<SEC-DOCUMENT>0000919574-13-005940.txt : 20131206
<SEC-HEADER>0000919574-13-005940.hdr.sgml : 20131206
<ACCEPTANCE-DATETIME>20131018155119
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000919574-13-005940
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20131018

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NORDIC AMERICAN TANKERS Ltd
		CENTRAL INDEX KEY:			0001000177
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER TRANSPORTATION [4400]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		LOM BUILDING
		STREET 2:		27 REID STREET
		CITY:			HAMILTON HM 11
		STATE:			D0
		ZIP:			00000
		BUSINESS PHONE:		(441) 292-7202

	MAIL ADDRESS:	
		STREET 1:		LOM BUILDING
		STREET 2:		27 REID STREET
		CITY:			HAMILTON HM 11
		STATE:			D0
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NORDIC AMERICAN TANKER SHIPPING LTD
		DATE OF NAME CHANGE:	19950906
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">FACSIMILE:&#160;&#160;(212) 480-8421</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">901 K STREET, NW</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 8pt">TELEPHONE:&#160;&#160;(202) 737-8833</font></div>

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 288pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">October 18, 2013</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Via EDGAR</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Securities and Exchange Commission</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Division of Corporation Finance</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">100 F Street, N.E.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Washington D.C. 20549</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Re:</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Nordic American Tankers Limited</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Amendment No. 1 to Registration Statement on Form F-3</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Filed June 28, 2013</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Comment Letter dated September 5, 2013</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">File No.333-187400</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Registration Statement on Form F-3</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Filed March 21, 2013</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Comment Letter dated April 8, 2013</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">File No.333-187399</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Dear Mr. Webb:</font></div>

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

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We refer to the registration statement on Form F-3, filed by Nordic American Tankers Ltd. (the "<font style="DISPLAY: inline; TEXT-DECORATION: underline">Company</font>") with the Securities and Exchange Commission (the "<font style="DISPLAY: inline; TEXT-DECORATION: underline">Commission</font>") on March 21, 2013, as amended on June 28, 2013 (File No. 333-187400) (the "<font style="DISPLAY: inline; TEXT-DECORATION: underline">Registration Statement</font>").&#160;&#160;By letter dated September 5, 2013 (the "<font style="DISPLAY: inline; TEXT-DECORATION: underline">Comment Letter</font>"), the staff of the Commission (the "<font style="DISPLAY: inline; TEXT-DECORATION: underline">Staff</font>") provided the Company with its comments to the Registration Statement.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following numbered paragraph of this letter corresponds to the numbered paragraph of the Comment Letter.&#160;&#160;As previously discussed, we have only included the Staff's Comment's to Exhibit 5.1.&#160;&#160;For your convenience, each response is prefaced by the text of the Staff's corresponding comment in bold text.</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">We note your response to prior comment 1. Please provide us with the legal basis for the proposed revised disclosure in either version of counsel's opinion included in your response letter. In doing so, please refer to the jurisdictional provisions of the federal securities laws and any applicable case law in support of the inclusion of this language. Please also have counsel explain to us why this language does not explicitly or implicitly limit and condition reliance by purchasers in the offering. Otherwise, please have counsel remove this language in the last paragraph of the opinion.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>The Company advises the Staff supplementally that the firm of MJM Limited will act as Bermuda counsel to the Company and that Exhibit 5.1 will consist of an opinion to be issued by MJM Limited.&#160;&#160;The draft opinion of MJM Limited is annexed hereto as Appendix I.&#160;&#160;Appendix II presents the draft opinion marked against the version of the draft opinion we provided to the Staff on August 23, 2013.&#160;&#160;The new draft opinion no longer has the limitation which was the basis for the requests made by the Staff in this comment.</font></div>

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<div>Max A. Webb</div>

<div>Division of Corporate Finance</div>

<div>U.S. Securities and Exchange Commission</div>

<div>Page 2 of 3</div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">*********************</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Also, we refer to the registration statement on Form F-3, filed by the <font style="DISPLAY: inline">Company</font> with the the <font style="DISPLAY: inline">Commission</font> on March 21, 2013 (File No. 333-187399) (the "<font style="DISPLAY: inline; TEXT-DECORATION: underline">the Second Registration Statement</font>").&#160;&#160;By letter dated April 8, 2013 (the "<font style="DISPLAY: inline; TEXT-DECORATION: underline">the April Comment Letter</font>"), the Saff provided the Company with its comments to the Second Registration Statement.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following numbered paragraphs of this letter corresponds to the numbered paragraph of the April Comment Letter.&#160;&#160;For your convenience, each response is prefaced by the text of the Staff's corresponding comment in bold text.</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">We note that counsel's opinion contains significant assumptions regarding the future issuance of the securities being registered. Please confirm that you will file an unqualified opinion that omits all of these assumptions at the time of each takedown.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">We further note that certain assumptions appear to be inappropriate to make in a qualified opinion at this time, including the following:</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">in assumption (d), it is inappropriate to assume that persons signing the Documents have the authority and power to do so;</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">in assumption (l), it is inappropriate to assume that the Resolutions have not been rescinded;</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">in assumption (m), the assumption that the Company Search and Litigation Search "disclosed all information which is material for the purposes of this opinion" appears overbroad; and</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">in assumption (m), the assumption that the information the subject of the Company Search and Litigation Search has not been materially altered appears to be an assumption of facts that are readily ascertainable.</font></font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Please have counsel revise to remove these assumptions or tell us why these assumptions are appropriate and necessary.</font></font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5.</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Purchasers in the offering are entitled to rely unconditionally on the legality opinion. Please have counsel revise the first paragraph under "Disclosure" on page 6 and remove the last sentence on page 7 accordingly.</font></div>
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<div style="TEXT-INDENT: 35pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In response to the Staff's comments, MJM Limited, Bermuda counsel to the Company, respectfully proposes to edit the Exhibit 5.1 opinion&#160;in the Second Registration Statement with the opinion provided in Appendix III.&#160; In&#160;Appendix IV we have provided a marked version of the opinion compared against the version provided to the Staff on March 20, 2013.</font></div>

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<div>Max A. Webb</div>

<div>Division of Corporate Finance</div>

<div>U.S. Securities and Exchange Commission</div>

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<td valign="top" width="37%" style="BORDER-TOP: medium none; BORDER-RIGHT: medium none"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">October 18, 2013&#160; </font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">RE: Nordic American Tankers Limited (the "Company")</font></font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">should the Commission or the Staff, acting pursuant to delegated authority, declare the filing effective, it does not foreclose the Commission from taking any action with respect to the filing;</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">the action of the Commission or the Staff, acting pursuant to delegated authority, in declaring the filing effective, does not relieve the Company from its full responsibility for the adequacy of the disclosure in the filing; and</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">the Company may not assert Staff comments and the declaration of effectiveness as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman, serif; FONT-SIZE: 10pt">Herbj&#248;rn Hansson</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Ref: 29796.0012</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Nordic American Tankers Limited </font>(the "<font style="DISPLAY: inline; FONT-WEIGHT: bold">Company</font>")</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Dividend Reinvestment Plan</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We are lawyers duly qualified to practise in Bermuda.&#160;&#160;This opinion as to the laws of Bermuda is addressed to you in connection with the preparation and filing with the Securities and Exchange Commission (the "<font style="DISPLAY: inline; FONT-WEIGHT: bold">Commission</font>") under the Securities Act of 1933, as amended (the "<font style="DISPLAY: inline; FONT-WEIGHT: bold">Securities Act</font>"), of a Registration Statement on Form F-3 (File No. 333-187400) (such registration statement as amended and supplemented from time to time), including the exhibits thereto, (the "<font style="DISPLAY: inline; FONT-WEIGHT: bold">Registration Statement</font>") in relation to the registration of 1,664,450 common shares of par value US$0.01 each in the share capital of the Company (the "<font style="DISPLAY: inline; FONT-WEIGHT: bold">Shares</font>") which may be issued to eligible participants under the Company's Dividend Reinvestment and Direct Stock Purchase Plan (the "<font style="DISPLAY: inline; FONT-WEIGHT: bold">Plan</font>").</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">a copy of the following documents for the Company, as certified by an officer of the Company (the "<font style="DISPLAY: inline; FONT-WEIGHT: bold">Secretary</font>") on [?] 2013:</font></div>
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<td width="50"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(a)&#160;</font></td>
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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 95px">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 49px">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(f)</font></div>
</td>
<td width="906">
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the Unanimous Written Resolutions adopted by the Board of Directors of the Company approving the terms of the Registration Statement and the issue of the Shares on 14 March 2013 (the "<font style="DISPLAY: inline; FONT-WEIGHT: bold">Resolutions</font>");</font></div>
</td>
<td width="21">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">and</font></div>
</td>
</tr></table>
</div>

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

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 49px">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 47px">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.3</font></div>
</td>
<td width="975">
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">such other documents as we have deemed necessary in order to render this opinion</font></div>
</td>
</tr></table>
</div>

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

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 95px">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td width="976">
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(together the "<font style="DISPLAY: inline; FONT-WEIGHT: bold">Documents</font>").</font></div>
</td>
</tr></table>
</div>

