Indenture&#148;)
between the Company and The Bank of New York Mellon Trust Company, N. A., as trustee (the
&#147;Trustee&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January&nbsp;12, 2010, the Company commenced an offer (the &#147;Tender Offer&#148;) to purchase for cash
any and all of the Company&#146;s outstanding 8.875% senior notes due July&nbsp;15, 2011 (the &#147;Outstanding
Notes&#148;) and entered into a dealer manager agreement (the &#147;Dealer Manager Agreement&#148;) with J.P.
Morgan Securities as Dealer Manager in connection with the Tender Offer. The Company intends to use
a portion of the net proceeds from the offering of the Securities to pay the consideration, and
related costs and expenses, for any Outstanding Notes to be purchased pursuant to the Tender Offer.
The closing of the offering of the Securities is not contingent on the consummation of the Tender
Offer or the purchase of any Outstanding Notes in connection therewith.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company hereby confirms its agreement with the several Underwriters concerning the
purchase and sale of the Securities, as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;<U>Registration Statement</U>. The Company has prepared and filed with the Securities and
Exchange Commission (the &#147;Commission&#148;) under the Securities Act of 1933, as amended, and the rules
and regulations of the Commission thereunder (collectively, the &#147;Securities Act&#148;), a registration
statement on Form F-3 (File No.&nbsp;333-164315), including a prospectus, relating to the Securities<B>.</B>
Such registration statement, as amended at the date of this Agreement by Post-Effective Amendment
No.&nbsp;1 thereto or otherwise, including the information, if any, deemed pursuant to Rule&nbsp;430A, 430B
or 430C under the Securities Act to be part of the registration statement at the time of its
effectiveness (&#147;Rule&nbsp;430 Information&#148;), is referred to herein as the &#147;Registration Statement&#148;; and
as used herein, the term &#147;Preliminary Prospectus&#148; means the prospectus included in the Registration
Statement or Post-Effective Amendment No.&nbsp;1 thereto at the time of its respective effectiveness
that omits Rule&nbsp;430 Information, and the term &#147;Prospectus&#148; means the prospectus in the form first
used (or made available upon request of purchasers pursuant to Rule&nbsp;173 under the Securities Act)
in connection with confirmation of sales of the Securities. If the Company has filed an
abbreviated registration statement pursuant to Rule 462(b) under the Securities Act (the &#147;Rule&nbsp;462
Registration Statement&#148;), then any reference herein to the term &#147;Registration Statement&#148; shall be
deemed to include such Rule&nbsp;462 Registration Statement. Any reference in this Agreement to the
Registration Statement, any Preliminary Prospectus or the Prospectus shall be deemed to refer to
and include the documents incorporated by reference therein pursuant to Item&nbsp;6 of Form F-3 under
the Securities Act, as of the most recent effective date of the Registration Statement or the date
of such Preliminary Prospectus or the Prospectus, as the case may be and any reference to &#147;amend&#148;,
&#147;amendment&#148; or &#147;supplement&#148; with respect to the Registration Statement, any Preliminary Prospectus
or the Prospectus shall be deemed to refer to and include any documents filed after such date under
the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission
thereunder (collectively, the &#147;Exchange Act&#148;) that are deemed to be incorporated by reference
therein. Capitalized terms used but not defined herein shall have the meanings given to such terms
in the Registration Statement and the Prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At or prior to the time when sales of the Securities were first made (the &#147;Time of Sale&#148;), the
Company had prepared the following information (collectively, the &#147;Time of Sale Information&#148;): a
Preliminary Prospectus dated January&nbsp;15, 2010, and each &#147;free-writing prospectus&#148; (as defined
pursuant to Rule&nbsp;405 under the Securities Act) listed on Annex B hereto as constituting part of the
Time of Sale Information.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;<U>Purchase of the Securities by the Underwriters</U>. (a)&nbsp;The Company agrees to issue
and sell the Securities to the several Underwriters as provided in this Agreement, and each
Underwriter, on the basis of the representations, warranties and agreements set forth herein and
subject to the conditions set forth herein, agrees, severally and not jointly, to purchase from the
Company the respective principal amount of Securities set forth opposite such Underwriter&#146;s name in
Schedule&nbsp;1 hereto at a price equal to 97.445% of the principal amount thereof plus accrued
interest, if any, from January&nbsp;27, 2010 to the Closing Date (as defined below). The Company will
not be obligated to deliver any of the Securities except upon payment for all the Securities to be
purchased as provided herein.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Company understands that the Underwriters intend to make a public offering of the
Securities as soon after the effectiveness of this Agreement as in the judgment of the
Representative is advisable, and initially to offer the Securities on the terms set forth in the
Prospectus. The Company acknowledges and agrees that the Underwriters may offer and sell
Securities to or through any affiliate of an Underwriter and that any such affiliate may offer and
sell Securities purchased by it to or through any Underwriter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Payment for and delivery of the Securities will be made at the offices of Vinson &#038; Elkins
L.L.P., 666 Fifth Avenue, New York, New York at 10:00&nbsp;A.M., New York City time, on January&nbsp;27,
2010, or at such other time or place on the same or such other date, not later than the fifth
business day thereafter, as the Representative and the Company may agree upon in writing. The time
and date of such payment and delivery is referred to herein as the &#147;Closing Date&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Payment for the Securities shall be made by wire transfer in immediately available funds
to the account(s) specified by the Company to the Representative against delivery to the nominee of
The Depository Trust Company, for the account of the Underwriters, of one or more global notes
representing the Securities (collectively, the &#147;Global Note&#148;). The Global Note will be made
available for inspection by the Representative not later than 1:00 P.M., New York City time, on the
business day prior to the Closing Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;The Company acknowledges and agrees that the Underwriters are acting solely in the
capacity of an arm&#146;s length contractual counterparty to the Company with respect to the offering of
Securities contemplated hereby (including in connection with determining the terms of the offering)
and not as a financial advisor or a fiduciary to, or an agent of, the Company or any other person.
Additionally, neither the Representative nor any other Underwriter is advising the Company or any
other person as to any legal, tax, investment, accounting or regulatory matters in any
jurisdiction. The Company shall consult with its own advisors concerning such matters and shall be
responsible for making its own independent investigation and appraisal of the transactions
contemplated hereby, and the Underwriters shall have no responsibility or liability to the Company
with respect thereto. Any review by the Underwriters of the Company, the transactions contemplated
hereby or other matters relating to such transactions will be performed solely for the benefit of
the Underwriters and shall not be on behalf of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;<U>Representations and Warranties of the Company</U>. The Company represents and warrants
to each Underwriter that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<I>Preliminary Prospectus. </I>No order preventing or suspending the use of the Preliminary
Prospectus has been issued by the Commission, and each Preliminary Prospectus, at the time of
filing thereof, complied in all material respects with the Securities Act and did not 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 the light of the circumstances under which
they were made, not misleading; <U>provided</U> that the Company makes no representation and
warranty with respect to any statements or omissions made in reliance upon and in conformity with
information furnished to the Company in writing by such Underwriter through the Representative
expressly for use in any Preliminary Prospectus, it being
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">understood and agreed that the only such
information furnished by any Underwriter consists of the information described as such in Section
7(b) hereof (such information being the &#147;Underwriter Furnished Information&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<I>Time of Sale Information</I>. The Time of Sale Information, at the Time of Sale did not, and
at the Closing Date will not, contain any untrue statement of a material fact or omit to state
a material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading; <U>provided</U> that the Company makes
no representation and warranty with respect to any statements or omissions made in reliance upon
and in conformity with the Underwriter Furnished Information. No statement of material fact
included in the Prospectus has been omitted from the Time of Sale Information and no statement of
material fact included in the Time of Sale Information that is required to be included in the
Prospectus has been omitted therefrom.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<I>Issuer Free Writing Prospectus. </I>The Company (including its agents and representatives,
other than the Underwriters in their capacity as such) has not prepared, made, used, authorized,
approved or referred to and will not prepare, make, use, authorize, approve or refer to any
&#147;written communication&#148; (as defined in Rule&nbsp;405 under the Securities Act) that constitutes an offer
to sell or solicitation of an offer to buy the Securities (each such communication by the Company
or its agents and representatives (other than a communication referred to in clauses (i) (ii)&nbsp;and
(iii)&nbsp;below) an &#147;Issuer Free Writing Prospectus&#148;) other than (i)&nbsp;any document not constituting a
prospectus pursuant to Section&nbsp;2(a)(10)(a) of the Securities Act or Rule&nbsp;134 under the Securities
Act, (ii)&nbsp;each Preliminary Prospectus, (iii)&nbsp;the Prospectus, (iv)&nbsp;the documents listed on Annex B
hereto as constituting Time of Sale Information and (v)&nbsp;any electronic road show or other written
communications, in each case approved in writing in advance by the Representative. Each such
Issuer Free Writing Prospectus complied in all material respects with the Securities Act, has been
or will be (within the time period specified in Rule&nbsp;433) filed in accordance with the Securities
Act (to the extent required thereby) and, when taken together with the Preliminary Prospectus
accompanying, delivered, or filed prior to the first use of such Issuer Free Writing Prospectus,
did not, and at the Closing Date will not, contain any untrue statement of a material fact or omit
to state a material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading; <U>provided</U> that the Company makes
no representation and warranty with respect to any statements or omissions made in each such Issuer
Free Writing Prospectus in reliance upon and in conformity with the Underwriter Furnished
Information.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<I>Registration Statement and Prospectus. </I>The Registration Statement is an &#147;automatic shelf
registration statement&#148; as defined under Rule&nbsp;405 of the Securities Act that has been filed with
the Commission not earlier than three years prior to the date hereof; and no notice of objection of
the Commission to the use of such registration statement or any post-effective amendment thereto
pursuant to Rule&nbsp;401(g)(2) under the Securities Act has been received by the Company. No order
suspending the effectiveness of the Registration Statement has been issued by the Commission and no
proceeding for that purpose or pursuant to Section&nbsp;8A of the Securities Act against the Company or
related to the offering has been initiated or threatened by the Commission; as of the date of this
Agreement and any other applicable effective date of the Registration Statement and any amendment
thereto, the Registration
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Statement complied and will comply in all material respects with the
Securities Act and the Trust Indenture Act of 1939, as amended, and the rules and regulations of
the Commission thereunder (collectively, the &#147;Trust Indenture Act&#148;), and did not and will not
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 not misleading; and as of the
date of the Prospectus and any amendment or supplement thereto and as of the Closing Date, the
Prospectus will not 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 the
light of the circumstances under which they were made, not misleading; <U>provided</U> that the
Company makes no
representation and warranty with respect to (i)&nbsp;that part of the Registration Statement that
constitutes the Statement of Eligibility and Qualification (Form T-1) of the Trustee under the
Trust Indenture Act or (ii)&nbsp;any statements or omissions made in reliance upon and in conformity
with Underwriter Furnished Information.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;<I>Incorporated Documents. </I>The documents incorporated by reference in the Registration
Statement, the Prospectus or the Time of Sale Information, when they were filed with the Commission
conformed in all material respects to the requirements of the Securities Act or the Exchange Act,
as applicable, and none of such documents contained any untrue statement of a material fact or
omitted to state a material fact required to be stated therein or necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading; and any
further documents so filed and incorporated by reference in the Registration Statement, the
Prospectus or the Time of Sale Information, when such documents become effective or are filed with
the Commission, as the case may be, will conform in all material respects to the requirements of
the Securities Act or the Exchange Act, as applicable, and will not contain any untrue statement of
a material fact or omit to state a material fact required to be stated therein or necessary to make
the statements therein, in the light of the circumstances under which they were made, not
misleading.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;<I>Financial Statements. </I>The consolidated historical financial statements (including the
related notes and supporting schedules thereto) included or incorporated by reference in the
Registration Statement, the Time of Sale Information and the Prospectus comply in all material
respects with the applicable requirements of the Securities Act and the Exchange Act, as
applicable, and present fairly in all material respects the financial condition, results of
operations and cash flows of the entities purported to be shown thereby on the basis stated
therein, at the respective dates or for the respective periods specified; such financial statements
have been prepared in conformity with United States generally accepted accounting principles
applied on a consistent basis throughout the periods covered thereby (except as otherwise noted
therein). The selected financial data included or incorporated by reference into the Registration
Statement, the summary and Time of Sale Information and the Prospectus is accurately presented in
all material respects and prepared on a basis consistent with the historical consolidated financial
statements from which it has been derived.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;<I>No Material Adverse Change. </I>Since the date of the most recent financial statements of the
Company included or incorporated by reference in the Registration Statement, the Time of Sale
Information and the Prospectus (in each case, exclusive of any amendments or supplements thereto
after the date hereof), (i)&nbsp;there has not been any material change in the
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">capital stock or
consolidated debt of the Company or any of its subsidiaries, or any dividend or distribution of any
kind declared, set aside for payment, paid or made by the Company on any class of capital stock, or
any material adverse change, or any development that could reasonably be expected to result in a
prospective material adverse change to the general affairs, business, properties, condition
(financial or otherwise), stockholders&#146; equity, partners&#146; equity, members&#146; equity, results of
operations, assets or prospects of the Company and its subsidiaries taken as a whole; (ii)&nbsp;neither
the Company nor any of its subsidiaries has entered into any transactions or agreements, or
incurred any liability or obligation, direct, indirect or contingent, whether or not in the
ordinary course of business, that, individually or in the aggregate, is material to the Company and
its subsidiaries taken as a whole; and (iii)&nbsp;neither the Company nor any of its subsidiaries has
sustained any material loss or interference with its business from fire, explosion, flood or other
calamity, whether or not covered by insurance, or from any labor dispute or any action, order or
decree of any court or arbitrator or
governmental or regulatory authority, except in each case under clauses (i), (ii)&nbsp;and (iii)&nbsp;above
as otherwise disclosed in the Registration Statement, the Time of Sale Information and the
Prospectus.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;<I>Organization and Good Standing. </I>The Company and each of its subsidiaries have been duly
organized and are validly existing and in good standing under the laws of their respective
jurisdictions of organization, are duly registered or qualified to do business and are in good
standing in each jurisdiction in which their respective ownership or lease of property or the
conduct of their respective businesses requires such registration or qualification, and have all
power and authority necessary to own or lease their respective properties and to conduct the
businesses in which they are engaged, except where the failure to be so qualified, in good standing
or have such power or authority would not, individually or in the aggregate, could reasonably be
expected to have a material adverse effect on the business, properties, management, financial
position, stockholders&#146; equity, results of operations or prospects of the Company and its
subsidiaries taken as a whole or on the performance by the Company of its obligations under the
Securities (a &#147;Material Adverse Effect&#148;). The subsidiaries listed in Schedule&nbsp;2 to this Agreement
are the only significant subsidiaries of the Company as defined by Rule&nbsp;1-02 of Regulation&nbsp;S-X.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;<I>Ownership of Teekay Holdings</I>. The Company directly owns 100% of the equity interests in
Teekay Holdings Limited, a Bermuda corporation (&#147;Teekay Holdings&#148;); such equity interests have been
duly authorized and validly issued in accordance with the organizational documents of Teekay
Holdings and are fully paid and nonassessable; and the Company owns such equity interests free and
clear of all pledges, liens, encumbrances, security interests, charges, equities or other claims
(collectively, &#147;Liens&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;<I>Ownership of Teekay Chartering</I>. The Company directly owns 100% of the equity interests in
Teekay Chartering Limited, a corporation organized under the laws of the Republic of The Marshall
Islands (&#147;Teekay Chartering&#148;); such equity interests have been duly authorized and validly issued
in accordance with the organizational documents of Teekay Chartering and are fully paid and
nonassessable; and, except as otherwise described in the Registration Statement, the Time of Sale
Information and the Prospectus, the Company owns such equity interests free and clear of all Liens.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;<I>Ownership of Teekay Petrojarl</I>. The Company indirectly owns 100% of the equity interests
in Teekay Petrojarl ASA, a corporation organized under the laws of Norway (&#147;Teekay Petrojarl&#148;);
such equity interests have been duly authorized and validly issued in accordance with the
organizational documents of Teekay Petrojarl and are fully paid and nonassessable; and, except as
otherwise described in the Registration Statement, the Time of Sale Information and the Prospectus,
the Company owns such equity interests free and clear of all Liens.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;<I>Ownership of General Partners</I>. Teekay Holdings directly owns a 100% membership interest
in each of Teekay GP L.L.C., limited liability company organized under the laws of the Marshall
Islands (&#147;TGP GP&#148;), and Teekay Offshore GP L.L.C., a limited liability company organized under the
laws of the Marshall Islands (&#147;TOO GP&#148;); such membership interests have been duly authorized and
validly issued in accordance with the limited liability company agreement of TGP GP (the &#147;TGP GP
LLC Agreement&#148;) and the limited liability company agreement of TOO GP (the &#147;TOO GP LLC Agreement&#148;),
respectively, and are fully paid (to the extent required under the TGP GP LLC Agreement and TOO GP
LLC Agreement, respectively)
and nonassessable (except as such nonassessability may be affected by Section&nbsp;31 of the Marshall
Islands Limited Liability Company Act); and Teekay Holdings owns such membership interests free and
clear of all Liens.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;<I>Ownership of GP Interests in the Partnerships</I>. TGP GP is the sole general partner of
Teekay LNG Partners L.P., a limited partnership organized under the laws of the Marshall Islands
(&#147;TGP&#148;), with a 2.0% general partner interest in TGP; such general partner interest has been duly
authorized and validly issued in accordance with the partnership agreement of TGP, as amended or
restated on or prior to the date hereof (the &#147;TGP LPA&#148;); and TGP GP owns such general partner
interest free and clear of all Liens (except restrictions on transferability contained in the TGP
LPA or under applicable securities laws). TOO GP is the sole general partner of Teekay Offshore
Partners L.P., a limited partnership organized under the laws of the Marshall Islands (&#147;TOO&#148;), with
a 2.0% general partner interest in TOO; such general partner interest has been duly authorized and
validly issued in accordance with the partnership agreement of TOO, as amended or restated on or
prior to the date hereof (the &#147;TOO LPA&#148;); and TOO GP owns such general partner interest free and
clear of all Liens (except restrictions on transferability contained in the TOO LPA or under
applicable securities laws).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;<I>Ownership of Sponsor Interests in TGP, TOO and Teekay Tankers.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teekay Holdings directly owns 17,840,988 common units and 7,367,286 subordinated units
representing limited partner interest in TGP (all such common units and subordinated Units being
collectively referred to herein as the &#147;TGP Sponsor Units&#148;); and TGP GP owns 100% of the Incentive
Distribution Rights (as defined in the TGP LPA) of TGP, in each case free and clear of all Liens
(except restrictions on transferability contained in the TGP LPA, or under applicable securities
laws).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teekay Holdings directly owns 5,000,000 common units and 9,800,000 subordinated units
representing limited partner interests in TOO (all such common units and subordinated units being
collectively referred to herein as the &#147;TOO Sponsor Units&#148;); and TOO GP owns 100% of the Incentive
Distribution Rights (as defined in the TOO LPA) of TOO, in each case free and clear of all
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Liens (except restrictions on transferability contained in the TOO LPA, or under applicable securities
laws).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teekay Holdings directly owns 12,500,000 shares of Class&nbsp;B Common Stock, $0.01 par value, of
Teekay Tankers Ltd., a corporation organized under the laws of the Marshall Islands (&#147;Tankers&#148;) and
1,000,000 shares of Class&nbsp;A Common Stock of Tankers. All such shares of Class&nbsp;A Common Stock and
Class&nbsp;B Common Stock (collectively, the &#147;Tankers Sponsor Shares&#148;) have been duly authorized and are
validly issued, fully paid and nonassessable; and Teekay Holdings owns all such Tankers Sponsor
Shares free and clear of all Liens.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;<I>Ownership of Operating Companies.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TGP owns a 100% membership interest in Teekay LNG Operating L.L.C., a Marshall Islands limited
liability company ( &#147;TGP Operating Company&#148;); such membership interest has been duly authorized and
validly issued in accordance with the limited liability company agreement of TGP Operating Company,
as amended or restated on or prior to the date hereof (the &#147;TGP
Operating Company LLC Agreement&#148;), and is fully paid (to the extent required under the TGP
Operating Company LLC Agreement) and nonassessable (except as such nonassessability may be affected
by Section&nbsp;31 of the Marshall Islands Limited Liability Company Act); and TGP owns such membership
interest free and clear of all Liens, except as otherwise described in the Registration Statement,
the Time of Sale Information and the Prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOO owns a 100% membership interest in Teekay Offshore Operating GP L.L.C., a Marshall Islands
limited liability company (&#147;OLP GP&#148;); such membership interest has been duly authorized and validly
issued in accordance with the limited liability company agreement of OLP GP, as amended on or prior
to the date hereof (&#147;OLP GP LLC Agreement&#148;), and is fully paid (to the extent required under the
OLP GP LLC Agreement) and nonassessable (except as such nonassessability may be affected by Section
31 of the Marshall Islands Limited Liability Company Act); and TOO owns such membership interest
free and clear of all Liens except for Liens pursuant to credit agreements and related security
agreements disclosed or referred to in the Registration Statement, the Time of Sale Information and
the Prospectus. TOO directly owns a 50.99% limited partner interest in Teekay Offshore Operating
L.P., a Marshall Islands limited partnership (&#147;TOO Operating Company&#148;); Teekay Holdings directly
owns a 49% limited partner interest in TOO Operating Company; and OLP GP directly owns a 0.01%
general partner interest in TOO Operating Company. All such partner interests have been duly
authorized and validly issued in accordance with the partnership agreement of TOO Operating
Company, as amended or restated on or prior to the date hereof (the &#147;TOO Operating Company
Partnership Agreement&#148;), and are fully paid (to the extent required under the TOO Operating Company
Partnership Agreement) and, with respect to the limited partner interests, are nonassessable
(except as such nonassessability may be affected by Section&nbsp;41 of the Marshall Islands Limited
Partnership Act); and TOO, Teekay Holdings and OLP GP, respectively, own such partner interests
free and clear of all Liens except for Liens pursuant to credit agreements and related security
agreements disclosed or referred to in the Time of Sale Information and the Prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;<I>Ownership of Operating Subsidiaries.</I>
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TGP Operating Company owns, directly or indirectly, the equity interests in each of the
entities set forth in Schedule&nbsp;3-A (the &#147;TGP Operating Subsidiaries&#148;) as described on Schedule&nbsp;3-A;
such equity interests owned by TGP Operating Company are duly authorized and validly issued in
accordance with the respective organizational documents of each TGP Operating Subsidiary, as
amended or restated on or prior to the date hereof (the &#147;TGP Operating Subsidiaries&#146; Organizational
Documents&#148;), and are fully paid (to the extent required under the TGP Operating Subsidiaries&#146;
Organizational Agreements) and nonassessable (except as such nonassessability may be affected by
the applicable statutes of the jurisdiction of formation of the applicable TGP Operating
Subsidiary); and TGP Operating Company owns such equity interests free and clear of all Liens
except for Liens pursuant to credit agreements and related security agreements disclosed or
referred to in the Registration Statement, the Time of Sale Information and the Prospectus<B>.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOO and the TOO Operating Company own, directly or indirectly, the equity interests in each of
the entities set forth in Schedule&nbsp;3-B (the &#147;TOO Operating Subsidiaries&#148;) as described on Schedule
3-B; such equity interests have been duly authorized and validly issued in accordance with the
respective organizational documents of each TOO Operating Subsidiary, as amended or restated on or
prior to the date hereof (the &#147;TOO Operating Subsidiaries&#146; Organizational Documents&#148;), and
are fully paid (to the extent required under the TOO Operating Subsidiaries&#146; Organizational
Agreements) and nonassessable (except as such nonassessability may be affected by the applicable
statutes of the jurisdiction of formation of the applicable TOO Operating Subsidiary); and TOO and
TOO Operating Company, as applicable, own such equity interests free and clear of all Liens except
for Liens pursuant to credit agreements and related security agreements disclosed or referred to in
the Registration Statement, the Time of Sale Information and the Prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tankers owns, directly or indirectly, 100% of the equity interests in each of the entities set
forth in Schedule&nbsp;3-C (the &#147;Tankers Operating Subsidiaries&#148;); such equity interests are duly
authorized and validly issued in accordance with the respective organizational documents of each
Tankers Operating Subsidiary, as amended or restated on or prior to the date hereof (the &#147;Tankers
Operating Subsidiaries&#146; Organizational Documents&#148;), and are fully paid and nonassessable (except as
such nonassessability may be affected by the applicable statutes of the jurisdiction of formation
of the applicable Tankers Operating Subsidiary); and Tankers owns such equity interests free and
clear of all Liens, other than pursuant to credit agreements and related security agreements
disclosed or referred to in the Registration Statement, the Time of Sale Information and the
Prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company owns, directly or indirectly,  the equity interests in each of the entities
set forth in Schedule&nbsp;3-D (the &#147;Company Operating Subsidiaries,&#148; and collectively with the TGP
Operating Subsidiaries, the TOO Operating Subsidiaries and the Tankers Operating Subsidiaries, the
&#147;Operating Subsidiaries&#148;) as described in Schedule 3-D;  such equity interests are duly authorized and validly issued in
accordance with the respective organizational documents of each Company Operating Subsidiary,
amended or restated on or prior to the date hereof (the &#147;Company Operating Subsidiaries&#146;
Organizational Documents&#148;), and are fully paid and nonassessable (except as such nonassessability
may be affected by the applicable statutes of the jurisdiction of formation of the applicable
Company Operating Subsidiary); and the Company owns such equity interests free and clear of all
Liens, other than pursuant to credit agreements and related security agreements disclosed or
referred to in the Registration Statement, the Time of Sale Information and the Prospectus.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;<I>No Other Subsidiaries</I>. Other than (i)&nbsp;Teekay Holdings, (ii)&nbsp;Teekay Chartering, (iii)
Teekay Petrojarl, (iv)&nbsp;TGP GP, (v)&nbsp;TOO GP, (vi)&nbsp;TGP, (vii)&nbsp;TOO, (viii)&nbsp;Tankers, (ix)&nbsp;TGP Operating
Company, (x)&nbsp;TOO Operating Company, (xi)&nbsp;OLP GP, and (xii)&nbsp;the Operating Subsidiaries described in
(p)&nbsp;above, the Company does not own, directly or indirectly, any equity or long-term debt
securities of any corporation, partnership, limited liability company, joint venture, association
or other entity except as described in the Registration Statement, the Time of Sale Information and
the Prospectus and except for entities that do not, directly or
indirectly, own any vessels or conduct any operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;<I>Capitalization. </I>The Company has the capitalization as set forth in the Registration
Statement, the Time of Sale Information and the Prospectus under the heading &#147;Capitalization&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;<I>Due Authorization. </I>The Company has all requisite corporate power and authority to execute
and deliver this Agreement, the Securities and the Indenture (collectively, the &#147;Transaction
Documents&#148;) and the Dealer-Manager Agreement and to perform its obligations hereunder and
thereunder; and all corporate action required to be taken for the due and proper authorization,
execution and delivery of each of the Transaction Documents and the Dealer-Manager Agreement and
the consummation of the transactions contemplated thereby has been duly and validly taken.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;<I>The Indenture. </I>The Indenture has been duly authorized by the Company and upon
effectiveness of the Registration Statement was or will have been duly qualified under the Trust
Indenture Act and, when duly executed and delivered in accordance with its terms by each of the
parties thereto, will constitute a valid and legally binding agreement of the Company enforceable
against the Company in accordance with its terms, except as enforceability may be limited by
applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors&#146; rights
generally or by equitable principles relating to enforceability (collectively, the &#147;Enforceability
Exceptions&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;<I>The Securities</I>. The Securities have been duly authorized by the Company and, when duly
executed, authenticated, issued and delivered as provided in the Indenture and paid for as provided
herein, will be duly and validly issued and outstanding and will constitute valid and legally
binding obligations of the Company enforceable against the Company in accordance with their terms,
subject to the Enforceability Exceptions, and will be entitled to the benefits of the Indenture.
The Securities conform in all material respects to the description thereof contained in the
Registration Statement, the Time of Sale Information and the Prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;<I>Underwriting Agreement</I>. This Agreement has been duly authorized, executed and delivered
by the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)&nbsp;<I>Descriptions of the Transaction Documents</I>. Each Transaction Document and the
Dealer-Manager Agreement conforms in all material respects to the description thereof contained in
the Registration Statement, the Time of Sale Information and the Prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;<I>No Violation or Default. </I>Neither the Company nor any of its subsidiaries is (i)&nbsp;in
violation of its charter or by-laws or similar organizational documents; (ii)&nbsp;in breach or default
under (and no event has occurred that, with notice or lapse of time or both, would constitute such
a default has occurred or is continuing) any term, covenant, obligation, agreement, or condition
contained in
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">any indenture, mortgage, deed of trust, note agreement, loan agreement, lease or other
agreement or instrument to which the Company or any of its subsidiaries is a party or by which the
Company or any of its subsidiaries is bound or to which any of the property or assets of the
Company or any of its subsidiaries is subject; or (iii)&nbsp;in violation of any law or statute or any
judgment, order, decree, rule or regulation applicable to the Company or any of its subsidiaries of
any court or arbitrator or governmental or regulatory authority or administrative agency having
jurisdiction over the Company or any of its subsidiaries or any of their respective properties,
except, in the case of clauses (ii)&nbsp;and (iii)&nbsp;above, for any such breach or default or violation
that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)&nbsp;<I>No Conflicts. </I>The execution, delivery and performance by the Company of each of the
Transaction Documents and the Dealer Manager Agreement, the issuance and sale of the Securities and
compliance by the Company with the terms thereof and the consummation of the Tender Offer and the
transactions contemplated by the Transaction Documents and Dealer Manager Agreement, will not (i)
conflict with or result in a breach or violation of any of the terms or provisions of, or
constitute a default under, or result in the creation or imposition of any lien, charge or
encumbrance upon any property or assets of the Company or any of its subsidiaries pursuant to, any
indenture, mortgage, deed of trust, note agreement, loan agreement or other agreement or instrument
to which the Company or any of its subsidiaries is a party or by which the Company or
any of its subsidiaries is bound or to which any of the property or assets of the Company or any of
its subsidiaries is subject, (ii)&nbsp;result in any violation of the provisions of the charter or
by-laws or similar organizational documents of the Company or any of its subsidiaries or (iii)
result in the violation of any law or statute or any judgment, order, decree, rule or regulation
applicable to the Company or any of its subsidiaries of any court or arbitrator or governmental or
regulatory authority or administrative agency having jurisdiction over the Company or any of its
subsidiaries or any of their respective properties, except, in the case of clauses (i)&nbsp;and (iii)
above, for any such conflict, breach, violation or default that would not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)&nbsp;<I>No Consents Required</I>. No consent, approval, authorization, order, registration or
qualification of or with any court or arbitrator or governmental or regulatory authority is
required for the execution, delivery and performance by the Company of each of the Transaction
Documents and the Dealer Manager Agreement, the issuance and sale of the Securities and compliance
by the Company with the terms thereof, consummation of the Tender Offer and the consummation of the
transactions contemplated by the Transaction Documents and the Dealer Manager Agreement, except for
(i)&nbsp;the registration of the Securities under the Securities Act, the qualification of the Indenture
under the Trust Indenture Act, (ii)&nbsp;such consents, approvals, authorizations, orders and
registrations or qualifications as may be required under applicable state securities laws in
connection with the purchase and distribution of the Securities by the Underwriters, and (iii)&nbsp;such
consents, approvals, authorizations, orders, registrations and qualifications that, if not
obtained, could not reasonably be expected to materially impair the ability of any of the Company
to perform its obligations under the Transaction Documents or the dealer Manager Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)&nbsp;<I>Legal Proceedings. </I>Except as described in the Registration Statement, the Time of Sale
Information and the Prospectus, there are no legal, governmental or regulatory
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">investigations,
actions, suits or proceedings pending to which the Company or any of its subsidiaries is or could
reasonably be expected to be a party or to which any property of the Company or any of its
subsidiaries is or could reasonably be expected to be the subject that, individually or in the
aggregate, if determined adversely to the Company or any of its subsidiaries, could reasonably be
expected to have a Material Adverse Effect; no such investigations, actions, suits or proceedings
are threatened or, to the Company&#146;s knowledge, contemplated by any governmental or regulatory
authority or threatened by others; and (i)&nbsp;there are no current or pending legal, governmental or
regulatory actions, suits or proceedings that are required under the Securities Act to be described
in the Registration Statement or the Prospectus that are not so described in the Registration
Statement, the Time of Sale Information and the Prospectus and (ii)&nbsp;there are no statutes,
regulations or contracts or other documents that are required under the Securities Act to be filed
as exhibits to the Registration Statement or described in the Registration Statement and the
Prospectus that are not so filed as exhibits to the Registration Statement or described in the
Registration Statement, the Time of Sale Information and the Prospectus.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb)&nbsp;<I>Independent Accountants. </I>Ernst &#038; Young LLP, who have certified certain financial
statements of the Company and its subsidiaries which are incorporated by reference in the
Registration Statement, the Time of Sale Information and the Prospectus are an independent
registered public accounting firm with respect to the Company and its subsidiaries within the
applicable rules and regulations adopted by the Commission and the Public Company Accounting
Oversight Board (United States) and as required by the Securities Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc)&nbsp;<I>Title to Real and Personal Property. </I>The Company and its subsidiaries have good and
marketable title in fee simple to, or have valid rights to lease or otherwise use, all items of
real and personal property that are material to the respective businesses of the Company and its
subsidiaries and that are described in the Registration Statement, the Time of Sale Information or
the Prospectus as being owned or leased by the Company and its subsidiaries, in each case with
respect to owned property free and clear of all Liens except those that (i)&nbsp;are disclosed in the
Registration Statement, the Time of Sale Information and the Prospectus, (ii)&nbsp;do not materially
affect the value of such property, taken as a whole, and do not materially interfere with the use
made and proposed to be made of such property by the Company and its subsidiaries as described in
the Registration Statement, the Time of Sale Information, or the Prospectus, or (iii)&nbsp;could not
reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. Each
Operating Subsidiary identified in Schedule&nbsp;4 is the sole owner of the vessel set forth opposite
its name in Schedule&nbsp;4 (the &#147;Vessels&#148;), in each case free and clear of all Liens except (i)&nbsp;as
described, and subject to the limitations contained, in the Registration Statement, the Time of
Sale Information and the Prospectus or (ii)&nbsp;as do not materially affect the value of such property,
taken as a whole, and do not materially interfere with the use of such properties, taken as a
whole, as they have been used in the past and are proposed to be used in the future, as described
in the Registration Statement, the Time of Sale Information and the Prospectus (the Liens described
in clauses (i), (ii)&nbsp;and (iii)&nbsp;above being &#147;Permitted Liens&#148;); provided that with respect to any
interest in real property and buildings held under lease by the Company or any of its subsidiaries,
such real property and buildings are held under valid and subsisting and enforceable leases (except
as may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and
similar laws relating to or affecting
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">creditors&#146; rights generally and by general principles of
equity (regardless of whether such enforceability is considered in a proceeding in equity or at
law)), with such exceptions as do not materially interfere with the use of the properties of the
Company and its subsidiaries, taken as a whole as they have been used in the past as described in
the Time of Sale Information and the Prospectus and are proposed to be used in the future as
described in the Time of Sale Information and the Prospectus.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd)&nbsp;<I>Vessel Registration</I>. Each vessel identified in Schedule&nbsp;4 is duly registered under the
laws of the jurisdiction set forth in Schedule&nbsp;4 in the name of the applicable Operating Subsidiary
identified in Schedule&nbsp;4, free and clear of all Liens except for Permitted Liens.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee)&nbsp;<I>Title to Intellectual Property. </I>The Company and its subsidiaries own or possess adequate
rights to use all material patents, patent applications, trademarks, service marks, trade names,
trademark registrations, service mark registrations, copyrights, licenses, know-how (including
trade secrets and other unpatented and/or unpatentable proprietary or confidential information,
systems or procedures) and other intellectual property necessary for the conduct of their
respective businesses except where the failure to possess such rights could not reasonably be
expected to have a Material Adverse Effect; and the conduct of their respective businesses will not
conflict in any material respect with any such rights of others, and the Company and its
subsidiaries have not received any notice of any claim of infringement or conflict with any such
rights of others.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff)&nbsp;<I>No Undisclosed Relationships. </I>No relationship, direct or indirect, exists between or
among the Company or any of its subsidiaries, on the one hand, and the directors, officers,
members, partners, stockholders, customers or suppliers of the Company or any of its subsidiaries,
on the other
hand that is required to be described in the Registration Statement, the Time of Sale Information
or the Prospectus that is not so described. There are no outstanding loans, advances (except normal
advances for business expenses in the ordinary course of business) or guarantees of indebtedness by
the Company or any of its subsidiaries to or for the benefit of any of the officers, directors or
managers of any Company or any of its subsidiaries or their respective family members, except as
disclosed in the Registration Statement, the Time of Sale Information and the Prospectus. Neither
the Company nor any of its subsidiaries has, in violation of the Sarbanes-Oxley Act of 2002,
directly or indirectly, extended or maintained credit, arranged for the extension of credit, or
renewed an extension of credit, in the form of a personal loan to or for any director or executive
officer of the Company or any of its subsidiaries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg)&nbsp;<I>Investment Company Act. </I>The Company is not and, after giving effect to the offering and
sale of the Securities and the application of the net proceeds thereof as described in the
Registration Statement, the Time of Sale Information and the Prospectus, will not be an &#147;investment
company&#148; or an entity &#147;controlled&#148; by an &#147;investment company&#148; within the meaning of the Investment
Company Act of 1940, as amended, and the rules and regulations of the Commission thereunder
(collectively, &#147;Investment Company Act&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;<I>Taxes. </I>The Company and its subsidiaries have paid all material federal, state, local and
foreign taxes and filed all material tax returns required to be paid or filed through the date
hereof; and except as otherwise disclosed in the Registration Statement, the Time of Sale
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Information and the Prospectus, there is no material tax deficiency that has been, or could
reasonably be expected to be, asserted against the Company or any of its subsidiaries or any of
their respective properties or assets.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj)&nbsp;<I>Licenses and Permits. </I>Each of the Company and its subsidiaries has such permits,
consents, approvals, orders, registrations, filings, qualifications, licenses, franchises,
concessions, certificates and authorizations (&#147;permits&#148;) of, and has made all declarations and
filings with, all Federal, provincial, state, local or foreign governmental or regulatory
authorities, all self-regulatory organizations and all courts and other tribunals, as are necessary
to own or lease its properties and to conduct its business in the manner described in the Time of
Sale Information and the Prospectus, subject to such qualifications as may be set forth in the Time
of Sale Information and the Prospectus and except for such permits, declarations and filings that,
if not obtained, would not reasonably be expected to have, individually or in the aggregate, a
Material Adverse Effect; except as set forth in the Time of Sale Information and the Prospectus,
each of the Company and its subsidiaries has fulfilled and performed all its material obligations
with respect to such permits which are or will be due to have been fulfilled and performed by such
date and no event has occurred that would prevent the permits from being renewed or reissued or
that allows, or after notice or lapse of time would allow, revocation or termination thereof or
results or would result in any impairment of the rights of the holder of any such permit, except
for such non-renewals, non-issues, revocations, terminations and impairments that would not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, and
none of such permits contains any restriction that is materially burdensome to the Company and its
subsidiaries, taken as a whole.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk)&nbsp;<I>No Labor Disputes. </I>No labor disturbance by or dispute with employees of the Company or
any of its subsidiaries exists or, to the Company&#146;s knowledge, is threatened or imminent and the
Company is not aware of any existing or imminent labor disturbance by, or dispute with, the
employees of any of its or its subsidiaries&#146; principal suppliers, contractors or customers, except,
in each case, as would not reasonably be expected to have a Material Adverse Effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll)&nbsp;<I>Environmental Compliance</I>. The Company and its subsidiaries (i)&nbsp;are in compliance with any
and all applicable foreign, federal, state and local laws and regulations relating to the
protection of human health and safety, the environment or Hazardous Materials (as defined below)
(&#147;Environmental Laws&#148;), (ii)&nbsp;have received and are in compliance with all permits, licenses or
other approvals required of it under applicable Environmental Laws to conduct its business, (iii)
have not received notice of any actual or potential liability under any environmental law, and (iv)
are not a party to or affected by any pending or, to the knowledge of the Company, threatened
action, suit or proceeding, is not bound by any judgment, decree or order, and has not entered into
any agreement, in each case relating to any alleged violation of any Environmental Law or any
actual or alleged release or threatened release or cleanup at any location of any Hazardous
Materials, except as disclosed in the Registration Statement, the Time of Sale Information and the
Prospectus or where such noncompliance or deviation from that described in (i) &#151; (iv)&nbsp;above could
not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
Neither the Company nor any of its subsidiaries has been named as a &#147;potentially responsible party&#148;
under the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended
(&#147;CERCLA&#148;). The term &#147;Hazardous Materials&#148; means (A)&nbsp;any &#147;hazardous substance&#148; as defined in
CERCLA, (B)&nbsp;any &#147;hazardous
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">waste&#148; as defined in the Resource Conservation and Recovery Act, as
amended, (C)&nbsp;any petroleum or petroleum product, (D)&nbsp;any polychlorinated biphenyl and (E)&nbsp;any
pollutant or contaminant or hazardous, dangerous or toxic chemical, material, waste or substance
regulated under or within the meaning of any other Environmental Law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm)&nbsp;<I>Effect of Environmental Laws</I>. In the ordinary course of their business, the Company and
its subsidiaries periodically review the effect of Environmental Laws on their business, operations
and properties, in the course of which they identify and evaluate associated costs and liabilities
(including, without limitation, any capital or operating expenditures required for clean-up,
closure of properties or compliance with Environmental Laws or any permit, license or approval, any
related constraints on operating activities and any potential liabilities to third parties). On the
basis of such review, the Company has reasonably concluded that such associated costs and
liabilities would not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn)&nbsp;<I>Disclosure Controls</I>. The Company and its subsidiaries maintain &#147;disclosure controls and
procedures&#148; (as defined in Rule&nbsp;13a-15(e) of the Exchange Act) and such disclosure controls and
procedures are effective. The Company and its subsidiaries have carried out evaluations of the
effectiveness of their disclosure controls and procedures as required by Rule&nbsp;13a-15 of the
Exchange Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo)&nbsp;<I>Books and Records</I>. The Company and each of its subsidiaries maintains systems of internal
accounting controls sufficient to provide reasonable assurance that (i)&nbsp;transactions are executed
in accordance with management&#146;s general or specific authorizations; (ii)&nbsp;transactions are recorded
as necessary to permit preparation of financial statements in conformity with U.S. generally
accepted accounting principles and to maintain asset accountability; (iii)&nbsp;access to assets is
permitted only in accordance with management&#146;s general or specific authorization; and (iv)&nbsp;the
recorded accountability for assets is compared with existing assets at reasonable intervals and
appropriate
action is taken with respect to any differences. The Company&#146;s and its subsidiaries&#146; internal
controls over financial reporting are effective and the Company is not aware of any material
weakness in their internal controls over financial reporting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp)&nbsp;<I>Insurance. </I>Except as set forth in the Time of Sale Information and the Prospectus with
respect to off hire insurance, the Company and its subsidiaries are insured by insurers of
recognized financial responsibility covering against such losses and risks and in such amounts as
are prudent and customary in the businesses in which they are engaged; all policies of insurance
insuring the Company and its subsidiaries or their respective businesses, assets, employees,
officers and directors are in full force and effect; the Company and its subsidiaries are in
compliance with the terms of such policies and instruments in all material respects; and there are
no claims by any of the Company or its subsidiaries under any such policy or instrument as to which
any insurance company is denying liability or defending under a reservation of rights clause except
that would not reasonably be expected to have a Material Adverse Effect; neither the Company nor
any of its subsidiaries has been refused any insurance coverage sought or applied for; and the
Company believes that it and its subsidiaries will be able to renew their existing insurance
coverage as and when such coverage expires or to obtain similar coverage from similar insurers as
may be necessary
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">to continue its business at a cost that would not reasonably be expected to have a
Material Adverse Effect.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq)&nbsp;<I>Foreign Corrupt Practices Act</I>. Neither the Company, nor any of its subsidiaries, nor any
of their respective directors, officers, agents, employees or affiliates, is aware of or has taken
any action, directly or indirectly, that would result in a violation by such persons of the Foreign
Corrupt Practices Act of 1977, as amended (such act, including the rules and regulations
thereunder, the &#147;FCPA&#148;), including, without limitation, making use of the mails or any means or
instrumentality of interstate commerce corruptly in furtherance of an offer, payment, promise to
pay or authorization of the payment of any money, or other property, gift, promise to give, or
authorization of the giving of anything of value to any &#147;foreign official&#148; (as such term is defined
in the FCPA) or any foreign political party or official thereof or any candidate for foreign
political office, in contravention of the FCPA and each of the Company and its subsidiaries and
affiliates have conducted their businesses in compliance with the FCPA and have instituted and
maintain policies and procedures designed to ensure, and which are reasonably expected to continue
to ensure, continued compliance therewith.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr)&nbsp;<I>Sanctions Laws and Regulations</I>. Neither the sale of the Securities by the Company
hereunder nor the use of the proceeds thereof will cause any U.S. person participating in the
offering, either as underwriter and/or purchasers of the Securities, to violate the Trading With
the Enemy Act, as amended, the International Emergency Economic Powers Act, as amended, or any
foreign asset control regulations of the United States Treasury Department (31 CFR, Subtitle B,
Chapter&nbsp;V, as amended) (all such laws and regulations collectively referred to as the &#147;Sanctions
Laws and Regulations&#148;) or any enabling legislation or executive order relating thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss)&nbsp;<I>Compliance with Money Laundering Laws</I>. The operations of the Company and its
subsidiaries are and have been conducted at all times in compliance with applicable financial
recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of
1970, as amended, the money laundering statutes of all jurisdictions, the rules and regulations
thereunder and any related or similar rules, regulations or guidelines, issued, administered or
enforced by any governmental agency (collectively, the &#147;Money Laundering Laws&#148;) and no action,
suit or proceeding by or before any court or governmental agency, authority or body or any
arbitrator involving the Company or any of its subsidiaries with respect to the Money Laundering
Laws is pending or, to the knowledge of the Company, threatened.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt)&nbsp;<I>Compliance with OFAC. </I>None of the Company, any of its subsidiaries or, to the knowledge
of the Company, any director, officer, agent, employee or Affiliate of the Company or any of its
subsidiaries is currently subject to any U.S. sanctions administered by the Office of Foreign
Assets Control of the U.S. Department of the Treasury (&#147;OFAC&#148;); and the Company will not directly
or indirectly use the proceeds of the offering of the Securities hereunder, or lend, contribute or
otherwise make available such proceeds to any subsidiary, joint venture partner or other person or
entity, for the purpose of financing the activities of any person currently subject to any U.S.
sanctions administered by OFAC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu)&nbsp;<I>Solvency. </I>On and immediately after the Closing Date, the Company (after giving effect to
the issuance of the Securities and the other transactions related thereto as described in the
Registration Statement, the Time of Sale Information and the Prospectus) will be Solvent. As used
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">in this paragraph, the term &#147;Solvent&#148; means, with respect to a particular date, that on such date
(i)&nbsp;the present fair market value (or present fair saleable value) of the assets of the Company is
not less than the total amount required to pay the liabilities of the Company on its total existing
debts and liabilities (including contingent liabilities) as they become absolute and matured; (ii)
the Company is able to realize upon its assets and pay its debts and other liabilities, contingent
obligations and commitments as they mature and become due in the normal course of business; (iii)
assuming consummation of the issuance of the Securities as contemplated by this Agreement, the
Registration Statement, the Time of Sale Information and the Prospectus, the Company is not
incurring debts or liabilities beyond its ability to pay as such debts and liabilities mature; (iv)
the Company is not engaged in any business or transaction, and does not propose to engage in any
business or transaction, for which its property would constitute unreasonably small capital after
giving due consideration to the prevailing practice in the industry in which the Company is
engaged; and (v)&nbsp;the Company is not a defendant in any civil action that would result in a judgment
that the Company is or would become unable to satisfy.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv)&nbsp;<I>No Restrictions on Subsidiaries</I>. Except as described in the Time of Sale Information and
the Prospectus, no subsidiary of the Company is currently prohibited, directly or indirectly, under
any agreement or other instrument to which it is a party or is subject, from paying any dividends
to the Company, from making any other distribution on such subsidiary&#146;s capital stock, from
repaying to the Company any loans or advances to such subsidiary from the Company or from
transferring any of such subsidiary&#146;s properties or assets to the Company or any other subsidiary
of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww)&nbsp;<I>No Broker&#146;s Fees. </I>Neither the Company nor any of its subsidiaries is a party to any
contract, agreement or understanding with any person (other than this Agreement) that would give
rise to a valid claim against the Company or any of its subsidiaries or any Underwriter for a
brokerage commission, finder&#146;s fee or like payment in connection with the offering and sale of the
Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx)&nbsp;<I>No Registration Rights</I>. No person has the right to require the Company or any of its
subsidiaries to register any securities for sale under the Securities Act by reason of the filing
of the Registration Statement with the Commission or the issuance and sale of the Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy)&nbsp;<I>No Stabilization. </I>The Company has not taken, directly or indirectly, any action designed
to or that could reasonably be expected to cause or result in any stabilization or manipulation of
the price of the Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz)&nbsp;<I>Margin Rules</I>. Neither the issuance, sale and delivery of the Securities nor the
application of the proceeds thereof by the Company as described in the Registration Statement, the
Time of Sale Information and the Prospectus will violate Regulation&nbsp;T, U or X of the Board of
Governors of the Federal Reserve System or any other regulation of such Board of Governors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa) <I>Forward-Looking Statements. </I>No forward-looking statement (within the meaning of Section
27A of the Securities Act and Section&nbsp;21E of the Exchange Act) contained in the Registration
Statement, the Time of Sale Information and the Prospectus has been made or reaffirmed without a
reasonable basis or has been disclosed other than in good faith.
</DIV>


