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<SEC-DOCUMENT>0001104659-07-026233.txt : 20070405
<SEC-HEADER>0001104659-07-026233.hdr.sgml : 20070405
<ACCEPTANCE-DATETIME>20070405172739
ACCESSION NUMBER:		0001104659-07-026233
CONFORMED SUBMISSION TYPE:	S-4
PUBLIC DOCUMENT COUNT:		11
FILED AS OF DATE:		20070405
DATE AS OF CHANGE:		20070405

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HOSPITALITY PROPERTIES TRUST
		CENTRAL INDEX KEY:			0000945394
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				043262075
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-141923
		FILM NUMBER:		07752851

	BUSINESS ADDRESS:	
		STREET 1:		400 CENTRE ST
		CITY:			NEWTON
		STATE:			MA
		ZIP:			02158
		BUSINESS PHONE:		6179648389

	MAIL ADDRESS:	
		STREET 1:		400 CENTRE STREET
		CITY:			NEWTON
		STATE:			MA
		ZIP:			02158
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-4
<SEQUENCE>1
<FILENAME>a07-9903_1s4.htm
<DESCRIPTION>S-4
<TEXT>
<html>

<head>






</head>

<body lang="EN-US">

<div style="font-family:Times New Roman;">
 <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><a name="scotch"><font size="2" color="#9c412a" face="Times New Roman" style="color:#9C412A;font-size:10.0pt;">As filed with the Securities and Exchange Commission on April&nbsp;5, 2007</font></a></p> <div style="border:none;border-bottom:double windowtext 6.0pt;padding:0pt 0pt 0pt 0pt;"> <p align="right" style="border:none;margin:0pt 0pt .0001pt;padding:0pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registration No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p> </div>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">UNITED STATES</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">SECURITIES AND EXCHANGE COMMISSION</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .5pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;">Washington,
DC&#160; 20549</font></b></p>

<div style="line-height:9.0pt;margin:0pt 0pt .5pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">FORM&nbsp;S-4</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</font></b></p>

<div style="line-height:9.0pt;margin:0pt 0pt 2.0pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">HOSPITALITY PROPERTIES TRUST</font></b></p>

<p style="margin:0pt 0pt 2.0pt;page-break-after:avoid;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">(Exact name of registrant
as specified in its charter)</font></p>

<div style="line-height:9.0pt;margin:0pt 0pt 5.0pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="192" valign="top" style="padding:0pt .7pt 0pt .7pt;width:144.0pt;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><!-- SET mrlNoTableShading --><b><font size="1" style="font-size:9.0pt;font-weight:bold;">Maryland</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:12.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="192" valign="top" style="padding:0pt .7pt 0pt .7pt;width:144.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">6798</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:12.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="192" valign="top" style="padding:0pt .7pt 0pt .7pt;width:144.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">04-3262075</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="192" valign="top" style="padding:0pt .7pt 0pt .7pt;width:144.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">(State or other
  jurisdiction of incorporation or organization)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:12.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="192" valign="top" style="padding:0pt .7pt 0pt .7pt;width:144.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">(Primary Standard
  Industrial<br>
  Classification Code Number)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:12.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="192" valign="top" style="padding:0pt .7pt 0pt .7pt;width:144.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">(I.R.S. Employer<br>
  Identification Number)</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 6.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;">400 Centre Street</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;">Newton, Massachusetts&#160; 02458</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;">(617) 964-8389</font></b></p>

<p style="margin:0pt 0pt 2.0pt;page-break-after:avoid;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">(Address, including zip
code, and telephone number, including area code, of registrant&#146;s principal
executive offices)</font></p>

<div style="line-height:9.0pt;margin:0pt 0pt 2.0pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;">John G. Murray</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;">President, Chief Operating
Officer and Secretary</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;">Hospitality Properties
Trust</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;">400 Centre Street</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;">Newton, Massachusetts&#160; 02458</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;">(617) 964-8389</font></b></p>

<p style="margin:0pt 0pt 2.0pt;page-break-after:avoid;text-align:center;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">(Name, address, including
zip code, telephone number, including area code, of agent for service)</font></p>

<div style="line-height:9.0pt;margin:0pt 0pt 2.0pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

<p style="margin:0pt 0pt 3.0pt;page-break-after:avoid;text-align:center;"><i><font size="1" face="Times New Roman" style="font-size:9.0pt;font-style:italic;">Copy to:</font></i></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;">Alexander A. Notopoulos,&nbsp;Jr.,&nbsp;Esq.</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;">Sullivan&nbsp;&amp;
Worcester LLP</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;">One Post Office Square</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;">Boston, Massachusetts&#160; 02109</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 2.0pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;">(617)
338-2800</font></b></p>

<div style="line-height:9.0pt;margin:0pt 0pt 2.0pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

<p style="font-weight:bold;margin:0pt 0pt 3.0pt;text-indent:20.0pt;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;">Approximate date of commencement of proposed sale to the public:</font></b><font size="1" style="font-size:9.0pt;"> As soon as practicable following the
effective date of this Registration Statement.</font></p>

<p style="margin:0pt 0pt 3.0pt;text-indent:20.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">If the securities being
registered on this form are being offered in connection with the formation of a
holding company and there is compliance with General Instruction G, check the
following box. </font><font size="1" face="Wingdings" style="font-size:9.0pt;">o</font></p>