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

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 95px">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td width="976">
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A reference to a document does not include any other instrument or agreement whether or not&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">specifically referred to therein or attached as an exhibit or schedule thereto. Except as stated in&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">this section 2, we have not examined any contract, instrument or other document entered into by,&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">or affecting, the Company or any corporate records of the Company and have not made any other&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">enquiries concerning the Company.</font></font></div>
</td>
</tr></table>
</div>

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

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 95px">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td width="976">
<div align="justify">
<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As to questions of fact relevant to this opinion, we have relied upon certificates issued by the&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Government of Bermuda or agencies thereof and by officers of the Company, which matters of&#160;</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">fact we have not independently verified.</font></font></div>
</div>
</td>
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</div>

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

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">3.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Search</font></div>
</td>
</tr></table>
</div>

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We have also relied upon our search of the documents of public record maintained by the Registrar of Companies (including the Register of Charges) made on [&#9679;] 2013 in respect of the Company (the "<font style="DISPLAY: inline; FONT-WEIGHT: bold">Search</font>").</font></div>

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">4</font>.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Opinion Limited to Bermuda Law</font></font></div>

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We have not investigated the laws of any country other than Bermuda and this opinion is given only with respect to compliance with or matters governed by Bermuda law. This opinion is limited to Bermuda law as applied by the courts of Bermuda at the date hereof and is governed by, and should be construed in accordance with, those laws. This opinion is also limited to the matters stated herein and no opinion is to be implied or may be inferred beyond the matters expressly stated herein. This opinion is issued solely for the purposes of the filing of the Registration Statement and the issuance of the Securities by the Company and is not to be relied upon in respect of any other matter.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Assumptions</font></div>
</td>
</tr></table>
</div>

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In giving this opinion, we have assumed:</font></div>

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</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.1</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the authenticity, accuracy and completeness of all of the Documents (including, without limitation, public records) submitted to us as originals and the conformity to authentic original documents of all of the Documents submitted to us as certified, electronic or photostatic copies;</font></div>
</td>
</tr></table>
</div>

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

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.2</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">the genuineness of all signatures on the Documents submitted to us;</font></font></div>
</td>
</tr></table>
</div>

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

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.3</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the truth, accuracy and completeness as at the date hereof of all representations as to factual matters, warranties and statements of fact or law, other than as to the laws of Bermuda, made in any of the Documents;</font></div>
</td>
</tr></table>
</div>

<br>
<div id="PGBRK" style="TEXT-INDENT: 0pt; WIDTH: 100%; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">
<div id="FTR">
<div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
<div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>
</div>
</div>

<br>
<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 48px">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 48px">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.4</font></div>
</td>
<td width="975">
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the authority, capacity and power of each of the persons signing the Documents submitted to us (other than directors or officers of the Company in relation to the Resolutions and any certification made thereby in relation to any of the Documents);</font></div>
</td>
</tr></table>
</div>

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

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 48px">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 48px">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.5</font></div>
</td>
<td width="975">
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">that the Directors of the Company acted in good faith upon their adoption of the Resolutions;</font></div>
</td>
</tr></table>
</div>

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

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 48px">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 48px">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.6</font></div>
</td>
<td width="975">
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">that there are no provisions of the laws or regulations of any jurisdiction other than Bermuda which would be contravened by any action taken by the Company in connection with the Registration Statement or which would have any implication in relation to the opinions expressed herein and that, in so far as any obligation under, or action to be taken under, the Registration Statement is required to be performed or taken in any jurisdiction outside Bermuda, the performance of such obligation or the taking of such action will constitute a valid and binding obligation of each of the parties thereto under the laws of that jurisdiction and will not be illegal by virtue of the laws of that jurisdiction;</font></div>
</td>
</tr></table>
</div>

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 72pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">and</font></div>
</td>
</tr></table>
</div>

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

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 48px">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 48px">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.7</font></div>
</td>
<td width="975">
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">that there are no matters of fact or law (other than matters of Bermuda law) affecting the Registration Statement that have arisen since the date thereof which would affect the opinions expressed herein.</font></div>
</td>
</tr></table>
</div>

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

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">6.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Opinion</font></div>
</td>
</tr></table>
</div>

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Based on and subject to the foregoing and to the reservations mentioned below and any matters not disclosed to us, we are of the opinion that:</font></div>

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

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">6.1</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Shares have been duly and validly authorised and, when issued, paid for and delivered, as contemplated by the provisions of the Plan and the prospectus included in the Registration Statement, and pursuant to the Resolutions, will be validly issued, fully paid and non-assessable and free and clear of any pre-emptive or other similar rights set out in the Company's Memorandum of Association and Bye-laws.</font></div>
</td>
</tr></table>
</div>

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

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">6.2</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Subject as otherwise provided in this opinion, no consent, approval, licence or authorisation of, and no filing with, or other act by or in respect of, any governmental authority, regulatory body or court in Bermuda is necessary in connection with the issuance of the Shares, except that the Registration Statement and any other offering documents must comply, to the extent applicable, with the requirements of Part III of the Companies Act 1981 (as amended).</font></div>
</td>
</tr></table>
</div>

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

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">7.</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Reservations</font></div>
</td>
</tr></table>
</div>

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

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This opinion is subject to the following reservations:</font></div>