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</DIV>




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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbb) <I>Statistical and Market Data</I>. The statistical and market-related data included in
the Registration Statement, the Time of Sale Information and the Prospectus are based on or derived
from sources that the Company believes to be reliable and accurate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccc)&nbsp;<I>Sarbanes-Oxley Act</I>. There is and has been no failure on the part of the Company or, to
the Company&#146;s knowledge, any of the Company&#146;s directors or officers, in their capacities as such,
to comply in all material respects with any applicable provision of the Sarbanes-Oxley Act of 2002
and the rules and regulations promulgated in connection therewith (the &#147;Sarbanes-Oxley Act&#148;),
including Section&nbsp;402 related to loans and Sections&nbsp;302 and 906 related to certifications.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddd) <I>Status under the Securities Act</I>. The Company is not an ineligible issuer and is a
well-known seasoned issuer, in each case as defined under the Securities Act, in each case at the
times specified in the Securities Act in connection with the offering of the Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eee) <I>Immunity</I>. Neither the Company nor any of its subsidiaries nor any of their respective
properties or assets has any immunity from the jurisdiction of any court or from any legal process
(whether through service or notice, attachment prior to judgment, attachment in aid of execution or
otherwise) under the laws of the United States, the Republic of The Marshall Islands or Canada or
any political subdivisions thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;<U>Further Agreements of the Company</U>. The Company covenants and agrees with each
Underwriter that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<I>Required Filings. </I>The Company will file the final Prospectus with the Commission within
the time periods specified by Rule 424(b) and Rule&nbsp;430A, 430B or 430C under the Securities Act;
will file any Issuer Free Writing Prospectus (including the Term Sheet in the form of Annex C
hereto) to the extent required by Rule&nbsp;433 under the Securities Act; and will file promptly all
reports and any definitive proxy or information statements required to be filed by the Company with
the Commission pursuant to Section&nbsp;13(a), 13(c), 14 or 15(d) of the Exchange Act subsequent to the
date of the Prospectus and for so long as the delivery of a prospectus is required in connection
with the offering or sale of the Securities; and the Company will furnish copies of the Prospectus
and each Issuer Free Writing Prospectus (to the extent not previously delivered) to the
Underwriters in New York City prior to 10:00&nbsp;A.M., New York City time, on the business day next
succeeding the date of this Agreement in such quantities as the Representative may reasonably
request. The Company will pay the registration fees for this offering within the time period
required by Rule&nbsp;456(b)(1)(i) under the Securities Act (without giving effect to the proviso
therein) and in any event prior to the Closing Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<I>Delivery of Copies. </I>The Company will deliver, without charge, (i)&nbsp;to the Representative a
photocopy of the signed Registration Statement as originally filed and each amendment thereto, in
each case including all exhibits and consents filed therewith and documents incorporated by
reference therein; and (ii)&nbsp;to each Underwriter (A)&nbsp;a conformed copy of the Registration Statement
as originally filed and each amendment thereto, in each case including all exhibits and consents
filed therewith and (B)&nbsp;during the Prospectus Delivery Period
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(as defined below), as many copies of
the Prospectus (including all amendments and supplements thereto and
documents incorporated by reference therein) and each Issuer Free Writing Prospectus as the
Representative may reasonably request. As used herein, the term &#147;Prospectus Delivery Period&#148; means
such period of time after the first date of the public offering of the Securities as in the opinion
of counsel for the Underwriters a prospectus relating to the Securities is required by law to be
delivered (or required to be delivered but for Rule&nbsp;172 under the Securities Act) in connection
with sales of the Securities by any Underwriter or dealer.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<I>Amendments or Supplements; Issuer Free Writing Prospectuses. </I>Before making, preparing,
using, authorizing, approving, referring to or filing any Issuer Free Writing Prospectus, and
before filing any amendment or supplement to the Registration Statement or the Prospectus, whether
before or after the time that the Registration Statement becomes effective the Company will furnish
to the Representative and counsel for the Underwriters a copy of the proposed Issuer Free Writing
Prospectus, amendment or supplement for review and will not make, prepare, use, authorize, approve,
refer to or file any such Issuer Free Writing Prospectus or file any such proposed amendment or
supplement to which the Representative reasonably objects.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<I>Notice to the Representative. </I>The Company will advise the Representative promptly, and
confirm such advice in writing, (i)&nbsp;when the Registration Statement has become effective; (ii)&nbsp;when
any amendment to the Registration Statement has been filed or becomes effective; (iii)&nbsp;when any
supplement to the Prospectus or any amendment to the Prospectus or any Issuer Free Writing
Prospectus has been filed; (iv)&nbsp;of any request by the Commission for any amendment to the
Registration Statement or any amendment or supplement to the Prospectus or the receipt of any
comments from the Commission relating to the Registration Statement or any other request by the
Commission for any additional information; (v)&nbsp;of the issuance by the Commission of any order
suspending the effectiveness of the Registration Statement or preventing or suspending the use of
any Preliminary Prospectus or the Prospectus or the initiation or threatening of any proceeding for
that purpose or pursuant to Section&nbsp;8A of the Securities Act; (vi)&nbsp;of the occurrence of any event
within the Prospectus Delivery Period as a result of which the Prospectus, the Time of Sale
Information or any Issuer Free Writing Prospectus as then amended or supplemented would include any
untrue statement of a material fact or omit to state a material fact required to be stated therein
or necessary in order to make the statements therein, in the light of the circumstances existing
when the Prospectus, the Time of Sale Information or any such Issuer Free Writing Prospectus is
delivered to a purchaser, not misleading; (vii)&nbsp;of the receipt by the Company of any notice of
objection of the Commission to the use of the Registration Statement or any post-effective
amendment thereto pursuant to Rule&nbsp;401(g)(2) under the Securities Act; (viii)&nbsp;of the receipt by the
Company of any notice with respect to any suspension of the qualification of the Securities for
offer and sale in any jurisdiction or the initiation or threatening of any proceeding for such
purpose; and the Company will use its reasonable best efforts to prevent the issuance of any such
order suspending the effectiveness of the Registration Statement, preventing or suspending the use
of any Preliminary Prospectus or the Prospectus or suspending any such qualification of the
Securities and, if any such order is issued, will use its reasonable best efforts to obtain as soon
as possible the withdrawal thereof.
</DIV>

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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;<I>Time of Sale Information. </I>If at any time prior to the Closing Date (i)&nbsp;any event shall
occur or condition shall exist as a result of which the Time of Sale Information as then
amended or supplemented would include any untrue statement of a material fact or omit to state any
material fact necessary in order to make the statements therein, in the light of the circumstances,
not misleading or (ii)&nbsp;it is necessary to amend or supplement the Time of Sale Information to
comply with law, the Company will immediately notify the Underwriters thereof and forthwith prepare
and, subject to paragraph (c)&nbsp;above, file with the Commission (to the extent required) and furnish
to the Underwriters and to such dealers as the Representative may designate, such amendments or
supplements to the Time of Sale Information as may be necessary so that the statements in the Time
of Sale Information as so amended or supplemented will not, in the light of the circumstances, be
misleading or so that the Time of Sale Information will comply with law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;<I>Ongoing Compliance</I>. If during the Prospectus Delivery Period (i)&nbsp;any event shall occur or
condition shall exist as a result of which the Prospectus as then amended or supplemented would
include any untrue statement of a material fact or omit to state any material fact required to be
stated therein or necessary in order to make the statements therein, in the light of the
circumstances existing when the Prospectus is delivered to a purchaser, not misleading or (ii)&nbsp;it
is necessary to amend or supplement the Prospectus to comply with law, the Company will immediately
notify the Underwriters thereof and forthwith prepare and, subject to paragraph (c)&nbsp;above, file
with the Commission and furnish to the Underwriters and to such dealers as the Representative may
designate, such amendments or supplements to the Prospectus as may be necessary so that the
statements in the Prospectus as so amended or supplemented will not, in the light of the
circumstances existing when the Prospectus is delivered to a purchaser, be misleading or so that
the Prospectus will comply with law
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>(g)&nbsp;Blue Sky Compliance. </I>The Company will qualify the Securities for offer and sale under the
securities or Blue Sky laws of such jurisdictions as the Representative shall reasonably request
and will continue such qualifications in effect so long as required for distribution of the
Securities; <U>provided</U> that the Company shall not be required to (i)&nbsp;qualify as a foreign
corporation or other entity or as a dealer in securities in any such jurisdiction where it would
not otherwise be required to so qualify, (ii)&nbsp;file any general consent to service of process in any
such jurisdiction or (iii)&nbsp;subject itself to taxation in any such jurisdiction if it is not
otherwise so subject.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <I>Earning Statement. </I>The Company will make generally available to its security holders and
the Representative as soon as practicable an earning statement that satisfies the provisions of
Section 11(a) of the Securities Act and Rule&nbsp;158 of the Commission promulgated thereunder covering
a period of at least twelve months beginning with the first fiscal quarter of the Company occurring
after the &#147;effective date&#148; (as defined in Rule&nbsp;158) of the Registration Statement; provided,
however, that (1)&nbsp;such delivery requirements to the Company&#146;s security holders shall be deemed met
by the Company&#146;s compliance with its reporting requirements pursuant to the Exchange Act if such
compliance satisfies the conditions of Rule&nbsp;158 and (2)&nbsp;such delivery requirements to the
Representatives shall be deemed met by the Company if the related reports are available on the
Commission&#146;s Electronic Data Gathering Analysis and Retrieval System.
</DIV>

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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;<I>Clear Market. </I>During the period from the date hereof through and including the date that
is 90&nbsp;days after the date hereof, the Company will not, without the prior written consent
of the Representative, offer, sell, contract to sell or otherwise dispose of any debt securities
issued or guaranteed by the Company and having a tenor of more than one year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;<I>Use of Proceeds. </I>The Company will apply the net proceeds from the sale of the Securities
as described in the Registration Statement, the Time of Sale Information and the Prospectus under
the heading &#147;Use of Proceeds&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;<I>No Stabilization. </I>The Company will not take, directly or indirectly, any action designed
to or that could reasonably be expected to cause or result in any stabilization or manipulation of
the price of the Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;<I>Reports</I>. So long as the Securities are outstanding and unless otherwise available through
the Commission on its Electronic Data Gathering, Analysis and Retrieval or similar system, the
Company will furnish to the Underwriters, as soon as they are available, copies of all reports or
other communications (financial or other) furnished to holders of the Securities, and copies of any
reports and financial statements furnished to or filed with the Commission or any national
securities exchange or automatic quotation system.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;<I>Record Retention</I>. The Company will, pursuant to reasonable procedures developed in good
faith, retain copies of each Issuer Free Writing Prospectus that is not filed with the Commission
in accordance with Rule&nbsp;433 under the Securities Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;<U>Certain Agreements of the Underwriters</U>. Each Underwriter hereby represents and
agrees that
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;It has not and will not use, authorize use of, refer to, or participate in the planning
for use of, any &#147;free writing prospectus&#148;, as defined in Rule&nbsp;405 under the Securities Act (which
term includes use of any written information furnished to the Commission by the Company and not
incorporated by reference into the Registration Statement and any press release issued by the
Company) other than (i)&nbsp;a free writing prospectus that, solely as a result of use by such
underwriter, would not trigger an obligation to file such free writing prospectus with the
Commission pursuant to Rule&nbsp;433, (ii)&nbsp;any Issuer Free Writing Prospectus listed on Annex B or
prepared pursuant to Section 3(c) or Section 4(c) above (including any electronic road show), or
(iii)&nbsp;any free writing prospectus prepared by such underwriter and approved by the Company in
advance in writing (each such free writing prospectus referred to in clauses (i)&nbsp;or (iii), an
&#147;Underwriter Free Writing Prospectus&#148;). Notwithstanding the foregoing, the Underwriters may use a
term sheet substantially in the form of Annex C hereto without the consent of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;It is not subject to any pending proceeding under Section&nbsp;8A of the Securities Act with
respect to the offering (and will promptly notify the Company if any such proceeding against it is
initiated during the Prospectus Delivery Period).
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;<U>Conditions of Underwriters&#146; Obligations.</U> The obligation of each Underwriter to
purchase Securities on the Closing Date as provided herein is subject to the performance by the
Company of its covenants and other obligations hereunder and to the following additional
conditions:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<I>Registration Compliance; No Stop Order. </I>No order suspending the effectiveness of the
Registration Statement shall be in effect, and no proceeding for such purpose, pursuant to Rule
401(g)(2) or pursuant to Section&nbsp;8A under the Securities Act shall be pending before or threatened
by the Commission; the Prospectus and each Issuer Free Writing Prospectus shall have been timely
filed with the Commission under the Securities Act (in the case of an Issuer Free Writing
Prospectus, to the extent required by Rule&nbsp;433 under the Securities Act) and in accordance with
Section 4(a) hereof; and all requests by the Commission for additional information shall have been
complied with to the reasonable satisfaction of the Representative.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<I>Representations and Warranties. </I>The representations and warranties of the Company
contained herein shall be true and correct on the date hereof and on and as of the Closing Date;
and the statements of the Company and its officers made in any certificates delivered pursuant to
this Agreement shall be true and correct on and as of the Closing Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<I>No Downgrade. </I>Subsequent to the earlier of (A)&nbsp;the Time of Sale and (B)&nbsp;the execution and
delivery of this Agreement, (i)&nbsp;no downgrading shall have occurred in the rating accorded the
Securities or any other debt securities or preferred stock of or guaranteed by the Company or any
of its subsidiaries by any &#147;nationally recognized statistical rating organization&#148;, as such term is
defined by the Commission for purposes of Rule&nbsp;436(g)(2) under the Securities Act and (ii)&nbsp;no such
organization shall have publicly announced that it has under surveillance or review, or has changed
its outlook with respect to, its rating of the Securities or of any other debt securities or
preferred stock of or guaranteed by the Company or any of its subsidiaries (other than an
announcement with positive implications of a possible upgrading).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<I>No Material Adverse Change. </I>No event or condition of a type described in Section 3(g)
hereof shall have occurred or shall exist, which event or condition is not described in the Time of
Sale Information (excluding any amendment or supplement thereto) and the Prospectus (excluding any
amendment or supplement thereto) and the effect of which in the judgment of the Representative
makes it impracticable or inadvisable to proceed with the offering, sale or delivery of the
Securities on the terms and in the manner contemplated by this Agreement, the Time of Sale
Information and the Prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;<I>Officer&#146;s Certificate. </I>The Representative shall have received on and as of the Closing
Date a certificate of an executive officer of the Company who has specific knowledge of the
Company&#146;s financial matters and is satisfactory to the Representative (i)&nbsp;confirming that such
officer has carefully reviewed the Registration Statement, the Time of Sale Information and the
Prospectus and, to the knowledge of such officer, the representations set forth in Sections 3(b) or
3(d) hereof are true and correct, (ii)&nbsp;confirming that the other representations and warranties of
the Company in this Agreement are true and correct and that the Company has complied with all
agreements and satisfied all conditions on its part to be performed or satisfied hereunder at or
prior to the Closing Date and (iii)&nbsp;to the effect set forth in paragraphs (a), (c)&nbsp;and (d)&nbsp;above.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;<I>Comfort Letters. </I>On the date of this Agreement and on the Closing Date, Ernst &#038; Young LLP
shall have furnished to the Representative, at the request of the Company, letters, dated the
respective dates of delivery thereof and addressed to the Underwriters, in form and substance
reasonably satisfactory to the Representative, containing statements and information of the type
customarily included in accountants&#146; &#147;comfort letters&#148; to underwriters with respect to the
financial statements and certain financial information contained or incorporated by reference in
the Registration Statement, the Time of Sale Information and the Prospectus; <U>provided</U> that
the letter delivered on the Closing Date shall use a &#147;cut-off&#148; date no more than three business
days prior to the Closing Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;<I>Opinion of Marshall Islands Counsel for the Company. </I>Watson, Farley &#038; Williams (New York)
LLP, special regulatory and Marshall Islands counsel for the Company, shall have furnished to the
Representative, at the request of the Company, their written opinion, dated the Closing Date and
addressed to the Underwriters, in form and substance reasonably satisfactory to the Representative,
to the effect set forth in Annex A-1 hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;<I>Opinion of Counsel for the Company. </I>Perkins Coie LLP, counsel for the Company, shall have
furnished to the Representative, at the request of the Company, their written opinion, dated the
Closing Date and addressed to the Underwriters, in form and substance reasonably satisfactory to
the Representative, to the effect set forth in Annex A-2 hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;<I>Statement of In-House Counsel for the Company. </I>Adrian Dirassar, Associate General Counsel
for the Company, shall have furnished to the Representative, at the request of the Company, his
written opinion, dated the Closing Date and addressed to the Underwriters, in form and substance
reasonably satisfactory to the Representative, to the effect set forth in Annex A-3 hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;<I>Local Tax Opinions</I>. The Company shall have requested and caused:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Thommessen Krefting Greve Lund AS, special Norwegian tax counsel for the
Company, to have furnished to you their written letter, dated the Closing Date and
addressed to the Underwriters, in form and substance reasonably satisfactory to the
Representative; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Ur&#237;a Men&#233;ndez Abogados, S.L.P., special Spanish tax counsel to the Company,
to have furnished to you their written letter, dated the Closing Date and addressed
to the Underwriters, in form and substance reasonably satisfactory to the
Representative.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;<I>Local Counsel Opinions</I>. The Company shall have requested and caused:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Lennox Patton, Bahamas counsel for the Company, to have furnished to you
their written opinion, dated the Closing Date and addressed to the Underwriters, in
form and substance reasonably satisfactory to the Representative;
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Lynda Milligan-Whyte &#038; Associates, special Bermuda counsel for the Company,
to have furnished to you their written opinion, dated the Closing
Date and addressed to the Underwriters, in form and substance reasonably
satisfactory to the Representative.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Noble &#038; Scheidecker, Luxembourg counsel for the Company, to have furnished
to you their written opinion, dated the Closing Date and addressed to the
Underwriters, in form and substance reasonably satisfactory to the Representative;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Houthoff Buruma N.V., Netherlands counsel for the Company, to have
furnished to you their written opinion, dated the Closing Date and addressed to the
Underwriters, in form and substance reasonably satisfactory to the Representative;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Thommessen Krefting Greve Lund AS, Norwegian counsel for the Company, to
have furnished to you their written opinion, dated the Closing Date and addressed to
the Underwriters, in form and substance reasonably satisfactory to the
Representative;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Wong Tan &#038; Molly Lim LLC, Singapore counsel for the Company, to have
furnished to you their letter, dated the Closing Date and addressed to the
Underwriters, in form and substance reasonably satisfactory to the Representative;
and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Ur&#237;a Men&#233;ndez Abogados, S.L.P., Spanish counsel for the Company, to have
furnished to you their written opinion, dated the Closing Date and addressed to the
Underwriters, in form and substance reasonably satisfactory to the Representative.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;<I>Opinion of Counsel for the Underwriters. </I>The Representative shall have received on and as
of the Closing Date an opinion of Vinson &#038; Elkins L.L.P., counsel for the Underwriters, with
respect to such matters as the Representative may reasonably request, and such counsel shall have
received such documents and information as they may reasonably request to enable them to pass upon
such matters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;<I>No Legal Impediment to Issuance. </I>No action shall have been taken and no statute, rule,
regulation or order shall have been enacted, adopted or issued by any federal, state or foreign
governmental or regulatory authority that would, as of the Closing Date, prevent the issuance or
sale of the Securities; and no injunction or order of any federal, state or foreign court shall
have been issued that would, as of the Closing Date, prevent the issuance or sale of the
Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;<I>Good Standing</I>. The Representative shall have received on and as of the Closing Date
satisfactory evidence of the good standing of the Company and its subsidiaries in their respective
jurisdictions of organization and their good standing in such other jurisdictions as the
Representative may reasonably request, in each case in writing or any standard form of
telecommunication from the appropriate governmental authorities of such jurisdictions.
</DIV>

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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;<I>Additional Documents. </I>On or prior to the Closing Date, the Company shall have furnished
to the Representative such further certificates and documents as the Representative may reasonably
request.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;<I>DTC</I>. The Company will assist the Underwriters in arranging for the Securities to be
eligible for clearance and settlement through The Depository Trust Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All opinions, letters, certificates and evidence mentioned above or elsewhere in this
Agreement shall be deemed to be in compliance with the provisions hereof only if they are in form
and substance reasonably satisfactory to counsel for the Underwriters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;<U>Indemnification and Contribution</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<I>Indemnification of the Underwriters. </I>The Company agrees to indemnify and hold harmless
each Underwriter, its affiliates, directors and officers and each person, if any, who controls such
Underwriter within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange
Act, from and against any and all losses, claims, damages and liabilities (including, without
limitation, legal fees and other expenses reasonably incurred in connection with any suit, action
or proceeding or any claim asserted, as such fees and expenses are incurred), joint or several,
that arise out of, or are based upon, (i)&nbsp;any untrue statement or alleged untrue statement of a
material fact contained in the Registration Statement or caused by any omission or alleged omission
to state therein a material fact required to be stated therein or necessary in order to make the
statements therein, not misleading, (ii)&nbsp;or any untrue statement or alleged untrue statement of a
material fact contained in the Prospectus (or any amendment or supplement thereto), any Issuer Free
Writing Prospectus or any Time of Sale Information, or caused by any omission or alleged omission
to state therein a material fact necessary in order to make the statements therein, in light of the
circumstances under which they were made, not misleading, in each case except insofar as such
losses, claims, damages or liabilities arise out of, or are based upon, any untrue statement or
omission or alleged untrue statement or omission made in reliance upon and in conformity with any
Underwriter Furnished Information.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<I>Indemnification of the Company. </I>Each Underwriter agrees, severally and not jointly, to
indemnify and hold harmless the Company, its directors, its officers who signed the Registration
Statement and each person, if any, who controls the Company within the meaning of Section&nbsp;15 of the
Securities Act or Section&nbsp;20 of the Exchange Act to the same extent as the indemnity set forth in
paragraph (a)&nbsp;above, but only with respect to any losses, claims, damages or liabilities that arise
out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission
made in reliance upon and in conformity with any information furnished to the Company in writing by
such Underwriter through the Representative expressly for use in the Registration Statement, the
Prospectus (or any amendment or supplement thereto), any Issuer Free Writing Prospectus or any Time
of Sale Information, it being understood and agreed that the only such information consists of the
following: (i)&nbsp;the statement made in the last paragraph of the cover page of the Prospectus
regarding delivery of the Securities and (ii)&nbsp;in the section of the Prospectus entitled
&#147;Underwriting,&#148; (A)&nbsp;the name of each Underwriter and its participation in the sale of the
Securities, (B)&nbsp;the third paragraph regarding offers by the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Underwriters and selling
concessions and (C)&nbsp;the tenth paragraph related to overallotments, stabilizing transactions and
syndicate covering transactions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<I>Notice and Procedures. </I>If any suit, action, proceeding (including any governmental or
regulatory investigation), claim or demand shall be brought or asserted against any person in
respect of which indemnification may be sought pursuant to either paragraph (a)&nbsp;or (b)&nbsp;above, such
person (the &#147;Indemnified Person&#148;) shall promptly notify the person against whom such
indemnification may be sought (the &#147;Indemnifying Person&#148;) in writing; <U>provided</U> that the
failure to notify the Indemnifying Person shall not relieve it from any liability that it may have
under this Section&nbsp;7 except to the extent that it has been materially prejudiced (through the
forfeiture of substantive rights or defenses) by such failure; and <U>provided</U>,
<U>further</U>, that the failure to notify the Indemnifying Person shall not relieve it from any
liability that it may have to an Indemnified Person otherwise than under this Section&nbsp;7. If any
such proceeding shall be brought or asserted against an Indemnified Person and it shall have
notified the Indemnifying Person thereof, the Indemnifying Person shall retain counsel reasonably
satisfactory to the Indemnified Person (who shall not, without the consent of the Indemnified
Person, be counsel to the Indemnifying Person) to represent the Indemnified Person and any others
entitled to indemnification pursuant to Section&nbsp;7 that the Indemnifying Party may designate in such
proceeding and shall pay the fees and expenses of such proceeding and shall pay the fees and
expenses of counsel related to such proceeding, as incurred. In any such proceeding, any
Indemnified Person shall have the right to retain its own counsel, but the fees and expenses of
such counsel shall be at the expense of such Indemnified Person unless (i)&nbsp;the Indemnifying Person
and the Indemnified Person shall have mutually agreed to the contrary; (ii)&nbsp;the Indemnifying Person
has failed within a reasonable time to retain counsel reasonably satisfactory to the Indemnified
Person; (iii)&nbsp;the Indemnified Person shall have reasonably concluded that there may be legal
defenses available to it that are different from or in addition to those available to the
Indemnifying Person; or (iv)&nbsp;the named parties in any such proceeding (including any impleaded
parties) include both the Indemnifying Person and the Indemnified Person and representation of both
parties by the same counsel would be inappropriate due to actual or potential differing interest
between them. It is understood and agreed that the Indemnifying Person shall not, in connection
with any proceeding or related proceeding in the same jurisdiction, be liable for the fees and
expenses of more than one separate firm (in addition to any local counsel) for all Indemnified
Persons, and that all such fees and expenses shall be reimbursed as they are incurred. Any such
separate firm for any Underwriter, its affiliates, directors and officers and any control persons
of such Underwriter shall be designated in writing by J.P. Morgan Securities Inc. and any such
separate firm for the Company, its directors, its officers who signed the Registration Statement
and any control persons of the Company shall be designated in writing by the Company. The
Indemnifying Person shall not be liable for any settlement of any proceeding effected without its
written consent, but if settled with such consent or if there be a final judgment for the
plaintiff, the Indemnifying Person agrees to indemnify each Indemnified Person from and against any
loss or liability by reason of such settlement or judgment. No Indemnifying Person shall, without
the written consent of the Indemnified Person, effect any settlement of any pending or threatened
proceeding in respect of which any Indemnified Person is or could have been a party and
indemnification could have been sought hereunder by such Indemnified Person, unless such settlement
(x)&nbsp;includes an unconditional release of such Indemnified Person, in form and substance reasonably
satisfactory to such Indemnified Person,
from all liability on claims that are
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the subject matter of such proceeding and (y)&nbsp;does not
include any statement as to or any admission of fault, culpability or a failure to act by or on
behalf of any Indemnified Person.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<I>Contribution. </I>If the indemnification provided for in paragraphs (a)&nbsp;and (b)&nbsp;above is
unavailable to an Indemnified Person or insufficient in respect of any losses, claims, damages or
liabilities referred to therein, then each Indemnifying Person under such paragraph, in lieu of
indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by
such Indemnified Person as a result of such losses, claims, damages or liabilities (i)&nbsp;in such
proportion as is appropriate to reflect the relative benefits received by the Company on the one
hand and the Underwriters on the other from the offering of the Securities or (ii)&nbsp;if the
allocation provided by 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;but also the
relative fault of the Company on the one hand and the Underwriters on the other in connection with
the statements or omissions that resulted in such losses, claims, damages or liabilities, as well
as any other relevant equitable considerations. The relative benefits received by the Company on
the one hand and the Underwriters on the other shall be deemed to be in the same respective
proportions as the net proceeds (before deducting expenses but after deducting underwriting
discounts and commissions) received by the Company from the sale of the Securities and the total
underwriting discounts and commissions received by the Underwriters in connection therewith, in
each case as set forth in the table on the cover of the Prospectus, bear to the aggregate offering
price of the Securities. The relative fault of the Company on the one hand and the Underwriters on
the other shall be determined by reference to, among other things, whether the untrue or alleged
untrue statement of a material fact or the omission or alleged omission to state a material fact
relates to information supplied by the Company or by the Underwriters and the parties&#146; relative
intent, knowledge, access to information and opportunity to correct or prevent such statement or
omission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;<I>Limitation on Liability. </I>The Company and the Underwriters agree that it would not be just
and equitable if contribution pursuant to this Section&nbsp;7 were determined by <U>pro</U>
<U>rata</U> allocation (even if the Underwriters were treated as one entity for such purpose) or
by any other method of allocation that does not take account of the equitable considerations
referred to in paragraph (d)&nbsp;above. The amount paid or payable by an Indemnified Person as a
result of the losses, claims, damages and liabilities referred to in paragraph (d)&nbsp;above shall be
deemed to include, subject to the limitations set forth above, any legal or other expenses
reasonably incurred by such Indemnified Person in connection with any such action or claim.
Notwithstanding the provisions of this Section&nbsp;7, in no event shall an Underwriter be required to
contribute any amount in excess of the amount by which the total underwriting discounts and
commissions received by such Underwriter with respect to the offering of the Securities exceeds the
amount of any damages that such Underwriter has otherwise been required to pay by reason of such
untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent misrepresentation. The
Underwriters&#146; obligations to contribute pursuant to this Section&nbsp;7 are several in proportion to
their respective purchase obligations hereunder and not joint.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;<I>Non-Exclusive Remedies. </I>The remedies provided for in this Section&nbsp;7 are not exclusive and
shall not limit any rights or remedies which may otherwise be available to any Indemnified Person
at law or in equity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;<U>Effectiveness of Agreement</U>. This Agreement shall become effective upon the
execution and delivery hereof by the parties hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;<U>Termination</U>. This Agreement may be terminated in the absolute discretion of the
Representative, by notice to the Company, if after the execution and delivery of this Agreement and
prior to the Closing Date (i)&nbsp;trading generally shall have been suspended or materially limited on
the New York Stock Exchange or the over-the-counter market; (ii)&nbsp;trading of any securities issued
or guaranteed by the Company shall have been suspended on any exchange or in any over-the-counter
market; (iii)&nbsp;a general moratorium on commercial banking activities shall have been declared by
federal or New York State authorities; or (iv)&nbsp;there shall have occurred any outbreak or escalation
of hostilities or any change in financial markets or any calamity or crisis, either within or
outside the United States, and the effect of such outbreak, escalation, change, calamity or crisis
on the financial markets of the United States, in the judgment of the Representative, is material
and adverse and makes it impracticable or inadvisable to proceed with the offering, sale or
delivery of the Securities on the terms and in the manner contemplated by this Agreement, the Time
of Sale Information and the Prospectus.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;<U>Defaulting Underwriter</U>. (a)&nbsp;If, on the Closing Date, any Underwriter defaults on
its obligation to purchase the Securities that it has agreed to purchase hereunder, the
non-defaulting Underwriters may in their discretion arrange for the purchase of such Securities by
other persons satisfactory to the Company on the terms contained in this Agreement. If, within 36
hours after any such default by any Underwriter, the non-defaulting Underwriters do not arrange for
the purchase of such Securities, then the Company shall be entitled to a further period of 36 hours
within which to procure other persons satisfactory to the non-defaulting Underwriters to purchase
such Securities on such terms. If other persons become obligated or agree to purchase the
Securities of a defaulting Underwriter, either the non-defaulting Underwriters or the Company may
postpone the Closing Date for up to five full business days in order to effect any changes that in
the opinion of counsel for the Company or counsel for the Underwriters may be necessary in the
Registration Statement and the Prospectus or in any other document or arrangement, and the Company
agrees to promptly prepare any amendment or supplement to the Registration Statement and the
Prospectus that effects any such changes. As used in this Agreement, the term &#147;Underwriter&#148;
includes, for all purposes of this Agreement unless the context otherwise requires, any person not
listed in Schedule&nbsp;1 hereto that, pursuant to this Section&nbsp;10, purchases Securities that a
defaulting Underwriter agreed but failed to purchase.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;If, after giving effect to any arrangements for the purchase of the Securities of a
defaulting Underwriter or Underwriters by the non-defaulting Underwriters and the Company as
provided in paragraph (a)&nbsp;above, the aggregate principal amount of such Securities that remains
unpurchased does not exceed one-eleventh of the aggregate principal amount of all the Securities,
then the Company shall have the right to require each non-defaulting Underwriter to purchase the
principal
amount of Securities that such Underwriter
agreed to purchase hereunder plus such Underwriter&#146;s
<U>pro</U> <U>rata</U> share (based on the principal amount of Securities that such Underwriter
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">agreed to purchase hereunder) of the Securities of such defaulting Underwriter or Underwriters for
which such arrangements have not been made.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;If, after giving effect to any arrangements for the purchase of the Securities of a
defaulting Underwriter or Underwriters by the non-defaulting Underwriters and the Company as
provided in paragraph (a)&nbsp;above, the aggregate principal amount of such Securities that remains
unpurchased exceeds one-eleventh of the aggregate principal amount of all the Securities, or if the
Company shall not exercise the right described in paragraph (b)&nbsp;above, then this Agreement shall
terminate without liability on the part of the non-defaulting Underwriters. Any termination of
this Agreement pursuant to this Section&nbsp;10 shall be without liability on the part of the Company,
except that the Company will continue to be liable for the payment of expenses as set forth in
Section&nbsp;11 hereof and except that the provisions of Section&nbsp;7 hereof shall not terminate and shall
remain in effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Nothing contained herein shall relieve a defaulting Underwriter of any liability it may
have to the Company or any non-defaulting Underwriter for damages caused by its default.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;<U>Payment of Expenses</U><I>. </I>(a)&nbsp;Whether or not the transactions contemplated by this
Agreement are consummated or this Agreement is terminated, the Company will pay or cause to be paid
all costs and expenses incident to the performance of its obligations hereunder, including without
limitation, (i)&nbsp;the costs incident to the authorization, issuance, sale, preparation and delivery
of the Securities, including any transfer, documentary or stamp taxes payable in connection with
the original issuance and sale of the Securities hereunder; (ii)&nbsp;the costs incident to the
preparation, printing and filing under the Securities Act of the Registration Statement, each
Preliminary Prospectus, any Issuer Free Writing Prospectus, any Time of Sale Information and the
Prospectus (including all exhibits, amendments and supplements thereto) and the distribution
thereof; (iii)&nbsp;the costs of reproducing and distributing each of the Transaction Documents; (iv)
the fees and expenses of the Company&#146;s counsel and independent accountants; (v)&nbsp;the fees and
expenses incurred in connection with the registration or qualification and determination of
eligibility for investment of the Securities under the laws of such jurisdictions as the
Representative may designate (subject to Section&nbsp;4(g)) and the preparation, printing and
distribution of a Blue Sky Memorandum (including the related reasonable fees and expenses of
counsel for the Underwriters); (vi)&nbsp;any fees charged by rating agencies for rating the Securities;
(vii)&nbsp;the fees and expenses of the Trustee and any paying agent (including related fees and
expenses of any counsel to such parties); (viii)&nbsp;all expenses and application fees incurred in
connection with any filing with, and clearance of the offering by, the Financial Industry
Regulatory Authority (the &#147;FINRA&#148;); and (ix)&nbsp;all expenses incurred by the Company in connection
with any &#147;road show&#148; presentation to potential investors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;If (i)&nbsp;this Agreement is terminated pursuant to Section&nbsp;9, (ii)&nbsp;the Company for any
reason other than by reason of a default by the Underwriters fails to tender the Securities for
delivery to the Underwriters or (iii)&nbsp;the Underwriters decline to purchase the Securities for any
reason permitted by this Agreement, the Company agrees to reimburse the Underwriters for all
out-of-pocket costs and expenses (including the fees and expenses of their counsel) reasonably
incurred by the Underwriters in connection with this Agreement and the offering contemplated
hereby.
</DIV>