<p style="margin:0pt 0pt 3.0pt;text-indent:20.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">If this form is filed to
register additional securities for an offering pursuant to
Rule&nbsp;462(b)&nbsp;under the Securities Act, check the following box and
list the Securities Act registration statement number of the earlier effective
registration statement for the same offering. </font><font size="1" face="Wingdings" style="font-size:9.0pt;">o</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">If this form is a
post-effective amendment filed pursuant to Rule&nbsp;462(d)&nbsp;under the
Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement
for the same offering. </font><font size="1" face="Wingdings" style="font-size:9.0pt;">o</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="349" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:double windowtext 1.5pt;padding:0pt .7pt 0pt 0pt;width:261.7pt;">
  <p style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><!-- SET mrlNoTableShading -->Title&nbsp;of&nbsp;Each&nbsp;Class&nbsp;of&nbsp;Securities&nbsp;to&nbsp;be&nbsp;Registered</p>
  </td>
  <td width="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:double windowtext 1.5pt;padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="3" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:double windowtext 1.5pt;padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="5" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:double windowtext 1.5pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="68" colspan="2" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:double windowtext 1.5pt;padding:0pt .7pt 0pt 0pt;width:51.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Amount&nbsp;to</font></b></p>
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">be&nbsp;Registered</font></b></p>
  </td>
  <td width="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:double windowtext 1.5pt;padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="3" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:double windowtext 1.5pt;padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="5" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:double windowtext 1.5pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="95" colspan="4" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:double windowtext 1.5pt;padding:0pt .7pt 0pt 0pt;width:71.3pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Proposed&nbsp;Maximum</font></b></p>
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Aggregate&nbsp;Offering</font></b></p>
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Price(1)</font></b></p>
  </td>
  <td width="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:double windowtext 1.5pt;padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="3" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:double windowtext 1.5pt;padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="5" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:double windowtext 1.5pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="78" colspan="4" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:double windowtext 1.5pt;padding:0pt .7pt 0pt 0pt;width:58.3pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Amount&nbsp;of</font></b></p>
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Registration&nbsp;Fee</font></b></p>
  </td>
  <td width="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="349" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:261.7pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">5.625%
  Senior Notes due 2017</font></b></p>
  </td>
  <td width="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt 0pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">$</font></b></p>
  </td>
  <td width="63" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:47.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">300,000,000</font></b></p>
  </td>
  <td width="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:10.15pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt 0pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">$</font></b></p>
  </td>
  <td width="63" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:47.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">300,000,000</font></b></p>
  </td>
  <td width="14" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:10.15pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:16.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt 0pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">$</font></b></p>
  </td>
  <td width="30" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:22.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">9,210</font></b></p>
  </td>
  <td width="21" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:16.05pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="349" style="border:none;"></td>
  <td width="8" style="border:none;"></td>
  <td width="3" style="border:none;"></td>
  <td width="5" style="border:none;"></td>
  <td width="5" style="border:none;"></td>
  <td width="63" style="border:none;"></td>
  <td width="8" style="border:none;"></td>
  <td width="3" style="border:none;"></td>
  <td width="5" style="border:none;"></td>
  <td width="14" style="border:none;"></td>
  <td width="5" style="border:none;"></td>
  <td width="63" style="border:none;"></td>
  <td width="14" style="border:none;"></td>
  <td width="8" style="border:none;"></td>
  <td width="3" style="border:none;"></td>
  <td width="5" style="border:none;"></td>
  <td width="21" style="border:none;"></td>
  <td width="5" style="border:none;"></td>
  <td width="30" style="border:none;"></td>
  <td width="21" style="border:none;"></td>
  <td width="2" style="border:none;"></td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 6.0pt;page-break-after:avoid;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 3.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(</font><font size="1" style="font-size:9.0pt;">1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:9.0pt;">Estimated solely for the purposes of
calculating the registration fee pursuant to Rule&nbsp;457(f)&nbsp;under the
Securities Act of 1933.</font></p>

<p style="font-size:10.0pt;font-weight:bold;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;">The Registrant
hereby amends this Registration Statement on such date or dates as may be
necessary to delay its effective date until the Registrant shall file a further
amendment which specifically states that this Registration Statement shall
thereafter become effective in accordance with Section&nbsp;8(a)&nbsp;of the
Securities Act of 1933 or until this Registration Statement shall become
effective on such date as the Securities and Exchange Commission, acting
pursuant to said Section&nbsp;8(a), may determin</font>e.</b></p>


 <div style="border:none;border-bottom:double windowtext 6.0pt;padding:0pt 0pt 0pt 0pt;"> <p style="border:none;margin:0pt 0pt .0001pt;padding:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p> </div>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<div style="font-family:Times New Roman;">
 <p style="color:#9C412A;font-weight:bold;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" color="#9c412a" face="Times New Roman" style="font-size:10.0pt;">SUBJECT TO COMPLETION<br> PRELIMINARY PROSPECTUS DATED APRIL 5, 2007</font></b></p>

<p align="left" style="background:white;color:#9C412A;font-weight:bold;line-height:10.0pt;margin:6.0pt 0pt;text-align:left;"><b><font size="2" color="#9c412a" face="Times New Roman" style="font-size:10.0pt;">The information in this
prospectus is not complete and may be changed. We may not sell or offer these
securities until the registration statement filed with the Securities and
Exchange Commission is effective. This prospectus is not an offer to sell these
securities and we are not soliciting an offer to buy these securities in any
state where the offer or sale is not permitted.</font></b></p>

<p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">PROSPECTUS<a name="Prospectus_055636"></a></font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 3.0pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">$300,000,000<br>
Offer to Exchange<br>
All Outstanding 5.625% Senior Notes Due 2017<br>
for<br>
5.625% Senior Notes Due 2017<br>
of<br> </font></b><font size="5" color="#468637" style="color:#468637;font-size:18.0pt;">Hospitality Properties Trust</font></p>