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

<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7.1</font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Search of the Register of Companies at the office of the Registrar of Companies is not conclusive and it should be noted that the Register of Companies does not reveal:</font></div>
</td>
</tr></table>
</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block"><br>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">details of matters which have been lodged for filing or registration which as a matter of general practice of the Registrar of Companies would have or should have been disclosed on the public file, but have not actually been registered or, to the extent that they have been registered, have not been disclosed or do not appear in the public records at the date and time the search is concluded;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Any reference in this opinion to shares being "non-assessable" means, in relation to fully-paid shares of the Company and subject to any contrary provision in any agreement in writing between the Company and the holder of shares, that: no shareholder shall be obliged to contribute further amounts to the capital of the Company, either in order to complete payment for their shares, to satisfy claims of creditors of the Company, or otherwise; and no shareholder shall be bound by an alteration of the Memorandum of Association or Bye-Laws of the Company after the date on which he became a shareholder, if and so far as the alteration requires him to take, or subscribe for additional shares, or in any way increases his liability to contribute to the share capital of, or otherwise to pay money to, the Company.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We hereby consent to the filing of this opinion as Exhibit 5.1 to the Registration Statement and to the references to our firm, under the captions "Legal Opinions" in the prospectus attached thereto, without admitting that we are "experts", within the meaning of the Securities Act or the rules and regulations of the Commission thereunder, with respect to any part of the Registration Statement. In giving such consent, we do not hereby admit that we are in the category of persons whose consent is required under section 7 of the Securities Act.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">Nordic American Tankers Limited</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">LOM Building</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">27 Reid Street</font></font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">Dividend Reinvestment Plan</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><a name="blDear"><!--EFPlaceholder--></a><a name="blSubject"><!--EFPlaceholder--></a><a name="blStart"><!--EFPlaceholder--></a><font style="DISPLAY: inline; TEXT-DECORATION: line-through">NORDIC AMERICAN TANKERS LIMITED &#8211; Registration Statement on Form F-3 Filing</font></font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">We have acted as legal advisers as to matters of Bermuda law to NORDIC AMERICAN TANKERS LIMITED, a company organized under the laws of the Islands of Bermuda (the "</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: line-through">Company</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">") and in such capacity we have assisted in</font></font></div>
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<div style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">We are lawyers duly qualified to practise in Bermuda.&#160;&#160;This opinion as to the laws of Bermuda is addressed to you in connection with</font><font style="DISPLAY: inline"> the preparation and filing with the Securities and Exchange Commission (the "</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">Commission</font><font style="DISPLAY: inline">") under the Securities Act of 1933, as amended (the "</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">Securities Act</font><font style="DISPLAY: inline">"), of a Registration Statement on Form F-3 (</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">File No. 333-187400) (such registration statement as amended and supplemented from time to time), including the exhibits thereto, (</font><font style="DISPLAY: inline">the "</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">Registration Statement</font><font style="DISPLAY: inline">") </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; TEXT-DECORATION: line-through">relating</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">in relation</font><font style="DISPLAY: inline"> to the registration of 1,664,450 common shares </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; TEXT-DECORATION: line-through">in the Company,</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">of</font><font style="DISPLAY: inline"> par value </font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">US</font><font style="DISPLAY: inline">$0.01 </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; TEXT-DECORATION: line-through">per</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">each in the</font><font style="DISPLAY: inline"> share</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline"> capital of the Company</font><font style="DISPLAY: inline"> (the "</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">Shares</font><font style="DISPLAY: inline">")</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; TEXT-DECORATION: line-through">,</font><font style="DISPLAY: inline"> which may be issued to eligible participants under the Company's Dividend Reinvestment and Direct Stock Purchase Plan (the "</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">Plan</font><font style="DISPLAY: inline">").</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">For the purposes of this opinion we have examined and relied upon </font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">originals or copies of </font><font style="DISPLAY: inline">the </font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">following:</font></font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">2.2</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">a copy of the following </font><font style="DISPLAY: inline">documents </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; TEXT-DECORATION: line-through">listed (which in some cases, are also defined) in the Schedule to this opinion </font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">for the Company, as certified </font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #00c000; TEXT-DECORATION: underline">by an officer</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline"> of the Company (the "</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Secretary</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">") on [<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#9679;</font>] 2013:</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">the Unanimous Written Resolutions adopted</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #00c000; TEXT-DECORATION: underline"> by the Board of Directors of the Company </font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">approving the terms of the Registration Statement and the issue of the Shares on 14 March 2013 (the "</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Resolutions</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">");</font></font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">2.3</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">(</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">together </font><font style="DISPLAY: inline">the "</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">Documents</font><font style="DISPLAY: inline">").</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#160;</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block">
<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #0000ff; FONT-SIZE: 10pt; TEXT-DECORATION: underline"><font style="DISPLAY: inline">A reference to a document does not include any other instrument or agreement whether or not </font></font><font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="DISPLAY: inline"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="DISPLAY: inline"><font style="BORDER-BOTTOM: 1pt double; TEXT-DECORATION: underline">specifically referred to therein or attached as an exhibit or schedule thereto. Except as stated in this section 2</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #0000ff; FONT-SIZE: 10pt; TEXT-DECORATION: underline"><font style="DISPLAY: inline">, we have not examined any contract, instrument or other document entered into by, <font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="DISPLAY: inline">or affecting, the Company or any corporate records of the Company and have not&#160;made any&#160;&#160;other <font style="DISPLAY: inline; FONT-FAMILY: times new roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="DISPLAY: inline">enquiries concerning the Company.</font></font></font></font></font></font></font></font></font></font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">As to questions of fact relevant to this opinion, we have relied upon certificates issued by the Government of Bermuda or agencies thereof and by officers of the Company, which matters of fact we have not independently verified.</font></font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">3.</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">We have also relied upon our search of the documents of public record maintained by the Registrar of Companies (including the Register of Charges) made on [?] 2013 in respect of the Company (the "</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Search</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">").</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">4</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Opinion Limited to Bermuda Law</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">We have not investigated the laws of any country other than Bermuda and this opinion is given only with respect to compliance with or matters governed by Bermuda law.</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #00c000; TEXT-DECORATION: underline"> This opinion is limited to Bermuda law as applied by the courts of Bermuda at the date hereof</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline"> and is governed by, and should</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #00c000; TEXT-DECORATION: underline"> be construed in accordance with</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">, those laws. This opinion is also</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #00c000; TEXT-DECORATION: underline"> limited to the matters stated </font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">herein and no opinion is to be implied or may be inferred beyond the matters expressly stated herein. This opinion is issued solely for the purposes of the filing of the Registration Statement and the issuance of the Securities by the Company and is not to be relied upon in respect of any other matter.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">In </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; TEXT-DECORATION: line-through">stating our</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">giving this</font><font style="DISPLAY: inline"> opinion</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">,</font><font style="DISPLAY: inline"> we have assumed:</font></font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; TEXT-DECORATION: line-through">(a) </font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">5.1 </font><font style="DISPLAY: inline">the authenticity, accuracy and completeness of all </font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">of the </font><font style="DISPLAY: inline">Documents</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline"> (including, without limitation, public records)</font><font style="DISPLAY: inline"> submitted to us as originals and the conformity to authentic original </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; TEXT-DECORATION: line-through">Documents</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">documents</font><font style="DISPLAY: inline"> of all</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline"> of the</font><font style="DISPLAY: inline"> Documents submitted to us as certified, </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; TEXT-DECORATION: line-through">conformed, notarised</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">electronic</font><font style="DISPLAY: inline"> or photostatic copies;</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; TEXT-DECORATION: line-through">(b) </font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">5.2 </font><font style="DISPLAY: inline">the genuineness of all signatures on the Documents</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline"> submitted to us</font><font style="DISPLAY: inline">;</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; TEXT-DECORATION: line-through">(c) </font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">5.4 </font><font style="DISPLAY: inline">the authority, capacity and power of </font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">each of the </font><font style="DISPLAY: inline">persons signing the Documents</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; TEXT-DECORATION: line-through">, </font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">submitted to us (</font><font style="DISPLAY: inline">other than </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #00c000; TEXT-DECORATION: line-through">the Directors</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">directors or officers</font><font style="DISPLAY: inline"> of the Company in relation to the Resolutions and</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; TEXT-DECORATION: line-through"> other than in relation to</font><font style="DISPLAY: inline"> any certification made </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #00c000; TEXT-DECORATION: line-through">by an officer</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">thereby in relation to any of the Documents);</font></font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">5.5</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; TEXT-DECORATION: line-through">(d)</font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">that any representation, warranty or statement</font><font style="DISPLAY: inline; COLOR: #00c000; TEXT-DECORATION: line-through"> of fact or law, other than </font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">the laws of Bermuda made in any of the Documents, is true, accurate and complete;</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; TEXT-DECORATION: line-through">(e)</font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">that there are no provisions of the laws or regulations of any jurisdiction other than Bermuda which would have any implication in relation to the </font><font style="DISPLAY: inline; COLOR: #00c000; TEXT-DECORATION: line-through">opinions</font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through"> expressed herein;</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; TEXT-DECORATION: line-through">(f) </font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">5.6 </font><font style="DISPLAY: inline">that there are no provisions of the laws or regulations of any jurisdiction other than Bermuda which would be contravened by any </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; TEXT-DECORATION: line-through">actions</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">action</font><font style="DISPLAY: inline"> taken by the Company in connection with the Registration Statement or which would have any implication in relation to the </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; TEXT-DECORATION: line-through">opinion</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #00c000; TEXT-DECORATION: underline">opinions</font><font style="DISPLAY: inline"> expressed herein and that, in so far as any obligation under, or action to be taken under, the Registration Statement is required to be performed or taken in any jurisdiction outside Bermuda, the performance of such obligation or the taking of such action will constitute a valid and binding obligation of each of the parties thereto under the laws of that jurisdiction and will not be illegal by virtue of the laws of that jurisdiction;</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; TEXT-DECORATION: line-through">(g)</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">that no litigation, administrative or other proceeding of or before any governmental authority of Bermuda is pending&#160;&#160;against or affecting the Company; (ii) that no notice to the Registrar of Companies of the passing of a resolution of members or creditors to wind up or the appointment of a liquidator or receiver has been given to petition to wind up the Company; and (iii) that no application to reorganise the affairs of the Company pursuant to a scheme of arrangement or application for the appointment of a receiver has been filed with the Supreme Court; and </font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; TEXT-DECORATION: line-through">(h)</font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">that the Directors of the Company </font><font style="DISPLAY: inline; COLOR: #00c000; TEXT-DECORATION: line-through">acted in good faith upon their adoption of</font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through"> the Resolutions.</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">and</font></font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">5.7</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">that there are no matters of fact or law (other than matters of Bermuda law) affecting the Registration Statement that have arisen since the date thereof which would affect</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #00c000; TEXT-DECORATION: underline"> the opinions expressed herein</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">.</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">Based </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; TEXT-DECORATION: line-through">upon</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">on</font><font style="DISPLAY: inline"> and subject to the foregoing and </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; TEXT-DECORATION: line-through">subject </font><font style="DISPLAY: inline">to the reservations </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; TEXT-DECORATION: line-through">set out</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">mentioned</font><font style="DISPLAY: inline"> below and</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; TEXT-DECORATION: line-through"> to</font><font style="DISPLAY: inline"> any matters not disclosed to us, we are of the opinion that:</font></font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; TEXT-DECORATION: line-through">(1) </font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">6.1 </font><font style="DISPLAY: inline">The Shares</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline"> have been duly and validly authorised and</font><font style="DISPLAY: inline">,</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; TEXT-DECORATION: line-through"> when the terms of the issuance and sale thereof have been duly approved</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #00c000; TEXT-DECORATION: line-through"> by the Board of Directors of the Company </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; TEXT-DECORATION: line-through">in conformity with</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #00c000; TEXT-DECORATION: line-through"> the Company's Memorandum of Association</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; TEXT-DECORATION: line-through">, the Bye-Laws and the Plan will when issued and delivered against payment therefor in accordance with the Plan</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline"> when issued, paid for and delivered, as contemplated by the provisions of the Plan and the prospectus included in the Registration Statement, and pursuant to the Resolutions,</font><font style="DISPLAY: inline"> will be validly issued, fully paid and non-assessable</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline"> and free and clear of any pre-emptive or other similar rights set out in</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #00c000; TEXT-DECORATION: underline"> the Company's Memorandum of Association</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline"> and Bye-laws</font><font style="DISPLAY: inline">.</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; TEXT-DECORATION: line-through">(2) </font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">6.2 </font><font style="DISPLAY: inline">Subject as otherwise provided in this opinion</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; TEXT-DECORATION: line-through">, and except as provided in this paragraph</font><font style="DISPLAY: inline">, no consent, </font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">approval, </font><font style="DISPLAY: inline">licence or authorisation of, </font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">and no </font><font style="DISPLAY: inline">filing with, or other act by or in respect of, any governmental authority</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">, regulatory body</font><font style="DISPLAY: inline"> or court </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; TEXT-DECORATION: line-through">of</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">in</font><font style="DISPLAY: inline"> Bermuda is </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; TEXT-DECORATION: line-through">required to be obtained by the Company</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">necessary</font><font style="DISPLAY: inline"> in connection with the issuance of the Shares</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">,</font><font style="DISPLAY: inline"> except that the Registration Statement and any other offering documents</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; TEXT-DECORATION: line-through"> must be filed with the Registrar of Companies prior to or as soon as reasonably practicable after any Shares are offered to the public and</font><font style="DISPLAY: inline"> must comply, to the extent applicable, with the requirements of Part III of the Companies Act </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; TEXT-DECORATION: line-through">1981.