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</DIV>




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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;<U>Persons Entitled to Benefit of Agreement</U>. This Agreement shall inure to the
benefit of and be binding upon the parties hereto and their respective successors and the officers
and directors and any controlling persons referred to herein, and the affiliates of each
Underwriter referred to in Section&nbsp;7 hereof. Nothing in this Agreement is intended or shall be
construed to give any other person any legal or equitable right, remedy or claim under or in
respect of this Agreement or any provision contained herein. No purchaser of Securities from any
Underwriter shall be deemed to be a successor merely by reason of such purchase.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;<U>Survival</U>. The respective indemnities, rights of contribution, representations,
warranties and agreements of the Company and the Underwriters contained in this Agreement or made
by or on behalf of the Company or the Underwriters pursuant to this Agreement or any certificate
delivered pursuant hereto shall survive the delivery of and payment for the Securities and shall
remain in full force and effect, regardless of any termination of this Agreement or any
investigation made by or on behalf of the Company or the Underwriters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;<U>Certain Defined Terms</U>. For purposes of this Agreement, (a)&nbsp;except where otherwise
expressly provided, the term &#147;affiliate&#148; has the meaning set forth in Rule&nbsp;405 under the Securities
Act; (b)&nbsp;the term &#147;business day&#148; means any day other than a day on which banks are permitted or
required to be closed in New York City; (c)&nbsp;the term &#147;subsidiary&#148; has the meaning set forth in Rule
405 under the Securities Act ; and (d)&nbsp;the term &#147;significant subsidiary&#148; has the meaning set forth
in Rule&nbsp;1-02 of Regulation&nbsp;S-X under the Exchange Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;<U>Judicial Proceedings</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Company irrevocably (i)&nbsp;agree that any legal suit, action or proceeding against the
Teekay Parties arising out of or based upon this Agreement, the transactions contemplated hereby or
alleged violations of the securities laws of the United States or any state in the United States
may be instituted in any New York court, (ii)&nbsp;waive, to the fullest extent it may effectively do
so, any objection which it may now or hereafter have to the laying of venue of any such proceeding
in any New York court and (iii)&nbsp;submits to the exclusive jurisdiction of such courts in any such
suit, action or proceeding. The Company has appointed Watson, Farley &#038; Williams, New York, New
York, as its authorized agent (the &#147;Authorized Agent&#148;), upon whom process may be served in any such
action arising out of or based on this Agreement, the transactions contemplated hereby or any
alleged violation of the securities laws of the United States or any state in the United States
which may be instituted in any New York court, expressly consents to the jurisdiction of any such
court in respect of any such action, and waives any other requirements of or objections to personal
jurisdiction with respect thereto. Such appointment shall be irrevocable. The Company represents
and warrants that the Authorized Agent has agreed to act as such agent for service of process and
agrees to take any and all action, including the filing of any and all documents and instruments
that may be necessary to continue such appointment in full force and effect as aforesaid. Service
of process upon the Authorized Agent and written notice of such service to the Company shall be
deemed, in every respect, effective service of process upon the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;If for the purposes of obtaining judgment in any court it is necessary to convert a sum
due hereunder into any currency other than United States dollars, the parties
</DIV>

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</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">hereto
agree, to the fullest extent that they may effectively do so, that the rate of exchange used
shall be the rate at which in accordance with normal banking procedures the Underwriters could
purchase United States dollars with such other currency in the City of New York on the business day
proceeding that on which final judgment is given. The obligations of the Company in respect of any
sum due from it to the Underwriters shall, notwithstanding any judgment in a currency other than
United States dollars, not be discharged until the first business day, following receipt by the
Underwriters of any sum adjudged to be so due in such other currency, on which (and only to the
extent that) the Underwriters may in accordance with normal banking procedures purchase United
States dollars with such other currency; if the United States dollars so purchased are less than
the sum originally due to the Underwriters hereunder, the Company agrees, as a separate obligation
and notwithstanding any such judgment, that the party responsible for such judgment shall indemnify
the Underwriters against such loss. If the United States dollars so purchased are greater than the
sum originally due to the Underwriters hereunder, the Underwriters agree to pay to the Company an
amount equal to the excess of the dollars so purchased over the sum originally due to the
Underwriters hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;<U>Miscellaneous</U>. (a) <I>Authority of the Representative. </I>Any action by the
Underwriters hereunder may be taken by J.P. Morgan Securities Inc. on behalf of the Underwriters,
and any such action taken by J.P. Morgan Securities Inc. shall be binding upon the Underwriters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<I>Notices. </I>All notices and other communications hereunder shall be in writing and shall be
deemed to have been duly given if mailed or transmitted and confirmed by any standard form of
telecommunication. Notices to the Underwriters shall be given to the Representative c/o J.P.
Morgan Securities Inc., 270 Park Avenue, New York, New York 10017 (fax: 212-270-1063); Attention:
Jim Hamilton. Notices to the Company shall be given to it at Teekay Corporation, 4th Floor,
Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda, Attn. Corporate Secretary (fax no.
441-292-3931).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<I>Governing Law. </I>This Agreement shall be governed by and construed in accordance with the
laws of the State of New York.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<I>Counterparts. </I>This Agreement may be signed in counterparts (which may include
counterparts delivered by any standard form of telecommunication), each of which shall be an
original and all of which together shall constitute one and the same instrument.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;<I>Amendments or Waivers. </I>No amendment or waiver of any provision of this Agreement, nor any
consent or approval to any departure therefrom, shall in any event be effective unless the same
shall be in writing and signed by the parties hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;<I>Headings. </I>The headings herein are included for convenience of reference only and are not
intended to be part of, or to affect the meaning or interpretation of, this Agreement.
</DIV>

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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the foregoing is in accordance with your understanding, please indicate your acceptance of
this Agreement by signing in the space provided below.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Very truly yours,<BR>
<BR>
Teekay Corporation<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Bjorn Moller&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Bjorn Moller&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">President and
Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accepted: January&nbsp;15, 2010
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">J.P. MORGAN SECURITIES INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
</TR><TR>
    <TD valign="top">By&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Stathis Karanikolaidis&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Stathis Karanikolaidis&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Director&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For themselves and on behalf of the<BR>
Other Underwriters listed<BR>
in Schedule&nbsp;1 hereto.

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->32<!-- /Folio -->
</DIV>

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

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Schedule&nbsp;1
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Underwriter</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Principal Amount</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">J.P. Morgan Securities Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">270,000,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Citigroup Global Markets Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">90,000,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deutsche Bank Securities Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">54,000,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">BNP Paribas Securities Corp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9,000,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">DnB NOR Markets, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9,000,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ING Financial Markets LLC.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9,000,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Scotia Capital (USA)&nbsp;Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9,000,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">450,000,000</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

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


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Schedule&nbsp;2
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Teekay Corporation<BR>
Significant Subsidiaries</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><FONT style="font-variant: SMALL-CAPS"><B>Subsidiary</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><FONT style="font-variant: SMALL-CAPS"><B>Jurisdiction of Formation</B></FONT></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Teekay Chartering Limited
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Teekay Holdings Limited
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bermuda</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Teekay LNG Partners LP
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Teekay Offshore Partners LP
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Teekay Offshore Operating LP
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Teekay Navion Offshore Loading PTE Ltd
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Singapore</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Teekay Petrojarl AS
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Norway</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Teekay Tankers Ltd
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Marshall Islands</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="right" style="font-size: 10pt"><!-- Folio -->Page 34<!-- /Folio -->
</DIV>

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


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Schedule&nbsp;4
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Teekay Corporation<BR>
Fleet List</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><FONT style="font-variant: SMALL-CAPS"><B>Percent</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><FONT style="font-variant: SMALL-CAPS"><B>Year</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><FONT style="font-variant: SMALL-CAPS"><B>Vessel</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><FONT style="font-variant: SMALL-CAPS"><B>Ownership</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><FONT style="font-variant: SMALL-CAPS"><B>Built</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><FONT style="font-variant: SMALL-CAPS"><B>Flag</B></FONT></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Suezmax Tanker Newbuildings</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">BH 508-7 &#151; Suezmax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Aframax &#151; Owned</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Scotia Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1992</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Luzon Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1992</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Leyte Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1992</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Guardian Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1992</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Torben Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1994</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gotland Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1995</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Falster Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1995</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sotra Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1995</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Poul Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1995</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Nassau Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1998</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Everest Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Esther Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Matterhorn Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Suezmax &#151; Owned</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Narmada Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Iskmati Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ashkini Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kaveri Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Godavari Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Zenith Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tianlong Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Jiaolong Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shenlong Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Suezmax &#151; In Chartered</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Oliver Jacob</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1999</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Liberia</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cape Bantry</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Liberia</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Nell Jacob</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap>Cayman Islands</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Large Product Tankers &#151; Owned /
In-chartered</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Hugli Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Donegal Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Galway Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Limerick Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><FONT style="font-variant: SMALL-CAPS"><B>Percent</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><FONT style="font-variant: SMALL-CAPS"><B>Year</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><FONT style="font-variant: SMALL-CAPS"><B>Vessel</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><FONT style="font-variant: SMALL-CAPS"><B>Ownership</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><FONT style="font-variant: SMALL-CAPS"><B>Built</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><FONT style="font-variant: SMALL-CAPS"><B>Flag</B></FONT></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ocean Princess</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Greece</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stavanger Prince</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">NIS</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Aframax &#151; In Chartered</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Samar Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1992</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mayon Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1992</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sebarok Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1993</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pioneer Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1993</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Liberia</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Continental Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1993</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Liberia</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Orkney Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1993</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Senang Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1994</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Bering Sea</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1996</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Singapore</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kiowa Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1999</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SC Laura</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2001</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stena Atlantica</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap>Cayman Islands</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mare Aegeum</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Italy</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Koa Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1999</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Fixed-Rate Shuttle Tankers &#151; Owned</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Navion Fennia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1992</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Basker Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1992</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Navion Torinita</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1992</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Navion Savonita</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1992</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Navion Clipper</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1993</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Navion Svenita</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1997</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Navion Marita</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1999</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Navion Bergen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Navion Oslo</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2001</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stena Natalita</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2001</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Petronordic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Petroatlantic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Navion Europa</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1995</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Norway</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Navion Norvegia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1995</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Norway</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Navion Britannia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1998</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Navion Scandia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1998</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stena Alexita</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1998</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Norway</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Navion Hispania</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1999</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Navion Oceania</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1999</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Navion Anglia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1999</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stena Sirita</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1999</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Norway</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stena Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2001</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Nordic Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2001</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Navion Stavanger</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Nordic Rio</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><FONT style="font-variant: SMALL-CAPS"><B>Percent</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><FONT style="font-variant: SMALL-CAPS"><B>Year</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><FONT style="font-variant: SMALL-CAPS"><B>Vessel</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><FONT style="font-variant: SMALL-CAPS"><B>Ownership</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><FONT style="font-variant: SMALL-CAPS"><B>Built</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><FONT style="font-variant: SMALL-CAPS"><B>Flag</B></FONT></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Nordic Brasilia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Navion Gothenburg</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(50% owned through joint venture)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Fixed-Rate Shuttle Tankers &#151;
In-chartered</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Navion Akarita</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1991</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tordis Knutsen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1993</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap>Isle of Man</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Randgrid</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1995</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Norwegian</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Aberdeen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1996</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Elisabeth Knutsen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1997</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Isle of Man</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sallie Knutsen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1999</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Isle of Man</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Karen Knutsen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1999</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Isle of Man</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Grena</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Vigdis Knutsen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1993</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Isle of Man</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Shuttle Tankers Newbuildings</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Aframax Shuttle &#151; Hull no. 1749</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Aframax Shuttle &#151; Hull no. 1750</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Aframax Shuttle &#151; Hull no. 1827</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Aframax Shuttle &#151; Hull no. 1828</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Fixed-rate Conventional Tankers &#151;
Owned</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Product Tankers</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Palmerston</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1990</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Australian</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mahanadi Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Teesta Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Alexander Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Aframaxes</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kyeema Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1999</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kareela Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1999</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Americas Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fuji Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Killamanjaro Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Australian Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Axel Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Helga Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Erik Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SPT Explorer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SPT Navigator</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Hamane Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1997</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kanata Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1999</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><FONT style="font-variant: SMALL-CAPS"><B>Percent</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><FONT style="font-variant: SMALL-CAPS"><B>Year</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><FONT style="font-variant: SMALL-CAPS"><B>Vessel</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><FONT style="font-variant: SMALL-CAPS"><B>Ownership</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><FONT style="font-variant: SMALL-CAPS"><B>Built</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><FONT style="font-variant: SMALL-CAPS"><B>Flag</B></FONT></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Suezmaxes</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Algeciras Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Spanish</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tenerife Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Spanish</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Huelva Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2001</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Spanish</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ganges Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">African Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">European Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Teide Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Spanish</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Asian Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Toledo Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Spanish</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Bermuda Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Hamilton Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pinnacle Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Summit Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Yamuna Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Fixed Rate Conventional Tanker &#151;
In-chartered</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Aframaxes</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Bahamas Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1998</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sentinel Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1999</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap>Marshall Islands</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Constitution Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1999</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Suezmaxes</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cape Bonny</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Marshall Islands</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cape Bastia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Marshall Islands</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>VLCC</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Venture Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Hong Kong</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Fixed Rate LNG Carriers &#151; Owned</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Arctic Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1993</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Polar Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1993</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Hispania Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Spanish</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Catalunya Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Spanish</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Galicia Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Spanish</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Madrid Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Spanish</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Al Marrouna</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">70</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Al Areesh</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">70</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Al Daayen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">70</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tangguh Hiri</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">70</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Al Huwaila</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">40</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Al Kharsaah</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">40</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Al Shamal</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">40</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Al Khuwair</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">40</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tangguh Sago</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">70</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><FONT style="font-variant: SMALL-CAPS"><B>Percent</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><FONT style="font-variant: SMALL-CAPS"><B>Year</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><FONT style="font-variant: SMALL-CAPS"><B>Vessel</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><FONT style="font-variant: SMALL-CAPS"><B>Ownership</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><FONT style="font-variant: SMALL-CAPS"><B>Built</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><FONT style="font-variant: SMALL-CAPS"><B>Flag</B></FONT></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Fixed Rate LNG Carrier
Newbuildings</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Angola LNG &#151; Hull 1810</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">32</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Angola LNG &#151; Hull 1811</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">32</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Angola LNG &#151; Hull 1812</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">32</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Angola LNG &#151; Hull 1813</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">32</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Fixed-Rate Floating Storage
Offtake Vessels (FSO) &#151; Owned</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Apollo Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">89</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1978</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Liberian</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dampier Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1987</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Karratha Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1988</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Australian</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pattani Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1988</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Navion Saga</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1991</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Falcon Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1986</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Fixed-Rate Floating Production
Storage Offtake Vessels (FPSO) &#151;
Owned</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Petrojarl Cidade de Rio das Ostras</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">83</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1981</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Petrojarl I</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1986</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Norwegian</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Petrojarl Foinaven</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1998</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Petrojarl Varg</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1998</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Petrojarl Banff</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1998</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap>Isle of Man</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>LPG Carrier &#151; Owned</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dania Spirit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Bahamas</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Norgas Pan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Singapore</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Norgas Cathinka</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Singapore</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>LPG Tanker Newbuildings &#151; Owned</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">WZL 0503</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dingheng Jiangsu NB (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dingheng Jiangsu NB (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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</DIV>



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


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Annex A-1
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Form of Opinion of Watson, Farley &#038; Williams (New York) LLP, special regulatory and Marshall<BR>
Islands and New York counsel for the Company&#093;
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company is a corporation domesticated, validly existing and in good
standing under Marshall Islands Law and has the corporate power and authority to own or
lease its properties and to conduct its business, in each case in all material
respects, as described in the Registration Statement, the Time of Sale Information and
the Prospectus.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company directly owns of record all of the outstanding shares of capital
stock of Teekay Chartering Limited, a corporation incorporated under Marshall Islands
Law (&#147;<B>Teekay Chartering</B>&#148;). To our knowledge, (i)&nbsp;such shares have been duly authorized
and validly issued in accordance with the organizational documents of Teekay Chartering
and are fully paid and nonassessable and (ii)&nbsp;the Company beneficially owns such shares
free and clear of all pledges, liens, encumbrances, security interests or other claims,
except (a)&nbsp;as otherwise described in, referred to or disclosed in the Registration
Statement, the Time of Sale Information and the Prospectus, (b)&nbsp;any liens pursuant to
credit agreements, security agreements or financing documents described in, referred to
or disclosed in the Registration Statement, the Time of Sale Information and the
Prospectus, and (c)&nbsp;restrictions on transferability contained in the relevant
organizational documents or under applicable securities laws, as applicable
(collectively, the &#147;<B>Claim Exceptions</B>&#148;).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Teekay Holdings Limited, a Bermuda corporation (&#147;<B>Teekay Holdings</B>&#148;), directly
owns of record 100% of the membership interests in each of Teekay GP L.L.C. (&#147;<B>TGP GP</B>&#148;),
and Teekay Offshore GP L.L.C. (&#147;<B>TOO GP</B>&#148;), each a limited liability company formed under
Marshall Islands Law. Such membership interests have been duly authorized and validly
issued in accordance with the limited liability company agreement of TGP GP and the
limited liability company agreement of TOO GP, respectively, and are fully paid (to the
extent required under such limited liability company agreements) and nonassessable
(except as such nonassessability may be affected by Section&nbsp;31 of the Marshall Islands
Limited Liability Company Act and subject to the provisions of the respective limited
liability company agreements of TGP GP and TOO GP) and, to our knowledge, Teekay
Holdings beneficially owns such membership interests free and clear of all pledges,
liens, encumbrances, security interests or other claims, except for the Claim
Exceptions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>TGP GP directly owns of record a 2.0% general partner interest in Teekay LNG
Partners L.P., a limited partnership formed under Marshall Islands Law (&#147;<B>TGP</B>&#148;), and is
the sole general partner of TGP. Such general partner interest has been duly
authorized and validly issued in accordance with the partnership agreement of TGP (as
amended or restated prior to the date hereof, the &#147;<B>TGP LPA</B>&#148;) and, to our knowledge, TGP
GP beneficially owns such general partner interest free and clear of all pledges,
liens, encumbrances, security interests or other claims, except for the Claim
Exceptions.</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->A-1-1<!-- /Folio -->
</DIV>

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


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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>TOO GP directly owns of record a 2.0% general partner interest in Teekay
Offshore Partners L.P., a limited partnership formed under Marshall Islands Law
(&#147;<B>TOO</B>&#148;), and is the sole general partner of TOO. Such general partner interest has
been duly authorized and validly issued in accordance with the partnership agreement of
TOO (as amended or restated prior to the date hereof, the &#147;<B>TOO LPA</B>&#148;) and, to our
knowledge, TOO GP beneficially owns such general partner interest free and clear of all
pledges, liens, encumbrances, security interests or other claims, except for the Claim
Exceptions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As of &#091;<FONT style="font-family: Wingdings">&#108;</FONT>&#093;, 2010, (i)&nbsp;Teekay Holdings directly owns of record
17,840,988 common units and 7,367,286 subordinated units, representing limited
partnership interests in TGP and (ii)&nbsp;TGP GP directly owns of record 100% of the
Incentive Distribution Rights (as defined in the TGP LPA) of TGP. To our knowledge (a)
Teekay Holdings beneficially owns such units and (b)&nbsp;TGP GP beneficially owns such
Incentive Distribution Rights, free and clear of all pledges, liens, encumbrances,
security interests or other claims, except for the Claim Exceptions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As of &#091;<FONT style="font-family: Wingdings">&#108;</FONT>&#093;, 2010, (i)&nbsp;Teekay Holdings directly owns of record 5,000,000
common units and 9,800,000 subordinated units representing limited partnership
interests in TOO and (ii)&nbsp;TOO GP directly owns of record 100% of the Incentive
Distribution Rights (as defined in the TOO LPA) of TOO. To our knowledge (a)&nbsp;Teekay
Holdings beneficially owns such units and (b)&nbsp;TOO GP beneficially owns such Incentive
Distribution Rights, free and clear of all pledges, liens, encumbrances, security
interests or other claims, except for the Claim Exceptions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(8)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As of &#091;<FONT style="font-family: Wingdings">&#108;</FONT>&#093;, 2010, Teekay Holdings directly owns of record 12,500,000
shares of Class&nbsp;B Common Stock, par value $0.01 per share, of Teekay Tankers Ltd., a
corporation incorporated under Marshall Islands Law (&#147;<B>Tankers</B>&#148;), and 1,000,000 shares
of Class&nbsp;A Common Stock of Tankers, par value $0.01 per share. All such shares of
Class&nbsp;B Common Stock and Class&nbsp;A Common Stock (collectively, the &#147;<B>Tankers Sponsor
Shares</B>&#148;) have been duly authorized and validly issued, and are fully paid and
nonassessable and, to our knowledge, Teekay Holdings beneficially owns all such Tankers
Sponsor Shares free and clear of all pledges, liens, encumbrances, security interests
or other claims, except for the Claim Exceptions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(9)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>TGP directly owns of record a 100% membership interest in Teekay LNG
Operating L.L.C., a limited liability company formed under Marshall Islands Law (&#147;<B>TGP
Operating Company</B>&#148;). Such membership interest has been duly authorized and validly
issued in accordance with the limited liability company agreement of TGP Operating
Company, as amended or restated prior to the date hereof, and is fully paid (to the
extent required under such limited liability company agreement) and
nonassessable (except as such nonassessability may be affected by Section&nbsp;31 of
the Marshall Islands Limited Liability Company Act and subject to the provisions of the
limited liability company agreement of TGP Operating Company) and, to our knowledge,
TGP beneficially owns such membership interest free and clear of all pledges, liens,
encumbrances, security interests or other claims, except for the Claim Exceptions.</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->A-1-2<!-- /Folio -->
</DIV>

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


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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(10)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>TOO directly owns of record a 100% membership interest in Teekay Offshore
Operating GP L.L.C., a limited liability company formed under Marshall Islands Law
(&#147;<B>OLP GP</B>&#148;). Such membership interest has been duly authorized and validly issued in
accordance with the limited liability company agreement of OLP GP, as amended prior to
the date hereof, and is fully paid (to the extent required under such limited liability
company agreement) and nonassessable (except as such nonassessability may
be affected by Section&nbsp;31 of the Marshall Islands Limited Liability Company Act and
subject to the provisions of the limited liability company agreement of OLP GP) and, to
our knowledge, TOO beneficially owns such membership interest free and clear of all
pledges, liens, encumbrances, security interests or other claims, except for the Claim
Exceptions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(11)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>TOO directly owns of record a 50.99% limited partnership interest in Teekay
Offshore Operating L.P., a limited partnership formed under Marshall Islands Law (&#147;<B>TOO
Operating Company</B>&#148;). Teekay Holdings directly owns of record a 49% limited partnership
interest in TOO Operating Company and OLP GP directly owns of record a 0.01% general
partnership interest in TOO Operating Company. All such partnership interests have
been duly authorized and validly issued in accordance with the partnership agreement of
TOO Operating Company, as amended or restated prior to the date hereof, and are fully
paid (to the extent required under such partnership agreement) and, with respect to the
limited partner interests, are nonassessable (except as such nonassessability may be
affected by Section&nbsp;41 of the Marshall Islands Limited Partnership Act and subject to
the provisions of the partnership agreement of TOO Operating Company) and, to our
knowledge, TOO, Teekay Holdings and OLP GP, respectively, beneficially own such
partnership interests free and clear of all pledges, liens, encumbrances, security
interests or other claims, except for the Claim Exceptions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(12)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The entities formed or incorporated under Marshall Islands Law (the
&#147;<B>Marshall Islands Operating Subsidiaries</B>&#148;) and identified in <U>Schedule&nbsp;B</U> hereto
are owned of record as described on <U>Schedule&nbsp;B</U> hereto. To our knowledge, (i)
the equity interests in each of the Marshall Islands Operating Subsidiaries have been
duly authorized and validly issued in accordance with the respective organizational
documents of each such Marshall Islands Operating Subsidiary, as amended or restated
prior to the date hereof, and are fully paid (to the extent required under the
applicable organizational document) and nonassessable (except as such nonassessability
may be affected by applicable Marshall Islands Law and subject to the provisions of the
applicable organizational documents) and (ii)&nbsp;such equity interests are owned free and
clear of all pledges, liens, encumbrances, security interests or other claims, except
for the Claim Exceptions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(13)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each of TGP GP, TOO GP, TGP, TOO, TGP Operating Company, OLP GP and TOO
Operating Company has been duly formed or incorporated each such entity and each of the
Marshall Islands Operating Subsidiaries and Teekay Chartering (collectively, the
&#147;<B>Marshall Islands Entities</B>&#148;) is validly existing and in good standing as a limited
liability company, limited partnership or corporation, as applicable, under Marshall
Islands Law, and each has the limited liability company, limited partnership or
corporate, as applicable, power and authority to own or lease </TD>
</TR>

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


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>its properties and to conduct its business, in each case in all material respects, as described in the
Registration Statement, the Time of Sale Information and the Prospectus.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(14)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as described in the Registration Statement, the Time of Sale
Information and the Prospectus, there are no preemptive rights or other rights to
subscribe for or to purchase, nor any restriction upon the voting or transfer of any
stock in the Company pursuant to its Amended and Restated Articles of Incorporation or
its Amended and Restated Bylaws. To our knowledge, or except as described in the
Registration Statement, the Time of Sale Information and the Prospectus, there are no
outstanding options or warrants to purchase (i)&nbsp;any stock in the Company or (ii)&nbsp;any
equity interests in any Marshall Islands Entity.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(15)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company has all requisite corporate power and authority to execute and
deliver the Underwriting Agreement, the Indenture and the Notes and to perform its
obligations thereunder and to consummate the transactions contemplated thereby.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(16)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Indenture has been duly authorized, executed and delivered by the
Company and, assuming due authorization, execution and delivery thereof by the Trustee,
constitutes a valid and legally binding agreement of the Company enforceable against
the Company in accordance with its terms, subject to applicable bankruptcy, insolvency,
fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors&#146;
rights and remedies generally, and subject, as to enforceability, to general principles
of equity, including principles of commercial reasonableness, good faith and fair
dealing (regardless of whether enforcement is sought in a proceeding at law or in
equity), and except that (i)&nbsp;rights to indemnification and contribution thereunder may
be limited by U.S. federal or state securities laws or considerations of public policy
relating thereto and (ii)&nbsp;no opinion is expressed with respect to any provision of the
Indenture providing for liquidated damages.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(17)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Underwriting Agreement has been duly authorized and validly executed
and delivered by the Company.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(18)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Notes have been duly authorized by the Company and, when executed,
delivered, and authenticated in accordance with the provisions of the Indenture and as
contemplated by the Registration Statement, and delivered to and paid for by the
purchasers thereof, will constitute the legal, valid and binding obligations of the
Company entitled to the benefits provided by the Indenture, enforceable against the
Company in accordance with their terms, subject to applicable bankruptcy, insolvency,
fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors&#146;
rights and remedies generally, and subject, as to enforceability, to general principles
of equity, including principles of commercial reasonableness, good faith and fair
dealing (regardless of whether enforcement is sought in a proceeding at law or in
equity) and except that rights to indemnification and contribution thereunder may be
limited by U.S. federal or state securities laws or considerations of public policy
relating thereto.</TD>
</TR>

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


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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(19)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The execution, delivery and performance of the Underwriting Agreement, the
Indenture or the Notes and the transactions contemplated thereby, including the
purchase of the Company&#146;s outstanding 8.875% senior notes due July&nbsp;15, 2011 and the
offering, issuance and sale by the Company of the Notes as contemplated by the
Underwriting Agreement do not and will not (i)&nbsp;conflict with or constitute a
violation of the Amended and Restated Articles of Incorporation or the Amended and
Restated Bylaws of the Company or the organizational documents of any of the
Marshall Islands Operating Subsidiaries, (ii)&nbsp;conflict with or constitute a breach
or violation of, or a default under (or an event which, with notice or lapse of time
or both, would constitute such a default), any indenture, contract, mortgage, deed
of trust, note agreement, loan agreement, lease or other agreement or instrument
governed by Marshall Islands Law or New York Law and listed in <U>Schedule&nbsp;C</U>
hereto, or (iii)&nbsp;violate any statute, law, rule, regulation, judgment, order or
decree of which we are aware of any court, regulatory body, administrative agency,
governmental body, arbitrator or other authority situated in the Republic of The
Marshall Islands or the State of New York.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(20)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No consent, approval, authorization, order, registration, qualification or
other action by or filing with (&#147;<B>Consents</B>&#148;) any Marshall Islands governmental authority
having jurisdiction over of the Company, any of the Marshall Islands Operating
Subsidiaries or any of their respective properties is required for the execution,
delivery and performance of the Underwriting Agreement, Indenture and the Notes by the
Company or the transactions contemplated thereby, including the offering, issuance and
sale by the Company of the Notes as contemplated by the Underwriting Agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(21)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To our knowledge, no permits, Consents, licenses, franchises, concessions,
certificates and authorizations or declarations or filings with, any governmental or
regulatory authorities of the Marshall Islands are required for any of the Company or
the Marshall Islands Operating Subsidiaries to own or lease its properties and to
conduct its business in the manner described in the Registration Statement, the Time of
Sale Information and the Prospectus, other than such permits, Consents, licenses,
franchises, concessions, certificates, authorizations, declarations or filings with any
Marshall Islands governmental authority currently held or previously obtained, applied,
received or filed by the Company or the Marshall Islands Operating Subsidiaries, as the
case may be.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(22)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each of the vessels identified in <U>Schedule&nbsp;D</U> hereto is registered
under Marshall Islands Law in the ownership of the entity identified in <U>Schedule
D</U> hereto, free and clear of all recorded pledges, liens, encumbrances, security
interests or other claims, except as described, and subject to the limitations
contained, in the &#147;mortgages&#148; column in <U>Schedule&nbsp;D</U> hereto.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(23)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The statements (i)&nbsp;in the Company&#146;s Form 20-F for the year ended December
31, 2008 (the &#147;<B>Form&nbsp;20-F</B>&#148;) under the captions &#147;Item&nbsp;4. Information on the Company &#151; D.
Taxation of the Company &#151; Marshall Islands, Bahamian and Bermudian Taxation&#148; and &#147;Item
10. Additional Information &#151; Non-United States Tax Consequences &#151; Marshall Islands Tax
Consequences&#148; and (ii)&nbsp;in the Registration </TD>
</TR>

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

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


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Statement and the Prospectus under the
captions &#147;Non-United States tax considerations &#151; Marshall Islands tax considerations&#148;
and &#147;Service of process and enforcement of civil liabilities,&#148; insofar as they purport
to constitute summaries of Marshall Islands Law or legal conclusions
based upon Marshall Islands Law, fairly describe in all material respects the
portions of the statutes and regulations addressed thereby, subject to the
qualifications and assumptions stated therein.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(24)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Although we have not independently verified, are not passing on, and are
not assuming any responsibility for the accuracy, completeness or fairness of the
statements (i)&nbsp;in the Registration Statement and the Prospectus under the captions
&#147;Non-United States Tax Considerations &#151; Marshall Islands Tax Considerations&#148; and
&#147;Service of Process and Enforcement of Civil Liabilities&#148; and (ii)&nbsp;the Form 20-F under
the captions &#147;Item&nbsp;4. Information on the Company &#151; D. Taxation of the Company &#151;
Marshall Islands, Bahamian and Bermudian Taxation&#148; and &#147;Item&nbsp;10. Additional Information
 &#151; Non-United States Tax Consequences &#151; Marshall Islands Tax Consequences&#148; (in each case
except to the extent specified in the foregoing opinion), no facts have come to such
counsel&#146;s attention that lead such counsel to believe that the above-referenced
sections of the Registration Statement and the Form 20-F, as of the Effective Date of
the Registration Statement, contained an untrue statement of a material fact or omitted
to state a material fact required to be stated therein or necessary to make the
statements therein not misleading or that the above-referenced sections of the
Registration Statement or Form 20-F, as of the Time of Sale and as of the Closing Date,
contained or contains an untrue statement of a material fact or omitted or omits to
state a material fact necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(25)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The choice of New York Law to govern the Underwriting Agreement and the
Indenture constitutes a valid choice of law under Marshall Islands Law.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(26)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The submission by the Company to the non-exclusive jurisdiction of any U.S.
federal or state court in the Borough of Manhattan, The City of New York, is a valid
submission under Marshall Islands Law.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(27)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A judgment granted by a foreign court against the Company may be enforced
in the Republic of The Marshall Islands, so long as the foreign judgment grants or
denies recovery of a sum of money, and is final and conclusive and enforceable where
rendered even though an appeal therefrom is pending, or subject to appeal, unless: (i)
the judgment was rendered under a system which does not provide impartial tribunals or
procedures compatible with the requirements of due process of law, (ii)&nbsp;the foreign
court did not have personal jurisdiction over the defendant, (iii)&nbsp;the foreign court
did not have jurisdiction over the subject matter, (iv)&nbsp;the foreign court does not
recognize or enforce the judgments of any other foreign nation, (iv)&nbsp;the defendant in
the proceedings in foreign court did not receive notice of the proceedings in
sufficient time to enable him to defend, (v)&nbsp;the judgment was obtained by fraud, (vi),
the cause of action on which the judgment is based is repugnant to the public policy of
the Republic of The Marshall Islands, (vii)&nbsp;the judgment conflicts with another final
and conclusive judgment, (viii)&nbsp;the proceeding in the foreign court was contrary to an</TD>
</TR>

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


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>
agreement between the parties under which the dispute in question was to be settled
otherwise than by proceedings in the court, or (ix)&nbsp;in the case of jurisdiction based
only on personal service, the foreign court was a seriously inconvenient forum for the trial
of the action</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In rendering such opinion, such counsel may (A)&nbsp;rely in respect of matters of fact upon
certificates of officers and employees of the Company and upon information obtained from public
officials, (B)&nbsp;assume that all documents submitted to them as originals are authentic, that all
copies submitted to them conform to the originals thereof, and that the signatures on all documents
examined by them are genuine and (C)&nbsp;state that their opinion is limited to the laws of the State
of New York, the laws of The Republic of the Marshall Islands and United States federal law.
</DIV>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Annex A-2
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Form of Opinion of Perkins Coie LLP, counsel for the Company.&#093;
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The statements in the Time of Sale Information and the Prospectus under the
captions &#147;Business&#151;Taxation of the Company&#151;United States taxation&#148; and &#147;Certain
U.S. federal income tax considerations&#148; and in the Form 6-K filed on December&nbsp;16,
2009 under the captions &#147;Item&nbsp;5. Other Information &#151; Material U.S. Federal Income
Tax Consideration,&#148; with respect to legal matters or legal conclusions, in all
material respects, is an accurate discussion of the material U.S. federal income tax
considerations addressed therein. (We do not opine or comment on the
representations and statements of fact of the Company included in such discussion.)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) To our knowledge, there are no contracts, agreements or understandings
between any of the Company and any person granting such person the right to require
the Company to include any securities of the Company owned or to be owned by such
person in the securities registered pursuant to the Registration Statement or in any
securities being registered pursuant to any other registration statement filed by
the Company under the Securities Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The statements in the Registration Statement under the captions
&#147;Description of notes,&#148; &#147;Certain relationships and related party transactions&#148;
(under the subheadings &#147;&#151;Relationships with our publicly-traded subsidiaries,&#148;
&#147;&#151;Competition with Teekay Tankers, Teekay Offshore and Teekay LNG,&#148; and
&#147;&#151;Services, management and pooling arrangements&#148;), and &#147;Description of other
indebtedness,&#148; insofar as they constitute descriptions of the Securities or
agreements, fairly describe in all material respects the portions of the agreements
addressed thereby, and the Securities and Indenture conform in all material respects
to the descriptions thereof contained in the Registration Statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Registration Statement became effective under the Securities Act on
January&nbsp;13, 2010 and Post-Effective Amendment No.&nbsp;1 thereto became effective under
the Securities Act on January&nbsp;15, 2010 and the Indenture has been qualified under
the Trust Indenture Act. The Prospectus was filed with the Commission pursuant to
Rule 424(b) on January &#091;&#95;&#95;&#95;&#093;, 2010. To our knowledge, (a)&nbsp;no stop order suspending
the effectiveness of the Registration Statement or Post-Effective Amendment No.&nbsp;1
thereto has been issued under the Securities Act, and no proceeding for that purpose
has been instituted or is pending or threatened by the Commission, and (b)&nbsp;no notice
of objection of the Commission to the use of the Registration Statement or any
post-effective amendment thereto pursuant to Rule&nbsp;401(g)(2) under the Securities Act
has been received by the Company and no proceeding for that purpose or pursuant to
Section&nbsp;8A of the Securities Act against the Company or in connection with the
Offering is pending or threatened by the Commission.
</DIV>