<p style="margin:0pt 0pt 1.5pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Exchange Offer will
expire at &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.m./p.m.</font></p>

<p style="margin:0pt 0pt 5.0pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York City time, on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2007, unless extended</font></p>

<div style="line-height:9.0pt;margin:0pt 0pt 5.0pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;">The Exchange Notes<a name="TheExchangeNotes_055700"></a></font></b></p>

<p style="margin:0pt 0pt 3.0pt 30.0pt;text-indent:-10.0pt;"><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:9.0pt;">The terms of the 5.625% Senior Notes due
2017 to be issued, or the exchange notes, are substantially identical to the
outstanding 5.625% Senior Notes due 2017, or the outstanding notes, that were
issued on March&nbsp;12, 2007, except for the transfer restrictions,
registration rights and additional interest provisions relating to the
outstanding notes that will not apply to the exchange notes.</font></p>

<p style="margin:0pt 0pt 3.0pt 30.0pt;text-indent:-10.0pt;"><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:9.0pt;">Interest on the exchange notes accrues at
the rate of 5.625% per year, payable on March&nbsp;15 and September&nbsp;15 of
each year, with the first payment on September&nbsp;15, 2007.</font></p>

<p style="margin:0pt 0pt 3.0pt 30.0pt;text-indent:-10.0pt;"><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:9.0pt;">The exchange notes will be our senior
obligations. They will not be secured by any of our property or assets. The
exchange notes are not obligations of any of our subsidiaries. The exchange
notes will be effectively subordinated to any mortgages and other secured
indebtedness and to all indebtedness and other liabilities of our subsidiaries.
The exchange notes, however, will rank equally with all of our other unsecured
senior indebtedness, including unsecured senior indebtedness we incur in the
future.</font></p>

<p style="margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:9.0pt;">We do not intend to list the exchange
notes on any securities exchange.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;">Terms of the
Exchange Offer<a name="TermsOfTheExchangeOffer_055703"></a></font></b></p>

<p style="margin:0pt 0pt 3.0pt 30.0pt;text-indent:-10.0pt;"><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:9.0pt;">Expires at &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.m./p.m.,
New York City time on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2007, unless the offer is extended. Such date and time, as it may be extended,
is referred to herein as the expiration date.</font></p>

<p style="margin:0pt 0pt 3.0pt 30.0pt;text-indent:-10.0pt;"><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:9.0pt;">All outstanding notes that are validly
tendered and not validly withdrawn will be exchanged for an equal principal amount
at maturity of exchange notes that are registered under the Securities Act of
1933, as amended, or the Securities Act.</font></p>

<p style="margin:0pt 0pt 3.0pt 30.0pt;text-indent:-10.0pt;"><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:9.0pt;">Tenders of outstanding notes may be
withdrawn at any time prior to the expiration of the exchange offer.</font></p>

<p style="margin:0pt 0pt 3.0pt 30.0pt;text-indent:-10.0pt;"><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:9.0pt;">The exchange offer is not conditioned upon
any minimum principal amount of outstanding notes being tendered.</font></p>

<p style="margin:0pt 0pt 3.0pt 30.0pt;text-indent:-10.0pt;"><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:9.0pt;">The exchange offer is not subject to any
condition other than that it must not violate applicable law or any applicable
interpretation of the staff of the Securities and Exchange Commission.</font></p>

<p style="margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:9.0pt;">We will not receive any cash proceeds from
the exchange offer.</font></p>

<p style="margin:0pt 0pt 9.0pt;text-indent:20.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Each broker-dealer that
receives exchange notes for its own account pursuant to the exchange offer must
acknowledge that it will deliver a prospectus in connection with any resale of
such exchange notes. The letter of transmittal states that by so acknowledging
that by delivering a prospectus, a broker-dealer will not be deemed to admit
that it is an &#147;underwriter&#148; within the meaning of the Securities Act. This
prospectus, as it may be amended or supplemented from time to time, may be used
by a broker-dealer in connection with resales of exchange notes received in
exchange for outstanding notes where such outstanding notes were acquired by
such broker-dealer as a result of market making activities or other trading
activities.</font></p>

<div style="line-height:9.0pt;margin:0pt 0pt 4.0pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;">Investing in the
exchange notes involves risks. See &#147;Risk Factors&#148; beginning on page&nbsp;8 of
this prospectus, as well as the risk factors that are incorporated by reference
in this prospectus from our Annual Report on Form&nbsp;10-K for the year
ended December&nbsp;31, 2006.</font></b></p>

<p style="margin:0pt 0pt 9.0pt;text-indent:20.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Neither the Securities and
Exchange Commission nor any state securities commission has approved or
disapproved of the exchange notes to be distributed in the exchange offer, nor
have any of these authorities determined that this prospectus is truthful or
complete. Any representation to the contrary is a criminal offense.</font></p>

<div style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>


 <p style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The date of this prospectus is&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;, 2007</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">REFERENCES TO
ADDITIONAL INFORMATION<a name="ReferencesToAdditionalInformation_055154"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This prospectus incorporates or refers to important
business and financial information about us that is not included in or
delivered with this prospectus. You may obtain documents that are filed by us
without charge upon your written or oral request. You may also obtain the
documents incorporated by reference into this prospectus, other than certain
exhibits to those documents, by accessing the Securities and Exchange
Commission&#146;s website maintained at www.sec.gov.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, Securities and Exchange Commission
filings are available to the public on our website, www.hptreit.com. Information
contained on or accessible through our website or the website of any other
person is not incorporated by reference into this prospectus, and you should
not consider information contained on or accessible through those websites as
part of this prospectus.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We will provide you with copies of this information,
without, charge, if you request in writing or by telephone from:</font></p>