</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">1981 (as amended).</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; TEXT-DECORATION: line-through">(a)</font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">We express no opinion as to any law other than Bermuda law and none of</font><font style="DISPLAY: inline; COLOR: #00c000; TEXT-DECORATION: line-through"> the opinions expressed herein</font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through"> relates to compliance with or matters governed by the laws of any jurisdiction except Bermuda. </font><font style="DISPLAY: inline; COLOR: #00c000; TEXT-DECORATION: line-through">This opinion is limited to Bermuda law as applied by the courts of Bermuda at the date hereof</font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">.</font></font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">7.1</font></font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">(c)</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">whether a receiver or manager has been appointed privately pursuant to the provisions of a debenture or other security, unless notice of the fact has been entered in the Register of Charges in accordance with the provisions of the Companies Act 1981, as amended.</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; TEXT-DECORATION: line-through">(b) </font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">7.2 </font><font style="DISPLAY: inline">Any reference in this opinion to shares being "non-assessable" </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; TEXT-DECORATION: line-through">shall mean</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">means</font><font style="DISPLAY: inline">, in relation to fully-paid shares of the Company and subject to any contrary provision in any agreement in writing between the Company and the holder of shares, that: no shareholder shall be obliged to contribute further amounts to the capital of the Company, either in order to complete payment for their shares, to satisfy claims of creditors of the Company, or otherwise; and no shareholder shall be bound by an alteration of the Memorandum of Association or Bye-Laws of the Company after the date on which he became a shareholder, if and so far as the alteration requires him to take, or subscribe for additional shares, or in any way increases his liability to contribute to the share capital of, or otherwise to pay money to, the Company.</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">We hereby consent to the filing of this opinion as </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; TEXT-DECORATION: line-through">an exhibit</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">Exhibit 5.1</font><font style="DISPLAY: inline"> to the Registration Statement and to the references to our </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; TEXT-DECORATION: line-through">name</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">firm, under the captions "Legal Opinions"</font><font style="DISPLAY: inline"> in the prospectus </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; TEXT-DECORATION: line-through">contained therein</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">attached thereto</font><font style="DISPLAY: inline">, without admitting that we are "experts"</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">,</font><font style="DISPLAY: inline"> within the meaning of the Securities Act</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; TEXT-DECORATION: line-through">, as amended,</font><font style="DISPLAY: inline"> or the rules and regulations of the Commission thereunder</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">,</font><font style="DISPLAY: inline"> with respect to any part of the Registration Statement.</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline"> In giving such consent, we do not hereby admit that we are in the category of persons whose consent is required under </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; TEXT-DECORATION: line-through">Section</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">section</font><font style="DISPLAY: inline"> 7 of the Securities Act.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">Further, this opinion speaks as of its date and is strictly limited to the matters stated herein</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; TEXT-DECORATION: line-through"> and we</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">. We</font><font style="DISPLAY: inline"> assume no </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; TEXT-DECORATION: line-through">obligation</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">responsibility</font><font style="DISPLAY: inline"> to review or update this opinion if applicable </font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; TEXT-DECORATION: line-through">laws</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">law</font><font style="DISPLAY: inline"> or the existing facts or circumstances should change.</font></font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">This opinion is governed by and is to</font><font style="DISPLAY: inline; COLOR: #00c000; TEXT-DECORATION: line-through"> be construed in accordance with</font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through"> Bermuda law</font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; TEXT-DECORATION: line-through">.&#160;&#160;It is given on the basis that it will not give rise to any legal proceedings with respect to it in any jurisdiction other than Bermuda.&#160;&#160;Further</font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">, this opinion speaks as of its date and is strictly</font><font style="DISPLAY: inline; COLOR: #00c000; TEXT-DECORATION: line-through"> limited to the matters stated </font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">in it and we assume no obligation to review or update this opinion if applicable law or the existing facts or circumstances should change.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Nordic American Tankers Limited</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Dear Sirs,</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Nordic American Tankers Limited</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Registration Statement on Form F-3</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Subject of Opinion</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We are lawyers duly qualified to practise in Bermuda.&#160;&#160;This opinion as to the laws of Bermuda is addressed to you in connection with the preparation and filing with the Securities and Exchange Commission (the "<font style="DISPLAY: inline; FONT-WEIGHT: bold">Commission</font>") of a registration statement on Form F-3 (File No. 333-187399) (such registration statement as amended and supplemented from time to time), including the exhibits thereto (the "<font style="DISPLAY: inline; FONT-WEIGHT: bold">Registration Statement</font>"), under the Securities Act of 1933, as amended (the "<font style="DISPLAY: inline; FONT-WEIGHT: bold">Act</font>") and the rules and regulations promulgated thereunder, in respect of Nordic American Tankers Limited, a company incorporated under the laws of Bermuda (the "<font style="DISPLAY: inline; FONT-WEIGHT: bold">Company</font>"). The Registration Statement relates to the registration by the Company of up to US$500,000,000 in securities, which may include the Company's common shares of par value US$0.01 ("<font style="DISPLAY: inline; FONT-WEIGHT: bold">Common Shares</font>"), preferred shares ("<font style="DISPLAY: inline; FONT-WEIGHT: bold">Preferred Shares</font>"), warrants ("<font style="DISPLAY: inline; FONT-WEIGHT: bold">Warrants</font>"), debt securities ("<font style="DISPLAY: inline; FONT-WEIGHT: bold">Debt Securities</font>"), purchase contracts ("<font style="DISPLAY: inline; FONT-WEIGHT: bold">Purchase Contracts</font>"), rights to purchase the Company's&#160;&#160;equity securities (the "<font style="DISPLAY: inline; FONT-WEIGHT: bold">Rights</font>") and units ("<font style="DISPLAY: inline; FONT-WEIGHT: bold">Units</font>") (the Common Shares, Preferred Shares, Warrants, Debt Securities, Purchase Contracts, Rights and Units are collectively referred to herein as the "<font style="DISPLAY: inline; FONT-WEIGHT: bold">Securities</font>").</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Documents Examined</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For the purposes of this opinion we have examined and relied upon the following (collectively, the "<font style="DISPLAY: inline; FONT-WEIGHT: bold">Documents</font>"):</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.1</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the Registration Statement and the form of prospectus included therein (the "<font style="DISPLAY: inline; FONT-WEIGHT: bold">Prospectus</font>");</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the form of indenture to be entered into by the Company (filed as Exhibit 4.3 to the Registration Statement) (the "<font style="DISPLAY: inline; FONT-WEIGHT: bold">Indenture</font>");</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.3</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">a copy of the following documents for the Company, as certified by an officer thereof on [&#160;&#160;&#160;] 2013:</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Unanimous Written Resolutions adopted by the Board of Directors of the Company approving the terms of the Registration Statement on 14 March 2013 (the "Resolutions");</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(g)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Register of Directors and Officers; and</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.4</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">a Certificate of Compliance issued by the Bermuda Registrar of Companies ("<font style="DISPLAY: inline; FONT-WEIGHT: bold">ROC</font>") in respect of the Company dated [&#160;&#160;&#160;&#160;&#160;] 2013; and</font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.5</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">such other documents as we have deemed necessary in order to render this opinion (together, the "<font style="DISPLAY: inline; FONT-WEIGHT: bold">Documents</font>").</font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A reference to a document does not include any other instrument or agreement whether or not specifically referred to therein or attached as an exhibit or schedule thereto. Except as stated in this section 2, we have not examined any contract, instrument or other document entered into by, or affecting, the Company or any corporate records of the Company and have not made any other enquiries concerning the Company.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Search</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We have also relied upon our search of the documents of public record relating to the Company maintained by the ROC made on [&#160;&#160;&#160;] 2013 (the<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>"<font style="DISPLAY: inline; FONT-WEIGHT: bold">Search</font>").</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Opinion Limited to Bermuda Law</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We have not investigated the laws of any country other than Bermuda and this opinion is given only with respect to compliance with or matters governed by Bermuda law. This opinion is limited to Bermuda law as applied by the courts of Bermuda at the date hereof and is governed by, and should be construed in accordance with, those laws. This opinion is also limited to the matters stated herein and no opinion is to be implied or may be inferred beyond the matters expressly stated herein. This opinion is issued solely for the purposes of the filing of the Registration Statement and the issuance of the Securities by the Company and is not to be relied upon in respect of any other matter.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Assumptions</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In giving this opinion we have assumed:</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.1</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the authenticity, accuracy and completeness of all of the Documents (including, without limitation, public records) submitted to us as originals and the conformity to authentic original documents of all of the Documents submitted to us as certified, electronic or photostatic copies;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.2</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the genuineness of all signatures on the Documents submitted to us;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.3</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the truth, accuracy and completeness as at the date hereof of all representations as to factual matters, warranties and statements of fact or law, other than as to the laws of Bermuda, made in any of the Documents;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.4</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the authority, capacity and power of each of the persons signing the Documents submitted to us (other than directors or officers of the Company in relation to the Resolutions and any certification made thereby in relation to any of the Documents);</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.5</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">that the Directors of the Company acted in good faith upon their adoption of the Resolutions;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.6</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">that there are no provisions of the laws or regulations of any jurisdiction other than Bermuda which would be contravened by any action taken by the Company in connection with the Registration Statement or which would have any implication in relation to the opinions expressed herein and that, in so far as any obligation under, or action to be taken under, the Registration Statement is required to be performed or taken in any jurisdiction outside Bermuda, the performance of such obligation or the taking of such action will constitute a valid and binding obligation of each of the parties thereto under the laws of that jurisdiction and will not be illegal by virtue of the laws of that jurisdiction;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the definitive terms of the Securities, other than Common Shares, to be offered pursuant to the Registration Statement will have been established in accordance with the Resolutions and applicable law;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.8</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">any Securities issuable upon conversion, exchange or exercise of any Security to be offered, will be duly authorised, created and, if appropriate, reserved for issuance upon such conversion, exchange or exercise;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.9</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">any Securities consisting of Common Shares or Preferred Shares, including Common Shares or Preferred Shares issuable upon conversion, exchange or exercise of any Security to be offered, or issued as part of a Unit, will be duly authorised and issued, and the certificates evidencing the same will be duly executed and delivered, against receipt of the consideration approved by the Company which will be no less than the par value, if any, thereof and the Company will have sufficient authorised, but unissued, share capital to effect such issue;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the Registration Statement and the Prospectus, and any amendments thereto, will have become effective;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">one or more prospectus supplements will have been filed with the Commission describing the Securities to be offered thereby;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">all Securities will be issued in compliance with all matters of, and the validity and enforceability thereof under, applicable U.S. federal and state securities laws and other laws (other than the laws of Bermuda, in respect of which we are opining);</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">prior to the date of issuance of any Securities, all necessary approvals of the Bermuda Monetary Authority (save in the case of the issuance of the Common Shares) will have been obtained with respect to the issue and free transferability of the Securities to be issued;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">with respect to the issuance and sale of any Debt Securities, that the Indenture will have been duly executed and delivered by the Company and the trustee named therein;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">with respect to all Debt Securities, when issued, will be executed, authenticated, issued and delivered (a) against receipt of the consideration therefor approved by the Company and (b) as provided in the indenture with respect thereto;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.16</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">with respect to the issuance and sale of any series of Preferred Shares, that an appropriate certificate of designations, or similar instrument setting forth the preferential, qualified or special rights, privileges or conditions with respect to such series of Preferred Shares will have been duly and validly authorised and adopted by the Company;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.17</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">with respect to the issuance and sale of any Warrants, that (i) a warrant agreement with respect to such Warrants will have been executed and delivered by the Company and the warrant agent, (ii) the Warrants will have been duly executed and delivered by the Company and duly executed by any warrant agent appointed by the Company, and (iii) the Warrants will have been issued and delivered by the Company against receipt of the consideration therefor approved by the Company;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.18</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">with respect to the issuance and sale of any Purchase Contracts, that (i) a purchase agreement with respect to such Purchase Contracts will have been executed and delivered by the parties thereto, and (ii) the Purchase Contracts will have been duly executed and delivered in accordance with the purchase agreement upon payment of the consideration therefor provided for therein;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.19</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">with respect to the issuance and sale of any Rights, that (i) a purchase agreement with respect to such Rights will have been executed and delivered by the parties thereto, and (ii) the Rights, if in certificated form, will have been duly executed and delivered in accordance with the Rights agreement upon payment of the consideration therefor provided for therein;</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">with respect to the issuance and sale of any Units, that (i) a purchase agreement with respect to such Units will have been executed and delivered by the parties thereto, and (ii) the Units, if in certificated form, will have been duly executed and delivered in accordance with the purchase agreement upon payment of the consideration therefor provided for therein; and</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">5.21</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">that there are no matters of fact or law (other than matters of Bermuda law) affecting the Registration Statement that have arisen since the date thereof which would affect the opinions expressed herein.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Opinion</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Based upon and subject to the foregoing and subject to the reservations set out below and to any matters not disclosed to us, we are of the opinion that:</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">6.1</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">the </font>Common Shares and the Preferred Shares have been duly authorised and any Securities consisting of Common Shares or Preferred Shares, including any Common Shares or Preferred Shares issuable on conversion, exercise or exchange of other Securities, or issued as part of a Unit<font style="DISPLAY: inline">, when issued, sold and paid for as contemplated in conformity with the Resolutions and the Prospectus or any prospectus supplement (and with regard to the Preferred Shares Purchase Rights, in accordance with the terms of the Rights Plan, as defined in the Prospectus), will be validly issued, fully paid and non-assessable</font>;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">6.2</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">any Securities consisting of Debt Securities, Warrants, Purchase Contracts, Rights or Units have been duly authorised and, upon due execution and delivery as contemplated in <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">the Prospectus, will constitute legal, valid and binding obligations of the Company and will be, in the case of Debt Securities, entitled to benefits provided by the Indenture; and</font></font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">6.3</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">subject as otherwise provided in this opinion, no consent, approval, licence or authorisation of, and no filing with, or other act by or in respect of, any governmental authority, regulatory body or court in Bermuda is necessary in connection with the issuance of the Securities, except that the Registration Statement and any other offering documents must comply, to the extent applicable, with the requirements of Part III of the Companies Act 1981 (as amended).</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Reservations</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We have the following reservations:</font></div>