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</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Without independent verification of the factual accuracy, completeness or
fairness of any statements made in the Registration Statement or the Prospectus, the
Registration Statement, as of its effective date, and the Prospectus, when filed
with the Commission pursuant to Rule 424(b) and on the Closing Date (except for the
financial statements and financial schedules, and other financial and statistical
information included therein, as to which we express no opinion) comply as to form
in all material respects to the requirements of the Securities Act and the
applicable rules and regulations of the Commission thereunder; and the Indenture
complies as to form in all material respects to the requirements of the Trust
Indenture Act applicable to an indenture that is qualified thereunder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The documents filed under the Exchange Act (excluding exhibits thereto) and
incorporated by reference into the Registration Statement and the Prospectus (except
for the financial statements and financial schedules, and other financial and
statistical information included therein, as to which we express no opinion), when
they became effective or were filed with the Commission, as the case may be,
complied as to form in all material respects with the applicable requirements of the
Exchange Act and the rules and regulations of the Commission thereunder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) To our knowledge, (a)&nbsp;there is no pending or threatened action, suit or
proceeding by or before any court or governmental agency, authority or body or any
arbitrator involving the Company, any of its Subsidiaries, or any of their
respective properties of a character required to be disclosed in the Registration
Statement, the Time of Sale Information or the Prospectus that is not disclosed in
the Registration Statement, the Time of Sale Information or Prospectus as required
and (b)&nbsp;there is no agreement, franchise, contract, indenture, lease or other
document or instrument of a character that is required to be described in the
Registration Statement, the Time of Sale Information or the Prospectus by the
Securities Act or to be filed by the Securities Act as an exhibit to the
Registration Statement that is not described or filed as required.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) None of the offering, issuance and sale by the Company of the Securities,
the execution, delivery and performance by the Company of the Transaction Documents
or the Dealer Manager Agreement, or the consummation of the Tender Offer and the
transactions contemplated by the Transaction Documents and Dealer Manager Agreement
conflicts with or constitutes a breach or violation of, or a default under (or an
event which, with notice or lapse of time or both, would constitute such a default),
any indenture, contract, mortgage, deed of trust, note agreement, loan agreement,
lease or other agreement or instrument filed as an exhibit to the Registration
Statement (including any document filed as an exhibit to any document incorporated
by reference into the Registration Statement), which conflicts, breaches, violations
or defaults would, individually or in the aggregate, reasonably be expected to have
a Material Adverse Effect.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(We do not comment or opine as to compliance with any financial covenants or
financial ratios contained in any such documents).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Neither the issuance, sale and delivery of the Securities nor the
application of the proceeds thereof by the Company as described in the Prospectus
will violate Regulation&nbsp;T, U or X of the Board of Governors of the Federal Reserve
System.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) The Company is not and, immediately upon giving effect to the offering and
sale of the Securities and the application of the proceeds thereof as described in
the Registration Statement, the Time of Sale Information and the Prospectus, will
not be an &#147;investment company,&#148; as such term is defined in the Investment Company
Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the course of our participation, as United States counsel to the Company, in the
preparation of the Registration Statement, the Time of Sale Information and the Prospectus, we have
attended conferences with, among others, representatives of the Underwriters, officers and other
representatives of the Company and the independent public accountants for the Company, at which
conferences the contents of the Registration Statement, the Time of Sale Information and the
Prospectus were discussed. Without undertaking to determine independently or assuming any
responsibility for the accuracy, completeness or fairness of the statements contained in the
Registration Statement, the Time of Sale Information or the Prospectus (except as expressly
provided in opinion paragraphs 1 and 3 above), no facts have come to our attention that cause us to
believe that (a)&nbsp;the Registration Statement, as of its most recent effective date, contained any
untrue statement of a material fact or omitted to state any material fact required to be stated
therein or necessary to make the statements therein not misleading; (b)&nbsp;the Time of Sale
Information, when considered together as of the Time of Sale, contained an untrue statement of a
material fact or omitted to state a material fact necessary to make the statements therein, in the
light of the circumstances under which they were made, not misleading; or (c)&nbsp;the Prospectus, as of
its issue date or as of the Closing Date, contained or contains any untrue statement of a material
fact or omitted or omits to state any material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading (except that,
with respect to each of clauses (a), (b)&nbsp;and (c)&nbsp;of this sentence, we express no opinion or belief
with respect to (i)&nbsp;any financial statements, including the notes and schedules thereto and the
auditor&#146;s reports, if any, thereon or (ii)&nbsp;other financial or statistical data included in the
Registration Statement, the Time of Sale Information or the Prospectus).
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->A-2-3<!-- /Folio -->
</DIV>




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


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Annex A-3
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Form of Opinion of Adrian Dirassar, Associate General Counsel for the Company&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the course of the Offering, I have participated in conferences with officers and other
representatives of the Company and the independent public accountants of the Company and your
representatives, at which the contents of the Registration Statement, the Time of Sale Information
and the Prospectus and related matters were discussed, and although I have not independently
verified, am not passing on, and am not assuming any responsibility for the accuracy, completeness
or fairness of the statements contained in, the Registration Statement, the Time of Sale
Information and the Prospectus, no facts have come to my attention that cause me to believe that:
(A)&nbsp;the Registration Statement, as of its most recent effective date, contained an untrue statement
of a material fact or omitted to state a material fact required to be stated therein or necessary
to make the statements therein not misleading; (B)&nbsp;the Time of Sale Information, when considered
together as of the Time of Sale, contained an untrue statement of a material fact or omitted to
state a material fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading; or (C)&nbsp;the Prospectus, as of its issue date and the
date hereof contained or contains an untrue statement of a material fact or omitted or omits to
state a material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading (except that I express no opinion or
belief with respect to (i)&nbsp;any financial statements, including the notes and schedules thereto and
the auditor&#146;s reports, if any thereon or (ii)&nbsp;other financial or statistical data included in the
Registration Statement, the Pricing Disclosure Package or the Prospectus).
</DIV>

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</DIV>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Annex B
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Issuer Free Writing Prospectus containing the terms of the Securities and other information,
substantially in the form of Annex C.
</DIV>





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</DIV>

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




<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Annex C
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Issuer Free Writing Prospectus filed pursuant to Rule&nbsp;433<BR>
supplementing the Preliminary Prospectus dated January&nbsp;15, 2010<BR>
Registration No.&nbsp;333-164315<BR>
January&nbsp;15, 2010
</DIV>


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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Pricing Supplement</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pricing Supplement dated January&nbsp;15, 2010 to Preliminary Prospectus dated January&nbsp;15, 2010 of
Teekay Corporation (or <I>Teekay</I>). This Pricing Supplement is qualified in its entirety by reference
to the Preliminary Prospectus. The information in this Pricing Supplement supplements the
Preliminary Prospectus and supersedes the information in the Preliminary Prospectus to the extent
it is inconsistent with the information in the Preliminary Prospectus. Capitalized terms used in
this Pricing Supplement but not defined have the meanings given them in the Preliminary Prospectus.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Issuer:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Teekay Corporation</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Title of Security:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.500% Senior Notes due 2020</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Aggregate Principal Amount:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$450,000,000</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Maturity:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January&nbsp;15, 2020</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Public Offering Price:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">99.181%, plus accrued interest, if any, from January&nbsp;27, 2010</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Coupon:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.500%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Yield to maturity:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.625%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Spread to Benchmark Treasury:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#043;492 basis points</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Benchmark Treasury:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">UST 3.625% due 8/15/2019</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Interest Payment Dates:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January&nbsp;15 and July&nbsp;15 of each year, beginning on July&nbsp;15, 2010</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Record Dates:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January 1 and July 1</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Optional Redemption:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Teekay may redeem all or a portion of the notes at any time before
their maturity date at a redemption price equal to the greater of
(a)&nbsp;100% of the principal amount of the notes to be redeemed and
(b)&nbsp;the sum of the present value of the remaining scheduled payments
of principal and interest discounted to the redemption date at the
treasury yield plus 50 basis points plus accrued interest to the date
of redemption.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Optional Redemption with Equity Proceeds:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Prior to January&nbsp;15, 2013, Teekay may redeem up to 35% of the notes
with the net proceeds of certain equity offerings at a redemption
price equal to 108.5% of their principal amount plus accrued interest
to the date of redemption.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Change of Control Triggering Event:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">101% of the principal amount, plus accrued and unpaid interest, if any.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Gross Proceeds:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$446,314,500</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Underwriting Discount:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1.736% per note, $7,810,504 in the aggregate</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Net Proceeds to Issuer before Expenses:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$438,503,996</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Approximate Net Proceeds to Issuer after
Estimated Expenses:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$437,000,000</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Use of Proceeds:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fund the tender offer for all of Teekay&#146;s outstanding 8.875% Senior
Notes due 2011, of which $176.6&nbsp;million in aggregate principal amount
was outstanding as of December&nbsp;31, 2009, and to repay (a)&nbsp;all of the
$150.0&nbsp;million of debt outstanding under one of Teekay&#146;s term loans
and (b)&nbsp;a portion of the borrowings outstanding under one of Teekay&#146;s
revolving credit facilities.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Trade Date:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January&nbsp;15, 2010</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Settlement Date:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January&nbsp;27, 2010 <I>(T&#043;7)</I></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ratings:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">B1/BB<SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Joint Book-Running Managers:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">J.P. Morgan Securities Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Citigroup Global Markets Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deutsche Bank Securities Inc.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Co-Managers:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BNP Paribas Securities Corp.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DnB NOR Markets, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ING Financial Markets LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Scotia Capital (USA)&nbsp;Inc.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Allocation:</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Underwriters</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Principal Amount</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">J.P. Morgan Securities Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">270,000,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Citigroup Global Markets Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">90,000,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deutsche Bank Securities Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">54,000,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BNP Paribas Securities Corp.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">9,000,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DnB NOR Markets, Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">9,000,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ING Financial Markets LLC
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">9,000,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Scotia Capital (USA)&nbsp;Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">9,000,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">Denominations:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">$2,000 and integral multiples of $1,000</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">CUSIP/ISIN Numbers:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><I>CUSIP: </I>87900YAA1 <I>ISIN: </I>US87900YAA10</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Listing:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">Form of Offering:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">SEC Registered (Registration No.&nbsp;333-164315)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Additional Information:</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The as adjusted financial data appearing on page 24 of the Preliminary Prospectus will be updated
to reflect the following changes ($ in thousands, except ratios):
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>As adjusted financial data&#151;Consolidated:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EBITDA<SUP style="font-size: 85%; vertical-align: text-top">(10)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">7,762</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Adjusted EBITDA<SUP style="font-size: 85%; vertical-align: text-top">(10)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">617,221</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash interest expense<SUP style="font-size: 85%; vertical-align: text-top">(13)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">276,122</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">479,334</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total debt (less restricted
cash)<SUP style="font-size: 85%; vertical-align: text-top">(14)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,605,004</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ratio of total debt (less restricted cash) to
Adjusted EBITDA<SUP style="font-size: 85%; vertical-align: text-top">(10)(12)(14)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.5</TD>
    <TD>x</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ratio of total debt less total cash to Adjusted
EBITDA<SUP style="font-size: 85%; vertical-align: text-top">(10)(12)(14)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.7</TD>
    <TD>x</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ratio of Adjusted EBITDA to cash interest
expense<SUP style="font-size: 85%; vertical-align: text-top">(10)(13)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.2</TD>
    <TD>x</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>As adjusted financial data&#151;Teekay Parent:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EBITDA<SUP style="font-size: 85%; vertical-align: text-top">(10)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(327,975</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Adjusted EBITDA<SUP style="font-size: 85%; vertical-align: text-top">(10)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">250,846</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash distributions from public subsidiaries<SUP style="font-size: 85%; vertical-align: text-top">(15)</SUP>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">130,106</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash distributions from OPCO<SUP style="font-size: 85%; vertical-align: text-top">(16)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">54,427</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash interest expense<SUP style="font-size: 85%; vertical-align: text-top">(13)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">108,913</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">227,839</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total debt (less restricted cash)<SUP style="font-size: 85%; vertical-align: text-top">(14)(17)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,096,570</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ratio of total debt (less restricted cash) to
Adjusted EBITDA<SUP style="font-size: 85%; vertical-align: text-top">(10)(14)(17)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.4</TD>
    <TD>x</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ratio of total debt less total cash to Adjusted
EBITDA<SUP style="font-size: 85%; vertical-align: text-top">(10)(14)(17)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.5</TD>
    <TD>x</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ratio of Adjusted EBITDA to cash interest
expense<SUP style="font-size: 85%; vertical-align: text-top">(10)(13)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.3</TD>
    <TD>x</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>A securities rating is not a recommendation
to buy, sell or hold securities and may be subject to revision or withdrawal at
any time.</TD>
</TR>

</TABLE>


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

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

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





<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The table appearing on page 27 of the Preliminary Prospectus is updated to reflect the
following changes:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="14"><B>As adjusted</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="14" style="border-bottom: 1px solid #000000"><B>Twelve months ended September 30, 2009</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>(unaudited)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Teekay</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Public</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Teekay</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>(in thousands)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>consolidated</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>subsidiaries</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Adjustments</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Parent</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 1px solid #000000">&nbsp; &nbsp; &nbsp; &nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Income statement data:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>Reconciliation of EBITDA and Adjusted EBITDA
to Net loss</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net Income (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(578,505</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(6,521</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(571,984</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest expense, net of interest income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">167,489</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105,768</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,721</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8,980</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,721</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,259</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">427,758</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">244,211</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">183,547</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>EBITDA</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,762</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">335,737</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(327,975</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash distributions from public subsidiaries(15)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(130,106</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">130,106</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash distributions from OPCO(16)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(54,427</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54,427</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Restructuring charge</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,466</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,106</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,360</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign exchange (gain)&nbsp;loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,992</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,191</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,199</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Gain on sale of vessels and equipment&#151;net of
writedowns</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(30,588</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(30,588</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Goodwill impairment charge</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">334,165</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">334,165</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Amortization of in-process revenue contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(75,411</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(421</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(74,990</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Unrealized losses on derivative instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">239,869</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133,793</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106,076</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Realized losses (gains)&nbsp;on interest rate swaps</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101,662</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,882</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,780</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Realized losses (gains)&nbsp;on interest rate swaps
in joint ventures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,304</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,380</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,684</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>Adjusted EBITDA</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">617,221</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">550,908</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(184,533</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">250,846</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>Reconciliation of Adjusted EBITDA to Net
operating cash flow</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net operating cash flow</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">486,502</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">411,367</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">75,135</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Expenditures for drydocking</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99,421</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,542</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51,879</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest expense, net of interest income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">167,489</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105,768</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,721</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Change in non-cash working capital items
related to operating activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(207,041</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(86,649</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(120,392</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Gain on sale of marketable securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Writedown of marketable securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,272</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,272</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Writedown of intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(10,824</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(10,824</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Loss on bond repurchase</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Equity income (net of dividends received)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,840</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,507</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,667</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other&#151;net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(27,583</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,865</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(24,718</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Employee stock compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(13,743</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(370</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(13,373</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Restructuring charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,466</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,106</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,360</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Realized losses (gains)&nbsp;on interest rate swaps</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101,662</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,882</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,780</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Realized losses (gains)&nbsp;on interest rate swaps
in joint ventures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,304</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,380</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,684</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash distributions from public subsidiaries(15)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(130,106</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">130,106</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash distributions from OPCO(16)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(54,427</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54,427</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>Adjusted EBITDA</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">617,221</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">550,908</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(184,533</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">250,846</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The tables appearing on page 28 of the Preliminary Prospectus will be updated to reflect the
following changes:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table reconciles cash interest expense, a non-GAAP financial measure, to interest
expense, the most directly comparable GAAP financial measure, for Teekay on both a historical
consolidated and as adjusted basis:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="10" style="border-bottom: 1px solid #000000"><B>Teekay consolidated</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="10"><B>Twelve months ended</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="10" style="border-bottom: 1px solid #000000"><B>September 30, 2009</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="10" style="border-bottom: 1px solid #000000"><B>(unaudited)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>(in thousands)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Historical</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Adjustments</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>As adjusted</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" align="left" style="border-top: 1px solid #000000">&nbsp; &nbsp; &nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">188,962</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">16,975</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">205,937</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(39,597</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(39,597</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capitalized interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,502</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,502</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Realized losses on interest rate swaps</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101,662</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101,662</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Amortization of capitalized loan costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,382</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,382</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" nowrap align="left" style="border-top: 1px solid #000000">&nbsp; &nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">259,147</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">16,975</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">276,122</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" align="left" style="border-top: 1px solid #000000">&nbsp; &nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table reconciles cash interest expense to interest expense of Teekay on a
consolidated basis and of Teekay Parent, both individually and with respect to each other, each on
an as adjusted basis.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="10"><B>Twelve months ended</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="10" style="border-bottom: 1px solid #000000"><B>September 30, 2009</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="10" style="border-bottom: 1px solid #000000"><B>(unaudited)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Teekay</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Public</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>consolidated, as</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>subsidiaries, as</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Teekay Parent,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>(in thousands)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>adjusted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>adjusted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>as adjusted</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" align="left" style="border-top: 1px solid #000000">&nbsp; &nbsp; &nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">205,937</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">137,426</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">68,511</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(39,597</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(31,658</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,939</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capitalized interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,502</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,096</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,406</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Realized losses on interest rate swaps</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101,662</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,882</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,780</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Amortization of capitalized loan costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,382</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,537</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,845</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" nowrap align="left" style="border-top: 1px solid #000000">&nbsp; &nbsp; &nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">276,122</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">167,209</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">108,913</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" align="left" style="border-top: 1px solid #000000">&nbsp; &nbsp; &nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The &#147;Capitalization&#148; section on page 53 of the Preliminary Prospectus will be updated to
reflect the following changes
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">($ in thousands):
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">As further adjusted 8.500% Senior Notes due January&nbsp;2020</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">450,000</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">As further adjusted Other debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,987,263</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">As further adjusted Retained earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,564,837</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">As further adjusted Total debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">5,261,628</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">(1)(4)</SUP></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The recorded amount of the notes will be reduced by
approximately $3.7&nbsp;million to reflect the issue price of the notes.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Other information (including net proceeds of the offering and other financial information)
presented in the Preliminary Prospectus is deemed to have changed to the extent affected by the
information contained and changes described herein.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>FREE WRITING PROSPECTUS LEGEND</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>TEEKAY CORPORATION HAS FILED A REGISTRATION STATEMENT (INCLUDING A PROSPECTUS) WITH THE SECURITIES
AND EXCHANGE COMMISSION (OR THE &#147;</B><B><I>SEC</I></B><B>&#148;) FOR THE OFFERING TO WHICH THIS COMMUNICATION RELATES. BEFORE
YOU INVEST, YOU SHOULD READ THE PROSPECTUS IN THAT REGISTRATION STATEMENT AND OTHER DOCUMENTS</B>
</DIV>




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

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

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>TEEKAY CORPORATION HAS FILED WITH THE SEC FOR MORE COMPLETE INFORMATION ABOUT TEEKAY CORPORATION
AND THIS OFFERING. YOU MAY GET THESE DOCUMENTS FOR FREE BY VISITING THE SEC WEB SITE AT
WWW.SEC.GOV. ALTERNATIVELY, TEEKAY CORPORATION, THE UNDERWRITERS OR ANY DEALER PARTICIPATING IN THE
OFFERING WILL ARRANGE TO SEND YOU THE PROSPECTUS IF YOU REQUEST THEM FROM: J.P. MORGAN SECURITIES
INC., 4 CHASE METROTECH CENTER, CS LEVEL, BROOKLYN, NY 11425, ATTENTION: PROSPECTUS LIBRARY (TEL:
718-242-8002 OR 866-430-0686); CITI, ATTN: PROSPECTUS DEPT., BROOKLYN ARMY TERMINAL, 140 58TH
STREET, 8TH FLOOR, BROOKLYN, NY, 11220, TEL: (800)&nbsp;831-9146; OR DEUTSCHE BANK SECURITIES INC., 100
PLAZA ONE, JERSEY CITY, NJ 07311, ATTENTION: PROSPECTUS DEPARTMENT, TELEPHONE: (800)&nbsp;503-4611.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND
SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT
OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.</B>
</DIV>



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



</BODY>
</HTML>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>3
<FILENAME>o59022exv4w1.htm
<DESCRIPTION>EX-4.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv4w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><I>EXECUTION COPY</I>
</DIV>

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

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





<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TEEKAY CORPORATION, as Issuer</B>
</DIV>


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

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee</B>
</DIV>

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

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Dated as of January&nbsp;27, 2010</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>$450,000,000</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>8.5% Senior Notes Due January&nbsp;15, 2020</B>
</DIV>

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





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

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

<DIV style="font-family: Helvetica,Arial,sans-serif">

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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Reconciliation and tie between Sections&nbsp;310 through 318, inclusive, of the<BR>
Trust Indenture Act of 1939 and this Indenture
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="79%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="2"><B>Trust Indenture</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><B>Indenture</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="2" style="border-bottom: 0px solid #000000"><B>Act Sections</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" style="border-bottom: 0px solid #000000"><B>Section</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" align="center">ss.310</TD>
    <TD>(a)(1)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">6.09</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap valign="top" align="left">&nbsp;</TD>
    <TD valign="top" nowrap>(a)(2)</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">6.09</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap valign="top" align="left">&nbsp;</TD>
    <TD valign="top" nowrap>(a)(3)</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Not Applicable</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap valign="top" align="left">&nbsp;</TD>
    <TD valign="top" nowrap>(a)(4)</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Not Applicable</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap valign="top" align="left">&nbsp;</TD>
    <TD valign="top" nowrap>(b)</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">6.08, 6.10</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap valign="top" align="center">ss.311</TD>
    <TD> (a)&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">6.13</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap valign="top" align="left">&nbsp;</TD>

    <TD valign="top" nowrap>(b)</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">6.13</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap valign="top" align="center">ss.312 </TD>
    <TD>(a)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">7.01, 7.02</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap valign="top" align="left">&nbsp;</TD>
    <TD valign="top" nowrap>(b)</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">7.02</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap valign="top" align="left">&nbsp;</TD>
    <TD valign="top" nowrap>(c)</TD>
    <TD valign="top" align="right"></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">7.02</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap valign="top" align="center">ss.313</TD>
    <TD>(a)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">7.03</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap valign="top" align="left">&nbsp;</TD>
    <TD valign="top" nowrap>(b)</TD>
    <TD valign="top" align="right"></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">7.03</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap valign="top" align="left">&nbsp;</TD>
    <TD valign="top" nowrap>(c)</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">7.03</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap valign="top" align="left">&nbsp;</TD>
    <TD valign="top" nowrap>(d)</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">7.03</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap valign="top" align="center">ss.314 </TD>
    <TD>(a)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD><DIV style="margin-left:15px; text-indent:-15px">7.04</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap valign="top" align="left">&nbsp;</TD>
    <TD valign="top" nowrap>(a)(4)</TD>
    <TD valign="top" align="right">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">10.11</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap valign="top" align="left">&nbsp;</TD>
    <TD valign="top" nowrap>(b)</TD>
    <TD valign="top" align="right">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Not Applicable</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap valign="top" align="left">&nbsp;</TD>
    <TD valign="top" nowrap>(c)(1)</TD>
    <TD valign="top" align="right">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">1.02</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap valign="top" align="left">&nbsp;</TD>
    <TD valign="top" nowrap>(c)(2)</TD>
    <TD valign="top" align="right">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">1.02</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap valign="top" align="left">&nbsp;</TD>
    <TD valign="top" nowrap>(c)(3)</TD>
    <TD valign="top" align="right">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Not Applicable</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap valign="top" align="left">&nbsp;</TD>
    <TD valign="top" nowrap>(d)</TD>
    <TD valign="top" align="right">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Not Applicable</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap valign="top" align="left">&nbsp;</TD>
    <TD valign="top" nowrap>(e)</TD>
    <TD valign="top" align="right">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">1.02</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap valign="top" align="center">ss.315 </TD>
    <TD>(a)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">6.01</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap valign="top" align="left">&nbsp;</TD>
    <TD valign="top" nowrap>(b)</TD>
    <TD valign="top" align="right">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">6.02</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap valign="top" align="left">&nbsp;</TD>
    <TD valign="top" nowrap>(c)</TD>
    <TD valign="top" align="right">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">6.03</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap valign="top" align="left">&nbsp;</TD>
    <TD valign="top" nowrap>(d)</TD>
    <TD valign="top" align="right">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">6.01</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap valign="top" align="left">&nbsp;</TD>
    <TD valign="top" nowrap>(d)(1)</TD>
    <TD valign="top" align="right">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">6.01</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap valign="top" align="left">&nbsp;</TD>
    <TD valign="top" nowrap>(e)</TD>
    <TD valign="top" align="right">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">5.14</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap valign="top" align="center">ss.316</TD>
    <TD> (a)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">1.01</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap valign="top" align="left">&nbsp;</TD>
    <TD valign="top" nowrap>(a)(l)(A)</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">5.02, 5.12</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap valign="top" align="left">&nbsp;</TD>
    <TD valign="top" nowrap>(a)(l)(B)</TD>
    <TD valign="top" align="right">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">5.13</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap valign="top" align="left">&nbsp;</TD>
    <TD valign="top" nowrap>(a)(2)</TD>
    <TD valign="top" align="right">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Not Applicable</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap valign="top" align="left">&nbsp;</TD>
    <TD valign="top" nowrap>(b)</TD>
    <TD valign="top" align="right">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">5.08</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap valign="top" align="center">ss.317</TD>
    <TD> (a)(1)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">5.03</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap valign="top" align="left">&nbsp;</TD>
    <TD valign="top" nowrap>(a)(2)</TD>
    <TD valign="top" align="right">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">5.04</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap valign="top" align="left">&nbsp;</TD>
    <TD valign="top" nowrap>(b)</TD>
    <TD valign="top" align="right">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">10.03</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap valign="top" align="center">ss.318 </TD>
    <TD>(a)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">1.07</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD colspan="2" nowrap align="left">Note:</TD>
    <TD>This reconciliation and tie shall not, for any purpose, be deemed to be part of the
Indenture.</TD>
</TR>

</TABLE>


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

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

<DIV style="font-family: Helvetica,Arial,sans-serif">






<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>TABLE OF CONTENTS</B><SUP style="font-size: 85%; vertical-align: text-top"><B>*</B></SUP>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Page</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE I<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 1.01 Definitions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 1.02 Compliance Certificates and Opinions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 1.03 Form of Documents Delivered to Trustee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 1.04 Acts of Holders; Record Dates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 1.05 Notices, Etc., to Trustee and Company</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 1.06 Notice to Holders; Waiver</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 1.07 Conflict with Trust Indenture Act</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 1.08 Effect of Headings and Table of Contents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 1.09 Successors and Assigns</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 1.10 Separability Clause</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 1.11 Benefits of Indenture</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 1.12 Governing Law</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 1.13 Legal Holidays</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 1.14 Consent to Service; Jurisdiction</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 1.15 Conversion of Currency</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE II<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">FORMS OF SECURITY<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 2.01 Forms Generally</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 2.02 Form of Face of Security</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 2.03 Form of Reverse of Security</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 2.04 Form of Trustee&#146;s Certificate of Authentication</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE III<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">THE SECURITIES<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 3.01 Title and Terms</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 3.02 Denominations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 3.03 Execution, Authentication, Delivery and Dating</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 3.04 Temporary Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 3.05 Registration; Registration of Transfer and Exchange</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 3.06 Mutilated, Destroyed, Lost and Stolen Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 3.07 Payment of Interest; Interest Rights Preserved</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 3.08 Persons Deemed Owners</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 3.09 Cancellation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 3.10 Computation of Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 3.11 CUSIP Numbers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE IV<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">SATISFACTION AND DISCHARGE<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 4.01 Satisfaction and Discharge of Indenture</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 4.02 Application of Trust Money</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">*</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>This table of contents shall not, for any
purpose, be deemed a part of the Indenture.</TD>
</TR>

</TABLE>



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

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

<DIV style="font-family: Helvetica,Arial,sans-serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Page</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE V<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">REMEDIES<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 5.01 Events of Default</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 5.02 Acceleration of Maturity; Rescission and Annulment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 5.03 Collection of Indebtedness and Suits for Enforcement by Trustee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 5.04 Trustee May File Proofs of Claim</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 5.05 Trustee May Enforce Claims Without Possession of Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 5.06 Application of Money Collected</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 5.07 Limitation on Suits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 5.08 Unconditional Right of Holders to Receive Principal, Premium and Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 5.09 Restoration of Rights and Remedies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 5.10 Rights and Remedies Cumulative</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 5.11 Delay or Omission Not Waiver</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 5.12 Control by Holders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 5.13 Waiver of Past Defaults</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 5.14 Undertaking for Costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 5.15 Waiver of Usury, Stay or Extension Laws</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 5.16 No Personal Liability of Incorporators, Shareholders, Officers, Directors or Employees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE VI<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">THE TRUSTEE<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 6.01 Certain Duties and Responsibilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 6.02 Notice of Defaults</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 6.03 Certain Rights of Trustee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 6.04 Not Responsible for Recitals or Issuance of Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 6.05 May Hold Securities and Act as Trustee under Other Indentures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 6.06 Money Held in Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 6.07 Compensation and Reimbursement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 6.08 Disqualification; Conflicting Interests</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 6.09 Corporate Trustee Required; Eligibility</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 6.10 Resignation and Removal; Appointment of Successor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 6.11 Acceptance of Appointment by Successor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 6.12 Merger, Conversion, Consolidation or Succession to Business</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 6.13 Preferential Collection of Claims Against Company</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 6.14 Appointment of Authenticating Agent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 6.15 Trustee&#146;s Application for Instructions from the Company</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE VII<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">HOLDERS&#146; LISTS AND REPORTS BY TRUSTEE AND COMPANY<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 7.01 Company to Furnish Trustee Names and Addresses of Holders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 7.02 Preservation of Information; Communications to Holders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 7.03 Reports by Trustee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 7.04 Reports by Company</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE VIII<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">CONSOLIDATIONS, MERGERS AND CERTAIN SALES OF ASSETS<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 8.01 The Company May Consolidate, Etc. Only on Certain Terms</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 8.02 Successor Substituted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Page</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE IX<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">SUPPLEMENTAL INDENTURES<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 9.01 Supplemental Indentures Without Consent of Holders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 9.02 Supplemental Indentures With Consent of Holders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 9.03 Execution of Supplemental Indentures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 9.04 Effect of Supplemental Indentures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 9.05 Conformity with Trust Indenture Act</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 9.06 Reference in Securities to Supplemental Indentures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE X<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">COVENANTS<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 10.01 Payment of Principal Amount, Premium and Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 10.02 Maintenance of Office or Agency</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 10.03 Money for Securities Payments to be Held in Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 10.04 Corporate Existence</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 10.05 Maintenance of Properties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 10.06 Payment of Taxes and Other Claims</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 10.07 Maintenance of Insurance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 10.08 Limitation on Liens</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 10.09 Change of Control Triggering Event</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 10.10 Provision of Financial Information</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 10.11 Statement By Officers as to Default; Compliance Certificates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 10.12 Waiver of Certain Covenants</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 10.13 Indemnification of Judgment Currency</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 10.14 Payments for Consent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 10.15 Additional Amounts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE XI<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">REDEMPTION OF SECURITIES<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 11.01 Right of Redemption</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 11.02 Applicability of Article</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 11.03 Election to Redeem; Notice to Trustee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 11.04 Selection by Trustee of Securities to Be Redeemed</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 11.05 Notice of Redemption</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 11.06 Deposit of Redemption Price</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 11.07 Securities Payable on Redemption Date</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 11.08 Securities Redeemed in Part</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE XII<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">DEFEASANCE AND COVENANT DEFEASANCE<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 12.01 Company&#146;s Option to Effect Defeasance or Covenant Defeasance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 12.02 Defeasance and Discharge</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 12.03 Covenant Defeasance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 12.04 Conditions to Defeasance or Covenant Defeasance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 12.05 Deposited Money and United States Government Obligations to be Held in Trust; Other Miscellaneous Provisions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 12.06 Reinstatement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Testimonium<BR>
Signatures and Seals

</DIV>

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

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INDENTURE, dated as of January&nbsp;27, 2010, between Teekay Corporation, a corporation duly
domesticated and existing under the laws of the Republic of The Marshall Islands, as issuer (herein
called the &#147;Company&#148;), having its principal executive office at 4<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor, Belvedere
Building, 69 Pitts Bay Road, Hamilton, HM 08, Bermuda, and The Bank of New York Mellon Trust
Company, N.A., as Trustee (herein called the &#147;Trustee&#148;).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>RECITALS OF THE COMPANY</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has duly authorized the creation of an issue of its 8.5% Senior Notes due January
15, 2020 of substantially the tenor and amount hereinafter set forth (each a &#147;Security&#148; and,
collectively, the &#147;Securities&#148;), and to provide therefor the Company has duly authorized the
execution and delivery of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All things necessary to make the Securities, when executed by the Company and authenticated
and delivered hereunder and duly issued by the Company, the valid obligations of the Company, and
to make this Indenture a valid agreement of the Company, in accordance with its terms, have been
done.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, THIS INDENTURE WITNESSETH:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For and in consideration of the premises and the purchase of the Securities by the Holders
thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all
Holders of the Securities, as follows:
</DIV>

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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 1.01 <I>Definitions.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;For all purposes of this Indenture, except as otherwise expressly provided or unless the
context otherwise requires:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the terms defined in this Article have the meanings assigned to them in this
Article and include the plural as well as the singular;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) all other terms used herein which are defined in the Trust Indenture Act, either
directly or by reference therein, have the meanings assigned to them therein;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) all accounting terms not otherwise defined herein have the meanings assigned to
them in accordance with generally accepted accounting principles in the United States
(whether or not such is indicated herein), and, except as otherwise herein expressly
provided, the term &#147;generally accepted accounting principles&#148; with respect to any
computation required or permitted hereunder shall mean such accounting principles as are
generally accepted in the United States as consistently applied by the Company at the date
of such computation;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) unless the context otherwise requires, any reference to an &#147;Article&#148; or a
&#147;Section&#148;, or to an &#147;Annex&#148; or a &#147;Schedule&#148;, refers to an Article or Section of, or to an
Annex or a Schedule attached to, this Indenture, as the case may be;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) unless the context otherwise requires, any reference to a statute, rule or
regulation refers to the same (including any successor statute, rule or regulation thereto)
as it may be amended from time to time;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) &#147;including&#148; means including without limitation; and
</DIV>