<p align="center" style="margin:0pt 0pt 6.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hospitality Properties
Trust<br>
400 Centre Street<br>
Newton, Massachusetts 02458<br>
Attention: Investor Relations<br>
Telephone: (617) 964-8389</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you would like
to request copies of these documents, please do so by &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2007 in order to receive them before the expiration of the exchange offer. For
additional information, see &#147;Where You Can Find More Information&#148; and &#147;Incorporation
of Certain Information by Reference&#148;.</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You should not assume that the information contained
or incorporated by reference in this prospectus is accurate as of any date
other than the date on the front cover of this prospectus, or, in the case of
the information incorporated by reference, its date.</font></p>

<div style="line-height:9.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">i</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">TABLE
OF CONTENTS<a name="TableOfContents_055223"></a></font></b></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="573" valign="top" style="padding:0pt .7pt 0pt 0pt;width:430.05pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ForwardLookingStatements_055250" title="Click to goto "><!-- SET mrlNoTableShading -->Forward Looking Statements</a></font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">iii</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
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  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Summary_053755" title="Click to goto ">Summary</a></font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
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  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#RiskFactors_053201" title="Click to goto ">Risk Factors</a></font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
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  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#UseOfProceeds_053209" title="Click to goto ">Use of
  Proceeds</a></font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
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  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#RatioOfEarningsToFixedCharges_053210" title="Click to goto ">Ratio of Earnings to Fixed Charges</a></font></p>
  </td>
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  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
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  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TheExchangeOffer_053217" title="Click to goto ">The
  Exchange Offer</a></font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
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  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>
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  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#DescriptionOfExchangeNotes_052750" title="Click to goto ">Description
  of Exchange Notes</a></font></p>
  </td>
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  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>
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  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  </td>
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  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
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  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31</font></p>
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  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#PlanOfDistribution_052356" title="Click to goto ">Plan of
  Distribution</a></font></p>
  </td>
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  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">36</font></p>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</font></p>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</font></p>
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  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</font></p>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
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  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#IncorporationOfCertainInformation_052425" title="Click to goto ">Incorporation of Certain Information by Reference</a></font></p>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38</font></p>
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</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ii</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">FORWARD LOOKING
STATEMENTS<a name="ForwardLookingStatements_055250"></a></font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">THIS PROSPECTUS, INCLUDING
THE DOCUMENTS THAT ARE INCORPORATED BY REFERENCE, CONTAINS STATEMENTS WHICH
CONSTITUTE FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE
SECURITIES LITIGATION REFORM&nbsp;ACT OF 1995 AND OTHER FEDERAL SECURITIES
LAWS. THESE FORWARD LOOKING STATEMENTS CONCERN, AMONG OTHER THINGS:</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 3.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160; </font>OUR
ABILITY TO EARN INCOME SUFFICIENT TO PAY REGULAR AND INCREASING DISTRIBUTIONS
TO OUR SHAREHOLDERS;</b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 3.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:bold;">&#183;</font></b><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>OUR
ABILITY TO PAY INTEREST AND DEBT PRINCIPAL;</b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 3.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:bold;">&#183;</font></b><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>OUR
ABILITY TO COLLECT MINIMUM AND PERCENTAGE RENT FROM TRAVELCENTERS OF AMERICA&nbsp;LLC,
OR TA;</b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 3.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:bold;">&#183;</font></b><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>OUR
ABILITY TO PERFORM&nbsp;OUR OBLIGATIONS UNDER OUR LEASE WITH TA, INCLUDING BUT
NOT LIMITED TO OUR ABILITY TO FUND IMPROVEMENTS;</b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 3.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:bold;">&#183;</font></b><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>THE
BENEFITS THAT WE EXPECT TO DERIVE FROM THE TA TRANSACTION, AS DEFINED HEREIN,
INCLUDING INCREASED EARNINGS, ADDITIONAL GROWTH OPPORTUNITIES AND
DIVERSIFICATION; AND</b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:bold;">&#183;</font></b><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>OUR
ABILITY TO COLLECT AT LEAST THE MINIMUM RENTS OR RETURNS DUE TO US FROM THE
OPERATORS OF OUR HOTELS AS A RESULT OF RECENT ACQUISITIONS AND OUR INVESTMENTS
IN REBRANDING.</b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ALSO, WHENEVER WE USE
WORDS SUCH AS &#147;BELIEVE,&#148; &#147;EXPECT,&#148; &#147;ANTICIPATE,&#148; &#147;INTEND,&#148; &#147;PLAN,&#148; &#147;ESTIMATE&#148;
OR SIMILAR EXPRESSIONS, WE ARE MAKING FORWARD LOOKING STATEMENTS. THESE FORWARD
LOOKING STATEMENTS ARE BASED UPON OUR PRESENT INTENT, BELIEFS OR EXPECTATIONS,
BUT FORWARD LOOKING STATEMENTS ARE NOT GUARANTEED TO OCCUR AND MAY&nbsp;NOT
OCCUR. OUR ACTUAL RESULTS MAY&nbsp;DIFFER MATERIALLY FROM THOSE CONTAINED IN OR
IMPLIED BY OUR FORWARD LOOKING STATEMENTS AS A RESULT OF VARIOUS FACTORS.</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">IMPORTANT FACTORS THAT
COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE IN OUR FORWARD
LOOKING STATEMENTS ARE:</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 3.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><b>THE STATUS OF THE ECONOMY IN GENERAL OR THE HOTEL OR TRAVEL CENTER
INDUSTRIES IN PARTICULAR;</b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 3.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:bold;">&#183;</font></b><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>THE
ABILITY OF OUR TENANTS AND OPERATORS TO COMPLY WITH REGULATIONS, COMPETE
EFFECTIVELY AND ADAPT TO CHANGES AFFECTING THEIR BUSINESSES; AND</b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Symbol" style="font-size:10.0pt;font-weight:bold;">&#183;</font></b><b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160; </font>THE
STATUS OF THE CAPITAL MARKETS, INCLUDING THE LEVEL OF PREVAILING INTEREST
RATES, AND OUR ABILITY TO OBTAIN FINANCING ON TERMS WE DEEM TO BE ACCEPTABLE OR
AT ALL.</b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">OTHER RISKS MAY&nbsp;ADVERSELY
IMPACT US, AS DESCRIBED MORE FULLY IN OUR ANNUAL REPORT ON FORM&nbsp;10-K
FOR THE YEAR ENDED DECEMBER 31, 2006, UNDER &#147;ITEM&nbsp;1A. RISK FACTORS.&#148;</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">YOU SHOULD NOT
PLACE UNDUE RELIANCE UPON FORWARD LOOKING STATEMENTS.</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXCEPT AS REQUIRED
BY LAW, WE UNDERTAKE NO OBLIGATION TO UPDATE OR REVISE ANY FORWARD LOOKING
STATEMENTS AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.</font></b></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">iii</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<div>