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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7.1</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Search of the Register of Companies at the office of the Registrar of Companies is not conclusive and it should be noted that the Register of Companies does not reveal:</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(a)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">details of matters which have been lodged for filing or registration which as a matter of general practice of the Registrar of Companies would have or should have been disclosed on the public file, but have not actually been registered or, to the extent that they have been registered, have not been disclosed or do not appear in the public records at the date and time the search is concluded;</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(b)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">details of matters which should have been lodged for registration but have not been lodged for registration at the date the search is concluded; or</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(c)</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">whether a receiver or manager has been appointed privately pursuant to the provisions of a debenture or other security, unless notice of the fact has been entered in the Register of Charges in accordance with the provisions of the Companies Act 1981, as amended.</font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">7.2</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Any reference in this opinion to shares being "non-assessable" means, in relation to fully-paid shares of the Company and subject to any contrary provision in any agreement in writing between the Company and the holder of shares, that: no shareholder shall be obliged to contribute further amounts to the capital of the Company, either in order to complete payment for their shares, to satisfy claims of creditors of the Company, or otherwise; and no shareholder shall be bound by an alteration of the Memorandum of Association or Bye-Laws of the Company after the date on which he became a shareholder, if and so far as the alteration requires him to take, or subscribe for additional shares, or in any way increases his liability to contribute to the share capital of, or otherwise to pay money to, the Company.</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Disclosure</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We hereby consent to the filing of this opinion as Exhibit 5.1 to the Registration Statement and to the references to our firm, under the captions "Legal Opinions" in the prospectus attached thereto, without admitting that we are "experts", within the meaning of the Securities Act or the rules and regulations of the Securities and Exchange Commission thereunder, with respect to any part of the Registration Statement.&#160;&#160;In giving such consent, we do not hereby admit that we are in the category of persons whose consent is required under section 7 of the Securities Act.</font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This opinion speaks as of its date and is strictly limited to the matters stated in it and we assume no obligation to review or update this opinion if applicable law or the existing facts or circumstances should change.</font></div>

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&#160;</div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Yours faithfully,</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Appendix IV</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">[&#160;&#160;&#160;] September 2013</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">Ref. 29796.0012</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">By Email and by Hand</font></font></div>