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

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<P><HR noshade><P>
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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) the words &#147;herein&#148;, &#147;hereof&#148; and &#147;hereunder&#148; and other words of similar import
refer to this Indenture as a whole and not to any particular Article, Section or other
subdivision.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Certain terms, used principally in Article&nbsp;VI, are defined in that Article. Other terms
are defined as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Acquired Debt&#148; means Debt of a Person existing at the time such Person became a Subsidiary
and not Incurred in connection with, or in contemplation of, such Person becoming a Subsidiary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Additional Amounts&#148; has the meaning specified in Section&nbsp;10.15.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Additional Securities&#148; means any additional Securities that may be issued under a
supplemental indenture after the date that the Securities are first issued by the Company and
authenticated by the Trustee under this Indenture, which shall rank <I>pari passu </I>with the Securities
initially issued in all respects.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Affiliate&#148; of any specified Person means any other Person directly or indirectly controlling
or controlled by or under direct or indirect common control with such specified Person. For the
purposes of this definition, &#147;control&#148; as used with respect to any Person, shall mean the
possession, directly or indirectly, of the power to direct or cause the direction of the management
and policies of such Person, whether through the ownership of voting securities, by agreement or
otherwise; provided that beneficial ownership of 10% or more of the Voting Stock of a Person shall
be deemed to be control. For purposes of this definition, the terms &#147;controlling&#148;, &#147;controlled by&#148;
and &#147;under common control with&#148; have meanings correlative to the foregoing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Agent Members&#148; means members of, or direct participants in, the United States Depository.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Authenticating Agent&#148; means any Person authorized by the Trustee pursuant to Section&nbsp;6.14 to
act on behalf of the Trustee to authenticate Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Board of Directors&#148; means either the board of directors of the Company or any duly authorized
committee of that board authorized to act for it in respect thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Board Resolution&#148; means a copy of a resolution certified by the Corporate Secretary or an
Assistant Secretary of the Company to have been duly adopted by the Board of Directors and to be in
full force and effect on the date of such certification, and delivered to the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Business Day&#148; means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day
on which banking institutions in the City of New York, New York or such other city in which the
Corporate Trust Office of the Trustee is located, are authorized or obligated by law, regulation or
executive order to close.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Capitalized Lease&#148; means, as applied to any Person, any lease of any property (whether real,
personal or mixed) of which the discounted present value of the rental obligations of such Person,
as lessee, in conformity with GAAP, is required to be capitalized on the balance sheet of such
Person; and &#147;Capitalized Lease Obligation&#148; is defined to mean the rental obligations, as aforesaid,
under such lease.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Capital Stock&#148; means, with respect to any Person, any and all shares, interests,
participations or other equivalents (however designated, whether voting or non-voting) of such
Person&#146;s capital stock or ownership interests, whether outstanding prior to or issued after the
date of this Indenture, including, without limitation, all Common Stock and Preferred Stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Change of Control&#148; has the meaning specified in Section&nbsp;10.09(b)(1).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Change of Control Triggering Event&#148; means the occurrence of a Change of Control and a Rating
Decline.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Clearstream&#148; means Clearstream Banking, S.A.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Commission&#148; means the United States Securities and Exchange Commission, as from time to time
constituted, created under the Exchange Act, or if at any time after the execution of this
instrument such Commission is not existing and performing the duties now assigned to it under the
Trust Indenture Act, then the body performing such duties at such time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Common Stock&#148; of any Person means Capital Stock of such Person that does not rank prior, as
to the payment of dividends or as to the distribution of assets upon any voluntary or involuntary
liquidation, dissolution or winding up of such Person, to shares of Capital Stock of any other
class of such Person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Company Request&#148; or &#147;Company Order&#148; means a written request or order signed in the name of
the Company (or its successor Person) by its Chief Executive Officer, its President or a
Vice-President, and by its Chief Financial Officer, its Vice President, Finance, its Treasurer, an
Assistant Treasurer, its Controller, its Corporate Secretary or an Assistant Secretary, and
delivered to the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Comparable Treasury Issue&#148; means the United States Treasury security selected by an
Independent Investment Banker as having a Maturity comparable to the remaining term of the
Securities that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of comparable Maturity to
the remaining term of the Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Comparable Treasury Price&#148; means, with respect to any Redemption Date, (i)&nbsp;the average of the
bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of
its principal amount) on the third Business Day preceding such Redemption Date, as set forth in the
daily statistical release (or any successor release) published by the Federal Reserve Bank of New
York and designated &#147;H.15 (519)&nbsp;Selected Interest Rates&#148; or (ii)&nbsp;if such release (or any successor
release) is not published or does not contain such prices on such Business Day, (A)&nbsp;the average of
the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and
lowest such Reference Treasury Dealer Quotations for such Redemption Date, or (B)&nbsp;if the Trustee
obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such
Reference Treasury Dealer Quotations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Corporate Trust Office&#148; means the corporate trust office of the Trustee or its affiliate at
which at any particular time its corporate trust business may be administered and any additional
office it may designate in writing to the Company. At the date of this Indenture, the Corporate
Trust Office of the Trustee is located at 700 S. Flower St., Suite&nbsp;500, Los Angeles, CA 90014,
Attention: Corporate Trust Administration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;corporation&#148; means a corporation, association, company, joint-stock company, limited
liability company, partnership or business trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Currency Agreement&#148; means any foreign exchange contract, currency swap agreement or other
similar agreement or arrangement designed to protect the Company or any of its Subsidiaries against
fluctuations in currency values to or under which the Company or any of its Subsidiaries is a party
or a beneficiary on the date of this indenture or becomes a party or a beneficiary thereafter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Debt&#148; means, with respect to any Person at any date of determination (without duplication):
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;all debt of such Person for borrowed money,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;all obligations of such Person evidenced by bonds, debentures, notes or other similar
instruments,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;all obligations of such Person in respect of letters of credit or other similar
instruments (including reimbursement obligations with respect thereto),
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;all obligations of such Person to pay the deferred purchase price of property or services,
which purchase price is due more than six months after the date of placing such property in service
or taking delivery thereto or the completion of such services, except trade payables,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;all obligations of such Person as lessee under Capitalized Leases,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;all Debt of Persons other than such Person secured by a Lien on any asset of such person,
whether or not such Debt is assumed by such Person; provided that the amount of such Debt shall be
the lesser of (A)&nbsp;the fair market value of such asset at such date of determination and (B)&nbsp;the
amount of such Debt,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;all Debt of Persons other than such Person guaranteed by such Person to the extent such
Debt is guaranteed by such Person, and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;to the extent not otherwise included in this definition, obligations under Currency
Agreements and Interest Rate Agreements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The amount of Debt of any Person at any date shall be the outstanding balance at such date of
all unconditional obligations as described above and, with respect to contingent obligations, the
maximum liability upon the occurrence of the contingency giving rise to the obligation, provided
that the amount outstanding at any time of any Debt issued with original issue discount is the face
amount of such Debt less the remaining unamortized portion of the original issue discount of such
Debt at such time as determined in conformity with GAAP; and provided further that Debt shall not
include any liability for federal, state, local, foreign or other taxes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;default&#148; has the meaning specified in Section&nbsp;6.02.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Defaulted Interest&#148; has the meaning specified in Section&nbsp;3.07.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Disqualified Equity Interests&#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 or for
which it is convertible, puttable or exchangeable, is, or upon the happening of any event or the
passage of time would be, required to be redeemed by such Person, whether or not 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 final
maturity date of the Securities; <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 into or for Disqualified
Equity Interests or Debt, 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; provided, further, 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 Company to redeem such Equity Interests upon
the occurrence of a change in control occurring prior to the 91st day after the final maturity date
of the Securities shall not constitute Disqualified Equity Interests if the change of control
provisions applicable to such Equity Interests are no more favorable to such holders than
provisions of Section&nbsp;10.09, and such Equity Interests specifically provide that the Company will
not redeem any such Equity Interests pursuant to such provisions prior to the Company&#146;s purchase of
the notes as required pursuant to the provisions of Section&nbsp;10.09.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Equity Interests&#148; of any Person means (1)&nbsp;any and all shares and other equity interests
(including common stock, preferred stock, limited liability company interests 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.
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Euroclear&#148; means Euroclear Bank S.A./N.V., as operator of the Euroclear System.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Event of Default&#148; has the meaning specified in Section&nbsp;5.01.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Exchange Act&#148; means the Securities Exchange Act of 1934, as amended, and any successor act
thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Expiration Date&#148; has the meaning specified in Section&nbsp;1.04.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;generally accepted accounting principles&#148; and &#147;GAAP&#148; mean generally accepted accounting
principles in the United States as in effect as of the date of this Indenture, including, without
limitation, those set forth in the opinions and pronouncements of the Accounting Principles Board
of the American Institute of Certified Public Accountants and statements and pronouncements of the
Financial Accounting Standards Board or in such other statements by such other entity as approved
by a significant segment of the accounting profession.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Global Security&#148; means a Security that is registered in the Security Register in the name of
the United States Depository or its nominee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Governing Board Members&#148; means the individuals serving as members of the protectorate or
governing boards of (x)&nbsp;the Trust or its trustee or (y)&nbsp;if the individuals serving as members of
the protectorate or governing boards of the Trust or its trustee immediately prior to any
restructuring or dissolution of the Trust or any transfer of Capital Stock of the Company held
directly or indirectly thereby represent at least a majority of the members of the protectorate or
governing board of the Trust (or trustee thereof) or other entity replacing the Trust as a direct
or indirect owner of all, or substantially all, of the Capital Stock of the Company held directly
or indirectly by the Trust immediately prior to such restructuring, dissolution or transfer, such
replacement trust (or its trustee) or entity, together with any new members whose election or
appointment was approved by at least two-thirds of the members of such board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Gradation&#148; means a gradation within a Rating Category or a change to another Rating Category,
which shall include:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&#147;&#043;&#148; and &#147;-&#148; in the case of S&#038;P&#146;s current Rating Categories (e.g., a decline from BB&#043; to BB
would constitute a decrease of one gradation),
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;1 and 2 in the case of Moody&#146;s current Rating Categories (e.g., a decline from B1 to B2
would constitute a decrease of one gradation), or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;the equivalent in respect of successor Rating Categories of S&#038;P or Moody&#146;s or Rating
Categories used by Rating Agencies other than S&#038;P and Moody&#146;s.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Holder&#148; means a Person in whose name a Security is registered in the Security Register.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Incur&#148; means with respect to any Debt, to incur, create, issue, assume, guarantee or
otherwise become liable for or with respect to, or become responsible for, the payment of,
contingently or otherwise, such Debt, including an incurrence of Acquired Debt by reason of the
acquisition of more than 50% of the Capital Stock of any Person; provided that neither the accrual
of interest nor the accretion of original issue discount shall be considered an Incurrence of Debt.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Indenture&#148; means this instrument as originally executed and as it may from time to time be
supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the
applicable provisions hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Independent Investment Banker&#148; means J.P. Morgan Securities Inc. or its successor or, if such
firm is unwilling or unable to select the Comparable Treasury Issue, one of the remaining Reference
Treasury Dealers appointed by the Company.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Interest Payment Date&#148; has the meaning specified in Section&nbsp;2.02.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Interest Rate Agreement&#148; means any interest rate protection agreement, interest rate future
agreement, interest rate option agreement, interest rate swap agreement, interest rate cap
agreement, interest rate collar agreement, interest rate hedge agreement or other similar agreement
or arrangement designed to protect the Company or any of its Subsidiaries against fluctuations in
interest rates to or under which the Company or any of its Subsidiaries is a party or a beneficiary
on the date hereof or becomes a party or a beneficiary hereafter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Investment Grade&#148; means:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;BBB- or above in the case of S&#038;P (or its equivalent under any successor Rating Categories
of S&#038;P);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;Baa3 or above, in the case of Moody&#146;s (or its equivalent under any successor Rating
Categories of Moody&#146;s); and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;the equivalent in respect of the Rating Categories of any Rating Agencies substituted for
S&#038;P or Moody&#146;s.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Kattegat&#148; means Kattegat Limited, a Bermudian exempt company, which on the date of this
Indenture is wholly owned by the Trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Lien&#148; means, any mortgage, lien, pledge, security interest, encumbrance or charge of any kind
(including, without limitation, any conditional sale or other title retention agreement or lease in
the nature thereof, any sale with recourse against the seller or any Affiliate of the seller, or
any agreement to give any security interest).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Maturity&#148;, when used with respect to any Security, means the date on which the principal of
such Security or an installment of principal becomes due and payable as therein or herein provided,
whether at the Stated Maturity or by declaration of acceleration, call for redemption, exercise of
the repurchase right or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Moody&#146;s&#148; means Moody&#146;s Investors Service, Inc., a subsidiary of Moody&#146;s Corporation, and its
successors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Notice of Default&#148; means a written notice of the kind specified in Section&nbsp;5.01(a)(4).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Offer&#148; has the meaning specified in the definition of Offer to Purchase.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Offer Expiration Date&#148; has the meaning specified in the definition of Offer to Purchase.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Offer to Purchase&#148; means a written offer (the &#147;Offer&#148;) pursuant to Section&nbsp;10.09 sent by the
Company by first class mail, postage prepaid, to each Holder at his address appearing in the
Security Register on the date of the Offer offering to purchase all Outstanding Securities at the
purchase price specified in such Offer (as determined pursuant to this Indenture). Unless
otherwise required by applicable law, the Offer shall specify an expiration date (the &#147;Offer
Expiration Date&#148;) of the Offer to Purchase which shall be, subject to any contrary requirements of
applicable law, not less than 30&nbsp;days or more than 60&nbsp;days after the date of such Offer and a
settlement date (the &#147;Purchase Date&#148;) for purchase of Securities within five Business Days after
the Offer Expiration Date. The Company shall notify the Trustee at least 15 Business Days (or such
shorter period as is acceptable to the Trustee) prior to the mailing of the Offer of the Company&#146;s
obligation to make an Offer to Purchase, and the Offer shall be mailed by the Company or, at the
Company&#146;s request, by the Trustee in the name and at the expense of the Company. The Offer shall
contain information concerning the business of the Company and its Subsidiaries which the Company
in good faith believes will enable such Holders of the Securities to make an informed decision with
respect to the Offer to Purchase (which at a minimum will include):
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;the most recent annual and quarterly financial statements and &#147;Management&#146;s Discussion and
Analysis of Financial Condition and Results of Operations&#148; contained in the documents required to
be filed with the Trustee pursuant to this Indenture (which requirements may be satisfied by
delivery of such documents together with the Offer),
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;a description of material developments in the Company&#146;s business subsequent to the date of
the latest of such financial statements referred to in clause (1) (including a description of the
events requiring the Company to make the Offer to Purchase),
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;if applicable, appropriate pro forma financial information concerning the Offer to
Purchase and the events requiring the Company to make the Offer to Purchase and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;any other information required by applicable law to be included therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Offer shall contain all instructions and materials necessary to enable such Holders of the
Securities to tender Securities pursuant to the Offer to Purchase. The Offer shall also state:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;the Offer to Purchase is being made pursuant to Section&nbsp;10.09 of the Indenture;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;the Expiration Date and the Purchase Date;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;the aggregate principal amount of the Outstanding Securities offered to be purchased by
the Company pursuant to the Offer to Purchase (the &#147;Purchase Amount&#148;);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;the purchase price to be paid by the Company for each U.S.$1,000 aggregate principal
amount of Securities accepted for payment (as specified pursuant to this Indenture) (the &#147;Purchase
Price&#148;);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;that the Holder may tender all or any portion of the Securities registered in the name of
such Holder and that any portion of a Security tendered must be tendered in a minimum denomination
of U.S.$2,000 principal amount and integral multiples of U.S.$1,000 principal amount in excess
thereof;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;the place or places where Securities are to be surrendered for tender pursuant to the
Offer to Purchase;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;that interest on any Security not tendered or tendered but not purchased by the Company
pursuant to the Offer to Purchase will continue to accrue;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;that on the Purchase Date, the Purchase Price will become due and payable upon each
Security being accepted for payment pursuant to the Offer to Purchase and that interest thereon
shall cease to accrue on and after the Purchase Date;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)&nbsp;that each Holder of the Securities electing to tender a Security pursuant to the Offer to
Purchase will be required to surrender such Security at the place or places specified in the Offer
prior to the close of business on the Expiration Date (such Security being, if the Company or the
Trustee so requires, duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his attorney
duly authorized in writing);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10)&nbsp;that Holders of the Securities will be entitled to withdraw all or any portion of
Securities tendered if the Company (or its Paying Agent) receives, not later than the close of
business on the Expiration Date, a telegram, telex, facsimile transmission or letter setting forth
the name of the Holder, the principal amount of the Security the Holder tendered, the certificate
number of the Security the Holder tendered and a statement that such Holder is withdrawing all or a
portion of his tender;
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11)&nbsp;that (a)&nbsp;if Securities in an aggregate principal amount less than or equal to the
Purchase Amount are duly tendered and not withdrawn pursuant to the Offer to Purchase, the Company
shall purchase all such Securities and (b)&nbsp;if Securities in an aggregate principal amount in excess
of the Purchase Amount are tendered and not withdrawn pursuant to the Offer to Purchase, the
Company shall purchase Securities having an aggregate principal amount equal to the Purchase Amount
on a pro rata basis (with such adjustments as may be deemed appropriate so that only Securities in
denominations of $2,000 or integral multiples of $1,000 in excess thereof shall be purchased); and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12)&nbsp;that in the case of any Holder whose Security is purchased only in part, the Company
shall execute, and the Trustee shall authenticate and deliver to the Holder of such Security
without service charge, a new Security or Securities, of any authorized denomination as requested
by such Holder, in an aggregate principal amount equal to and in exchange for the unpurchased
portion of the Security so tendered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Offer to Purchase shall be governed by and effected in accordance with the Offer for such
Offer to Purchase. The Trustee shall have no duty, obligation or responsibility to review, comment
upon or approve the Offer to Purchase and any comments with respect thereto by the Trustee shall
not be deemed to expand the scope of the Trustee&#146;s duties and obligations hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Officers&#146; Certificate&#148; means a certificate signed by the Chief Executive Officer, the
President or a Vice President, and by the Chief Financial Officer, the Vice President, Finance, the
Treasurer, an Assistant Treasurer, the Controller, the Corporate Secretary or an Assistant
Secretary, of the Company, and delivered to the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Opinion of Counsel&#148; means a written opinion of counsel, who may be counsel for the Company,
including an employee of the Company, and who shall be reasonably acceptable to the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Outstanding&#148; or &#147;Outstanding Securities&#148; when used with respect to Securities, means, as of
the date of determination, all Securities theretofore authenticated and delivered under this
Indenture, except:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;Securities theretofore cancelled by the Trustee or delivered to the Trustee for
cancellation;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;Securities, or portions thereof, for whose payment or redemption money in the necessary
amount has been theretofore deposited with the Trustee or any Paying Agent (other than the Company)
in trust or set aside and segregated in trust by the Company (if the Company shall act as its own
Paying Agent) for the Holders of such Securities; provided that, if such Securities are to be
redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision
therefor satisfactory to the Trustee has been made;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;Securities, except to the extent provided in Sections&nbsp;12.02 and 12.03, with respect to
which the Company has effected defeasance and/or covenant defeasance as provided in Article&nbsp;XII;
and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;Securities which have been paid pursuant to Section&nbsp;3.06 or in exchange for or in lieu of
which other Securities have been authenticated and delivered pursuant to this Indenture, other than
any such Securities in respect of which there shall have been presented to the Trustee proof
satisfactory to it that such Securities are held by a bona fide purchaser in whose hands such
Securities are valid obligations of the Company;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>provided, however</I>, that in determining whether the Holders of the requisite principal amount of the
Outstanding Securities have given any request, demand, authorization, direction, notice, consent or
waiver hereunder, Securities owned by the Company or any other obligor upon the Securities or any
Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be
Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any
such request, demand, authorization, direction, notice, consent or waiver or other action, only
Securities which the Trustee knows to be so owned by written notice delivered at its notice address
specified in Section&nbsp;1.05
</DIV>




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</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">hereof, shall be so disregarded. Securities so owned which have been pledged in good faith may be
regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee&#146;s
right so to act with respect to such Securities and that the pledgee is not the Company or any
other obligor upon the Securities or any Affiliate of the Company or of such other obligor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>pari passu</I>&#148;, when used with respect to the ranking of any Debt of any Person in relation to
other Debt of such Person, means that each such Debt (a)&nbsp;either (i)&nbsp;is not subordinated in right of
payment to any other Debt of such Person or (ii)&nbsp;is subordinate in right of payment to the same
Debt of such Person as is the other and is so subordinate to the same extent and (b)&nbsp;is not
subordinate in right of payment to the other or to any Debt of such Person as to which the other is
not so subordinate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Path&#148; means Path Spirit Limited, an English company limited by guarantee which is the trust
protector of the Trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Paying Agent&#148; means any Person authorized by the Company to pay the principal of (and
premium, if any) or interest on any Securities on behalf of the Company, which initially shall be
the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Permitted Holder&#148; means the Trust, a majority of the Governing Board Members (each in his or
her capacity as a Governing Board Member), or any other entity (including Resolute, Kattegat and
Path), more than 50% of the total voting power of the Voting Stock or other controlling interest of
which is, at the time of any transfer of Capital Stock of the Company by the Trust or any such
other entity, &#147;beneficially owned&#148; by the Trust or by a majority of the Governing Board Members
(each in his or her capacity as a Governing Board Member).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Person&#148; means any individual, corporation, partnership, joint venture, trust, unincorporated
organization or government or any agency or political subdivision thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Predecessor Securities&#148; of any particular Securities means one or more previous Securities
evidencing all or a portion of the same debt as that evidenced by such particular Securities; and,
for the purposes of this definition, one or more Securities authenticated and delivered under
Section&nbsp;3.06 in exchange for or in lieu of one or more mutilated, destroyed, lost or stolen
Securities shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen
Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Preferred Stock&#148; of any Person means Capital Stock of such Person of any class or classes
(however designated) that ranks prior, as to the payment of dividends or as to the distribution of
assets upon any voluntary or involuntary liquidation, dissolution or winding up of such Person, to
shares of Capital Stock of any other class of such Person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Purchase Amount&#148; has the meaning specified in the definition of Offer to Purchase.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Purchase Date&#148; has the meaning specified in the definition of Offer to Purchase.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Purchase Price&#148; has the meaning specified in the definition of Offer to Purchase.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Qualified Equity Interests&#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 Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Qualified Equity Offering&#148; means the issuance and sale of Qualified Equity Interests of the
Company to Persons other than any Person who is, prior to such issuance and sale, an Affiliate of
the Company which proceeds are contributed to the Company; <I>provided, however</I>, that cash proceeds
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">therefrom equal to not less than the Redemption Price of the Securities to be redeemed are
received by the Company as a capital contribution immediately prior to such redemption.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Rating Agencies&#148; means:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;S&#038;P and Moody&#146;s; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;if S&#038;P or Moody&#146;s or both of them are not making ratings of the Securities publicly
available, a nationally recognized United States rating agency or agencies, as the case may be,
selected by the Company, which will be substituted for S&#038;P or Moody&#146;s or both, as the case may be.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Rating Category&#148; means:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;with respect to S&#038;P, any of the following categories (any of which may include a &#147;&#043;&#148; or
&#147;-&#148;): AAA, AA, A, BBB, BB, B, CCC, CC, C and D (or equivalent successor categories);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;the equivalent of any such categories of S&#038;P or Moody&#146;s used by another Rating Agency, if
applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Rating Decline&#148; means that at any time within 90&nbsp;days (which period shall be extended so long
as the rating of the Securities is under publicly announced consideration for possible downgrade by
any Rating Agency) after the date of public notice of a Change of Control, or of the intention of
the Company or of any person to effect a Change of Control, the rating of the Securities is
decreased by both Rating Agencies by one or more Gradations and the rating by such Rating Agencies
on the Securities following such downgrade is below Investment Grade.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Redemption Date&#148; when used with respect to any Security to be redeemed, in whole or in part,
means the date fixed for such redemption by or pursuant to this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Redemption Price&#148; when used with respect to any Security to be redeemed, in whole or in part,
means the price at which it is to be redeemed pursuant to this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Reference Treasury Dealer&#148; means (i)&nbsp;each of J.P. Morgan Securities Inc. and any other
primary United States Government Securities dealer in New York City (a &#147;Primary Treasury Dealer&#148;)
designated by, and not affiliated with, J.P. Morgan Securities Inc., provided however, that if J.P.
Morgan Securities Inc. or any of its designees shall cease to be a Primary Treasury Dealer, the
Company will appoint another Primary Treasury Dealer as a substitute for such entity and (ii)&nbsp;any
other Primary Treasury Dealer selected by the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall appoint each Reference Treasury Dealer and shall timely furnish the Trustee
with detailed contact information for each such Person that shall include the relevant name,
telephone number and fax number and street and e-mail address.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Reference Treasury Dealer Quotations&#148; means, with respect to each Reference Treasury Dealer
and any Redemption Date, the average, as determined by the Trustee of the bid and asked prices for
the Comparable Treasury Issue (expressed, in each case, as a percentage of its principal amount)
quoted in writing to the trustee by such Reference Treasury Dealer at 5:00 p.m., New York City
time, on the third Business Day preceding such Redemption Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Regular Record Date&#148; has the meaning specified in Section&nbsp;2.02.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Relevant Debt&#148; means any Debt for borrowed money in the form of bonds, notes, debentures or
other Debt securities issued by way of public offering or private placement, including any
guarantee or indemnity given in respect of debt of any third party for money borrowed in the form
of bonds, notes,
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">debentures or other Debt securities issued by way of a public offering or private placement,
but, for greater clarity, shall not include loans (or collateral debt securities relating to such
loans) made by banks or other financial institutions, customers or strategic partners.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Reporting Failure&#148; means the failure of the Company to file or furnish with the Commission
and furnish to the Trustee and each Holder of Securities, within the time periods specified in
Section&nbsp;10.10 (after giving effect to any grace period specified under Rule&nbsp;12b-25 under the
Exchange Act), the reports and information which the Company may be required to file or furnish
with the Commission pursuant to such provision.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Resolute&#148; means Resolute Investments, Ltd., a Bermudian exempt company, which on the date of
this Indenture is wholly owned by Kattegat.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Responsible Officer&#148; 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,
trust officer or any other officer or authorized associate 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;S&#038;P&#148; means Standard &#038; Poor&#146;s Ratings Services, a division of The McGraw Hill Companies Inc.,
and its successors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Securities Act&#148; means the United States Securities Act of 1933, as amended, and (unless the
context otherwise requires) includes the rules and regulations of the Commission promulgated
thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Security&#148; and &#147;Securities&#148; have the meaning set forth in the first recital of this Indenture
and more particularly means any Securities authenticated and delivered under this Indenture. For
all purposes of this Indenture, the term &#147;Securities&#148; shall include any Additional Securities that
may be issued under a supplemental indenture and, for purposes of this Indenture, both the
Securities and the Additional Securities shall vote together as one series of Securities under this
Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Security Register&#148; and &#147;Security Registrar&#148; have the respective meanings specified in Section
3.05.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Special Record Date&#148; for the payment of any Defaulted Interest means a date fixed by the
Trustee pursuant to Section&nbsp;3.07.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Stated Maturity&#148; means, when used with respect to any Security or any installment of
principal thereof or interest thereon, the date specified in such Security as the fixed date on
which the principal of such Security or such installment of principal or interest is due and
payable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Subsidiary&#148; means, with respect to the Company, any business entity of which more than 50% of
the outstanding Voting Stock is owned directly or indirectly by the Company and one or more other
Subsidiaries of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Successor Company&#148; has the meaning specified in Section&nbsp;8.02.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Successor Security&#148; of any particular Security means every Security issued after, and
evidencing all or a portion of the same debt as that evidenced by, such particular Security; and
for the purposes of this definition, any Security authenticated and delivered under Section&nbsp;3.06 in
exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to
evidence the same debt as the mutilated, destroyed, lost or stolen Security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Taxing Jurisdiction&#148; means the Republic of The Marshall Islands or any jurisdiction from or
through which payment on the Securities is made, or any political subdivision thereof, or any
authority or agency therein or thereof having power to tax.
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Treasury Yield&#148; means, with respect to any Redemption Date, the rate per year equal to the
semi-annual equivalent yield to Maturity of the Comparable Treasury Issue, assuming a price for the
Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the
Comparable Treasury Price for such Redemption Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Trustee&#148; means the Person named as the &#147;Trustee&#148; in the first paragraph of this Indenture
until a successor Trustee shall have become such pursuant to the applicable provisions of this
Indenture, and thereafter &#147;Trustee&#148; shall mean such successor Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Trust Indenture Act&#148; or &#147;TIA&#148; means the Trust Indenture Act of 1939, as in force at the date
as of which this instrument was executed; <I>provided, however</I>, that in the event the Trust Indenture
Act of 1939 is amended after such date, &#147;Trust Indenture Act&#148; means, to the extent required by such
amendment, the Trust Indenture Act of 1939 as so amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Trust&#148; means The Kattegat Trust, a Bermudian charitable trust, the trustee of which is
Kattegat Private Trustees (Bermuda) Limited.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;United States&#148; means the United States of America (including the States thereof and the
District of Columbia), its territories, its possessions and other areas subject to its
jurisdiction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;United States Depositary&#148; means The Depository Trust Company until a successor United States
Depositary shall have become such pursuant to the applicable provisions of this Indenture, and
thereafter &#147;United States Depositary&#148; shall mean each successor United States Depositary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;U.S. Dollars&#148; and &#147;$&#148; means such coin or currency of the United States which is legal tender
for payment of public and private debts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;United States Government Obligations&#148; has the meaning specified in Section&nbsp;12.04.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;United States Government Securities&#148; means securities that are direct obligations of the
United States, direct obligations of the Federal Home Loan Mortgage Corporation, direct obligations
of the Federal National Mortgage Association, securities which the timely payment of whose
principal and interest is unconditionally guaranteed by the full faith and credit of the United
States, trust receipts or other evidence of indebtedness of a direct claim upon the instrument
described above and money market mutual funds that invest solely in such securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Vice President&#148;, when used with respect to the Company or the Trustee, means any vice
president, whether or not designated by a number or a word or words added before or after the title
&#147;vice president&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Voting Stock&#148; of any Person as of any date means the Capital Stock of such Person that is at
the time entitled to vote in the election of the board of directors or similar governing body of
such Person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 1.02 <I>Compliance Certificates and Opinions.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Upon any application or request by the Company to the Trustee to take any action under any
provision of this Indenture, the Company shall furnish to the Trustee an Officers&#146; Certificate and
such other certificates and Opinions of Counsel as may be required under the Trust Indenture Act or
as set forth herein. Each such certificate, Opinion of Counsel or other expert opinion shall be
reasonably satisfactory in form and substance to the Trustee and shall include
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a statement that each individual signing such certificate or opinion has read such
covenant or condition and the definitions herein relating thereto;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 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;
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a statement that, in the opinion of each such individual, he 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 precedent, if any, has been complied with; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) a statement as to whether, in the opinion of each such individual, such condition
or covenant necessary for any action in the Trustee&#146;s opinion has been complied with.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 1.03 <I>Form of Documents Delivered to Trustee.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;In any case where several matters are required to be certified by, or covered by an
opinion of, any specified Person, it is not necessary that all such matters be certified by, or
covered by the opinion of, only one such Person, or that they be so certified or covered by only
one document, but one such Person may certify or give an opinion with respect to some matters and
one or more other such Persons as to other matters, and any such Person may certify or give an
opinion as to such matters in one or several documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Any certificate or opinion of an officer of the Company may be based, insofar as it
relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless
such officer knows that the certificate or opinion or representations with respect to the matters
upon which his or her certificate or opinion is based are erroneous. Any such certificate or
opinion of counsel may be based, insofar as it relates to factual matters, upon a certificate or
opinion of, or representations by, an officer or officers of the Company stating that the
information with respect to such factual matters is in the possession of the Company, unless such
counsel knows that the certificate or opinion or representations with respect to such matters are
erroneous.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Where any Person is required to make, give or execute two or more applications, requests,
consents, certificates, statements, opinions or other instruments under this Indenture, they may,
but need not, be consolidated and form one instrument.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 1.04 <I>Acts of Holders; Record Dates.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Any request, demand, authorization, direction, notice, consent, waiver or other action
provided or permitted by this Indenture to be given, made or taken by Holders may be embodied in
and evidenced by one or more instruments of substantially similar tenor signed by such Holders in
person or by an agent duly appointed in writing; and, except as herein otherwise expressly
provided, such action shall become effective when such instrument or instruments are delivered to
the Trustee and, where it is hereby expressly required, to the Company. Such instrument or
instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred
to as the &#147;Act&#148; of the Holders signing such instrument or instruments and the Holders bound
thereby. 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 (subject to Section&nbsp;6.01) conclusive in favor
of the Trustee and the Company, if made in the manner provided in this Section.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The fact and date of the execution by any Person of any such instrument or writing may be
proved by the affidavit of a witness of such execution or by a certificate of a notary public or
other officer authorized by law to take acknowledgments of deeds, certifying that the individual
signing such instrument or writing acknowledged to him or her the execution thereof. Where such
execution is by a signer acting in a capacity other than his or her individual capacity, such
certificate or affidavit shall also constitute sufficient proof of his or her authority. The fact
and date of the execution of any such instrument or writing, or the authority of the Person
executing the same, may also be proved in any other manner which the Trustee deems sufficient.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The ownership of Securities (including the principal amount and serial numbers of
Securities held by any Person, and the date of holding the same) shall be proved by the Security
Register.
</DIV>

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</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Any request, demand, authorization, direction, notice, consent, waiver or other Act of the
Holder of any Security shall bind every future Holder of the same Security and the Holder of every
Security issued upon the registration of transfer thereof or in exchange therefor or in lieu
thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company
in reliance thereon, whether or not notation of such action is made upon such Security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;The Company may set any day as a record date for the purpose of determining the Holders of
Outstanding Securities entitled to give, make or take any request, demand, authorization,
direction, vote, notice, consent, waiver or other action provided or permitted by this Indenture to
be given, made or taken by Holders of Securities, provided that the Company may not set a record
date for, and the provisions of this paragraph shall not apply with respect to, the giving or
making of any notice, declaration, request or direction referred to in the next paragraph. If not
set by the Company prior to the first solicitation of a Holder made by any Person in respect of any
such matter referred to in the foregoing sentence, the record date for any such matter shall be the
30th day (or, if later, the date of the most recent list of Holders required to be provided
pursuant to Section&nbsp;7.01) prior to such first solicitation. If any record date is set pursuant to
this paragraph, the Holders of Outstanding Securities on such record date, and no other Holders,
shall be entitled to take the relevant action, whether or not such Holders remain Holders after
such record date; provided that no such action shall be effective hereunder unless taken on or
prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding
Securities on such record date. Nothing in this paragraph shall be construed to prevent the
Company from setting a new record date for any action for which a record date has previously been
set pursuant to this paragraph (whereupon the record date previously set shall automatically and
with no action by any Person be cancelled and of no effect), and nothing in this paragraph shall be
construed to render ineffective any action taken by Holders of the requisite principal amount of
Outstanding Securities on the date such action is taken. Promptly after any record date is set
pursuant to this paragraph, the Company, at its own expense, shall cause notice of such record
date, the proposed action by Holders and the applicable Expiration Date to be given to the Trustee
in writing and to each Holder of Securities in the manner set forth in Section&nbsp;1.06.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;The Trustee may set any day as a record date for the purpose of determining the Holders of
Outstanding Securities entitled to join in the giving or making of (1)&nbsp;any Notice of Default, (2)
any declaration of acceleration referred to in Section&nbsp;5.02, (3)&nbsp;any request to institute
proceedings referred to in Section&nbsp;5.07(b) or (4)&nbsp;any direction referred to in Section&nbsp;5.12. If
any record date is set pursuant to this paragraph, the Holders of Outstanding Securities on such
record date, and no other Holders, shall be entitled to join in such notice, declaration, request
or direction, whether or not such Holders remain Holders after such record date; provided that no
such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date
by Holders of the requisite principal amount of Outstanding Securities on such record date.
Nothing in this paragraph shall be construed to prevent the Trustee from setting a new record date
for any action for which a record date has previously been set pursuant to this paragraph
(whereupon the record date previously set shall automatically and with no action by any Person be
cancelled and of no effect), and nothing in this paragraph shall be construed to render ineffective
any action taken by Holders of the requisite principal amount of Outstanding Securities on the date
such action is taken. Promptly after any record date is set pursuant to this paragraph, the
Trustee, at the Company&#146;s expense, shall cause notice of such record date, the proposed action by
Holders and the applicable Expiration Date to be given to the Company in writing and to each Holder
of Securities in the manner set forth in Section&nbsp;1.06.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;With respect to any record date set pursuant to this Section, the party hereto which sets
such record date may designate any day as the &#147;Expiration Date&#148; and from time to time may change
the Expiration Date to any earlier or later day; provided that no such change shall be effective
unless notice of the proposed new Expiration Date is given to the other party hereto in writing,
and to each Holder of Securities in the manner set forth in Section&nbsp;1.06, on or prior to the
existing Expiration Date. If an Expiration Date is not designated with respect to any record date
set pursuant to this Section, the party hereto which set such record date shall be deemed to have
initially designated the 180th day after such record date as the Expiration Date with respect
thereto, subject to its right to change the Expiration Date
</DIV>

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</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">as provided in this paragraph. Notwithstanding the foregoing, no Expiration Date shall be
later than the 180th day after the applicable record date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder
with regard to any particular Security may do so with regard to all or any part of the principal
amount of such Security or by one or more duly appointed agents each of which may do so pursuant to
such appointment with regard to all or any part of such principal amount.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 1.05 <I>Notices, Etc., to Trustee and Company.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or
other document provided or permitted by this Indenture to be made upon, given or furnished to, or
filed with,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the Trustee by any Holder or by the Company shall be sufficient for purposes other than
with respect to securities for payment or for registrations of transfer or exchange, if made,
given, furnished or filed in writing (or by facsimile transmissions to The Bank of New York Mellon
Trust Company, N.A., 700 S. Flower Street, Suite&nbsp;500, Los Angeles, CA 90017 Attn: Corporate Trust
Administration, Telecopy: (213)&nbsp;630-6298, provided that oral confirmation of receipt shall have
been received) to or with the Trustee at its Corporate Trust Office, Attention: Corporate Trust
Administration;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;if, for purpose of Section&nbsp;3.05 (with respect to securities for payment or for
registrations of transfer or exchange) to The Bank of New York Mellon, 111 Sanders Creek Parkway,
Syracuse, New York 13057; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;the Company by the Trustee or by any Holder shall be sufficient for every purpose
hereunder (unless otherwise herein expressly provided) if in writing and mailed, international air
mail postage prepaid or by overnight air courier or by facsimile transmissions to the Company
addressed to it at the address of its principal executive office specified in the first paragraph
of this instrument, Telecopy: (441)&nbsp;292-3931, provided that oral confirmation of receipt shall have
been received, Attention: General Counsel, with a copy to: Perkins Coie LLP, 1120 N.W. Couch
Street, Tenth Floor, Portland, Oregon 97209, Telecopy (503)&nbsp;346-2008, Attn: David S. Matheson,
Esq., or at any other address or facsimile transmission number previously furnished in writing to
the Trustee by the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing means of communication shall be the exclusive means for properly giving the
foregoing requests, demands, authorizations, directions, notices, consents, waivers, Acts or other
documents to the Trustee, the Company or any Holder under this Section&nbsp;1.05.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All notices and communications (other than those sent to Holders) shall be deemed to have been
duly given: at the time delivered by hand, if personally delivered; five Business Days after being
deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if transmitted by
facsimile; and the next Business Day after timely delivery to the courier, if sent by overnight air
courier guaranteeing next day delivery.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary herein, the Trustee agrees to accept and act upon
instructions or directions pursuant to this Indenture sent by facsimile transmission; <I>provided,
however</I>, that (a)&nbsp;the party providing such written instruction, after such transmission, promptly
provides the originally executed instruction or direction to the Trustee, (b)&nbsp;such originally
execute instruction or direction is signed by an authorized representative of the party providing
such instruction or direction and (c)&nbsp;such instructions or directions, if from the Company, shall
be accompanied by an incumbency certificate listing such authorized representative, which
incumbency certificate shall be amended whenever a person is to be added or deleted from the
listing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 1.06 <I>Notice to Holders; Waiver.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Where this Indenture provides for notice to Holders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing and mailed,
first-class postage
</DIV>

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</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">prepaid, to each Holder affected by such event, at its address as it appears in the Security
Register, not later than the latest date (if any), and not earlier than the earliest date (if any),
prescribed for the giving of such notice. In any case where notice to Holders is given by mail,
neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular
Holder shall affect the sufficiency of such notice with respect to other Holders. Where this
Indenture provides for notice in any manner, such notice may be waived in writing by the Person
entitled to receive such notice, either before or after the event, and such waiver shall be the
equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such
filing shall not be a condition precedent to the validity of any action taken in reliance upon such
waiver.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;In case by reason of the suspension of regular mail service or by reason of any other
cause it shall be impracticable to give such notice by mail, then such notification as shall be
made with the approval of the Trustee shall constitute a sufficient notification for every purpose
hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Notwithstanding anything to the contrary contained herein, as long as the Securities are
in the form of a Global Security, notice to the Holders may be made electronically in accordance
with procedures of the Depositary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 1.07 <I>Conflict with Trust Indenture Act.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture
Act that is required under such Act to be a part of and govern this Indenture, the latter provision
shall control. If any provision of this Indenture modifies or excludes any provision of the Trust
Indenture Act that may be so modified or excluded, the latter provision shall be deemed to apply to
this Indenture as so modified or to be excluded, as the case may be.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 1.08 <I>Effect of Headings and Table of Contents.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Article and Section headings herein and the Table of Contents are for convenience only and
shall not affect the construction hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 1.09 <I>Successors and Assigns.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All covenants and agreements in this Indenture by the Company shall bind its successors and
assigns, whether so expressed or not. All agreements of the Trustee in this Indenture shall bind
its successors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 1.10 <I>Separability Clause.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case any provision in this Indenture or in the Securities shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 1.11 <I>Benefits of Indenture.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing in this Indenture or in the Securities, express or implied, shall give to any Person,
other than the parties hereto, any Paying Agent, any Securities Registrar and their successors
hereunder and the Holders of Securities, any benefit or any legal or equitable right, remedy or
claim under this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 1.12 <I>Governing Law.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK.
</DIV>