<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">SUMMARY<a name="Summary_053755"></a></font></b></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">The information
below is only a summary of more detailed information included elsewhere in this
prospectus or the documents incorporated herein by reference. This summary does
not contain all the information that is important to you or that you should
consider before investing in the exchange notes. As a result, you should read
this entire prospectus as well as the information incorporated herein by
reference, carefully.</font></i></p>

<p style="font-style:italic;margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">As used in this prospectus, unless the context
otherwise requires, the terms &#147;HPT,&#148; &#147;we,&#148; &#147;us,&#148; &#147;our&#148; and similar terms refer
to Hospitality Properties Trust and its subsidiaries.</font></i></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company<a name="TheCompany_053758"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are a real estate investment trust, or REIT. Our
business strategy is to acquire real estate used in hospitality industries and
enter leases and management contracts with experienced operators which generate
returns or rents which exceed our cost of capital. Since we began our business
in 1995, we have acquired 310 hotels with 45,656 rooms for $3.9&nbsp;billion.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On January&nbsp;31, 2007, we completed our acquisition
of TravelCenters of America,&nbsp;Inc., or TravelCenters, for $1.9&nbsp;billion.
Upon completion of the acquisition, we restructured the business of
TravelCenters and distributed all of the common shares of our former
subsidiary, TravelCenters of America LLC, or TA, to our shareholders in a spin
off transaction. The acquisition of TravelCenters, the restructuring of the
TravelCenters business and the spin off transaction are collectively referred
to herein as the TA Transaction. In connection with the TA Transaction, we
acquired 146 travel centers located in 39 states and related assets. TA leases
this real estate from us and has continued the fuel services and hospitality
business of TravelCenters.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are organized as a
Maryland REIT. Our principal place of business is 400 Centre Street, Newton,
Massachusetts 02458, and our telephone number is (617)&nbsp;964-8389.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Background<a name="Background_053801"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On March&nbsp;12,
2007, we issued $300 million of our 5.625% Senior Notes due 2017, or the
outstanding notes, in a private offering to initial purchasers for resale to
qualified institutional buyers in accordance with Rule&nbsp;144A, raising net
proceeds of approximately $296 million. We used the net proceeds from the sale
of the outstanding notes to reduce amounts outstanding under the loan agreement
we entered into with a group of financial institutions in connection with the
financing of the TA Transaction. In connection with the offering of the
outstanding notes, we entered into a registration rights agreement with the
several initial purchasers of the outstanding notes, for whom Merrill Lynch,
Pierce, Fenner&nbsp;&amp; Smith Incorporated is acting as representative. Under
the registration rights agreement, we agreed, for the benefit of the holders of
the outstanding notes, at our cost to use our reasonable best efforts to, among
other things:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>prepare
and, as soon as reasonably practicable but not later than 90 calendar days
following the issuance of the outstanding notes, file with the Securities and
Exchange Commissions, or the SEC, a registration statement with respect to a
registered offer, or the exchange offer, to exchange the outstanding notes for
the 5.625% Senior Notes due 2017 to be issued, or the exchange notes, which
will not contain transfer restrictions or be subject to the registration rights
or additional interest provisions;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>cause
the registration statement to be declared effective not later than 150 calendar
days following the issuance of the outstanding notes; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>complete
the exchange offer within 180 calendar days following the issuance of the
outstanding notes.</p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A copy of the registration
rights agreement is filed with the SEC as an exhibit to our Current Report on Form&nbsp;8-K
dated March&nbsp;12, 2007 and is incorporated herein by reference.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Summary
of the Exchange Offer<a name="SummaryOfTheExchangeOffer_053805"></a></font></b></p>