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</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">Nordic American Tankers Limited</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">27 Reid Street</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">NORDIC AMERICAN TANKERS LIMITED &#8211; </font><font style="DISPLAY: inline; TEXT-DECORATION: underline">Registration Statement on Form F-3 </font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">Filing</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">9.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">Subject of Opinion</font></font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">We </font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">have acted as legal advisers as to matters of Bermuda law to NORDIC AMERICAN TANKERS LIMITED, a company organized under the laws of the Islands of Bermuda (the "</font><font style="DISPLAY: inline; COLOR: #ff0000; FONT-WEIGHT: bold; TEXT-DECORATION: line-through">Company</font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">") and in such capacity we have assisted in</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">are lawyers duly qualified to practise in Bermuda.&#160;&#160;This opinion as to the laws of Bermuda is addressed to you in connection with</font><font style="DISPLAY: inline"> the preparation and filing with the Securities and Exchange Commission (the "</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">Commission</font><font style="DISPLAY: inline">") </font><font style="DISPLAY: inline; COLOR: #00c000; TEXT-DECORATION: line-through">under the Securities Act of 1933, as amended (the "</font><font style="DISPLAY: inline; COLOR: #ff0000; FONT-WEIGHT: bold; TEXT-DECORATION: line-through">Securities Act</font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">"), of a Registration Statement on Form F-3 ASR</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">of a registration statement on Form F-3 (File No. 333-187399)</font><font style="DISPLAY: inline"> (such </font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">registration </font><font style="DISPLAY: inline">statement as </font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">may be </font><font style="DISPLAY: inline">amended</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline"> and supplemented</font><font style="DISPLAY: inline"> from time to time</font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">, </font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">), including the exhibits thereto (</font><font style="DISPLAY: inline">the "</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">Registration Statement</font><font style="DISPLAY: inline">")</font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through"> relating to the registration</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">, </font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #00c000; TEXT-DECORATION: underline">under the Securities Act of 1933, as amended (the "</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Act</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">") and the rules and regulations promulgated thereunder, in respect of Nordic American Tankers Limited, a company incorporated under the laws of Bermuda (the "</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Company</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">"). The Registration Statement relates to the registration by the Company</font><font style="DISPLAY: inline"> of up to US$500,000,000 in </font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">aggregate of (i)</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">securities, which may include the Company's</font><font style="DISPLAY: inline"> common shares </font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">of </font><font style="DISPLAY: inline">par value US$0.01 </font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">per share of the Company (the "</font><font style="DISPLAY: inline; COLOR: #ff0000; FONT-WEIGHT: bold; TEXT-DECORATION: line-through">Shares</font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">"); (ii) preferred share purchase rights of the Company (the "</font><font style="DISPLAY: inline; COLOR: #ff0000; FONT-WEIGHT: bold; TEXT-DECORATION: line-through">Preferred Share Purchase Rights</font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">"); (iii)</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">("</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Common Shares</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">"),</font><font style="DISPLAY: inline"> preferred shares </font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">of the Company (the "</font><font style="DISPLAY: inline; COLOR: #ff0000; FONT-WEIGHT: bold; TEXT-DECORATION: line-through">Preferred Shares</font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">"); (iv) senior debt securities and subordinate debt securities, as amended or supplemented from time to time, between</font><font style="DISPLAY: inline; COLOR: #00c000; TEXT-DECORATION: line-through"> the Company and the trustee named </font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">in the applicable indenture (the "</font><font style="DISPLAY: inline; COLOR: #ff0000; FONT-WEIGHT: bold; TEXT-DECORATION: line-through">Debt Securities</font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">"); (v) warrants to purchase the Company's debt or equity securities of third parties or other rights, including rights to receive payment in cash or securities based on the value, rate, or price of one or more specified commodities, currencies, securities or indices, or any combination of the foregoing (the "</font><font style="DISPLAY: inline; COLOR: #ff0000; FONT-WEIGHT: bold; TEXT-DECORATION: line-through">Warrants</font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">"); (vi) purchase contracts for the sale of debt securities, equity securities, securities of third parties, a basket of such securities, an index or indices of such securities or any combination </font></font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">of the above as specified in the applicable prospectus supplement, as well as currencies or commodities (the "</font><font style="DISPLAY: inline; COLOR: #ff0000; FONT-WEIGHT: bold; TEXT-DECORATION: line-through">Purchase Contracts</font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">"); (vii)</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">("</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Preferred Shares</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">"), warrants ("</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Warrants</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">"), debt securities ("</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Debt Securities</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">"), purchase contracts ("</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Purchase Contracts</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">"),</font><font style="DISPLAY: inline"> rights to purchase the Company's</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">&#160;&#160;equity</font><font style="DISPLAY: inline"> securities (the "</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">Rights</font><font style="DISPLAY: inline">") and </font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">(viii) units consisting of one or more purchase contracts, warrants, debt securities, preferred shares, common shares, rights or any combination of such securities (the "</font><font style="DISPLAY: inline; COLOR: #ff0000; FONT-WEIGHT: bold; TEXT-DECORATION: line-through">Units</font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">" and together with </font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">units ("</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Units</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">") (</font><font style="DISPLAY: inline">the </font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">Common </font><font style="DISPLAY: inline">Shares</font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">, Preferred Share Purchase Rights</font><font style="DISPLAY: inline">, Preferred Shares, </font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">Warrants, </font><font style="DISPLAY: inline">Debt Securities, </font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">Warrants, </font><font style="DISPLAY: inline">Purchase Contracts</font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through"> and</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">,</font><font style="DISPLAY: inline"> Rights</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline"> and Units are collectively referred to herein as</font><font style="DISPLAY: inline"> the "</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">Securities</font><font style="DISPLAY: inline">").</font></font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">For the purposes of this opinion we have examined and relied upon the </font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">documents listed (which in some cases, are also defined) in the Schedule to this opinion (the "</font><font style="DISPLAY: inline; COLOR: #ff0000; FONT-WEIGHT: bold; TEXT-DECORATION: line-through">Documents</font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">"). </font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">following (collectively, the "</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Documents</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">"):</font></font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">the Registration Statement and the form of prospectus included therein (the "</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Prospectus</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">");</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">the form of indenture to be entered into by the Company (filed as Exhibit 4.3 to the Registration Statement) (the "</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Indenture</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">");</font></font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">(b)</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">Memorandum of Association;</font></font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">(c)</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">Certificate of Deposit of Memorandum of Increase of Share Capital;</font></font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">(d)</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">Bye-laws;</font></font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">(e)</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">Unanimous Written Resolutions</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #00c000; TEXT-DECORATION: underline"> adopted by the Board of Directors of the Company </font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">approving the terms of the Registration Statement on 14 March 2013 (the "Resolutions");</font></font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">(f)</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">Tax Assurance;</font></font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">(g)</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">Register of Directors and Officers; and</font></font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">(h)</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">Register of Members.</font></font></div>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">10.4</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">a</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #00c000; TEXT-DECORATION: underline"> Certificate of Compliance </font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">issued by the Bermuda Registrar of Companies ("</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; FONT-WEIGHT: bold; TEXT-DECORATION: underline">ROC</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">") in respect of the Company dated [&#160;&#160;&#160;&#160;&#160;] 2013; and</font></font></div>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">10.5</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">such other documents as we have deemed necessary in order to render this opinion (together, the "</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Documents</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">").</font></font></div>
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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">A reference to a document does not include any other instrument or agreement whether or not specifically referred to therein or attached as an exhibit or schedule thereto. Except as stated in this section 2, we have not examined any contract, instrument or other document entered into by, or affecting, the Company or any corporate records of the Company and have not made any other enquiries concerning the Company.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">11.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">Search</font></font></div>

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<br>
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</div>

<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
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<div>&#160;</div>

<div>
<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">We have also relied upon our search of the documents of public record relating to the Company maintained by the ROC made on [&#160; ] 2013 (the "<font style="FONT-WEIGHT: bold">Search</font>").</font></font></div>
</div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">12.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">Opinion Limited to Bermuda Law</font></font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">We have not investigated the laws of any country other than Bermuda and this opinion is given only with respect to compliance with or matters governed by Bermuda law</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #00c000; TEXT-DECORATION: underline">. This opinion is limited to Bermuda law as applied by the courts of Bermuda at the date hereof</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline"> and is governed by, and should</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #00c000; TEXT-DECORATION: underline"> be construed in accordance with</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">, those laws. This opinion is also limited to the matters stated herein and no opinion is to be implied or may be inferred beyond the matters expressly stated herein. This opinion is issued solely for the purposes of the filing of the Registration Statement and the issuance of the Securities by the Company and is not to be relied upon in respect of any other matter.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">13.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline">Assumptions</font></font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">In </font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">stating our</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">giving this</font><font style="DISPLAY: inline"> opinion we have assumed:</font></font></div>

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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">13.1</font></font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">(a)</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">the authenticity, accuracy and completeness of all </font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">of the </font><font style="DISPLAY: inline">Documents</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline"> (including, without limitation, public records)</font><font style="DISPLAY: inline"> submitted to us as originals and the conformity to authentic original </font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">Documents</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">documents</font><font style="DISPLAY: inline"> of all</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline"> of the</font><font style="DISPLAY: inline"> Documents submitted to us as certified, </font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">conformed, notarised</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">electronic</font><font style="DISPLAY: inline"> or photostatic copies;</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: line-through">that each of the Documents and other such documentation which was received by electronic means is complete, intact and in conformity with the transmission as sent;</font></font></div>

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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">13.2</font></font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">(c)</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">the genuineness of all signatures on the Documents</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline"> submitted to us</font><font style="DISPLAY: inline">;</font></font></div>
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&#160;</div>