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</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 1.13 <I>Legal Holidays.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In any case where any Interest Payment Date, Redemption Date, Purchase Date or Stated Maturity
of any Security shall not be a Business Day, then (notwithstanding any other provision of this
Indenture or of the Securities) payment of interest or principal amount (and premium, if any) need
not be made on such date, but may be made on the next succeeding Business Day with the same force
and effect as if made on the Interest Payment Date, Redemption Date or Purchase Date, or at the
Stated Maturity, provided that no interest shall accrue for the period from and after such Interest
Payment Date, Redemption Date or Purchase Date or Stated Maturity, as the case may be.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 1.14 <I>Consent to Service; Jurisdiction.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Company and the Trustee agree that any legal suit, action or proceeding arising out of
or relating to this Indenture, and the Company agrees that any legal suit, action or proceeding
arising out of or relating to the Securities, may be instituted in any federal or state court in
the Borough of Manhattan, the City of New York, waives any objection which it may now or hereafter
have to the laying of the venue of any such legal suit, action or proceeding, waives any immunity
from jurisdiction or to service of process in respect of any such suit, action or proceeding, and
irrevocably submits to the exclusive jurisdiction of any such court in any such suit, action or
proceeding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Company hereby designates and appoints Watson, Farley &#038; Williams (New York) LLP, New
York, New York as its authorized agent upon which process may be served in any legal suit, action
or proceeding arising out of or relating to this Indenture or the Securities which may be
instituted in any federal or state court in the Borough of Manhattan, The City of New York, New
York, and agrees that service of process upon such agent, and written notice of said service to the
Company by the Person serving the same, shall be deemed in every respect effective service of
process upon the Company in any such suit, action or proceeding and further designates its
domicile, the domicile of New York, New York specified above and any domicile it may have in the
future as its domicile to receive any notice hereunder (including service of process). Service of
process, to be effective upon the Trustee, must be served at the Trustee&#146;s Corporate Trust Office
in The City of New York. If for any reason Watson, Farley &#038; Williams (New York) LLP, New York, New
York (or any successor agent for this purpose) shall cease to act as agent for service of process
as provided above, the Company will promptly appoint a successor agent for this purpose reasonably
acceptable to the Trustee, and provide written notice of such appointment to the Trustee in the
manner provided herein. The Company agrees to take any and all actions as may be necessary to
maintain such designation and appointment of such agent in full force and effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 1.15 <I>Conversion of Currency.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company covenants and agrees that the following provisions shall apply to conversion of
currency in the case of the Securities and this Indenture in the event the Company is in default
under the terms of this Indenture:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;If for the purpose of obtaining judgment in, or enforcing the judgment of, any court in
any country, it becomes necessary to convert into a currency (the &#147;judgment currency&#148;) an amount
due in U.S. Dollars, then the conversion shall be made at the rate of exchange prevailing on the
Business Day before the day on which the judgment is given or the order of enforcement is made, as
the case may be (unless a court shall otherwise determine).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;If there is a change in the rate of exchange prevailing between the Business Day before
the day on which the judgment is given or an order of enforcement is made, as the case may be (or
such other date as a court shall determine), and the date of receipt of the amount due, the Company
will pay such additional amount (or, as the case may be, be refunded such lesser amount), if any,
as may be necessary so that the amount paid in the judgment currency when converted at the rate of
exchange prevailing on the date of receipt will produce the amount in U.S. Dollars originally due.
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;In the event of the winding-up of the Company at any time while any amount or damages
owing under the Securities of this Indenture, or any judgment or order rendered in respect thereof,
shall remain outstanding, the Company shall indemnify and hold the Holders and the Trustees
harmless against any deficiency arising or resulting from any variation in rates of exchange
between (1)&nbsp;the date as of which the equivalent of the amount in U.S. Dollars due or contingently
due under the Securities and this Indenture (other than under this Subsection (c)) is calculated
for the purposes of such winding-up and (2)&nbsp;the final date for the filing of proofs of claim in
such winding-up. For the purpose of this Subsection (c), the final date for the filing of proofs
of claim in the winding-up of the Company shall be the date fixed by the liquidator or otherwise in
accordance with the relevant provisions of applicable law as being the latest practicable date as
at which liabilities of the Company may be ascertained for such winding-up prior to payment by the
liquidator or otherwise in respect thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The obligations contained in Subsections (b)&nbsp;and (c)&nbsp;of this Section&nbsp;1.15 shall constitute
separate and independent obligations of the Company from its other obligations under the Securities
and this Indenture, shall give rise to separate and independent causes of action against the
Company, shall apply irrespective of any waiver or extension granted by any Holders or the Trustees
or any of them from time to time and shall continue in full force and effect notwithstanding any
judgment or order or the filing of any proof of claim in the winding-up of the Company for a
liquidated sum in respect of amounts due hereunder (other than under subsection (c)&nbsp;above) or under
any such judgment or order. Any such deficiency as aforesaid shall be deemed to constitute a loss
suffered by the Holders or the Trustee, as the case may be, and no proof or evidence of any actual
loss shall be required by the Company or the liquidator or otherwise or any of them which shall be
liable for such deficiency. In the case of Subsection (c)&nbsp;above, the amount of such deficiency
shall not be deemed to be reduced by any variation in rates of exchange occurring between the said
final date and the date of any liquidating distribution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;The term &#147;rate(s) of exchange&#148; shall mean the rate of exchange pursuant to the Noon Day
Buying Rate quoted by the Federal Reserve Bank of New York or, if such rate is not then available
therefrom, the WM/Reuters Intraday Spot Rate quoted by WM/Reuters or any similar rate of exchange
quoted by a successor exchange rate service at 12:00 noon (New York City time) for the purchase of,
or conversion into, U.S. Dollars from the judgment currency other than U.S. Dollars referred to in
subsections (a)&nbsp;and (c)&nbsp;above and includes any premiums and costs of exchange payable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;The Trustee shall have no duty or liability with respect to monitoring or enforcing this
Section&nbsp;1.15 and shall have no liability to the Holders due to fluctuations in currency rates.
</DIV>

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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>FORMS OF SECURITY</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 2.01 <I>Forms Generally.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Securities and the Trustee&#146;s certificates of authentication shall be in substantially
the forms set forth in this Article, with such appropriate insertions, omissions, substitutions and
other variations as are required or permitted by this Indenture, and may have such letters, numbers
or other marks of identification and such legends or endorsements placed thereon as may be required
to comply with the rules of any securities exchange or as may, consistently herewith, be determined
by the officers executing such Securities, as evidenced by their execution of the Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The definitive Securities shall be printed, lithographed or engraved or produced by any
combination of these methods on steel engraved borders or may be produced in any other manner,
provided that such manner is permitted by the rules of any securities exchange on which the
Securities may be listed, all as determined by the officers executing such Securities, as evidenced
by their execution of such Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;In certain cases described elsewhere herein, the legends set forth in the first and second
paragraphs of Section&nbsp;2.02 may be omitted from Securities issued hereunder.
</DIV>

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</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 2.02 <I>Form of Face of Security.</I>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#091;</B>INCLUDE IF SECURITY IS A GLOBAL SECURITY &#151; THIS SECURITY IS A
GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN
PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN
WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER
THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE.<B>&#093;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#091;</B>INCLUDE IF SECURITY IS A GLOBAL SECURITY AND THE DEPOSITORY
TRUST COMPANY IS THE UNITED STATES DEPOSITARY &#151; UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, 55 WATER STREET, NEW YORK, NEW YORK 10004,
TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE &#038; CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF CEDE &#038; CO., AND ANY PAYMENT IS MADE TO CEDE &#038; CO.
OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF CEDE &#038; CO., ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
BECAUSE THE REGISTERED OWNER HEREOF, CEDE &#038; CO., HAS AN INTEREST
HEREIN.<B>&#093;</B>
</DIV>

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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>8.5% Senior Notes due January&nbsp;15, 2020</B>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
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<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">CUSIP NO.87900YAA1<BR>
No. &#95;&#95;&#95;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">ISIN NO. US87900YAA10<BR>
$&#95;&#95;&#95;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teekay Corporation, a corporation duly domesticated and existing under the laws of the
Republic of The Marshall Islands (herein called the &#147;Company&#148;, which term includes any successor
Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to
&#95;&#95;&#95;, or registered assigns, the principal sum of &#95;&#95;&#95;U.S. Dollars <B>&#091;</B>IF THE SECURITY IS
A GLOBAL SECURITY, THEN INSERT -, which principal sum may from time to time be increased or
decreased to such other principal sum at maturity, as may be set forth in the records of the
Trustee hereinafter referred to in accordance with the Indenture,<B>&#093; </B>on January&nbsp;15, 2020, and to pay
interest thereon at a rate of 8.5% per annum in cash semi-annually to the Holder of record at the
close of business on January 1 and July&nbsp;1, as the case may be (the &#147;Regular Record Date&#148;),
immediately preceding the applicable Interest Payment Date, on January&nbsp;15 and July&nbsp;15 of each year
(the &#147;Interest Payment Dates&#148;), commencing on July&nbsp;15, 2010. The Company shall pay interest at a
rate of 8.5% plus 1% per annum on any principal, premium, if any, and any installment of interest
which is overdue (to the extent that the payment of interest shall be legally enforceable),
including post-petition interest in any proceeding under any applicable federal or state
bankruptcy, insolvency or similar law, from the dates such amounts are due until such amounts are
paid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any interest not punctually paid as provided in the Indenture will forthwith cease to be
payable to the Holder on such Regular Record Date and may either (i)&nbsp;be paid by the Company to the
Person in whose name this Security (or one or more Predecessor Securities) is registered at the
close of business
</DIV>

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

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<DIV style="font-family: Helvetica,Arial,sans-serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">on a Special Record Date for the payment of such Defaulted Interest to be fixed by the
Company, notice of which states the Special Record Date, the payment date (which shall be not less
than five nor more than 10&nbsp;days after the Special Record Date), and the amount to be paid, and such
notice shall be given to Holders of Securities not less than 10&nbsp;days prior to such Special Record
Date, or (ii)&nbsp;be paid by the Company at any time in any other lawful manner not inconsistent with
the requirements of any securities exchange on which the Securities may be listed, and upon such
notice as may be required by such exchange, all as more fully provided in said Indenture. Interest
on this Security shall be computed on the basis set forth in the Indenture.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of the principal of (and premium, if any) and interest on this Security will be made
at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, the
City of New York, in such coin or currency of the United States as at the time of payment is legal
tender for payment of public and private debts; <I>provided, however</I>, that at the option of the
Company, payment of interest may be made by check mailed to the address of the Person entitled
thereto as such address shall appear in the Security Register.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at
this place.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless the certificate of authentication hereon has been executed by the Trustee referred to
on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under
the Indenture or be valid or obligatory for any purpose.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="62%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dated:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">TEEKAY CORPORATION<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="62%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Attest:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 2.03 <I>Form of Reverse of Security.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Security is one of a duly authorized issue of securities of the Company designated as its
8.5% Senior Notes due January&nbsp;15, 2020 (herein called the &#147;Securities&#148;), issued and to be issued
under an indenture dated as of January&nbsp;27, 2010 (herein called the &#147;Indenture&#148;), between the
Company and The Bank of New York Mellon Trust Company, N.A., as Trustee (herein called the
&#147;Trustee&#148;, which term includes any successor trustee under the Indenture), to which Indenture and
all indentures supplemental thereto reference is hereby made for a statement of the respective
rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the
Holders of the Securities and of the terms upon which the Securities are, and are to be,
authenticated and delivered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As provided for in the Indenture, the Company may, subject to certain limitations, from time
to time, without notice or other consent of the Holders, create and issue Additional Securities
ranking <I>pari passu </I>with the Securities issued the date hereof so that such Additional Securities
shall be consolidated and form a single series with the Securities initially issued by the Company
and shall have the same terms as to status, redemption or otherwise as Securities originally
issued. Any Additional Securities shall be issued with the benefit of any indenture supplemental
to the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the Company&#146;s option, the Company may redeem the Securities in whole or in part at any time
at a Redemption Price equal to the greater of (i)&nbsp;100% of the principal amount of the Securities to
be redeemed and (ii)&nbsp;the sum of the present values of the remaining scheduled payments of principal
and interest on the Securities to be redeemed (excluding the portion of any such interest accrued
to the Redemption Date) discounted to the Redemption Date on a semi-annual basis (assuming a
360-day year
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->20<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">consisting of twelve 30-day months) at the Treasury Yield, plus 50 basis points, plus, in each
case, accrued and unpaid interest to the Redemption Date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Securities shall be subject to redemption, at the option of the Company, as a whole but
not in part, at any time upon not fewer than 30 nor more than 60&nbsp;days&#146; notice mailed to each Holder
of Securities at the addresses appearing in the Security Register at a Redemption Price equal to
100% of the principal amount of the Securities plus accrued interest to but excluding the
Redemption Date if the Company has become or would become obligated to pay on the next date on
which any amount would be payable under or with respect to the Securities, any Additional Amounts
as a result of any change or amendment to the laws (including any regulations promulgated
thereunder) of any Taxing Jurisdiction, or any change in or amendment to any official position
regarding the application or interpretation of such laws or regulations, which change or amendment
is announced or becomes effective on or after January&nbsp;27, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At any time or from time to time prior to January&nbsp;15, 2013, the Company, at its option, may
redeem up to 35% of the aggregate principal amount of the Securities issued under the Indenture
with the net cash proceeds of one or more Qualified Equity Offerings at a Redemption Price equal to
108.5% of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest
thereon, if any, to the Redemption Date; provided that (1)&nbsp;at least 65% of the aggregate principal
amount of Securities issued under the Indenture remains outstanding immediately after the
occurrence of such redemption and (2)&nbsp;the redemption occurs within 60&nbsp;days of the date of the
closing of any such Qualified Equity Offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If less than all of the Securities are to be redeemed at any time, the Trustee shall select
the Securities to be redeemed by such method as the Trustee shall deem fair and appropriate in the
aggregate principal amount specified by the Company. The Trustee may select for redemption
Securities and portions of Securities in amounts of U.S.$2,000 or whole multiples of U.S.$1,000 in
excess thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of redemption or purchase pursuant to an Offer to Purchase of this Security in
part only, a new Security or Securities for the unredeemed or unpurchased portion hereof will be
issued in the name of the Holder hereof upon the cancellation hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an Event of Default (other than certain bankruptcy or insolvency Events of Default) shall
occur and be continuing, the entire unpaid principal amount of, premium, if any, accrued interest
on all the Outstanding Securities may be declared due and payable in the manner and with the effect
provided in the Indenture. If a bankruptcy or insolvency Event of Default occurs, the entire
unpaid principal amount of, premium, if any, and accrued interest on, all the Outstanding
Securities will be immediately due any payable without any declaration or other act on the part of
the Trustee or any Holder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Indenture provides that, subject to certain conditions, if a Change of Control Triggering
Event occurs, the Company shall be required to make an Offer to Purchase for all or a specified
portion of the Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Indenture contains provisions for defeasance at any time of (i)&nbsp;the entire indebtedness of
this Security or (ii)&nbsp;certain restrictive covenants and Events of Default with respect to this
Security, in each case upon compliance with certain conditions set forth therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the rights of the Holders of the
Securities under the Indenture at any time by the Company and the Trustee with the consent of the
Holders of a majority in aggregate principal amount of the Securities at the time Outstanding. The
Indenture also contains provisions permitting the Holders of a majority in aggregate principal
amount of the Securities at the time Outstanding, on behalf of the Holders of all the Securities,
to waive compliance by the Company with certain provisions of the Indenture and certain past
defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of
this Security shall be conclusive and binding upon such Holder and upon all future Holders of this
Security and of any Security issued upon the registration of transfer hereof or in exchange herefor
or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->21<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No reference herein to the Indenture and no provision of this Security or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay
the principal amount of (and premium, if any) and interest on this Security at the times, place and
rate, and in the coin or currency, herein prescribed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Security is registrable in the Security Register, upon surrender of this Security
for registration of transfer at the office or agency of the Company in the Borough of Manhattan,
the City of New York, duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his
attorney duly authorized in writing, and thereupon one or more new Securities, of authorized
denominations and for the same aggregate principal amount, will be issued to the designated
transferee or transferees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Securities are issuable only in registered form without coupons in principal amounts of
U.S.$2,000 at maturity and any integral multiple of U.S.$1,000 in excess thereof. As provided in
the Indenture and subject to certain limitations therein set forth, Securities are exchangeable for
a like aggregate principal amount of Securities of a different authorized denomination, as
requested by the Holder surrendering the same.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to due presentment of this Security for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee may treat the Person in whose name this
Security is registered as the owner hereof for all purposes, whether or not this Security be
overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the
contrary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest on this Security shall be computed on the basis of a 360-day year of twelve 30-day
months.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All terms used in this Security which are defined in the Indenture shall have the meanings
assigned to them in the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Indenture and this Security shall be governed by and construed in accordance with the laws
of the State of New York.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>OPTION OF HOLDER TO ELECT PURCHASE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you want to elect to have this Security purchased in its entirety by the Company pursuant
to Section&nbsp;10.09 of the Indenture, check the box: <FONT face="Wingdings">&#111;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you want to elect to have only a part of this Security purchased by the Company pursuant to
Section&nbsp;10.09 of the Indenture, state the amount (which must be in denominations of $2,000 or
integral multiples of U.S.$1,000 in excess thereof):
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">$____________
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="64%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dated:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Your Signature:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Sign exactly as name appears on the other side of
this Security)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Signature Guarantee:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Signature must be guaranteed by a member firm of the New York Stock Exchange or a
commercial bank or trust company)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->22<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 2.04 <I>Form of Trustee&#146;s Certificate of Authentication.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee&#146;s certificate of authentication shall be substantially in the following form:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This is one of the Securities referred to in the within-mentioned Indenture.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><DIV style="margin-left:15px; text-indent:-15px">THE BANK OF NEW YORK MELLON TRUST
<br>COMPANY, N.A., not
in its individual capacity but solely as Trustee<BR>
&nbsp;</div></TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Authorized Signatory&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>

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


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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 3.01 <I>Title and Terms.</I>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The aggregate principal amount of Securities which may be authenticated and delivered
under this Indenture is not limited.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Securities shall be known and designated as the &#147;8.5% Senior Notes due January&nbsp;15,
2020&#148; of the Company. Their Stated Maturity shall be January&nbsp;15, 2020 and they shall bear interest
thereon at a rate of 8.5% per annum in cash semi-annually to the Holder of record at the close of
business on the Regular Record Date immediately preceding the applicable Interest Payment Date, on
the Interest Payment Date, commencing on July&nbsp;15, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The principal amount of (and premium, if any) and interest on the Securities shall be
payable at the office or agency of the Company in the Borough of Manhattan, City of New York, New
York maintained for such purpose or at any other office or agency maintained by the Company for
such purpose; <I>provided, however</I>, that at the option of the Company payment of interest may be made
by check mailed to the address of the Person entitled thereto as such address shall appear in the
Security Register.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The Securities shall be subject to repurchase by the Company pursuant to an Offer to
Purchase as provided in Section&nbsp;10.09.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;The Securities shall be redeemable as provided in Article&nbsp;XI.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;The Securities shall be subject to defeasance at the option of the Company as provided in
Article&nbsp;XII.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;Additional Securities ranking <I>pari passu </I>with the Securities issued the date hereof may be
created and issued from time to time by the Company without notice to or consent of the Holders and
shall be consolidated with and form a single series with the Securities initially issued and shall
have the same terms as to status, redemption or otherwise as the Securities originally issued. Any
Additional Securities shall be issued with the benefit of an indenture supplemental to this
Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 3.02 <I>Denominations.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Securities shall be issuable only in registered form without coupons and only in principal
amounts of $2,000 at Maturity and any integral multiple of $1,000 in excess thereof.
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 3.03 <I>Execution, Authentication, Delivery and Dating.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Securities shall be executed on behalf of the Company by its Chief Executive Officer,
its President, its Chief Financial Officer attested to by its Corporate Secretary or one of its
Assistant Secretaries. The signature of any of these officers on the Securities may be manual or
facsimile.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Securities bearing the manual or facsimile signatures of individuals who were at any time
the proper officers of the Company shall bind the Company, notwithstanding that such individuals or
any of them have ceased to hold such offices prior to the authentication and delivery of such
Securities or did not hold such offices at the date of such Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;At any time and from time to time after the execution and delivery of this Indenture, the
Company may deliver Securities executed by the Company to the Trustee for authentication, together
with a Company Order for the authentication and delivery of such Securities; and the Trustee in
accordance with the Company Order shall authenticate and deliver such Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Each Security shall be dated the date of its authentication.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;No Security shall be entitled to any benefit under this Indenture or be valid or
obligatory for any purpose unless there appears on such Security a certificate of authentication
substantially in the form provided for herein executed by the Trustee by manual signature, and such
certificate upon any Security shall be conclusive evidence, and the only evidence, that such
Security has been duly authenticated and delivered hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;In case the Company, pursuant to Article&nbsp;VIII, shall be consolidated or merged with or
into any other Person or shall convey, transfer, lease or otherwise dispose of substantially all of
its properties and assets to any Person, and the successor Person resulting from such
consolidation, or surviving such merger, or into which the Company shall have been merged, or the
successor Person which shall have received a conveyance, transfer, lease or other disposition as
aforesaid, shall have executed an indenture supplemental hereto with the Trustee pursuant to
Article&nbsp;VIII, any of the Securities authenticated or delivered prior to such consolidation, merger,
conveyance, transfer, lease or other disposition may, from time to time, at the request of the
successor Person, be exchanged for other Securities executed in the name of the successor Person
with such changes in phraseology and form as may be appropriate, but otherwise in substance of like
tenor as the Securities surrendered for such exchange and of like principal amount; and the Trustee
upon Company Order of the successor Person, shall authenticate and deliver replacement Securities
as specified in such request for the purpose of such exchange. If replacement Securities shall at
any time be authenticated and delivered in any new name of a successor Person pursuant to this
Section in exchange or substitution for or upon registration of transfer of any Securities, such
successor Person, at the option of any Holder but without expense to such Holder, shall provide for
the exchange of all Securities at the time outstanding held by such Holder for Securities
authenticated and delivered in such new name.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 3.04 <I>Temporary Securities.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Pending the preparation of definitive Securities, the Company may execute, and upon
Company Order the Trustee shall authenticate and deliver, temporary Securities which are printed,
lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination,
substantially of the tenor of the definitive Securities in lieu of which they are issued and with
such appropriate insertions, omissions, substitutions and other variations as the officers
executing such Securities may determine, as evidenced by their execution of such Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;If temporary Securities are issued, the Company will cause definitive Securities to be
prepared without unreasonable delay. After the preparation of definitive Securities, the temporary
Securities shall be exchangeable for definitive Securities upon surrender of the temporary
Securities at any office or agency of the Company designated pursuant to Section&nbsp;10.02, without
charge to the Holder.
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Upon surrender for cancellation of any one or more temporary Securities the Company shall
execute and the Trustee shall authenticate and deliver in exchange therefor a like principal amount
of definitive Securities of authorized denominations. Until so exchanged the temporary Securities
shall in all respects be entitled to the same benefits under this Indenture as definitive
Securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 3.05 <I>Registration; Registration of Transfer and Exchange.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Registration, Registration of Transfer and Exchange Generally.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Company shall cause to be kept at the Corporate Trust Office of the Trustee a
register (the register maintained in such office and in any other office or agency
designated pursuant to Section&nbsp;10.02 being herein sometimes collectively referred to as the
&#147;Security Register&#148;) in which, subject to such reasonable regulations as it may prescribe,
the Company shall provide for the registration of Securities and of transfers and exchanges
of Securities. The Trustee is hereby appointed &#147;Security Registrar&#148; for the purpose of
registering Securities and transfers and exchanges of Securities as herein provided.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Upon surrender for registration of transfer of any Security at an office or agency
of the Company designated pursuant to Section&nbsp;10.02 for such purpose, the Company shall
execute, and the Trustee shall authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Securities of any authorized denominations and of
a like aggregate principal amount bearing such restrictive legends as may be required by
this Indenture.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) At the option of the Holder, and subject to the other provisions of this Section
3.05, Securities may be exchanged for other Securities of any authorized denominations and
of a like tenor or aggregate principal amount, upon surrender of the Securities to be
exchanged at such office or agency of the Company. Whenever any Securities are so
surrendered for exchange, and subject to the other provisions of this Section&nbsp;3.05, the
Company shall execute, and the Trustee shall authenticate and deliver, the Securities which
the Holder making the exchange is entitled to receive.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) All Securities issued upon any registration of transfer or exchange of Securities
shall be the valid obligations of the Company, evidencing the same debt, and entitled to the
same benefits under this Indenture, as the Securities surrendered upon such registration of
transfer or exchange.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Every Security presented or surrendered for registration of transfer or for
exchange shall (if so required by the Company or the Trustee) be duly endorsed, or be
accompanied by a written instrument of transfer in form satisfactory to the Company and the
Security Registrar duly executed, by the Holder thereof or its attorney duly authorized in
writing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) No service charge shall be made for any registration of transfer or exchange of
Securities, but the Company may require payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection with any registration of
transfer or exchange of Securities, other than exchanges pursuant to Sections&nbsp;3.04, 9.06 or
11.08 or in accordance with any Offer to Purchase pursuant to Section&nbsp;10.09 not involving
any transfer.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) The Company shall not be required (i)&nbsp;to issue, register the transfer of or
exchange any Securities during a period beginning at the opening of business 15&nbsp;days before
the day of the mailing of a notice of redemption of Securities selected for redemption under
Section&nbsp;11.04 and ending at the close of business on the day of such mailing, or (ii)&nbsp;to
register the transfer of or exchange any Security so selected for redemption in whole or in
part, except the unredeemed portion of any Security being redeemed in part.
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<B>&#091;</B>Intentionally Omitted<B>&#093;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<B>&#091;</B>Intentionally Omitted<B>&#093;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The provisions of clauses (1), (2), (3), (4)&nbsp;and (5)&nbsp;of this Subsection (d)&nbsp;shall apply
only to Global Securities:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Each Global Security authenticated under this Indenture shall be registered in the
name of the United States Depositary or a nominee thereof and delivered to the United States
Depositary or a nominee thereof or custodian therefor, and each such Global Security shall
constitute a single Security for all purposes of this Indenture.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Notwithstanding any other provision in this Indenture or the Securities, no Global
Security may be exchanged in whole or in part for Securities registered, and no transfer of
a Global Security in whole or in part may be registered, in the name of any Person other
than the United States Depositary or a nominee thereof unless (A)&nbsp;the United States
Depositary (i)&nbsp;has notified the Company that it is unwilling or unable to continue as United
States Depositary for such Global Security or (ii)&nbsp;has ceased to be a clearing agency
registered under the Exchange Act, and in either case the Company thereupon fails to appoint
a successor depositary within 120&nbsp;days of such notice, (B)&nbsp;the Company, at its option,
executes and delivers to the Trustee a Company Order that such Global Security shall be
exchanged in whole for Securities that are not Global Securities, or (C)&nbsp;there shall have
occurred and be continuing an Event of Default with respect to such Global Security.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Securities issued in exchange for a Global Security or any portion thereof pursuant
to clause (2)&nbsp;of this Subsection (d)&nbsp;shall be issued in definitive, fully registered form,
without interest coupons, shall have an aggregate principal amount equal to that of such
Global Security or portion thereof to be so exchanged, shall be registered in such names and
be in such authorized denominations as the United States Depositary shall designate and
shall bear any legends required hereunder. Any Global Security to be exchanged in whole
shall be surrendered by the United States Depositary to the Trustee, as Security Registrar.
With regard to any Global Security to be exchanged in part, either such Global Security
shall be so surrendered for exchange or, if the Trustee is acting as custodian for the
United States Depositary or its nominee with respect to such Global Security, the principal
amount thereof shall be reduced, by an amount equal to the portion thereof to be so
exchanged, by means of an appropriate adjustment made on the records of the Trustee and the
United States Depositary. Upon any such surrender or adjustment, the Trustee shall
authenticate and deliver the Security issuable on such exchange to or upon the order of the
United States Depositary or an authorized representative thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) In the event of the occurrence of any of the events specified in clause (2)&nbsp;of this
Subsection (d), the Company will promptly make available to the Trustee a reasonable supply
of certificated Securities in definitive, fully registered form, without interest coupons.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Neither any Agent Members nor any other Persons on whose behalf Agent Members may
act (including Euroclear and Clearstream and account holders and participants therein) shall
have any rights under this Indenture with respect to any Global Security, or under any
Global Security, and the United States Depositary or such nominee, as the case may be, may
be treated by the Company, the Trustee and any agent of the Company or the Trustee as the
absolute owner and Holder of such Global Security for all purposes whatsoever.
Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any
agent of the Company or the Trustee from giving effect to any written certification, proxy
or other authorization furnished by the United States Depositary or such nominee, as the
case may be, or impair, as between the United States Depositary, its Agent Members and any
other person on whose behalf an Agent Member may act, the operation of customary practices
of such Persons governing the exercise of the rights of a Holder of any Security.
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 3.06 <I>Mutilated, Destroyed, Lost and Stolen Securities.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;If any mutilated Security is surrendered to the Trustee, the Company shall execute and the
Trustee shall authenticate and deliver in exchange therefor a new Security of like tenor and
principal amount and bearing a number not contemporaneously outstanding.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If there shall be delivered to the Company and the Trustee (A)&nbsp;evidence to their
satisfaction of the destruction, loss or theft of any Security and (B)&nbsp;such security or
indemnity as may be required by them to save each of them and any agent of either of them
harmless, then, in the absence of notice to the Company or the Trustee that such Security
has been acquired by a bona fide purchaser, the Company shall execute and upon its request
the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen
Security, a new Security of like tenor and principal amount and bearing a number not
contemporaneously outstanding.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In case any such mutilated, destroyed, lost or stolen Security has become or is
about to become due and payable, the Company in its discretion may, instead of issuing a new
Security, pay such Security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Upon the issuance of any new Security under this Section, the Company may require the
payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in
relation thereto and any other expenses (including the fees and expenses of the Trustee) connected
therewith.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Every new Security issued pursuant to this Section in lieu of any mutilated, destroyed,
lost or stolen Security shall constitute an original additional contractual obligation of the
Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by
anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately
with any and all other Securities duly issued hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The provisions of this Section are exclusive and shall preclude (to the extent lawful) all
other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost
or stolen Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 3.07 <I>Payment of Interest; Interest Rights Preserved.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Interest on any Security which is payable, and is punctually paid or duly provided for, on
any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more
Predecessor Securities) is registered at the close of business on the Regular Record Date for such
interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Any interest on any Security which is payable, but is not punctually paid or duly provided
for, on any Interest Payment Date (herein called &#147;Defaulted Interest&#148;) shall forthwith cease to be
payable to the Holder on the relevant Regular Record Date by virtue of having been such Holder, and
such Defaulted Interest may be paid by the Company, at its election in each case, as provided in
clause (1)&nbsp;or (2)&nbsp;of this Subsection (b):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Company may elect to make payment of any Defaulted Interest to the Persons in
whose names the Securities (or their respective Predecessor Securities) are registered at
the close of business on a Special Record Date for the payment of such Defaulted Interest,
which shall be fixed in the following manner. The Company shall notify the Trustee in
writing of the amount of Defaulted Interest proposed to be paid on each Security and the
date of the proposed payment, and at the same time the Company shall deposit with the
Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of
such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such
deposit prior to the date of the proposed payment, such money when deposited to be held in
trust for the benefit
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">of the Persons entitled to such Defaulted Interest as in this clause provided. The
Company shall fix a Special Record Date for the payment of such Defaulted Interest which
shall be not more than 15&nbsp;days and not less than 10&nbsp;days prior to the date of the proposed
payment. The Company shall promptly notify the Trustee of such Special Record Date and
shall cause notice of the proposed payment of such Defaulted Interest and the Special Record
Date therefor to be mailed, first-class postage prepaid, to each Holder at its address as it
appears in the Security Register in accordance with Section&nbsp;1.06, not less than 10&nbsp;days
prior to such Special Record Date. Notice of the proposed payment of such Defaulted
Interest and the Special Record Date therefor having been so mailed, such Defaulted Interest
shall be paid to the Persons in whose names the Securities (or their respective Predecessor
Securities) are registered at the close of business on such Special Record Date and shall no
longer be payable pursuant to the following clause (2). The payment date for such Defaulted
Interest shall be not less than 5 nor more than 10&nbsp;days after the Special Record Date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Company may make payment of any Defaulted Interest in any other lawful manner
not inconsistent with the requirements of any securities exchange on which such Securities
may be listed, and upon such notice as may be required by such exchange, if, after notice
given by the Company to the Trustee of the proposed payment pursuant to this Clause, such
manner of payment shall be deemed practicable by the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Subject to the foregoing provisions of this Section, each Security delivered under this
Indenture upon registration of transfer of or in exchange for or in lieu of any other Security
shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such
other Security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 3.08 <I>Persons Deemed Owners.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to due presentment of a Security for registration of transfer, the Company, the Trustee
and any agent of the Company or the Trustee may treat the Person in whose name such Security is
registered on the Securities Register as the owner of such Security for the purpose of receiving
payment of principal amount of (and premium, if any) and (subject to Section&nbsp;3.07) interest on such
Security and for all other purposes whatsoever, whether or not such Security be overdue, and
neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by
notice to the contrary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 3.09 <I>Cancellation.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Securities surrendered for payment, redemption, registration of transfer or exchange or
for credit against any Offer to Purchase pursuant to Section&nbsp;10.09 shall, if surrendered to any
Person other than the Trustee, be delivered to the Trustee and shall be promptly cancelled by it.
The Company may at any time deliver to the Trustee for cancellation any Securities previously
authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever,
and may deliver to the Trustee (or any other Person for delivery to the Trustee) for cancellation
any Securities previously authenticated hereunder which the Company has not issued and sold, and
all Securities so delivered shall be promptly cancelled by the Trustee. No Securities shall be
authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section,
except as expressly permitted by this Indenture. All cancelled Securities held by the Trustee
shall be disposed of by the Trustee in accordance with its customary procedures and certification
of their disposal delivered to the Company unless by Company Order the Company shall direct that
cancelled Securities be returned to it.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 3.10 <I>Computation of Interest.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise contemplated by Section&nbsp;3.01, interest on the Securities shall be computed
on the basis of a 360-day year of twelve 30-day months.
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 3.11 <I>CUSIP Numbers.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company in issuing the Securities may use &#147;CUSIP&#148; numbers and, if so, the Trustee shall
use &#147;CUSIP&#148; numbers in notices of redemption and other notices to Holders as a convenience to
Holders; <I>provided, however</I>, that any such notice may state that no representation is made as to the
correctness of such numbers either as printed on the Securities or as contained in any notice of a
redemption or other notice and that reliance may be placed only on the other identification numbers
printed on the Securities, and any such redemption or notice shall not be affected by any defect in
or such omission of such numbers.
</DIV>

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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>SATISFACTION AND DISCHARGE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 4.01 <I>Satisfaction and Discharge of Indenture.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;This Indenture shall cease to be of further effect (except as to any surviving rights of
registration of transfer or exchange of Securities herein expressly provided for), and the Trustee,
upon a Company Order and at the expense of the Company, shall execute proper instruments
acknowledging satisfaction and discharge of this Indenture (including, but not limited to, Article
XII), when
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) either
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all Securities theretofore authenticated and delivered (other than (i)
Securities which have been destroyed, lost or stolen and which have been replaced or
paid as provided in Section&nbsp;3.06 and (ii)&nbsp;Securities for whose payment money has
theretofore been deposited in trust or segregated and held in trust by the Company
and thereafter repaid to the Company or discharged from such trust, as provided in
Section&nbsp;10.03) have been delivered to the Trustee for cancellation; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all such Securities not theretofore delivered to the Trustee for
cancellation
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) have become due and payable, or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) will become due and payable at their Stated Maturity within one
year, or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) are to be called for redemption within one year under arrangements
satisfactory to the Trustee for the giving of notice of redemption by the
Trustee in the name, and at the expense, of the Company,
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and the Company, in the case of subclause (A), (B)&nbsp;or (C)&nbsp;of this Subsection (a)(1)(ii), has
deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose money
in an amount sufficient to pay and discharge the entire indebtedness on such Securities not
theretofore delivered to the Trustee for cancellation, for principal amount (and premium, if any)
and interest to the date of such deposit (in the case of Securities which have become due and
payable) or to the Stated Maturity or Redemption Date, as the case may be;
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Company has paid or caused to be paid all other sums payable hereunder by the
Company; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Company has delivered to the Trustee an Officers&#146; Certificate and an Opinion of
Counsel, each stating that all conditions precedent herein provided for relating to the
satisfaction and discharge of this Indenture have been complied with.
</DIV>

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</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Notwithstanding the satisfaction and discharge of this Indenture pursuant to this Article
IV, the obligations of the Company to the Trustee under Section&nbsp;6.07, the obligations of the
Trustee to any Authenticating Agent under Section&nbsp;6.14 and, if money shall have been deposited with
the Trustee pursuant to subclause (ii)&nbsp;of Subsection (a)(1) of this Section, the obligations of the
Trustee under Section&nbsp;4.02 and Section&nbsp;10.03(e) shall survive.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 4.02 <I>Application of Trust Money.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the provisions of the last paragraph of Section&nbsp;10.03, all money deposited with the
Trustee pursuant to Section&nbsp;4.01 shall be held in trust and applied by it, in accordance with the
provisions of the Securities and this Indenture, to the payment, either directly or through any
Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine,
to the Persons entitled thereto, to the principal (and premium, if any) and interest for whose
payment such money has been deposited with the Trustee.
</DIV>

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


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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 5.01 <I>Events of Default.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&#147;Event of Default&#148;, wherever used herein, means any one of the following events (whatever
the reason for such Event of Default and whether it shall be voluntary or involuntary or be
effected by operation of law or pursuant to any judgment, decree or order of any court or any
order, rule or regulation of any administrative or governmental body):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) default in the payment of the principal of (or premium, if any, on) any Security
when due; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) default in the payment of any accrued and unpaid interest upon any Security when it
becomes due and payable, and continuance of such default for a period of 30&nbsp;days; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) default in the payment of the principal and interest (and premium, if any) on
Securities required to be purchased upon the occurrence of a Change of Control Triggering
Event when due and payable; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) default in the performance, or breach, of any covenant, warranty or agreement of
the Company in this Indenture (other than a covenant, warranty or agreement default in whose
performance or whose breach is elsewhere in this Section specifically dealt with or which
has expressly been included in this Indenture solely for the benefit of the Securities), and
continuance of such default or breach for a period of 60 consecutive days (or 90&nbsp;days in the
case of a Reporting Failure) after the receipt by the Company of a written notice specifying
such default or breach and requiring it to be remedied and stating that such notice is a
&#147;Notice of Default&#148; hereunder, which notice has been given by registered or certified mail
to the Company by the Trustee or to the Company and the Trustee by the Holders of at least
25% in aggregate principal amount of the Outstanding Securities; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) a default or defaults with respect to any issue or issues of other Debt of the
Company or any Subsidiary having an outstanding aggregate principal amount of $50&nbsp;million
for all such issues of all such Persons, whether such Debt now exists or shall hereafter be
created, which default or defaults shall constitute a failure to pay all or any portion of
the principal of such Debt when due and payable or shall have resulted in such Debt becoming
or being declared due and payable prior to the date on which it would otherwise have become
due and payable and such Debt has not been discharged in full or such acceleration has not
been rescinded or annulled (by cure, waiver or otherwise) within 60&nbsp;days of such
acceleration; <I>provided, however</I>, that any secured Debt in excess of the limits set forth
above shall be deemed to have been
</DIV>

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</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">declared due and payable if the lender in respect thereof takes any action to enforce a
security interest against, or an assignment of, or to collect on, seize, dispose of or apply
any assets of the Company or its Subsidiaries (including lock-box and other similar
arrangements) securing such Debt, or to set off against any bank accounts of the Company or
its Subsidiaries in excess of $50&nbsp;million in the aggregate; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) any final judgments or orders (not covered by insurance) for the payment of money
in excess of $50&nbsp;million in the aggregate for all such final judgments or orders against all
such Persons (treating any deductibles, self-insurance or retention as not so covered) shall
be rendered against the Company or any Subsidiary and shall not be paid or discharged, and
there shall be any period of 60 consecutive days following entry of the final judgment or
order or that causes the aggregate amount for all such final judgments or orders outstanding
and not paid or discharged against all such Persons to exceed $50&nbsp;million in the aggregate
during which a stay of enforcement of such final judgment or order, by reason of a pending
appeal or otherwise, shall not be in effect; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) the Company or any Subsidiary shall generally not pay its debts as such debts
become due, or shall admit in writing its inability to pay its debts generally, or shall
make a general assignment for the benefit of creditors; or any proceeding shall be
instituted by or against the Company or any Subsidiary seeking to adjudicate it a bankrupt
or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment,
protection, relief or composition of it or its debts under any law relating to bankruptcy,
insolvency or reorganization or relief of debtors, or seeking the entry of an order for
relief or the appointment of a receiver, trustee, custodian or other similar official for it
or for any substantial part of its property and, in the case of any such proceeding
instituted against it (but not instituted by it), either such proceeding shall remain
undismissed or unstayed for a period of 60&nbsp;days, or any of the actions sought in such
proceeding (including, without limitation, the entry of an order for relief against, or the
appointment of a receiver, trustee, custodian or other similar official for, it or for any
substantial part of its property) shall occur; or the Company or any Subsidiary shall take
any corporate action to authorize any of the actions set forth above in this Subsection (7);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) the Company and/or one or more Subsidiaries fails to make at the final (but not any
interim) fixed maturity of one or more issues of Debt principal payments aggregating $50
million or more, and all such defaulted payments shall not have been made, waived or
extended within 60&nbsp;days of the payment default that causes the aggregate amount described in
this subsection (8)&nbsp;to exceed $50&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 5.02 <I>Acceleration of Maturity; Rescission and Annulment.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;If an Event of Default (other than an Event of Default specified in Section&nbsp;5.01(a)(7))
shall occur and be continuing, then and in every such case the Trustee or the Holders of not less
than 25% in aggregate principal amount of the Outstanding Securities may, and the Trustee at the
request of such Holders shall, declare the entire unpaid principal of, premium, if any, and accrued
interest on the Securities to be due and payable immediately, by a notice in writing to the Company
(and to the Trustee if given by Holders), and upon any such declaration such principal of, premium,
if any, and accrued interest on the Securities shall become immediately due and payable. If an
Event of Default specified in Section&nbsp;5.01(a)(5) or (8)&nbsp;occurs, such declaration of acceleration
shall be automatically rescinded and annulled if the event triggering such Event of Default
pursuant to Section&nbsp;5.01(a)(5) or (8)&nbsp;shall be remedied or cured by the Company and/or the relevant
Subsidiaries or waived by the Holders of the Relevant Debt within 60&nbsp;days after the declaration of
acceleration with respect thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;If an Event of Default specified in Section&nbsp;5.01(a)(7) above occurs, all unpaid principal
of, premium, if any, and accrued interest on the Securities then outstanding shall <I>ipso facto</I>
become and be immediately due and payable without any declaration or other act on the part of the
Trustee or any Holder.
</DIV>