<div align="center" style="font-family:Times New Roman;">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="220" valign="top" style="padding:0pt .7pt 0pt 0pt;width:165.0pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><!-- SET mrlNoTableShading --><b><i style="font-weight:bold;">Securities Offered</i></b></p>
  </td>
  <td width="12" valign="top" style="padding:0pt .7pt 0pt 0pt;width:9.3pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="377" valign="top" style="padding:0pt .7pt 0pt 0pt;width:282.4pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.625% Senior Notes due
  2017.</font></p>
  </td>
 </tr>
 <tr>
  <td width="220" valign="top" style="padding:0pt .7pt 0pt 0pt;width:165.0pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">The
  Exchange Offer</font></i></b></p>
  </td>
  <td width="12" valign="top" style="padding:0pt .7pt 0pt 0pt;width:9.3pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="377" valign="top" style="padding:0pt .7pt 0pt 0pt;width:282.4pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are offering
  to exchange up to $300 million aggregate principal amount of our exchange
  notes, which have been registered under the Securities Act of 1933, as
  amended, or the Securities Act, in exchange for up to $300 million aggregate
  principal amount of our outstanding notes. You have the right to exchange
  your outstanding notes for exchange notes with substantially identical terms.
  </font></p>
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In order for your
  outstanding notes to be exchanged, you must properly tender them before the
  expiration of the exchange offer. All outstanding notes that are validly
  tendered and not validly withdrawn will be exchanged. We will issue the
  exchange notes promptly after the expiration of the exchange offer. You may
  tender your outstanding notes for exchange by following the procedures
  described under the heading &#147;The Exchange Offer&#151;Procedures for Tendering
  Outstanding Notes.&#148;</font></p>
  </td>
 </tr>
 <tr>
  <td width="220" valign="top" style="padding:0pt .7pt 0pt 0pt;width:165.0pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Purpose
  of the Exchange Offer</font></i></b></p>
  </td>
  <td width="12" valign="top" style="padding:0pt .7pt 0pt 0pt;width:9.3pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="377" valign="top" style="padding:0pt .7pt 0pt 0pt;width:282.4pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The purpose of
  the exchange offer is to satisfy our obligations under the registration
  rights agreement. After the exchange offer is complete, you will not have any
  further rights under the registration rights agreement, including any right
  to require us to register any outstanding notes that you do not exchange or
  to pay you the additional interest we agreed to pay to holders of outstanding
  notes if we failed to timely commence and complete the exchange offer.</font></p>
  </td>
 </tr>
 <tr>
  <td width="220" valign="top" style="padding:0pt .7pt 0pt 0pt;width:165.0pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Conditions
  of the Exchange Offer</font></i></b></p>
  </td>
  <td width="12" valign="top" style="padding:0pt .7pt 0pt 0pt;width:9.3pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="377" valign="top" style="padding:0pt .7pt 0pt 0pt;width:282.4pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The exchange
  offer is subject to specified conditions described under the caption &#147;The
  Exchange Offer&#151;Conditions,&#148; some of which we may waive in our sole
  discretion. The exchange offer is not conditioned upon any minimum principal
  amount of outstanding notes being tendered.</font></p>
  </td>
 </tr>
 <tr>
  <td width="220" valign="top" style="padding:0pt .7pt 0pt 0pt;width:165.0pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Extensions;
  Amendments</font></i></b></p>
  </td>
  <td width="12" valign="top" style="padding:0pt .7pt 0pt 0pt;width:9.3pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="377" valign="top" style="padding:0pt .7pt 0pt 0pt;width:282.4pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We reserve the
  right, subject to applicable law, at any time and from time to time, but
  before the expiration of the exchange offer:</font></p>
  <p style="font-size:10.0pt;margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&nbsp; to extend the expiration date (as defined
  below) of the exchange offer and retain all outstanding notes tendered
  pursuant to the exchange offer subject to the right of tendering holders to
  withdraw their tender of outstanding notes; </p>
  <p style="font-size:10.0pt;margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&nbsp; to terminate the exchange offer and to
  refuse to accept outstanding notes not previously accepted, if one or more
  specified conditions occur; and/or </p>
  <p style="font-size:10.0pt;margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&nbsp; to waive any condition or amend the terms of
  the exchange offer in any manner.</p>
  </td>
 </tr>
</table>