<div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">13.3</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">the truth, accuracy and completeness as at the date hereof of all representations as to factual matters, warranties and statements of fact or law, other than as to the laws of Bermuda, made in any of the Documents;</font></font></div>
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<div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">13.4</font></font></div>
</td>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">(d)</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">the authority, capacity and power of </font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">each of the </font><font style="DISPLAY: inline">persons signing the Documents</font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">;</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">&#160;</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline"> submitted to us </font><font style="DISPLAY: inline">(</font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">that any representation, warranty or statement of fact or law, other than the laws of Bermuda made in</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">other than directors or officers of the Company in relation to the Resolutions and any certification made thereby in relation to</font><font style="DISPLAY: inline"> any of the Documents</font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">, is true, accurate and complete; </font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">);</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">(f)</font>&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: line-through">that any documents entered into with respect to the Debt Securities, Warrants, Purchase Contracts, Rights and Units will constitute the legal, valid and binding obligations of each of the parties thereto, other than the Company, under the laws of the jurisdiction of incorporation or jurisdiction of formation of such parties;</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">(g)</font>&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: line-through">that any documents entered into with respect to the Debt Securities, Warrants, Purchase Contracts, Rights and Units will be validly authorised, executed and delivered by each of the parties thereto, other than the Company, and that the performance thereof is within the capacity and powers of each such party thereto, and that each such party to which the Company will purportedly deliver such documents will actually receive and accept delivery of such documents;</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">(h)</font>&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: line-through">that any documents entered into with respect to the Debt Securities, Warrants, Purchase Contracts, Rights and Units will effect and constitute legal, valid and binding obligations of each of the parties </font></font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">thereto, enforceable in accordance with their terms, under the laws of the jurisdiction by which such documents are expressed to be governed;</font></font></div>

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<div style="TEXT-ALIGN: center; WIDTH: 100%"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt">&#160; </font></div>

<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; FONT-SIZE: 10pt">&#160;</font><br>
&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">that there are no provisions of the laws or regulations of any jurisdiction other than Bermuda which would have any implication in relation to the </font><font style="DISPLAY: inline; COLOR: #00c000; TEXT-DECORATION: line-through">opinions</font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through"> expressed herein;</font></font></div>

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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">13.5</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">that the Directors of the Company acted in good faith upon their adoption of the Resolutions;</font></font></div>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">13.6</font></font></div>
</td>
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">(j)</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">that there are no provisions of the laws or regulations of any jurisdiction other than Bermuda which would be contravened by </font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">the execution or delivery of any of the Debt Securities, Warrants, Purchase Contracts, Rights and Units</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">any action taken by the Company in connection with the Registration Statement</font><font style="DISPLAY: inline"> or which would have any implication in relation to the </font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">opinion</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #00c000; TEXT-DECORATION: underline">opinions</font><font style="DISPLAY: inline"> expressed herein and that, in so far as any obligation under, or action to be taken under, the </font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">Debt Securities, Warrants, Purchase Contracts, Rights and Units</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">Registration Statement</font><font style="DISPLAY: inline"> is required to be performed or taken in any jurisdiction outside Bermuda, the performance of such obligation or the taking of such action will constitute a valid and binding obligation of each of the parties thereto under the laws of that jurisdiction and will not be illegal by virtue of the laws of that jurisdiction;</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">(k)</font>&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: line-through">that each transaction to be entered into as contemplated by the Prospectus will be entered into in good faith and for full value and will not have the effect of unlawfully preferring one creditor over another;</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">(l)</font>&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">that the Resolutions are in full force and effect, have not been rescinded, either in whole or in part, and accurately record the resolutions adopted by all the Directors of the Company as [unanimous written resolutions] of the Board and that there is no matter affecting the authority of the Directors to effect entry by the Company into the transactions, not disclosed by the Constitutional Documents or the Resolutions, which would have any adverse implication in relation to</font><font style="DISPLAY: inline; COLOR: #00c000; TEXT-DECORATION: line-through"> the opinions expressed herein</font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">;</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">(m)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: line-through">that the records which were the subject of the Company Search and Litigation Search were complete and accurate at the time of such searches and disclosed all information which is material for the purposes of this opinion and such information has not since the date of the Company Search and Litigation Search been materially altered; and</font></font></div>

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<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">13.7</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">the definitive terms of the Securities, other than Common Shares, to be offered pursuant to the Registration Statement will have been established in accordance with the Resolutions and applicable law;</font></font></div>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">13.8</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">any Securities issuable upon conversion, exchange or exercise of any Security to be offered, will be duly authorised, created and, if appropriate, reserved for issuance upon such conversion, exchange or exercise;</font></font></div>
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</div>

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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">13.9</font></font></div>
</td>
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">(n)</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">that when the Shares and Preferred Shares are issued, the issue price (in whatever form) will not be less than the par value of the Shares and Preferred Shares</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">any Securities consisting of Common Shares or Preferred Shares, including Common Shares or Preferred Shares issuable upon conversion, exchange or exercise of any Security to be offered, or issued as part of a Unit, will be duly authorised and issued, and the certificates evidencing the same will be duly executed and delivered, against receipt of the consideration approved by the Company which will be no less than the par value, if any, thereof</font><font style="DISPLAY: inline"> and the Company will have sufficient authorised</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">,</font><font style="DISPLAY: inline"> but unissued</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">,</font><font style="DISPLAY: inline"> share capital to effect </font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">the issue </font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">such issue;</font></font></div>
</td>
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<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

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</div>
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<br>
<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">13.10</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">the Registration Statement and the Prospectus, and any amendments thereto, will have become effective;</font></font></div>
</td>
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</div>

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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">13.11</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">one or more prospectus supplements will have been filed with the Commission describing the Securities to be offered thereby;</font></font></div>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">13.12</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">all Securities will be issued in compliance with all matters of, and the validity and enforceability thereof under, applicable U.S. federal and state securities laws and other laws (other than the laws of Bermuda, in respect of which we are opining);</font></font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">13.13</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">prior to the date of issuance of any Securities, all necessary approvals of the Bermuda Monetary Authority (save in the case of the issuance of the Common Shares) will have been obtained with respect to the issue and free transferability of the Securities to be issued;</font></font></div>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">13.14</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">with respect to the issuance and sale of any Debt Securities, that the Indenture will have been duly executed and delivered by</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #00c000; TEXT-DECORATION: underline"> the Company and the trustee named </font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">therein;</font></font></div>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">13.15</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">with respect to all Debt Securities, when issued, will be executed, authenticated, issued and delivered (a) against receipt of the consideration therefor approved by the Company and (b) as provided in the indenture with respect thereto;</font></font></div>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">13.16</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">with respect to the issuance and sale of any series of Preferred Shares, that an appropriate certificate of designations, or similar instrument setting forth the preferential, qualified or special rights, privileges or conditions with respect to such series of Preferred Shares will have been duly and validly authorised and adopted by the Company;</font></font></div>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">13.17</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">with respect to the issuance and sale of any Warrants, that (i) a warrant agreement with respect to such Warrants will have been executed and delivered by the Company and the warrant agent, (ii) the Warrants will have been duly executed and delivered by the Company and duly executed by any warrant agent appointed by the Company, and (iii) the Warrants will have been issued and delivered by the Company against receipt of the consideration therefor approved by the Company;</font></font></div>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">13.18</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">with respect to the issuance and sale of any Purchase Contracts, that (i) a purchase agreement with respect to such Purchase Contracts will have been executed and delivered by the parties thereto, and (ii) the Purchase Contracts will have been duly executed and delivered in accordance with the purchase agreement upon payment of the consideration therefor provided for therein;</font></font></div>
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</div>

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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">13.19</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">with respect to the issuance and sale of any Rights, that (i) a purchase agreement with respect to such Rights will have been executed and delivered by the parties thereto, and (ii) the Rights, if in certificated form, will have been duly executed and delivered in accordance with the Rights agreement upon payment of the consideration therefor provided for therein;</font></font></div>
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</div>

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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">13.20</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #0000ff; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">with respect to the issuance and sale of any Units, that (i) a purchase agreement with respect to such Units will have been executed and delivered by the parties thereto, and (ii) the Units, if in certificated form, will have been duly executed and delivered in accordance with the purchase agreement upon payment of the consideration therefor provided for therein; and</font></font></div>
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<div id="PN" style="PAGE-BREAK-AFTER: always; WIDTH: 100%">
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<div style="TEXT-ALIGN: center; WIDTH: 100%">
<hr style="COLOR: black" noshade size="2">
</div>
</div>

<div id="HDR">
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<br>
<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">13.21</font></font></div>
</td>
<td>
<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">that there are no matters of fact or law (other than matters of Bermuda law) affecting the Registration Statement that have arisen since the date thereof which would affect</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #00c000; TEXT-DECORATION: underline"> the opinions expressed herein</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">.</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">14.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline">Opinion</font></font></div>

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

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">Based upon and subject to the foregoing and subject to the reservations set out below and to any matters not disclosed to us, we are of the opinion that:</font></font></div>