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</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Holders of at least a majority in principal amount of the outstanding Securities by
written notice to the Company and to the Trustee, may waive all past defaults and rescind and annul
a declaration of acceleration and its consequences if:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Company has paid or deposited with the Trustee a sum sufficient to pay (A)&nbsp;all
sums paid or advanced by the Trustee under this Indenture and the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, (B)&nbsp;all overdue
interest on all Securities, (C)&nbsp;the principal of (and premium, if any, on), any Securities
that have become due otherwise than by such declaration or occurrence of acceleration and
interest thereon at the rate prescribed therefor by such Securities, and (D)&nbsp;to the extent
that payment of such interest is lawful, interest upon overdue interest at the rate
prescribed therefor by such Securities,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) all existing Events of Default, other than the non-payment of the principal of the
Securities that have become due solely by such declaration of acceleration, have been cured
or waived, and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the rescission would not conflict with any judgment or decree of a court of
competent jurisdiction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 5.03 <I>Collection of Indebtedness and Suits for Enforcement by Trustee.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Company covenants that if
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) default is made in the payment of any interest on any Security when such interest
becomes due and payable and such default continues for a period of 30&nbsp;days, or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) default is made in the payment of the principal amount of (or premium, if any, on)
any Security at the Maturity thereof or, with respect to any Security required to have been
purchased pursuant to an Offer to Purchase made by the Company, at the Purchase Date
thereof,
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such
Securities, the whole amount then due and payable on such Securities, including, as applicable, the
principal amount (and premium, if any) and interest, and, to the extent that payment of such
interest shall be legally enforceable, interest on any overdue principal amount (and premium, if
any) and on any overdue interest, at the rate or rates provided therefore in such Securities, and,
in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of
collection, including the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;If the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its
own name and as trustee of an express trust, may institute a judicial proceeding for the collection
of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may
enforce the same against the Company or any other obligor upon the Securities and collect the
moneys adjudged or decreed to be payable in the manner provided by law out of the property of the
Company or any other obligor upon the Securities, wherever situated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;If an Event of Default occurs and is continuing, the Trustee may in its discretion proceed
to protect and enforce its rights and the rights of the Holders by such appropriate judicial
proceedings as the Trustee shall deem most effectual to protect and enforce any such rights,
whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of
the exercise of any power granted herein, or to enforce any other proper remedy.
</DIV>

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</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 5.04 <I>Trustee May File Proofs of Claim.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;In case of any judicial proceeding relative to the Company (or any other obligor upon the
Securities), its property or its creditors, the Trustee shall be entitled and empowered, by
intervention in such proceeding or otherwise, to take any and all actions authorized under the
Trust Indenture Act in order to have claims of the Holders and the Trustee allowed in any such
proceeding. In particular, the Trustee shall be authorized to collect and receive any moneys or
other property payable or deliverable on any such claims and to distribute the same; and any
custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any
such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee
and, in the event that the Trustee shall consent to the making of such payments directly to the
Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the
Trustee under Section&nbsp;6.07.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;No provision of this Indenture shall be deemed to authorize the Trustee to authorize or
consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement,
adjustment or composition affecting the Securities or the rights of any Holder thereof or to
authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding;
<I>provided, however</I>, that the Trustee may, on behalf of the Holders, vote for the election of a
trustee in bankruptcy or similar official and be a member of a creditor&#146;s or other similar
committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 5.05 <I>Trustee May Enforce Claims Without Possession of Securities.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All rights of action and claims under this Indenture or the Securities may be prosecuted and
enforced by the Trustee without the possession of any of the Securities or the production thereof
in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be
brought in its own name as trustee of an express trust, and any recovery of judgment shall, after
provision for the payment of the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in
respect of which such judgment has been recovered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 5.06 <I>Application of Money Collected.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any money collected by the Trustee pursuant to this Article shall be applied in the following
order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on
account of principal (or premium, if any) or interest, upon presentation of the Securities and the
notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">FIRST: To the payment of all amounts due the Trustee under Section&nbsp;6.07; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">SECOND: To the payment first, of the amounts then due and unpaid for principal amount of
(and premium, if any) and second, interest on the Securities in respect of which or for the
benefit of which such money has been collected, ratably, without preference or priority of
any kind, according to the amounts due and payable on such Securities for principal (and
premium, if any) and interest, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 5.07 <I>Limitation on Suits.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Holder of any Security shall have any right to institute or defend any proceeding, judicial
or otherwise, with respect to this Indenture or for the appointment of a receiver or trustee, or
for any other remedy hereunder, unless
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;such Holder has previously given written notice to the Trustee as required hereunder of a
continuing Event of Default;
</DIV>

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</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;the Holders of not less than 25% in aggregate principal amount of the Outstanding
Securities shall have made written request to the Trustee to institute or defend a suit or
proceeding in respect of such Event of Default in its own name as Trustee hereunder;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;such Holder or Holders have offered to the Trustee indemnity reasonably satisfactory to
the Trustee against all costs, expenses and liabilities to be incurred in compliance with such
request;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;the Trustee for 60&nbsp;days after its receipt of such notice, request and offer of indemnity
has failed to institute any such proceeding; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;no direction inconsistent with such written request has been given to the Trustee during
such 60-day period by the Holders of a majority in aggregate principal amount of the Outstanding
Securities;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">it being understood and intended that no one or more Holders shall have any right in any manner
whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or
prejudice the rights of any other Holders, or to obtain or to seek to obtain priority or preference
over any other Holders or to enforce any right under this Indenture, except in the manner herein
provided and for the equal and ratable benefit of all the Holders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 5.08 <I>Unconditional Right of Holders to Receive Principal, Premium and Interest.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provision in this Indenture, the Holder of any Security shall have
the right, which is absolute and unconditional, to receive payment of the principal amount of (and
premium, if any) and (subject to Section&nbsp;3.07) interest on such Security on the respective Stated
Maturities expressed in such Security (or, in the case of redemption, on the Redemption Date or in
the case of an Offer to Purchase made by the Company and required to be accepted as to such
Security, on the Purchase Date) and to institute suit for the enforcement of any such payment, and
such rights shall not be impaired or affected without the consent of such Holder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 5.09 <I>Restoration of Rights and Remedies.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy
under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has
been determined adversely to the Trustee or to such Holder, then and in every such case, subject to
any determination in such proceeding, the Company, the Trustee and the Holders shall be restored
severally and respectively to their former positions hereunder and thereafter all rights and
remedies of the Trustee and the Holders shall continue as though no such proceeding had been
instituted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 5.10 <I>Rights and Remedies Cumulative.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities in the last paragraph of Section&nbsp;3.06, no right or remedy
herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of
any other right or remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other
appropriate right or remedy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 5.11 <I>Delay or Omission Not Waiver.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No delay or omission of the Trustee or of any Holder of any Securities to exercise any right
or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a
waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by
this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as
often as may be deemed
</DIV>

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</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">expedient, by the Trustee (subject to the limitations contained in the Indenture) or by the
Holders, as the case may be.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 5.12 <I>Control by Holders.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Holders of a majority in principal amount of the Outstanding Securities shall have the
right to direct the time, method and place of conducting any proceeding for any remedy available to
the Trustee or exercising any trust or power conferred on the Trustee, provided that (a)&nbsp;such
direction shall not be in conflict with any rule of law or with this Indenture and shall not expose
the Trustee to personal liability, and (b)&nbsp;the Trustee may take any other action deemed proper by
the Trustee which is not inconsistent with such direction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 5.13 <I>Waiver of Past Defaults.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Holders of not less than a majority in principal amount of the Outstanding Securities
may, on behalf of the Holders of all the Securities, waive any past default hereunder and its
consequences, except a default
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) in the payment of the principal amount of (or premium, if any) or interest on any
Security, or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) in respect of a covenant or provision hereof which under Article&nbsp;IX cannot be
modified or amended without the consent of the Holder of each Outstanding Security affected.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Upon any such waiver described in Subsection (a)&nbsp;of this Section, such default shall cease
to exist and any Event of Default arising therefrom shall be deemed to have been cured, for every
purpose of this Indenture; provided that no such waiver shall extend to any subsequent or other
default or impair any right consequent thereon.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 5.14 <I>Undertaking for Costs.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In any suit for the enforcement of any right or remedy under this Indenture, or in any suit
against the Trustee for any action taken, suffered or omitted by it as Trustee, a court may require
any party litigant in such suit to file an undertaking to pay the costs of such suit, and may
assess costs against any such party litigant, in the manner and to the extent provided in the Trust
Indenture Act; provided, that neither this Section nor the Trust Indenture Act shall be deemed to
authorize any court to require such an undertaking or to make such an assessment in any suit
instituted by the Company or the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 5.15 <I>Waiver of Usury, Stay or Extension Laws.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company covenants (to the extent that it may lawfully do so) that it will not at any time
insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any
stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the
covenants or the performance of this Indenture; and the Company (to the extent that it may lawfully
do so) hereby expressly waives all benefit or advantage or any such law and covenants that it will
not hinder, delay or impede the execution of any power herein granted to the Trustee, but will
suffer and permit the execution of every such power as though no such law had been enacted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 5.16 <I>No Personal Liability of Incorporators, Shareholders, Officers, Directors or Employees.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No recourse for the payment of the principal of, premium, if any, or interest on, any of the
Securities, or for any claim based thereon or otherwise in respect thereof, and no recourse under
or upon any obligation, covenant or agreement of the Company in this Indenture, or in any of the
Securities, or because of the creation of any Debt represented thereby, shall be had against any
incorporator, shareholder, officer, director, employee, Affiliate or controlling person of the
Company or of any successor Person thereof.
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">

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


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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 6.01 <I>Certain Duties and Responsibilities.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Trustee hereby accepts the trusts imposed on it by this Indenture. The duties and
responsibilities of the Trustee shall be as provided by the Trust Indenture Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Except during the continuance of an Event of Default, The Trustee undertakes to perform
such functions and duties and only such functions and duties as are specifically set forth in this
Indenture, and no implied duties or obligations shall be read into this Indenture against the
Trustee. During the continuance of an Event of Default, the Trustee shall exercise the same degree
of care and skill as a prudent person would exercise under the circumstances in the conduct of such
person&#146;s own affairs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;No provision of this Indenture shall be construed to relieve the Trustee from liability
for its own negligent action, its own negligent failure to act, or its own willful misconduct,
except that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) this Subsection shall not be construed to limit the effect of Subsection
(b)&nbsp;of this Section;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Trustee shall not be liable for any error of judgment made in good
faith by a Responsible Officer, unless it shall be conclusively proved by a court of
final jurisdiction that is not appealable that the Trustee was negligent in
ascertaining the pertinent facts;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Trustee shall not be liable with respect to any action taken or
omitted to be taken by it in good faith in accordance with the direction of the
Holders of a majority in principal amount of the Outstanding Securities relating to
the time, method and place of conducting any proceeding for any remedy available to
the Trustee, or exercising any trust or power conferred upon the Trustee, under this
Indenture; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) no provision of this Indenture shall require the Trustee to expend or risk
its own funds or otherwise incur any financial liability in the performance of any
of its duties hereunder, or in the exercise of any of its rights or powers, if it
shall have reasonable grounds for believing that repayment of such funds or adequate
indemnity against such risk or liability is not reasonably assured to it.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Whether or not therein expressly so provided, every provision of this Indenture relating
to the conduct or affecting the liability of or affording protection to the Trustee shall be
subject to the provisions of this Section.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 6.02 <I>Notice of Defaults.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a default occurs hereunder with respect to the Securities and is known to the Trustee, the
Trustee shall give the Holders notice of such default hereunder as and to the extent provided by
the Trust Indenture Act; provided, however, that in the case of any default of the character
specified in Section&nbsp;5.01(a)(4), no such notice to Holders shall be given until the expiration of
the applicable 60-day period (or 90-day period in the case of a Reporting Failure) referred to
therein. For the purpose of this Section, the term &#147;default&#148; means any event which is, or after
notice or lapse of time or both would become, an Event of Default.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 6.03 <I>Certain Rights of Trustee.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;No provision of this Indenture shall be construed to relieve the Trustee from its duties,
except to the extent permitted by the Trust Indenture Act. Subject to the provisions of Section
6.01, whether or not therein expressly so provided, every provision of this Indenture relating to
the conduct or affecting the liability of or affording protection to the Trustee shall be subject
to the provisions of this Section.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(b) (1)&nbsp;the Trustee may rely and shall be protected in acting or refraining from
acting upon any resolution, certificate, statement, instrument, opinion, appraisal,
report, notice, request, direction, consent, order, bond, debenture, note, other
evidence of indebtedness or other paper or document believed by it to be genuine and to
have been signed or presented by the proper party or parties;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any request or direction of the Company mentioned herein shall be sufficiently
evidenced by a Company Request or Company Order and any resolution of the Board of Directors
may be sufficiently evidenced by a Board Resolution;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) whenever in the administration of this Indenture the Trustee shall deem it
desirable that a matter be proved or established prior to taking, suffering or omitting any
action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may
rely upon an Officers&#146; Certificate;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the Trustee may consult with experts and with legal counsel and the oral or written
advice of such counsel or any Opinion of Counsel shall be full and complete authorization
and protection in respect of any action taken, suffered or omitted by it hereunder in good
faith and in reliance thereon;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the 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 pursuant to
this Indenture, unless such Holders shall have offered to the Trustee reasonable security or
indemnity against the costs, expenses and liabilities which might be incurred by it in
compliance with such request or direction;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) the 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 document, but the Trustee, in its discretion, may make such further inquiry
or investigation into such facts or matters as it may see fit, and, if the Trustee shall
determine to make such further inquiry or investigation, it shall be entitled to examine the
books, records and premises of the Company, personally or by agent or attorney;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) the Trustee may execute any of the trusts or powers hereunder and perform any duty
hereunder, either directly or by or through its agents (which may include a calculation
agent other than the Company or an Affiliate of the Company with respect to any calculation
relating to the Redemption Price under Section&nbsp;11.01(a)), attorneys, accountants or other
experts and the Trustee shall not be responsible or liable for any misconduct or negligence
on the part of any agent, attorney, accountants or other experts if reasonable care has been
exercised in the appointment;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) the Trustee shall not deemed to have notice of any default or Event of Default
unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written
notice of any event which is in fact such a default is received by the Trustee at the
Corporate Trust Office of the Trustee and such notice references the Securities and this
Indenture;
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) the rights, privileges, protections, immunities and benefits given to the Trustee,
including, without limitation, its right to be indemnified, are extended to, and shall be
enforceable by the Trustee in each of its capacities hereunder and to each agent, custodian
or other Person employed to act hereunder;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) the Trustee may request that the Company deliver an Officers&#146; Certificate or other
certificate setting forth the names of individuals and/or titles of officers authorized at
such time to take specified actions pursuant to this Indenture, which Officers&#146; Certificate
may be signed by any person authorized to sign an Officers&#146; Certificate, including any
person specified as so authorized in any such certificate previously delivered and not
superseded; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) the Trustee may rely on the prices provided by a Reference Treasury Dealer or the
exchange rates provided by the Persons referred to in Sections&nbsp;1.15(e) and 10.13, and the
Trustee shall not be liable for any loss, damage or expense incurred as a result of errors
or omissions of any such Reference Treasury Dealer or Person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 6.04 <I>Not Responsible for Recitals or Issuance of Securities.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The recitals, statements and representations contained herein and in the Securities, except
the Trustee&#146;s certificates of authentication, shall be taken as the statements of the Company, and
the Trustee assumes no responsibility for their correctness. The Trustee makes no representations
as to the validity or sufficiency of this Indenture or of the Securities issued hereunder, and the
Trustee assumes no responsibility in respect of such matters. The Trustee shall not be accountable
for the use or application by the Company of Securities or the proceeds thereof. The Trustee shall
not have any responsibility or liability for any information provided to Holders or any other
Person, including without limitation in the solicitation of any consent or waiver hereunder, or
pursuant to any offering documents, or pursuant to any Offer to Purchase.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 6.05 <I>May Hold Securities and Act as
 Trustee under Other Indentures.</I></div>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other
agent of the Company, in its individual or any other capacity, may become the owner or pledgee of
Securities and, subject to Sections&nbsp;6.08 and 6.13, may otherwise deal with the Company with the
same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security
Registrar or such other agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the limitations imposed by the Trust Indenture Act, nothing in this Indenture shall
prohibit the Trustee from acting as trustee under other indentures under which other securities, or
certificates of interest or participation in their securities, of the Company are outstanding in
the same manner as if it were not Trustee hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 6.06 <I>Money Held in Trust.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money held by the Trustee in trust hereunder need not be segregated from other funds except to
the extent required by law. The Trustee shall be under no liability for interest on any money
received by it hereunder except as otherwise agreed in writing with the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 6.07 <I>Compensation and Reimbursement.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company agrees
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;to pay to the Trustee from time to time reasonable compensation for all services rendered
by it hereunder (which compensation shall not be limited by any provision of law in regard to the
compensation of a trustee of an express trust);
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;except as otherwise expressly provided herein, to reimburse the Trustee upon its request
for all reasonable expenses, disbursements and advances incurred or made by the Trustee in
accordance with any provision of this Indenture (including the reasonable compensation and the
expenses and disbursements of its agents, experts and counsel), except any such expense,
disbursement or advance as may be attributable to its negligence, willful misconduct or bad faith;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;to indemnify the Trustee for, and to hold it harmless against, any loss, liability or
expense incurred without negligence, willful misconduct or bad faith on its part (subject to the
provisions of Sections&nbsp;6.01 and 6.03), arising out of or in connection with the acceptance or
administration of this trust (including with respect to the determination of the &#147;spot rate of
exchange&#148; pursuant to Section&nbsp;10.13 and of the Redemption Price pursuant to Section&nbsp;11.01(a)),
including the reasonable costs and expenses of defending itself against any claim or liability in
connection with the exercise or performance of any of its powers or duties hereunder;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;that the Trustee shall have a lien against all money held under this Indenture prior to
the Securities as to all property and funds held by it hereunder for any amount owing it or any
predecessor Trustee pursuant to this Section&nbsp;6.07 for such compensation, expenses, advances and
counsel fees incurred in or about the execution of the trusts created hereby; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;when the Trustee incurs expenses or renders services in connection with an Event of
Default specified in Section&nbsp;5.01(a)(7), the expenses (including the reasonable charges and
expenses of its counsel) and the compensation for the services are intended to constitute expenses
of administration under any applicable Federal or state bankruptcy, insolvency or other similar
law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall notify the Company promptly of any claim for which it may seek indemnity.
Failure by the Trustee to notify the Company shall not relieve the Company of its obligations
hereunder, except to the extent it may be materially prejudiced by such failure.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions of this Section shall survive the termination of this Indenture and the
resignation or removal of the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 6.08 <I>Disqualification; Conflicting Interests.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Trustee has or shall acquire a conflicting interest within the meaning of the Trust
Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the
manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 6.09 <I>Corporate Trustee Required; Eligibility.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There shall at all times be a Trustee hereunder. The Trustee shall be a corporation or
national banking association, organized and doing business under the laws of the United States of
America or of any state thereof, authorized to exercise corporate trust powers, and be a Person
that is otherwise eligible pursuant to the Trust Indenture Act to act as such and has a combined
capital and surplus of at least $50,000,000. If such Person publishes reports of condition at
least annually, pursuant to law or to the requirements of said supervising or examining authority,
then for the purposes of this Section, the combined capital and surplus of such Person shall be
deemed to be its combined capital and surplus as set forth in its most recent report of condition
so published. If at any time the Trustee shall cease to be eligible in accordance with the
provisions of this Section, it shall resign immediately in the manner and with the effect
hereinafter specified in this Article.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 6.10 <I>Resignation and Removal; Appointment of Successor.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;No resignation or removal of the Trustee and no appointment of a successor Trustee
pursuant to this Article shall become effective until the acceptance of appointment by the
successor Trustee under Section&nbsp;6.11.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Trustee may resign at any time by giving written notice thereof to the Company. If an
instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within
30&nbsp;days after the giving of such notice of resignation, the resigning Trustee may petition any
court of competent jurisdiction for the appointment of a successor Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Trustee may be removed at any time by Act of the Holders of a majority in aggregate
principal amount of the Outstanding Securities, delivered to the Trustee and to the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;If at any time:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Trustee shall fail to comply with Section&nbsp;6.08 after written request therefor
by the Company or by any Holder who has been a bona fide Holder of a Security for at least
six months, or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Trustee shall cease to be eligible under Section&nbsp;6.09 and shall fail to resign
after written request therefor by the Company or by any such Holder, or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Trustee shall become incapable of acting or shall be adjudged a bankrupt or
insolvent or a receiver of the Trustee or of its property shall be appointed or any public
officer shall take charge or control of the Trustee or of its property or affairs for the
purpose of rehabilitation, conservation or liquidation,
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">then, in any such case, (A)&nbsp;the Company by a Board Resolution may remove the Trustee, or (B)
subject to Section&nbsp;5.14, any Holder who has been a bona fide Holder of a Security for at least six
months may, on behalf of himself and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy
shall occur in the office of Trustee for any cause, the Company, by a Board Resolution, shall
promptly appoint a successor Trustee. If, within one year after such resignation, removal or
incapability, or the occurrence of such vacancy, a successor Trustee shall be appointed by Act of
the Holders of a majority in principal amount of the Outstanding Securities, the successor Trustee
so appointed shall, forthwith upon its acceptance of such appointment, become the successor Trustee
and supersede the successor Trustee appointed by the Company. If no successor Trustee shall have
been so appointed by the Company or the Holders and accepted appointment in the manner hereinafter
provided, any Holder who has been a <I>bona fide </I>Holder of a Security for at least six months may, on
behalf of himself and all others similarly situated, petition any court of competent jurisdiction
for the appointment of a successor Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;The Company shall give notice of each resignation and each removal of the Trustee and each
appointment of a successor Trustee to all Holders in the manner provided in Section&nbsp;1.06. Each
notice shall include the name of the successor Trustee and the address of its Corporate Trust
Office.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 6.11 <I>Acceptance of Appointment by Successor.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Every successor Trustee appointed hereunder shall execute, acknowledge and deliver to the
Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the
resignation or removal of the retiring Trustee shall become effective and such successor Trustee,
without any further act, deed or conveyance, shall become vested with all the rights, powers,
trusts and duties of the retiring Trustee; but, on request of the Company or the successor Trustee,
such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument
transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee
and shall duly assign, transfer and deliver to such successor Trustee all property and money held
by such retiring Trustee hereunder. Upon request of any such successor Trustee, the Company shall
execute any and all instruments for more fully and certainly vesting in and confirming to such
successor Trustee all such rights, powers and trusts.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->40<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;No successor Trustee shall accept its appointment unless at the time of such acceptance
such successor Trustee shall be qualified and eligible under this Article.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Company shall prepare such transfer instruments as are reasonably acceptable to the
Trustee for the Successor Trustee to execute evidencing the foregoing and vesting in the successor
all such rights and powers and trusts hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 6.12 <I>Merger, Conversion, Consolidation or Succession to Business.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any corporation into which the Trustee may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion or consolidation to which
the Trustee shall be a party, or any corporation succeeding to all or substantially all the
corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided
such corporation shall be otherwise qualified and eligible under this Article, without the
execution or filing of any paper or any further act on the part of any of the parties hereto. In
case any Securities shall have been authenticated, but not delivered, by the Trustee then in
office, any successor by merger, conversion or consolidation to such authenticating Trustee may
adopt such authentication and deliver the Securities so authenticated with the same effect as if
such successor Trustee had itself authenticated such Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 6.13 <I>Preferential Collection of Claims Against Company.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If and when the Trustee shall be or become a creditor of the Company (or any other obligor
upon the Securities), the Trustee shall be subject to the provisions of the Trust Indenture Act
regarding the collection of claims (whether or not litigated) against the Company (or any such
other obligor).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 6.14 <I>Appointment of Authenticating Agent.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Trustee may appoint an Authenticating Agent or Agents which shall be authorized to act
on behalf of the Trustee to authenticate Securities issued upon original issue and upon exchange,
registration of transfer, partial conversion or partial redemption or pursuant to Section&nbsp;3.06, and
Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid
and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference
is made in this Indenture to the authentication and delivery of Securities by the Trustee or the
Trustee&#146;s certificate of authentication, such reference shall be deemed to include authentication
and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of
authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating
Agent shall be acceptable to the Company and shall at all times be a corporation organized and
doing business under the laws of the United States, any State thereof or the District of Columbia,
authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of
not less than $50,000,000 and subject to supervision or examination by Federal or State authority.
If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or
to the requirements of said supervising or examining authority, then for the purposes of this
Section, the combined capital and surplus of such Authenticating Agent shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition so published. If
at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions to
this Section, such Authenticating Agent shall resign immediately in the manner and with the effect
specified in this Section.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Any corporation into which an Authenticating Agent may be merged or converted or with
which it may be consolidated, or any corporation resulting from any merger, conversion or
consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to
the corporate agency or corporate trust business of an Authenticating Agent, shall continue to be
an Authenticating Agent, provided such corporation shall otherwise be eligible under this Section,
without the execution or filing of any paper or any further act on the part of the Trustee or the
Authenticating Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;An Authenticating Agent may resign at any time by giving written notice thereof to the
Trustee and to the Company. The Trustee may at any time terminate the agency of an Authenticating
Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon
receiving
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->41<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">such a notice of resignation or upon such a termination, or in case at any time such
Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section,
the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Company
and shall mail written notice of such appointment by first-class mail, postage prepaid, to all
Holders as their names and addresses appear in the Security Register. Any successor Authenticating
Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers
and duties of its predecessor hereunder, with like effect as if originally named as an
Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under
the provisions of this Section.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The Trustee agrees to pay to each Authenticating Agent from time to time reasonable
compensation for its services under this Section, and the Trustee shall be entitled to be
reimbursed for such payments, subject to the provisions of Section&nbsp;6.07.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;If an appointment is made pursuant to this Section, the Securities may have endorsed
thereon, in addition to the Trustee&#146;s certificate of authentication, an alternative certificate of
authentication in the following form:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;This is one of the Securities described in the within-mentioned Indenture.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">THE BANK OF NEW YORK MELLON TRUST</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">COMPANY, N.A., As Trustee</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">As Authenticating Agent</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Authorized Signatory</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 6.15 <I>Trustee&#146;s Application for Instructions from the Company.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any application by the Trustee for written instructions from the Company may, at the option of
the Trustee, set forth in writing any action proposed to be taken or omitted by the Trustee under
the Indenture and the date on and/or after which such action shall be taken or such omission shall
be effective. The Trustee shall not be liable for any action taken by, or omission of the Trustee
in accordance with a proposal included in such application on or after the date specified in such
application (which date shall not be less than five Business Days after the date of any officer of
the Company actually receives such application, unless any such officer shall have consented in
writing to any earlier date), unless prior to taking any such action, or the effective date in the
case of any omission, the Trustee shall have received written instructions in response to such
application specifying the action to be taken or omitted.
</DIV>

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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>HOLDERS&#146; LISTS AND REPORTS BY TRUSTEE AND COMPANY</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 7.01 <I>Company to Furnish Trustee Names and Addresses of Holders.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company will furnish or cause to be furnished to the Trustee
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;semi-annually, not more than 15&nbsp;days after each Regular Record Date, a list, in such form
as the Trustee may reasonably require, of the names and addresses of the Holders as of such Regular
Record Date, and
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->42<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;at such other times as the Trustee may request in writing, within 30&nbsp;days after the
receipt by the Company of any such request, a list of similar form and content as of a date not
more than 15&nbsp;days prior to the time such list is furnished;
excluding from any such list names and addresses received by the Trustee in its capacity as
Security Registrar.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION
7.02 <I>Preservation of Information; Communications to
Holders.</I></div>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Trustee shall preserve, in as current a form as is reasonably practicable, the names
and addresses of Holders contained in the most recent list furnished to the Trustee as provided in
Section&nbsp;7.01 and the names and addresses of Holders received by the Trustee in its capacity as
Security Registrar. The Trustee may destroy any list furnished to it as provided in Section&nbsp;7.01
upon receipt of a new list so furnished.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The rights of Holders to communicate with other Holders with respect to their rights under
this Indenture or under the Securities and the corresponding rights and duties of the Trustee,
shall be as provided by the Trust Indenture Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Every Holder of Securities, by receiving and holding the same, agrees with the Company and
the Trustee that neither the Company nor the Trustee nor any agent of either of them shall be held
accountable by reason of any disclosure of information as to the names and addresses of Holders
made pursuant to Section&nbsp;3.12 of the Trust Indenture Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 7.03 <I>Reports by Trustee.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Within 60&nbsp;days after March 1 of each year commencing with the first March 1 after the
first issuance of the Securities, the Trustee shall transmit to Holders such reports concerning the
Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Act
at the times and in the manner provided pursuant thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;A copy of each such report shall, at the time of such transmission to Holders, be filed by
the Trustee with each stock exchange upon which the Securities are listed, with the Commission and
with the Company. The Company will notify the Trustee when the Securities are listed on any stock
exchange.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 7.04 <I>Reports by Company.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall file with the Trustee and the Commission, and transmit to Holders, such
information, documents and other reports, and such summaries thereof, as may be required pursuant
to the Trust Indenture Act at the times and in the manner provided pursuant to such Act; provided
that any such information, documents or reports required to be filed with the Commission pursuant
to Sections&nbsp;13 or 15(d) of the Exchange Act shall, subject to Section&nbsp;10.10, be filed with the
Trustee within 15&nbsp;days after the same is so required to be filed with the Commission. The Trustee
shall not be obligated to ensure that the Company files such information, documents and other
reports hereunder or complies with the provisions of the Trust Indenture Act with respect thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delivery of such information, document or other reports to the Trustee is for informational
purposes only. The Trustee&#146;s receipt thereof shall not constitute actual or constructive notice of
any information contained therein or determinable for any purpose information contained therein,
including the Company&#146;s compliance with any of its covenants hereunder (as to which the Trustee is
entitled to and shall have the right to conclusively rely on Officers&#146; Certificates).
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->43<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">

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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>CONSOLIDATIONS, MERGERS AND CERTAIN SALES OF ASSETS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 8.01 <I>The Company May Consolidate, Etc. Only on Certain Terms</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Company may not, in a single transaction or a series of related transactions,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;consolidate or merge with or into any other Person or permit any other Person to
consolidate or merge with or into the Company, or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;directly or indirectly transfer, sell, lease or otherwise dispose of all or substantially
all of its assets,
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">unless, in the case of clauses (i)&nbsp;or (ii)&nbsp;of this covenant:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) in a transaction in which the Company does not survive or in which the Company
sells, leases or otherwise disposes of all or substantially all of its assets, the successor
entity to the Company is organized under (i)&nbsp;the laws of the United States or any State
thereof or the District of Columbia, (ii)&nbsp;the laws of the Republic of The Marshall Islands,
(iii)&nbsp;the laws of the Commonwealth of the Bahamas, (iv)&nbsp;the laws of the Bermuda Islands, (v)
the laws of the Republic of Liberia or (vi)&nbsp;the laws of any other country recognized by the
United States and which, in the case of any of the events under subclause (i), (ii), (iii),
(iv), (v)&nbsp;or (vi), shall expressly assume, by a supplemental indenture executed and
delivered to the Trustee in form satisfactory to the Trustee, all of the Company&#146;s
obligations under the Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) immediately before and after giving effect to such transaction, no Event of Default
or event that with the passing of time or the giving of notice, or both, would constitute an
Event of Default shall have occurred and be continuing; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Company, or if applicable, the Successor Company has delivered to the Trustee
an Officers&#146; Certificate and an Opinion of Counsel, each stating that such consolidation,
merger, conveyance, transfer, lease or acquisition and, if a supplemental indenture is
required in connection with such transaction, such supplemental indenture, complies with
this Article and that all conditions precedent herein provided for relating to such
transaction have been complied with.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 8.02 <I>Successor Substituted.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon any consolidation of the Company with, or merger of the Company into, any other Person or
any transfer, conveyance, sale, lease or other disposition of all or substantially all of the
properties and assets of the Company in accordance with Section&nbsp;8.01 (in each such case the
successor entity shall be known as the &#147;Successor Company&#148;), the Successor Company shall succeed
to, and be substituted for, and may exercise every right and power of, the Company under this
Indenture with the same effect as if such successor Person had been named as the Company herein,
and thereafter, except in the case of a lease, the predecessor Person shall be relieved of all
obligations and covenants under this Indenture and the Securities.
</DIV>

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


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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 9.01 <I>Supplemental Indentures Without Consent of Holders.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Without the consent of any Holders, the Company, when authorized by a Board Resolution,
and the Trustee, at any time and from time to time, may enter into one or more indentures
supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes:
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->44<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to evidence the succession of another Person to the Company and the assumption by
any such successor of the covenants of the Company herein and in the Securities; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to add to the covenants of the Company for the benefit of the Holders, or to
surrender any right or power herein conferred upon the Company; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) to secure the Securities pursuant to the requirements of Section&nbsp;10.08 or
otherwise; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) to comply with any requirements of the Commission in order to effect and maintain
the qualification of this Indenture under the Trust Indenture Act and thereafter maintain
the qualification of this Indenture under the Trust Indenture Act; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) to cure any ambiguity, to correct or supplement any provision herein which may be
inconsistent with any other provision herein, or to make any other provisions with respect
to matters or questions arising under this Indenture which shall not be inconsistent with
the provisions of this Indenture, provided such action pursuant to this clause (5)&nbsp;shall not
adversely affect the interests of the Holders in any material respect; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) to issue Additional Securities as provided in Section&nbsp;3.01;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) to evidence and provide for the acceptance of appointment hereunder by a successor
Trustee pursuant to the requirements of Section&nbsp;6.11; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) to make any change that does not materially and adversely affect the rights of any
Holder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 9.02 <I>Supplemental Indentures With Consent of Holders.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;With the consent of the Holders of not less than a majority in aggregate principal amount
of the Outstanding Securities, by Act of said Holders delivered to the Company and the Trustee, the
Company, when authorized by a Board Resolution, and the Trustee may enter into an indenture or
indentures supplemental hereto for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of this Indenture or of modifying in any manner the
rights of the Holders under this Indenture; <I>provided, however</I>, that no such supplemental indenture
shall, without the consent of the Holder of each Outstanding Security affected thereby,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) change the Stated Maturity of the principal amount of, or any installment of
interest on, any Security, or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) reduce the principal amount of, any premium payable, or the rate of interest on,
any Security, or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) change the place of payment where, or the coin or currency in which, the principal
amount of, any premium, or interest on, any Security is payable, or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) impair the right to institute suit for the enforcement of any such payment on, or
with respect to, any Security, or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) reduce the percentage of the aggregate principal amount of the Outstanding
Securities, the consent of whose Holders is necessary to modify or amend this Indenture, or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) modify any provision of this Indenture relating to the modification or amendment of
the Indenture, except as otherwise specified in this Indenture, or
</DIV>

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</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) reduce the percentage of the aggregate principal amount of the Outstanding
Securities, the consent of whose Holders is required for any waiver of compliance with
certain provisions of this Indenture or certain defaults hereunder and their consequences
provided for in this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;It shall not be necessary for any Act of Holders under this Section to approve the
particular form of any proposed supplemental indenture, but it shall be sufficient if such Act
shall approve the substance thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 9.03 <I>Execution of Supplemental Indentures.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In executing, or accepting the additional trusts created by, any supplemental indenture
permitted by this Article or the modifications thereby of the trusts created by this Indenture, the
Trustee shall be entitled to receive, and (subject to Sections&nbsp;6.01 and 6.03) shall be fully
protected in relying upon, an Opinion of Counsel and an Officers&#146; Certificate stating that the
execution of such supplemental indenture is authorized or permitted by this Indenture. The Trustee
may, but shall not be obligated to, enter into any such supplemental indenture which affects the
Trustee&#146;s own rights, duties or immunities under this Indenture or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 9.04 <I>Effect of Supplemental Indentures.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the execution of any supplemental indenture under this Article, this Indenture shall be
modified in accordance therewith, and such supplemental indenture shall form a part of this
Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated
and delivered hereunder shall be bound thereby.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 9.05 <I>Conformity with Trust Indenture Act.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every amendment or supplement to this indenture or the Securities executed pursuant to this
Article shall conform to the requirements of the Trust Indenture Act as is then in effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 9.06 <I>Reference in Securities to Supplemental Indentures.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article may, and shall if required by the Trustee, bear a notation in form
approved by the Trustee as to any matter provided for in such supplemental indenture. If the
Company shall so determine, new Securities so modified as to conform, in the opinion of the Trustee
and the Company, to any such supplemental indenture may be prepared and executed by the Company and
authenticated and delivered by the Trustee in exchange for Outstanding Securities.
</DIV>

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


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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 10.01 <I>Payment of Principal Amount, Premium and Interest.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company covenants and agrees for the benefit of the Holders that it will duly and
punctually pay the principal amount of (and premium, if any) and interest on the Securities in
accordance with the terms of the Securities and this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 10.02 <I>Maintenance of Office or Agency.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Company will maintain in the Borough of Manhattan, The City of New York, an office or
agency where Securities may be presented or surrendered for payment, where Securities may be
surrendered for registration of transfer or exchange and where notices and demands to or upon the
Company in respect of the Securities and this Indenture may be served. The Company will give
prompt
</DIV>

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</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">written notice to the Trustee of the location, and any change in the location, of such office
or agency. If at any time the Company shall fail to maintain any such required office or agency or
shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices
and demands may be made or served at the Corporate Trust Office of the Trustee in New York, and the
Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders,
notices and demands.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Company may also from time to time designate one or more other offices or agencies (in
or outside the Borough of Manhattan, The City of New York) where the Securities may be presented or
surrendered for any or all such purposes and may from time to time rescind such designations;
<I>provided, however</I>, that no such designation or rescission shall in any manner relieve the Company
of its obligation to maintain an office or agency in the Borough of Manhattan, The City of New
York, for such purposes. The Company will give prompt written notice to the Trustee of any such
designation or rescission and of any change in the location of any such other office or agency.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 10.03 <I>Money for Securities Payments to be Held in Trust.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;If the Company shall at any time act as its own Paying Agent, it will, on or before each
due date of the principal amount of (and premium, if any) or interest on any of the Securities,
segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay
the principal amount (and premium, if any) or interest so becoming due until such sums shall be
paid to such Persons or otherwise disposed of as herein provided and will promptly notify the
Trustee of its action or failure so to act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Whenever the Company shall have one or more Paying Agents, it will, prior to each due date
of the principal amount of (and premium, if any) or interest on any Securities, deposit with a
Paying Agent a sum sufficient to pay the principal amount (and premium, if any) or interest so
becoming due, such sum to be held in trust for the benefit of the Persons entitled to such
principal amount, premium or interest, and (unless such Paying Agent is the Trustee) the Company
will promptly notify the Trustee of its action or failure so to act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Company will cause each Paying Agent other than the Trustee to execute and deliver to
the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the
provisions of this Section, that such Paying Agent will:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) hold all sums held by it for the payment of the principal amount of (and premium,
if any) or interest on Securities in trust for the benefit of the Persons entitled thereto
until such sums shall be paid to such Persons or otherwise disposed of as herein provided;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) give the Trustee notice of any default by the Company (or any other obligor upon
the Securities) in the making of any payment of the principal amount (and premium, if any)
or interest; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) at any time during the continuance of any such default, upon the written request of
the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The Company may at any time, for the purpose of obtaining the satisfaction and discharge
of this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to
pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be
held by the Trustee upon the same trusts as those upon which such sums were held by the Company or
such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent
shall be released from all further liability with respect to such money.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in
trust for the payment of the principal amount of (and premium, if any) or interest on any Security
and remaining unclaimed for two years after such principal (and premium, if any) or interest has
</DIV>