</div>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="center" style="font-family:Times New Roman;">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="220" valign="top" style="padding:0pt .7pt 0pt 0pt;width:165.0pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><!-- SET mrlNoTableShading --><b><i style="font-weight:bold;">Denominations of Exchange Notes</i></b></p>
  </td>
  <td width="12" valign="top" style="padding:0pt .7pt 0pt 0pt;width:9.3pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="377" valign="top" style="padding:0pt .7pt 0pt 0pt;width:282.4pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exchange notes will be
  issued in minimum denominations of $1,000 and integral multiples thereof.</font></p>
  </td>
 </tr>
 <tr>
  <td width="220" valign="top" style="padding:0pt .7pt 0pt 0pt;width:165.0pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Tenders;
  Expiration Date</font></i></b></p>
  </td>
  <td width="12" valign="top" style="padding:0pt .7pt 0pt 0pt;width:9.3pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="377" valign="top" style="padding:0pt .7pt 0pt 0pt;width:282.4pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The exchange
  offer will expire at &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.m./p.m.,
  New York City time, on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
  2007, unless we extend the exchange offer, or the expiration date. We will
  extend the exchange offer as required by applicable law, and may choose to
  extend the exchange offer in our sole discretion. If we decided for any
  reason not to accept any outstanding notes you have tendered for exchange,
  those outstanding notes will be returned to you without cost promptly after
  the expiration or termination of the exchange offer. See &#147;The Exchange
  Offer&#151;Procedures for Tendering Outstanding Notes&#148; for a more complete
  description of the tender provisions.</font></p>
  </td>
 </tr>
 <tr>
  <td width="220" valign="top" style="padding:0pt .7pt 0pt 0pt;width:165.0pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Withdrawal
  Rights</font></i></b></p>
  </td>
  <td width="12" valign="top" style="padding:0pt .7pt 0pt 0pt;width:9.3pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="377" valign="top" style="padding:0pt .7pt 0pt 0pt;width:282.4pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You may withdraw
  tenders of outstanding notes at any time prior to the expiration date by
  delivering a written notice of withdrawal to the exchange agent (as defined
  below) in conformity with the procedures discussed under &#147;The Exchange
  Offer&#151;Withdrawal of Tenders.&#148;</font></p>
  </td>
 </tr>
 <tr>
  <td width="220" valign="top" style="padding:0pt .7pt 0pt 0pt;width:165.0pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Settlement
  Date</font></i></b></p>
  </td>
  <td width="12" valign="top" style="padding:0pt .7pt 0pt 0pt;width:9.3pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="377" valign="top" style="padding:0pt .7pt 0pt 0pt;width:282.4pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The settlement
  date of the exchange offer, or the settlement date, will be promptly after
  the expiration date, which is expected to be the third business day following
  the expiration date.</font></p>
  </td>
 </tr>
 <tr>
  <td width="220" valign="top" style="padding:0pt .7pt 0pt 0pt;width:165.0pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;letter-spacing:-.1pt;">Certain U.S. Federal Tax Consequences</font></i></b></p>
  </td>
  <td width="12" valign="top" style="padding:0pt .7pt 0pt 0pt;width:9.3pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="377" valign="top" style="padding:0pt .7pt 0pt 0pt;width:282.4pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An exchange of
  our outstanding notes for exchange notes will be regarded for U.S. federal
  income tax purposes as a nontaxable continuation of our outstanding notes.
  Immediately after the exchange, your adjusted basis, holding period and other
  tax characteristics in the exchange notes received will be the same as your
  adjusted basis, holding period, and other tax characteristics in the
  outstanding notes immediately before the exchange. For additional
  information, see &#147;Certain U.S. Federal Tax Consequences.&#148;</font></p>
  </td>
 </tr>
 <tr>
  <td width="220" valign="top" style="padding:0pt .7pt 0pt 0pt;width:165.0pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Use
  of Proceeds</font></i></b></p>
  </td>
  <td width="12" valign="top" style="padding:0pt .7pt 0pt 0pt;width:9.3pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="377" valign="top" style="padding:0pt .7pt 0pt 0pt;width:282.4pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We will not
  receive any cash proceeds from the exchange offer.</font></p>
  </td>
 </tr>
 <tr>
  <td width="220" valign="top" style="padding:0pt .7pt 0pt 0pt;width:165.0pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Procedures
  for Tendering Outstanding</font></i></b></p>
  </td>
  <td width="12" valign="top" style="padding:0pt .7pt 0pt 0pt;width:9.3pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="377" valign="top" style="padding:0pt .7pt 0pt 0pt;width:282.4pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you wish to
  participate in the exchange offer and your</font></p>
  </td>
 </tr>
 <tr>
  <td width="220" valign="top" style="padding:0pt .7pt 0pt 0pt;width:165.0pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Notes</font></i></b></p>
  </td>
  <td width="12" valign="top" style="padding:0pt .7pt 0pt 0pt;width:9.3pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="377" valign="top" style="padding:0pt .7pt 0pt 0pt;width:282.4pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">outstanding notes are
  held by a custodial entity, such as a bank, broker, dealer, trust company or
  other nominee through The Depository Trust Company, or DTC, you may do so through
  DTC&#146;s automated tender offer program, or ATOP. By participating through ATOP
  in the exchange offer, you will agree to be bound by the letter of
  transmittal that we are providing with this prospectus as though you had
  signed the letter of transmittal.</font></p>
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If your
  outstanding notes are registered in your name, you must deliver the
  certificates representing your outstanding notes, together with a completed
  letter of transmittal and any other documents required by the letter of
  transmittal, to the exchange agent, before the expiration of the exchange
  offer. See &#147;The Exchange Offer&#151;Guaranteed Delivery Procedures.&#148; </font></p>
  </td>
 </tr>
</table>