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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">14.1</font></font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">(1)</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">The Securities have been duly authorized by the Board of Directors of the Company in conformity with the Company's Memorandum of Association and the Bye-Laws and when issued</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">the Common Shares and the Preferred Shares have been duly authorised and any Securities consisting of Common Shares or Preferred Shares, including any Common Shares or Preferred Shares issuable on conversion, exercise or exchange of other Securities, or issued as part of a Unit, when issued, sold</font><font style="DISPLAY: inline"> and paid for as contemplated in</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline"> conformity with the Resolutions and</font><font style="DISPLAY: inline"> the Prospectus </font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">or any prospectus supplement </font><font style="DISPLAY: inline">(and with </font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">respect</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">regard</font><font style="DISPLAY: inline"> to the Preferred Shares Purchase Rights, in accordance with the terms of the Rights Plan, as defined in the Prospectus), </font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">will be validly issued.</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">&#160;</font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">(2)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">The Shares and Preferred Shares, (including Shares or Preferred Shares issuable directly or upon conversion of Securities issued pursuant to the terms of the Indenture substantially in the form examined by us), a Warrant, a Purchase Contract, a Right, or as part of a Unit, when issued and delivered against payment therefor as contemplated in the Prospectus, </font><font style="DISPLAY: inline">will be validly issued, fully paid and non-assessable</font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">. </font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">;</font></font></div>

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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td style="WIDTH: 36pt">
<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">14.2</font></font></div>
</td>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">(3)</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">The</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">any Securities consisting of</font><font style="DISPLAY: inline"> Debt Securities, Warrants, Purchase Contracts, Rights </font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">and</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">or</font><font style="DISPLAY: inline"> Units</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline"> have been duly authorised and</font><font style="DISPLAY: inline">, upon due execution and delivery as contemplated in the Prospectus, will </font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">be</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">constitute legal,</font><font style="DISPLAY: inline"> valid and </font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">legally </font><font style="DISPLAY: inline">binding obligations of the Company</font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">. </font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">and will be, in the case of Debt Securities, entitled to benefits provided by the Indenture; and</font></font></div>
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<div>
<table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160; </font></div>
</td>
<td style="WIDTH: 36pt">
<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">14.3</font></font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">(4)</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">Subject</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">subject</font><font style="DISPLAY: inline"> as otherwise provided in this opinion</font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">, and except as provided in this paragraph</font><font style="DISPLAY: inline">, no consent, </font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">approval, </font><font style="DISPLAY: inline">licence or authorisation of, </font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">and no </font><font style="DISPLAY: inline">filing with, or other act by or in respect of, any governmental authority</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">, regulatory body</font><font style="DISPLAY: inline"> or court </font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">of</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">in</font><font style="DISPLAY: inline"> Bermuda is </font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">required to be obtained by the Company</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">necessary</font><font style="DISPLAY: inline"> in connection with the issuance of the Securities</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">,</font><font style="DISPLAY: inline"> except that the Registration Statement and any other offering documents</font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through"> must be filed with the Registrar of Companies prior to or as soon as reasonably practicable after any Securities are offered to the public and</font><font style="DISPLAY: inline"> must comply, to the extent applicable, with the requirements of Part III of the Companies Act 1981 </font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">of Bermuda (the "</font><font style="DISPLAY: inline; COLOR: #ff0000; FONT-WEIGHT: bold; TEXT-DECORATION: line-through">Act</font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">"). </font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">(as amended).</font></font></div>
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&#160;</div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-WEIGHT: bold"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">15.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Reservations</font></font></font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">We have the following reservations:</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">We express no opinion as to any law other than Bermuda law and none of the opinions expressed herein relates to compliance with or matters governed by the laws of any jurisdiction except Bermuda</font><font style="DISPLAY: inline; COLOR: #00c000; TEXT-DECORATION: line-through">. This opinion is limited to Bermuda law as applied by the courts of Bermuda at the date hereof</font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">.</font></font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">Searches</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">The Search</font><font style="DISPLAY: inline"> of the Register of Companies at the office of the Registrar of Companies </font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">and of the Supreme Court Causes Book at the Registry of the Supreme Court are</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">is</font><font style="DISPLAY: inline"> not conclusive and it should be noted that the Register of Companies </font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">and the Supreme Court Causes Book do</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">does</font><font style="DISPLAY: inline"> not reveal:</font></font></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">(a)</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">details of matters which have been lodged for filing or registration which as a matter of </font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">best</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">general</font><font style="DISPLAY: inline"> practice of the Registrar of Companies </font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">or the Registry of the Supreme Court </font><font style="DISPLAY: inline">would have or should have been disclosed on the public file, </font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">the Causes Book or the Judgment Book, as the case may be, but for whatever reason</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">but</font><font style="DISPLAY: inline"> have not actually been </font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">filed or registered or are not disclosed or which, notwithstanding filing or registration,</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">registered or, to the extent that they have been registered, have not been</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #00c000; TEXT-DECORATION: underline"> disclosed or do not appear </font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">in the public records</font><font style="DISPLAY: inline"> at the date and time the search is concluded</font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through"> are for whatever reason not</font><font style="DISPLAY: inline; COLOR: #00c000; TEXT-DECORATION: line-through"> disclosed or do not appear </font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">on the public file, the Causes Book or Judgment Book; </font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">;</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">details of matters which should have been lodged for </font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">filing or </font><font style="DISPLAY: inline">registration</font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through"> at the Registrar of Companies or the Registry of the Supreme Court</font><font style="DISPLAY: inline"> but have not been lodged for </font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">filing or </font><font style="DISPLAY: inline">registration at the date the search is concluded; </font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">or</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">whether a receiver or manager has been appointed privately pursuant to the provisions of a debenture or other security, unless notice of the fact has been entered in the Register of Charges in accordance with the provisions of the </font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">Companies </font><font style="DISPLAY: inline">Act</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline"> 1981, as amended</font><font style="DISPLAY: inline">.</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">Furthermore, in the absence of a statutorily defined system for the registration of charges created by companies incorporated outside Bermuda ("</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: line-through">overseas companies</font><font style="DISPLAY: inline; TEXT-DECORATION: line-through">") over their assets located in Bermuda, it is not possible to determine definitively from searches of the Register of Charges maintained by the Registrar of Companies in respect of such overseas companies what charges have been registered over any of their assets located in Bermuda or whether any one charge has priority over any other charge over such assets.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: line-through">In order to issue this opinion we have carried out the Company Search and Litigation Search as referred to in the Schedule to this opinion and have not enquired as to whether there has been any change since the date of such searches.</font></font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">Any reference in this opinion to shares being "non-assessable" </font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">shall mean</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">means</font><font style="DISPLAY: inline">, in relation to fully-paid shares of the Company and subject to any contrary provision in any agreement in writing between the Company and the holder of shares, that: no shareholder shall be obliged to contribute further amounts to the capital of the Company, either in order to complete payment for their shares, to satisfy claims of creditors of the Company, or otherwise; and no shareholder shall be bound by an alteration of the Memorandum of Association or Bye-Laws of the Company after the date on which he became a shareholder, if and so far as the alteration requires him to take, or subscribe for additional shares, or in any way increases his liability to contribute to the share capital of, or otherwise to pay money to, the Company</font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">&#160;</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">.</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">16.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline">Disclosure</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">This opinion is addressed to you and may be relied upon by Seward &amp; Kissel LLP to assist with their delivery of an opinion in connection with the issuance of the Securities and, save as referred to herein, is neither to be transmitted to any other person, nor relied upon by any other person or for any other purpose, nor quoted, nor referred to in any public document, nor filed with any governmental agency or person without our prior written consent, except as may be required by law.</font></font></div>

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<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">Notwithstanding the foregoing, we</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">We</font><font style="DISPLAY: inline"> hereby consent to the filing of this opinion as </font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">an exhibit</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">Exhibit 5.1</font><font style="DISPLAY: inline"> to the Registration Statement and to the references to our </font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">name in the Prospectus contained therein</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">firm, under the captions "Legal Opinions" in the prospectus attached thereto</font><font style="DISPLAY: inline">, without admitting that we are "experts"</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">,</font><font style="DISPLAY: inline"> within the meaning of the Securities Act</font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">, as amended,</font><font style="DISPLAY: inline"> or the rules and regulations of the </font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">Securities and Exchange </font><font style="DISPLAY: inline">Commission thereunder</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">,</font><font style="DISPLAY: inline"> with respect to any part of the Registration Statement.</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">&#160;</font><font style="DISPLAY: inline"> In giving such consent, we do not hereby admit that we are in the category of persons whose consent is required under </font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">Section</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">section</font><font style="DISPLAY: inline"> 7 of the Securities Act.</font></font></div>

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

<div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">Further, this</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">This</font><font style="DISPLAY: inline"> opinion speaks as of its date and is strictly limited to the matters stated </font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">herein</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">in it</font><font style="DISPLAY: inline"> and we assume no obligation to review or update this opinion if applicable </font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">laws</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">law</font><font style="DISPLAY: inline"> or the existing facts or circumstances should change.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">This opinion is governed by and is to</font><font style="DISPLAY: inline; COLOR: #00c000; TEXT-DECORATION: line-through"> be construed in accordance with</font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through"> Bermuda law. It is given on the basis that it will not give rise to any legal proceedings with respect to it in any jurisdiction other than Bermuda.</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">Yours faithfully</font><font style="DISPLAY: inline; COLOR: #ff0000; TEXT-DECORATION: line-through">&#160;</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">,</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">/s/ Appleby (Bermuda) Limited</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; COLOR: #ff0000; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="DISPLAY: inline; TEXT-DECORATION: line-through">Appleby (Bermuda) Limited</font></font></div>

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