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</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">become due and payable shall be paid to the Company on Company Request, or (if then held by
the Company) shall be discharged from such trust; and the Holder of such Security shall thereafter,
as an unsecured general creditor, look only to the Company for payment thereof, and all liability
of the Trustee or such Paying Agent with respect to such trust money, and all liability of the
Company as trustee thereof, shall thereupon cease; <I>provided, however</I>, that the Trustee or such
Paying Agent, before being required to make any such repayment, may at the expense of the Company
cause to be published once, in a newspaper published in the English language, customarily published
on each Business Day and of general circulation in The City of New York, notice that such money
remains unclaimed and that, after a date specified therein, which shall not be less than 30&nbsp;days
from the date of such publication, any unclaimed balance of such money then remaining will be
repaid to the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 10.04 <I>Corporate Existence.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to Article&nbsp;VIII, the Company will do or cause to be done all things necessary to
preserve and keep in full force and effect its existence, rights (charter and statutory) and
franchises; <I>provided, however</I>, that the Company shall not be required to preserve any such right or
franchise if the Board of Directors in good faith shall determine that the preservation thereof is
no longer desirable in the conduct of the business of the Company and that the loss thereof is not
disadvantageous in any material respect to the Holders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 10.05 <I>Maintenance of Properties.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company will cause all material properties used or useful in the conduct of its business
or the business of any Subsidiary of the Company to be maintained and kept in good condition,
repair and working order and supplied with all necessary equipment and will cause to be made all
necessary repairs, renewals, replacements, betterments and improvements thereof, all as in the
judgment of the Company may be necessary so that the business carried on in connection therewith
may be properly and advantageously conducted at all times; <I>provided, however</I>, that nothing in this
Section shall prevent the Company from discontinuing the operation or maintenance of any of such
properties if such discontinuance is, as determined by the Board of Directors in good faith,
desirable in the conduct of its business or the business of any Subsidiary and not disadvantageous
in any material respect to the Holders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 10.06 <I>Payment of Taxes and Other Claims.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company will pay or discharge or cause to be paid or discharged, before the same shall
become delinquent, (a)&nbsp;all taxes, assessments and governmental charges levied or imposed upon the
Company or any of its Subsidiaries or upon the income, profits or property of the Company or any of
its Subsidiaries, and (b)&nbsp;all lawful claims for labor, materials and supplies which, if unpaid,
might by law become a lien upon the property of the Company or any of its Subsidiaries; <I>provided,
however</I>, that the Company shall not be required to pay or discharge or cause to be paid or
discharged any such tax, assessment, charge or claim whose amount, applicability or validity is
being contested in good faith by appropriate proceedings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 10.07 <I>Maintenance of Insurance.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall, and shall cause its Subsidiaries to, keep at all times all of their
properties which are of an insurable nature insured against loss or damage with insurers believed
by the Company to be responsible to the extent that property of similar character is usually so
insured by corporations similarly situated and owning like properties in accordance with good
business practice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 10.08 <I>Limitation on Liens.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may not, directly or indirectly, Incur, assume or suffer to exist any Lien on or
with respect to any property or assets, now owned or hereafter acquired, to secure any present or
future Relevant Debt of the Company without making effective provision for securing the Securities:
</DIV>

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</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) in the event such Relevant Debt is <I>pari passu </I>with the Securities, equally and
ratably with such Relevant Debt as to such property or assets for so long as such Relevant
Debt will be so secured, or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) in the event such Relevant Debt is subordinate in right of payment to the
Securities, prior to such Relevant Debt as to such property or assets for so long as such
Relevant Debt will be so secured.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 10.09 <I>Change of Control Triggering Event.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Subject to Section&nbsp;10.09(c), within 30&nbsp;days of the occurrence of a Change of Control
Triggering Event, unless the Company has previously exercised its right to redeem all Outstanding
Securities under Section&nbsp;11.01, the Company will be required to make an Offer to Purchase all
Outstanding Securities at a purchase price equal to 101% of the principal amount thereof plus
accrued and unpaid interest, if any, to the date of purchase.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;A &#147;Change of Control&#148; will be deemed to occur at such time as either:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a &#147;person&#148; or &#147;group&#148; (within the meaning of Sections 13(d) and 14(d)(2) of the
Exchange Act), other than any Permitted Holder or Permitted Holders, becomes the ultimate
&#147;beneficial owner&#148; (as defined in Rule&nbsp;13d-3 under the Exchange Act and including by reason
of any change in the ultimate &#147;beneficial ownership&#148; of the Capital Stock of the Company) of
more than 50% of the total voting power of the Voting Stock of the Company (calculated on a
fully diluted basis); or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) individuals who at the beginning of any period of two consecutive calendar years
constituted the Board of Directors of the Company (together with any new directors whose
election by such Board of Directors or whose nomination for election was approved by a vote
of at least two-thirds of the members of such Board of Directors then still in office who
either were members of such Board of Directors at the beginning of such period or whose
election or nomination for election was previously so approved) cease for any reason to
constitute at least 50% of the members of such Board of Directors then in office.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Company will not be required to make an Offer to Purchase any Securities upon a Change
of Control Triggering Event if it has previously exercised its right to redeem all of the
Securities as described under Article&nbsp;XI in the manner, at the times and otherwise in compliance
with the requirements set forth in this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;If the Company fails to make the Offer to Purchase or fails to pay the purchase price and
accrued interest described above on the date specified therefor, the Trustee and the Holders of
Securities will have the rights described under Section&nbsp;5.01.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;In the event that the Company makes an Offer to Purchase the Securities, the Company shall
comply with any applicable securities laws and regulations, including any applicable requirements
of Section 14(e) of, and Rule&nbsp;14e-1 under, the Exchange Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 10.10 <I>Provision of Financial Information.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Whether or not the Company is then subject to Sections 13(a) or 15(d) of the Exchange Act,
the Company will furnish to the trustee and the holders, so long as the notes are outstanding:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) within 120&nbsp;days after the end of each of the first three fiscal quarters in each
fiscal year, quarterly reports on Form 6-K (or any successor form) containing unaudited
financial statements (including a balance sheet and statement of income, changes in
stockholders&#146; equity and cash flow) and a management&#146;s discussion and analysis of financial
condition and results of
</DIV>

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</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">operations (or equivalent disclosure) for and as of the end of such fiscal quarter
(with comparable financial statements for the corresponding fiscal quarter of the
immediately preceding fiscal year);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) within 120&nbsp;days after the end of each fiscal year, an annual report on Form 20-F
(or any successor form) containing the information required to be contained therein for such
fiscal year; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) at or prior to such times at would be required to be filed or furnished to the SEC
if the Company was then a &#145;&#145;foreign private issuer&#146;&#146; subject to Sections 13(a) or 15(d) of
the Exchange Act, all such other reports and information that the Company would have been
required pursuant thereto;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>provided, however</I>, that to the extent that the Company ceases to qualify as a &#145;&#145;foreign private
issuer&#146;&#146; within the meaning of the Exchange Act, whether or not the Company is then subject to
Sections 13(a) or 15(d) of the Exchange Act, the Company will furnish to the trustee and the
holders, so long as any notes are outstanding, within (1)&nbsp;if the Company is then subject to
Sections 13(a) or 15(d) of the Exchange Act, 30&nbsp;days of the respective dates on which the Company
is required to file such documents pursuant to the Exchange Act, or (2)&nbsp;if the Company is not then
subject to Sections 13(a) or 15(d) under the Exchange Act, the applicable time periods described
above with respect to quarterly, annual and other reports and information, all reports and other
information that would be required to be filed with (or furnished to) the Commission pursuant
Sections 13(a) or 15(d) of the Exchange Act if it were required to file such documents under the
Exchange Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;In addition, whether or not required by the rules and regulations of the Commission, the
Company will electronically file or furnish, as the case may be, a copy of all such information and
reports with the Commission for public availability within the time periods specified above
(unless the Commission will not accept such a filing). Notwithstanding the foregoing, the Company
will be deemed to have furnished such reports and information referred to in paragraph (a)&nbsp;of this
Section&nbsp;10.10 to the Trustee and the Holders of notes if the Company has filed such reports and
information with the Commission via the EDGAR system (or any successor system) and such reports and
information are publicly available.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 10.11 <I>Statement By Officers as to Default; Compliance Certificates.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Company will deliver to the Trustee, within 120&nbsp;days after the end of each fiscal year
(which is currently December&nbsp;31), of the Company ending after the date hereof an Officers&#146;
Certificate, stating that, after conducting a review of the activities of the Company and its
Subsidiaries and of the Company&#146;s and its Subsidiaries performance under this Indenture, the
Company has fulfilled all obligations thereunder, or whether the Company is in default in the
performance and observance of any of the terms, provisions and conditions of this Indenture, and if
the Company shall be in default, specifying all such defaults and the nature and status thereof of
which it has knowledge.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Company shall deliver to the Trustee, as soon as possible and in any event within 10
days after the Company becomes aware of the occurrence of an Event of Default or an event which,
with notice or the lapse of time or both, would constitute an Event of Default, an Officers&#146;
Certificate setting forth the details of such Event of Default or default, and the action which the
Company proposes to take with respect thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 10.12 <I>Waiver of Certain Covenants.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may omit in any particular instance to comply with any covenant or condition set
forth in Section&nbsp;8.01, Sections&nbsp;10.04 to 10.10(a), inclusive, and Sections&nbsp;10.13 to 10.14,
inclusive, if before the time for such compliance the Holders of at least a majority in principal
amount of the Outstanding Securities shall, by Act of such Holders, either waive such compliance in
such instance or generally waive compliance with such covenant or condition, but no such waiver
shall extend to or affect such covenant or condition except to the extent so expressly waived, and,
until such waiver shall become
</DIV>

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</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">effective, the obligations of the Company and the duties of the Trustee in respect of any such
covenant or condition shall remain in full force and effect; <I>provided, however</I>, with respect to an
Offer to Purchase as to which an Offer has been mailed, no such waiver may be made or shall be
effective against any Holder tendering Securities pursuant to such Offer, and the Company may not
omit to comply with the terms of such Offer as to such Holder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 10.13 <I>Indemnification of Judgment Currency.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall indemnify the Trustee and any Holder against any loss incurred by the
Trustee or such Holder, as the case may be, as a result of any judgment or order being given or
made for any amount due under this Indenture or such Security (by reason of the Company being in
default under this Indenture) and being expressed and paid in a currency (the &#147;Judgment Currency&#148;)
other than U.S. Dollars, and as a result of any variation between (i)&nbsp;the rate of exchange at which
the U.S. Dollar amount is converted into the Judgment Currency for the purpose of such judgment or
order and (ii)&nbsp;the spot rate of exchange in The City of New York at which the Trustee or such
Holder, as the case may be, on the date that the amount of the Judgment Currency is actually
received by the Trustee or such Holder. The foregoing indemnity shall constitute a separate and
independent obligation of the Company and shall continue in full force and effect notwithstanding
any such judgment or order as aforesaid. The term &#147;spot rate of exchange&#148; shall include any
premiums and costs of exchange payable in connection with the purchase of, or conversion into, U.S.
Dollars from the Judgment Currency pursuant to the Noon Day Buying Rate quoted by the Federal
Reserve Bank of New York or, if such rate is not then available therefrom, the WM/Reuters Intraday
Spot Rate quoted by WM/Reuters or any similar rate of exchange quoted by a successor exchange rate
service, at 12:00 noon (New York City time).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 10.14 <I>Payments for Consent.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall not, and shall not permit any of its Subsidiaries to, directly or
indirectly, pay or cause to be paid any consideration, whether by way of interest, fee or
otherwise, to any Holder of the Securities for or as an inducement to any consent, waiver or
amendment of any of the terms or provisions of this Indenture or the Securities unless such
consideration is offered to be paid or is paid to all Holders of the Securities that consent, waive
or agree to amend in the time frame set forth in the solicitation documents relating to such
consent, waiver or agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 10.15 <I>Additional Amounts.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;All payments made by the Company under or with respect to the Securities shall be made
free and clear of and without withholding or deduction for or on account of any present or future
tax, duty, levy, impost, assessment or other governmental charge (hereinafter &#147;Taxes&#148;) imposed or
levied by or on behalf of any Taxing Jurisdiction, unless the Company is required to withhold or
deduct Taxes by law or by the interpretation or administration thereof. If the Company is so
required to withhold or deduct any amount of interest for or on account of Taxes from any payment
made under or with respect to the Securities, the Company shall pay such additional amounts of
interest (&#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 shall not be less than the
amount the Holder would have received if such Taxes had not been withheld or deducted; <I>provided,
however</I>, that the Company will not pay any Additional Amounts in connection with any Taxes that are
imposed due to any of the following (&#147;Excluded Additional Amounts&#148;):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Holder or beneficial owner has some connection with the Taxing Jurisdiction
other than merely holding the Securities or receiving principal or interest payments on the
Securities (such as citizenship, nationality, residence, domicile, or existence of a
business, a permanent establishment, a dependent agent, a place of business or a place of
management present or deemed present within the Taxing Jurisdiction);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any tax imposed on, or measured by net income;
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Holder or beneficial owner fails to comply with any certification,
identification or other reporting requirements concerning its nationality, residence,
identity or connection with the Taxing Jurisdiction, if (A)&nbsp;such compliance is required by
applicable law, regulation, administrative practice or treaty as a precondition to exemption
from all or a part of the Tax, (B)&nbsp;the Holder or beneficial owner is able to comply with
such requirements without undue hardship, and (C)&nbsp;at least 30 calendar days prior to the
first payment date with respect to which such requirements under the applicable law,
regulation, administrative practice or treaty shall apply, the Company has notified such
Holder that such Holder will be required to comply with such requirements;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the Holder fails to present (where presentation is required) its Security within 30
calendar days after the Company has made available to the Holder a payment of principal or
interest, provided that the Company will pay Additional Amounts which a Holder would have
been entitled to had the Security owned by such Holder been presented on any day (including
the last day) within such 30-day period;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) any estate, inheritance, gift, value added, use or sales Taxes or any similar
Taxes;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) where any Additional Amounts are imposed on a payment on the Securities to an
individual and are required to be made pursuant to European Union Directive 2003/48/EC or
any other directive implementing the conclusions of the Economic and Financial Council of
Ministers of the member states of the European Union (ECOFIN)&nbsp;Council meeting of November
26-27, 2000 on the taxation of savings or any law implementing or complying with, or
introduced in order to conform to, such Directive; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) where the Holder or beneficial owner could avoid any Additional Amounts by
requesting that a payment on the Securities be made by, or presenting the relevant
Securities for payment to, another Paying Agent located in a Member State of the European
Union.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Company shall also (1)&nbsp;make such withholding or deduction and (2)&nbsp;remit the full
amount deducted or withheld to the relevant authority in accordance with applicable law. The
Company shall furnish to the Holders of the Securities, within 30&nbsp;days after the date the payment
of any Taxes are due pursuant to applicable law, certified copies of tax receipts evidencing such
payment by the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Company shall indemnify and hold harmless each Holder for the amount (other than
Excluded Additional Amounts) of (1)&nbsp;any Taxes not withheld or deducted by the Company and levied or
imposed and paid by such Holder as a result of payments made under or with respect to the
Securities, (2)&nbsp;any liability (including penalties, interest and expenses) arising therefrom or
with respect thereto, and (3)&nbsp;any Taxes imposed with respect to any reimbursement under clause (1)
or (2)&nbsp;of this paragraph (c)&nbsp;of this Section&nbsp;10.15.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;At least 30&nbsp;days prior to each date on which any payment under or with respect to the
Securities is due and payable, if the Company is aware that it will be obligated to pay Additional
Amounts with respect to such payment, the Company shall deliver to the Trustee an Officers&#146;
Certificate stating the fact that such Additional Amounts will be payable, the amounts so payable
and such other information necessary to enable the Trustee to pay such Additional Amounts to
Holders on the payment date. Whenever in this Indenture there is mentioned, in any context, the
payment of principal (and premium, if any), interest or any other amount payable under or with
respect to any Security, such mention (except where expressly mentioned) shall be deemed to include
mention of the payment of Additional Amounts provided for in this Section&nbsp;10.15 to the extent that,
in such context, Additional Amounts are, were or would be payable in respect thereof.
</DIV>

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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>REDEMPTION OF SECURITIES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 11.01 <I>Right of Redemption.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;At the Company&#146;s option, the Company may redeem the Securities in whole or in part at any
time at a Redemption Price equal to the greater of (i)&nbsp;100% of the principal amount of the
Securities to be redeemed and (ii)&nbsp;the sum of the present values of the remaining scheduled
payments of principal and interest on the Securities to be redeemed (excluding the portion of any
such interest accrued to the Redemption Date) discounted to the Redemption Date on a semi-annual
basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Yield, plus 50
basis points, plus, in each case, accrued and unpaid interest to the Redemption Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;At the Company&#146;s option, the Company may redeem the Securities in whole, but not in part,
at any time at a Redemption Price equal to 100% of the principal amount of the Securities to be
redeemed together with accrued and unpaid interest thereon to the Redemption Date, and any other
amounts owed to the Holders of the Securities under the terms of this Indenture or the Securities,
upon notice mailed to each Holder of Securities at the addresses appearing in the Security
Register, if, as a result of any change or amendment to the laws (or regulations promulgated
thereunder) of any Taxing Jurisdiction, or any change in or amendment to any official position or
administration or assessing practices regarding the application or interpretation of such laws or
regulations, which change or amendment is announced or becomes effective on or after January&nbsp;27,
2010, the Company has become or would become obligated to pay, on the next date on which any amount
would be payable under or with respect to the Securities, any Additional Amounts, to a Holder in
accordance with Section&nbsp;10.15 hereof, provided that the Company determines, in its business
judgment, that the obligation to pay such Additional Amounts cannot be avoided by the use of
reasonable measures available to the Company which would not involve any liability of any kind to
the Company, except for any cost or expense which is minimal, not including substitution of the
obligor under the Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;At any time or from time to time prior to January&nbsp;15, 2013, the Company, at its option,
may redeem up to 35% of the aggregate principal amount of the Securities issued under this
Indenture with the net cash proceeds of one or more Qualified Equity Offerings at a Redemption
Price equal to 108.5% of the principal amount of the Securities to be redeemed, plus accrued and
unpaid interest thereon, if any, to the Redemption Date; provided that (1)&nbsp;at least 65% of the
aggregate principal amount of Securities issued under this Indenture remains outstanding
immediately after the occurrence of such redemption and (2)&nbsp;the redemption occurs within 60&nbsp;days of
the date of the closing of any such Qualified Equity Offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 11.02 <I>Applicability of Article.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption of Securities at the election of the Company or otherwise, as permitted or required
by any provision of this Indenture, shall be made in accordance with such provision and this
Article.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 11.03 <I>Election to Redeem; Notice to Trustee.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The election of the Company to redeem the Securities shall be evidenced by a Board Resolution.
In case of any redemption at the election of the Company, the Company shall, not less than 30&nbsp;days
nor more than 60&nbsp;days prior to the Redemption Date fixed by it (unless a shorter notice period
shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date and of the
principal amount of Securities to be redeemed. Such notice shall be accompanied by an Officers&#146;
Certificate and an Opinion of Counsel from the Company to the effect that such redemption shall
comply with the conditions herein.
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 11.04 <I>Selection by Trustee of Securities to Be Redeemed.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;If less than all the Securities are to be redeemed, the particular Securities to be
redeemed shall be selected not more than 60&nbsp;days prior to the Redemption Date by the Trustee, from
the Outstanding Securities not previously called for redemption, by such method as the Trustee
shall deem fair and appropriate and which may provide for the selection for redemption of portions
of the principal of Securities; <I>provided, however</I>, that no such partial redemption shall reduce the
portion of the principal amount of a Security not redeemed to less than U.S.$2,000. Securities and
any portions of such Securities selected by the Trustee shall be in amounts of U.S.$2,000 or
integral multiples of U.S.$1,000 in excess thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Trustee shall promptly notify the Company in writing of the Securities selected for
redemption and, in the case of any Securities selected for partial redemption, the principal amount
thereof to be redeemed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;For all purposes of this Indenture, unless the context otherwise requires, all provisions
relating to redemption of Securities shall relate, in the case of any Security redeemed or to be
redeemed only in part, to the portion of the principal amount of such Security which has been or is
to be redeemed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 11.05 <I>Notice of Redemption.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice of redemption shall be given by first-class mail, postage prepaid, mailed not less than
30 nor more than 60&nbsp;days prior to the Redemption Date, to each Holder of Securities to be redeemed,
at his address appearing in the Security Register.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All notices of redemption shall state:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the principal amount of each Security held by such Holder to be redeemed;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;the Redemption Date;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;the Redemption Price;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;that on the Redemption Date the Redemption Price will become due and payable upon each
such Security, and that interest thereon shall cease to accrue on and after said date;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;the CUSIP number;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;if fewer than all of the Outstanding Securities are to be redeemed, then the
identification and principal amounts at Maturity of the particular Securities to be redeemed; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;the place or places where such Securities are to be surrendered for payment of the
Redemption Price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice of redemption of Securities to be redeemed at the election of the Company shall be
given by the Company or, at their request, by the Trustee in the name and at the expense of the
Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 11.06 <I>Deposit of Redemption Price.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On or prior to any Redemption Date, the Company shall deposit or cause to be deposited with
the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate
and hold in trust as provided in Section&nbsp;10.03) an amount of money in same day funds (or New York
Clearing House funds if such deposit is made prior to the applicable Redemption Date) sufficient to
pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date)
accrued interest on, all the Securities which are to be redeemed on that date.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 11.07 <I>Securities Payable on Redemption Date.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Notice of redemption having been given as aforesaid, the Securities so to be redeemed
shall, on the Redemption Date, become due and payable at the Redemption Price therein specified and
from and after such date (unless the Company shall default in the payment of the Redemption Price
and accrued interest) such Securities shall cease to bear interest. Upon surrender of any such
Security for redemption in accordance with said notice, such Security shall be paid by the Company
at the Redemption Price together with accrued interest to the Redemption Date; <I>provided, however</I>,
that installments of interest whose Stated Maturity is on or prior to the Redemption Date shall be
payable to the Holders of such Securities, or one or more Predecessor Securities, registered as
such on the relevant Regular Record Dates according to the terms and the provisions of Section
3.07.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;If any Security called for redemption shall not be so paid upon surrender thereof for
redemption, the principal thereof (and premium, if any, thereon) shall, until paid, bear interest
from the Redemption Date at the rate borne by such Security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 11.08 <I>Securities Redeemed in Part.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Security that is to be redeemed only in part shall be surrendered to the Paying Agent at
the office of the Paying Agent or to the office or agency referred to in Section&nbsp;10.02 (with, if
the Company or the Trustee so require, due endorsement by, or a written instrument of transfer in
form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or such
Holder&#146;s attorney duly authorized in writing) and the Company shall execute and the Trustee shall
authenticate and deliver to the Holder of such Security, without service charge, a replacement
Security or Securities, of any authorized denomination as requested by such Holder in an aggregate
principal amount equal to, and in exchange for, the principal amount of the Security so surrendered
that is not redeemed.
</DIV>

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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>DEFEASANCE AND COVENANT DEFEASANCE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 12.01 <I>Company&#146;s Option to Effect Defeasance or Covenant Defeasance.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may at its option by Board Resolution, at any time, elect to have either Section
12.02 or Section&nbsp;12.03 applied to the Outstanding Securities upon compliance with the conditions
set forth below in this Article&nbsp;XII.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 12.02 <I>Defeasance and Discharge.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the Company&#146;s exercise of the option provided in Section&nbsp;12.01 applicable to this
Section, on the 123rd day after the deposit of funds with the Trustee (as more fully discussed
below), the Company shall be deemed to have been discharged from its obligations with respect to
the Outstanding Securities on the date the conditions set forth below are satisfied (hereinafter,
&#147;defeasance&#148;). For this purpose, such defeasance means that the Company shall be deemed to have
paid and discharged the entire indebtedness represented by the Outstanding Securities and to have
satisfied all its other obligations under such Securities and this Indenture insofar as such
Securities are concerned (and the Trustee, at the expense of the Company, shall execute proper
instruments acknowledging the same), except for the following which shall survive until otherwise
terminated or discharged hereunder: (A)&nbsp;the rights of Holders of such Securities to receive,
solely from the trust fund described in Section&nbsp;12.04 and as more fully set forth in such Section,
payments in respect of the principal amount of (and premium, if any) and interest on such
Securities when such payments are due, (B)&nbsp;the Company&#146;s obligations with respect to such
Securities under Sections&nbsp;3.04, 3.05, 3.06, 10.02 and 10.03, (C)&nbsp;the rights, powers, trusts, duties
and immunities of the Trustee hereunder and (D)&nbsp;this Article&nbsp;XII. Subject to compliance with this
Article&nbsp;Twelve, the Company may exercise its option under this Section&nbsp;12.02 notwithstanding the
prior exercise of its option under Section&nbsp;12.03.
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 12.03 <I>Covenant Defeasance.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the Company&#146;s exercise of the option provided in Section&nbsp;12.01 applicable to this
Section, (a)&nbsp;the Company shall be released from its obligations under Sections&nbsp;10.05 through 10.10,
inclusive and 10.15, and clauses (2)&nbsp;and (3)&nbsp;of Section&nbsp;8.01(a), (b)&nbsp;the occurrence of an event
specified in Sections&nbsp;5.01(a)(3), 5.01(a)(4) (with respect to any of Sections&nbsp;10.05 through 10.10,
inclusive and Section&nbsp;10.15), 5.01(a)(5), 5.01(a)(6) and 5.01(a)(8) shall not be deemed to be an
Event of Default (hereinafter, &#147;covenant defeasance&#148;). For this purpose, such covenant defeasance
means that the Company may omit to comply with and shall have no liability in respect of any term,
condition or limitation set forth in any such Section, Clause or Article, whether directly or
indirectly by reason of any reference elsewhere herein to any such Section, Clause or Article or by
reason of any reference in any such Section, Clause or Article to any other provision herein or in
any other document, but the remainder of this Indenture and such Securities shall be unaffected
thereby.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 12.04 <I>Conditions to Defeasance or Covenant Defeasance.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The following shall be the conditions to application of Section&nbsp;12.02 to the then
Outstanding Securities:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Company shall irrevocably have deposited or caused to be deposited with the
Trustee (or another trustee satisfying the requirements of Section&nbsp;6.09 who shall agree to
comply with the provisions of this Article&nbsp;XII applicable to it) as trust funds in trust for
the purpose of making the following payments, specifically pledged as security for, and
dedicated solely to, the benefit of the Holders of such Securities, (A)&nbsp;money in an amount,
or (B)&nbsp;United States Government Obligations which through the scheduled payment of principal
and interest in respect thereof in accordance with their terms will provide, not later than
one day before the due date of any payment, money in an amount, or (C)&nbsp;a combination
thereof, sufficient, in the opinion of a nationally recognized firm of independent certified
public accountants expressed in a written certification thereof delivered to the Trustee, to
pay and discharge, and which shall be applied by the Trustee (or other qualifying trustee)
to pay and discharge, the principal of (premium, if any) and each installment of interest,
if any, on the Outstanding Securities on the Stated Maturity (or Redemption Date, if
applicable) of such principal or installment of interest in accordance with the terms of
this Indenture and of such Securities. For this purpose, &#147;United States Government
Obligations&#148; means securities that are (x)&nbsp;direct obligations of the United States for the
payment of which its full faith and credit is pledged or (y)&nbsp;obligations of a Person
controlled or supervised by and acting as an agency or instrumentality of the United States
the payment of which is unconditionally guaranteed as a full faith and credit obligation by
the United States, which, in either case, are not callable or redeemable at the option of
the issuer thereof, and shall also include a depository receipt issued by a bank (as defined
in Section&nbsp;3(a)(2) of the Securities Act) as custodian with respect to any such United
States Government Obligation or a specific payment of principal of or interest on any such
United States Government Obligation held by such custodian for the account of the Holder of
such depository receipt, provided that (except as required by law) such custodian is not
authorized to make any deduction from the amount payable to the Holder of such depository
receipt from any amount received by the custodian in respect of the United States Government
Obligation or the specific payment of principal of or interest on the United States
Government Obligation evidenced by such depository receipt.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In the case of an election under Section&nbsp;12.02, the Company has delivered to the
trustee (A)&nbsp;either (i)&nbsp;an Opinion of Counsel to the effect that Holders will not recognize
income, gain or loss for U.S. federal income tax purposes as a result of such deposit,
defeasance and discharge and will be subject to U.S. federal income tax on the same amount
and in the same manner and at the same times as would have been the case if such deposit,
defeasance and discharge had not occurred, which Opinion of Counsel must be based upon (and
accompanied by copy of) a ruling of the Internal Revenue Service to the same effect or based
upon a change in applicable U.S. federal income tax law after the date of the indenture or
(ii)&nbsp;a ruling directed to the trustee received from the Internal Revenue Service to the same
effect as the aforementioned
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->56<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Opinion of Counsel and (B)&nbsp;an Opinion of Counsel to the effect that the creation of the
defeasance trust does not violate the Investment Company Act of 1940, as amended, and, after
the passage of 123&nbsp;days following the deposit, the trust fund will not be subject to the
effect of Section&nbsp;547 of the United States Bankruptcy Code or Section&nbsp;15 of the New York
Debtor and Creditor Law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Immediately after giving effect to such deposit on a pro forma basis, no Event of
Default, or event that after the giving of notice or lapse of time or both would become an
Event of Default, shall have occurred and be continuing on the date of such deposit or
during the period ending on the 123rd day after the date of such deposit.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) If at such time the Securities are listed on a national securities exchange, the
Company has delivered to the trustee an Opinion of Counsel to the effect that the Securities
will not be delisted as a result of such deposit, defeasance and discharge.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Such deposit, defeasance or covenant defeasance and discharge shall not result in a
breach or violation of, or constitute a default under, any other agreement or instrument to
which the Company or any Subsidiary is a party or by which the Company or any Subsidiary is
bound.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The Company shall have delivered to the Trustee an Officers&#146; Certificate and an
Opinion of Counsel, each stating that all conditions precedent provided for relating to
either the defeasance under Section&nbsp;12.02 or the covenant defeasance under Section&nbsp;12.03 (as
the case may be) have been complied with.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;(i)&nbsp;The provisions described in clauses (1), (2)(B), (3)&nbsp;and (4)&nbsp;in Subsection (a)&nbsp;and
(ii)&nbsp;the delivery by the Company or the Trustee of an Opinion of Counsel to the effect that, among
other things, the Holders will not recognize income, gain or loss for federal income tax purposes
as a result of such deposit and defeasance of certain covenants and Events of Default and will be
subject to U.S. federal income tax on the same amount and in the same manner and at the same times
as would have been the case if such deposit and defeasance had not occurred, shall be conditions to
the application of Section&nbsp;12.03 to the then Outstanding Securities.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">SECTION 12.05</TD>
    <TD>&nbsp;</TD>
    <TD><I>Deposited Money and United States Government Obligations to be Held in Trust; Other Miscellaneous Provisions.</I></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Subject to the provisions of the last paragraph of Section&nbsp;10.03, all money and United
States Government Obligations (including the proceeds thereof) deposited with the Trustee (or other
qualifying trustee&#151;collectively, for purposes of this Section&nbsp;12.05, the &#147;Trustee&#148;) pursuant to
Section&nbsp;12.04 in respect of the Securities shall be held in trust and applied by the Trustee, in
accordance with the provisions of such Securities and this Indenture, to the payment, either
directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the
Trustee may determine, to the Holders of such Securities, of all sums due and to become due thereon
in respect of principal (and premium, if any) and interest, but such money need not be segregated
from other funds except to the extent required by law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Company shall pay and indemnify the Trustee against any tax, fee or other charge
imposed on or assessed against the United States Government Obligations deposited pursuant to
Section&nbsp;12.04 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 Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Anything in this Article&nbsp;XII to the contrary notwithstanding, the Trustee shall deliver or
pay to the Company from time to time upon Company Request any money or United States Government
Obligations held by it as provided in Section&nbsp;12.04 which, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written certification thereof
delivered to the Trustee, are in
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->57<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">excess of the amount thereof which would then be required to be deposited to effect an
equivalent defeasance or covenant defeasance.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SECTION 12.06 <I>Reinstatement.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Trustee or the Paying Agent is unable to apply any money in accordance with Section
12.02 or 12.03 by reason of any order or judgment of any court or governmental authority enjoining,
restraining or otherwise prohibiting such application, then the Company&#146;s obligations under this
Indenture and the Securities shall be revived and reinstated as though no deposit had occurred
pursuant to this Article&nbsp;XII until such time as the Trustee or Paying Agent is permitted to apply
all such money in accordance with Section&nbsp;12.02 or 12.03; <I>provided, however</I>, that if the Company
makes any payment of principal amount of (and premium, if any) or interest on any Security
following the reinstatement of its obligations, the Company shall be subrogated to the rights of
the Holders of such Securities to receive such payment from the money held by the Trustee or the
Paying Agent.
</DIV>

<DIV align="left" style="font-size: 1pt; margin-top: 0pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<DIV align="center"><DIV style="font-size: 1pt; margin-top: 12pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Indenture may be executed in any number of counterparts, each of which so executed shall
be deemed to be an original, but all such counterparts shall together constitute but one and the
same instrument.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->58<!-- /Folio -->
</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of
the day and year first above written.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="38%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">TEEKAY CORPORATION</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Bjorn Moller&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:&nbsp;President and Chief Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Arthur Bensler&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:&nbsp;Executive Vice President and Secretary</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ATTEST:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Alex Buffett&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">THE BANK OF NEW YORK MELLON TRUST</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">COMPANY, N.A.,
as trustee</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Raymond Torres&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:&nbsp;Authorized Signatory</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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



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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>4
<FILENAME>o59022exv5w1.htm
<DESCRIPTION>EX-5.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w1</TITLE>
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<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Watson, Farley &#038; Williams (New York) LLP</B><BR>
1133 Avenue of the Americas<BR>
New York, New York 10036<BR>
Tel (212)&nbsp;922 2200<BR>
Fax (212)&nbsp;922 1512
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">January&nbsp;27, 2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Teekay Corporation<BR>
4th Floor, Belvedere Building<BR>
69 Pitts Bay Road<BR>
Hamilton, HM 08, Bermuda

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Registration Statement on Form&nbsp;F-3</B>
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have acted as special counsel as to matters of the law of the Republic of The Marshall Islands
(&#147;<B>Marshall Islands Law</B>&#148;) and the State of New York (&#147;<B>New York Law</B>&#148;) for Teekay Corporation (the
&#147;<B>Company</B>&#148;) in connection with the preparation and filing with the Securities and Exchange
Commission, pursuant to the Securities Act of 1933, as amended (the &#147;<B>Securities Act</B>&#148;), and the
rules and regulations promulgated thereunder (&#147;<B>Rules</B>&#148;), of a registration statement on Form F-3
(No.&nbsp;333-164315), as amended by post-effective Amendment No.&nbsp;1 to Form F-3 dated January&nbsp;15, 2010
(the &#147;<B>Registration Statement</B>&#148;), for the registration of the offering by the Company of an aggregate
principal amount of up to $450,000,000 of the Company&#146;s Senior Notes due 2020 (the &#147;<B>Notes</B>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In rendering this opinion, we have examined originals or photocopies of all such documents,
including (i)&nbsp;the Registration Statement and the prospectus contained therein dated January&nbsp;15,
2010 (as supplemented and amended, the &#147;<B>Prospectus</B>&#148;), (ii)&nbsp;the Indenture dated January&nbsp;27, 2010
(the &#147;<B>Indenture</B>&#148;) between the Company and The Bank of New York Mellon Trust Company, N.A., as
trustee (the &#147;<B>Trustee</B>&#148;), pursuant to which the Notes will be issued, (iii)&nbsp;the form of the Notes
included within the Indenture and (iv)&nbsp;such corporate records, certificates, agreements, documents
or other instruments, and such certificates or comparable documents of public officials and of
officers and representatives of the Company, its subsidiaries and affiliates as we have deemed
necessary. We have also made inquiries of such officers and representatives of the Company, its
subsidiaries and its affiliates, as we have deemed necessary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In such examination, we have assumed (i)&nbsp;the genuineness of all signatures, (ii)&nbsp;the authenticity
of all documents submitted to us as originals, (iii)&nbsp;the conformity with the original documents of
all documents submitted to us as photocopies, (iv)&nbsp;the power, authority and legal right of the
Trustee to enter into the Indenture and that the Indenture is enforceable against the Trustee in
accordance with its terms, (v)&nbsp;that the Indenture has been duly and validly executed and delivered
by the Company and (vi)&nbsp;that the Indenture has been duly and validly authorized, executed and
delivered by the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 100pt">London <FONT style="font-family: Wingdings 2">&#149;</FONT> New York <FONT style="font-family: Wingdings 2">&#149;</FONT> Paris <FONT style="font-family: Wingdings 2">&#149;</FONT>
Hamburg <FONT style="font-family: Wingdings 2">&#149;</FONT> Munich <FONT style="font-family: Wingdings 2">&#149;</FONT> Rome <FONT style="font-family: Wingdings 2">&#149;</FONT> Milan
<FONT style="font-family: Wingdings 2">&#149;</FONT> Madrid <FONT style="font-family: Wingdings 2">&#149;</FONT> Athens <FONT style="font-family: Wingdings 2">&#149;</FONT> Piraeus <FONT style="font-family: Wingdings 2">&#149;</FONT>
Singapore <FONT style="font-family: Wingdings 2">&#149;</FONT> Bangkok<br> Watson, Farley &#038; Williams (New York) LLP is a limited liability partnership registered in
England and Wales with registered number OC312253. It is regulated by the Solicitors Regulation
Authority and its members are solicitors or registered foreign lawyers. A list of members of
Watson, Farley &#038; Williams (New York) LLP and their professional qualifications is open to
inspection at the above address. Any reference to a &#145;partner&#146; means a member of Watson, Farley &#038;
Williams (New York) LLP, or a member or partner in an affiliated undertaking, or an employee or
consultant with equivalent standing and qualification.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Watson, Farley &#038; Williams (New York) LLP or an affiliated undertaking has an office in each of the
cities listed above.
</DIV>


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

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Teekay Corporation <BR>
January&nbsp;27, 2010
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Page 2</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 24pt"> We have further assumed the validity and enforceability of the Indenture and the Notes under all
applicable laws other than Marshall Islands Law and New York Law. As to any questions of fact
material to our opinion, we have, when relevant facts were not independently established, relied
upon the aforesaid certificates or comparable documents, and the representations and warranties of
the Company contained in the Indenture, and we have not independently verified the facts so relied
on.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have also assumed that (i)&nbsp;the Registration Statement has become effective under the Securities
Act, (ii)&nbsp;all Notes shall be issued and sold in compliance with the Registration Statement and
applicable federal, state and foreign securities laws and in the manner stated in the Registration
Statement and (iii)&nbsp;the execution, delivery and performance by the Company of the Indenture and the
Notes will not result in any conflict with or breach of any agreement or document binding on it.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This opinion letter is limited to Marshall Islands Law and New York Law, other than Marshall
Islands and New York securities or &#147;blue sky&#148; laws, as to which we express no opinion, and is as of
the date hereof. We expressly disclaim any responsibility to advise of any development or
circumstance of any kind, including any change of law or fact that may occur after the date of this
opinion letter that might affect the opinions expressed herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Based on the facts as set forth in the Prospectus and having regard to legal considerations which
we deem relevant, and subject to the qualifications, limitations and assumptions set forth herein,
we are of the opinion that:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Notes to be issued pursuant to the Indenture and as contemplated by the Registration
Statement have been duly authorized.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Notes, when duly and validly executed and delivered by the Company and duly authenticated
by the Trustee in accordance with the terms of the Indenture and as contemplated by the
Registration Statement, and delivered to and paid for by the purchasers thereof, will
constitute the legal, valid and binding obligations of the Company entitled to the benefits
provided by the Indenture, enforceable against the Company in accordance with their terms,
subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium and similar laws affecting creditors&#146; rights and remedies generally, and subject,
as to enforceability, to general principles of equity, including principles of commercial
reasonableness, good faith and fair dealing (regardless of whether enforcement is sought in a
proceeding at law or in equity).</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We consent to the filing of this opinion as an exhibit to the Registration Statement and to the
references to our firm in the Prospectus. In giving this consent, we do not hereby admit that we
are in the category of persons whose consent is required under Section&nbsp;7 of the Securities Act or
related Rules nor do we admit that we are experts with respect to any part of the Registration
Statement within the meaning of the term &#147;expert&#148; as used in the Securities Act or related Rules.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Very truly yours,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>/s/ Watson, Farley &#038; Williams (New York) LLP</B>

</DIV>


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



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