</div>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="center" style="font-family:Times New Roman;">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="220" valign="top" style="padding:0pt .7pt 0pt 0pt;width:165.0pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt 20.0pt;text-indent:-10.0pt;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="12" valign="top" style="padding:0pt .7pt 0pt 0pt;width:9.3pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="377" valign="top" style="padding:0pt .7pt 0pt 0pt;width:282.4pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Please do not
  send your letter of transmittal or certificates representing your outstanding
  notes to us. Those documents should be sent only to the exchange agent.
  Questions regarding how to tender and requests for information with respect
  to the exchange offer procedures should be directed to the exchange agent.
  For additional information, see &#147;The Exchange Offer&#151;Procedures for Tendering
  Outstanding Notes.&#148;</font></p>
  </td>
 </tr>
 <tr>
  <td width="220" valign="top" style="padding:0pt .7pt 0pt 0pt;width:165.0pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Special
  Procedures for Beneficial</font></i></b></p>
  </td>
  <td width="12" valign="top" style="padding:0pt .7pt 0pt 0pt;width:9.3pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="377" valign="top" style="padding:0pt .7pt 0pt 0pt;width:282.4pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If your
  outstanding notes are registered in the name of a broker,</font></p>
  </td>
 </tr>
 <tr>
  <td width="220" valign="top" style="padding:0pt .7pt 0pt 0pt;width:165.0pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Owners</font></i></b></p>
  </td>
  <td width="12" valign="top" style="padding:0pt .7pt 0pt 0pt;width:9.3pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="377" valign="top" style="padding:0pt .7pt 0pt 0pt;width:282.4pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">dealer, commercial bank,
  trust company or other nominee, we urge you to contact that person promptly
  if you wish to tender your outstanding notes pursuant to the exchange offer.
  For additional information, see &#147;The Exchange Offer&#151;Procedures for Tendering
  Outstanding Notes.&#148;</font></p>
  </td>
 </tr>
 <tr>
  <td width="220" valign="top" style="padding:0pt .7pt 0pt 0pt;width:165.0pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Consequences
  of Failure to Exchange</font></i></b></p>
  </td>
  <td width="12" valign="top" style="padding:0pt .7pt 0pt 0pt;width:9.3pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="377" valign="top" style="padding:0pt .7pt 0pt 0pt;width:282.4pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you do not exchange
  your outstanding notes for exchange notes, your outstanding notes will
  continue to be subject to the restrictions on transfer described in the
  outstanding notes. In general, outstanding notes may not be offered or sold
  unless registered or exempt from registration under the Securities Act, or in
  a transaction not subject to the registration requirements of the federal
  securities laws and applicable state securities law. See &#147;Risk Factors&#151;Risks
  Related to the Failure to Exchange.&#148; Following the completion of the exchange
  offer, we will have no obligation to exchange outstanding notes for exchange
  notes.</font></p>
  </td>
 </tr>
 <tr>
  <td width="220" valign="top" style="padding:0pt .7pt 0pt 0pt;width:165.0pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Resales
  of Exchange Notes</font></i></b></p>
  </td>
  <td width="12" valign="top" style="padding:0pt .7pt 0pt 0pt;width:9.3pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="377" valign="top" style="padding:0pt .7pt 0pt 0pt;width:282.4pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We believe that
  you will be able to offer for resale, resell or otherwise transfer exchange
  notes issued in the exchange offer without further compliance with the
  registration and prospectus delivery provisions of the federal securities
  laws, provided that: </font></p>
  <p style="font-size:10.0pt;margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&nbsp; you are not an affiliate of ours within the
  meaning of Rule&nbsp;405 under the Securities Act; </p>
  <p style="font-size:10.0pt;margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&nbsp; you are not a broker-dealer who purchased
  the outstanding notes from us for resale pursuant to Rule&nbsp;144A or any
  other available exemption under the Securities Act; </p>
  <p style="font-size:10.0pt;margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&nbsp; the exchange notes to be received by you
  will be acquired in the ordinary course of your business; </p>
  <p style="font-size:10.0pt;margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&nbsp; you have no arrangement or understanding
  with any person to participate in the distribution, within the meaning of the
  Securities Act, of the exchange notes; </p>
  <p style="font-size:10.0pt;margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&nbsp; you are not engaged in, and do not intend to
  engage in, a distribution, within the meaning of the Securities Act, of the
  exchange notes; and </p>
  <p style="font-size:10.0pt;margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&nbsp; you are not prohibited by law or any policy
  of the SEC from participating in the exchange offer. </p>
  </td>
 </tr>
</table>

</div>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="center" style="font-family:Times New Roman;">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="220" valign="top" style="padding:0pt .7pt 0pt 0pt;width:165.0pt;">
  <p style="font-size:10.0pt;margin:6.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="12" valign="top" style="padding:0pt .7pt 0pt 0pt;width:9.3pt;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="377" valign="top" style="padding:0pt .7pt 0pt 0pt;width:282.4pt;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our belief is based on existing interpretations of
  the Securities Act by the staff of the SEC set forth in several no-action
  letters to third parties unrelated to us. The staff has not considered this
  exchange offer in the context of a no-action letter, and we cannot assure you
  that the staff would make a similar determination with respect to this
  exchange offer. </font></p>
  </td>
 </tr>
 <tr>
  <td width="220" valign="top" style="padding:0pt .7pt 0pt 0pt;width:165.0pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="12" valign="top" style="padding:0pt .7pt 0pt 0pt;width:9.3pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="377" valign="top" style="padding:0pt .7pt 0pt 0pt;width:282.4pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If our belief is
  not accurate and you transfer an exchange note without delivering a
  prospectus meeting the requirements of the federal securities laws without an
  exemption form these laws, you may incur liability under the federal
  securities laws. We do not and will not assume, or indemnify you against,
  this liability.</font></p>
  </td>
 </tr>
 <tr>
  <td width="220" valign="top" style="padding:0pt .7pt 0pt 0pt;width:165.0pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="12" valign="top" style="padding:0pt .7pt 0pt 0pt;width:9.3pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="377" valign="top" style="padding:0pt .7pt 0pt 0pt;width:282.4pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;In addition, in connection with any resales
  of the exchange notes, any broker-dealer that acquired exchange notes for its
  own account as a result of market making or other trading activities must
  acknowledge that it will deliver a prospectus meeting the requirements of the
  Securities Act in connection with any resale of the exchange notes. See &#147;The
  Exchange Offer&#151;Resale of the Exchange Notes&#148; and &#147;Plan of Distribution.&#148;</font></p>
  </td>
 </tr>
 <tr>
  <td width="220" valign="top" style="padding:0pt .7pt 0pt 0pt;width:165.0pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Dissenters&#146;
  Rights of Appraisal</font></i></b></p>
  </td>
  <td width="12" valign="top" style="padding:0pt .7pt 0pt 0pt;width:9.3pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="377" valign="top" style="padding:0pt .7pt 0pt 0pt;width:282.4pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Holders of the
  outstanding notes do not have any appraisal or dissenters&#146; rights in
  connection with the exchange offer.</font></p>
  </td>
 </tr>
 <tr>
  <td width="220" valign="top" style="padding:0pt .7pt 0pt 0pt;width:165.0pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Exchange
  Agent</font></i></b></p>
  </td>
  <td width="12" valign="top" style="padding:0pt .7pt 0pt 0pt;width:9.3pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="377" valign="top" style="padding:0pt .7pt 0pt 0pt;width:282.4pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The exchange
  agent for the exchange offer is U.S. Bank National Association. The address,
  telephone number and facsimile number of the exchange agent are set forth in
  the &#147;The Exchange Offer&#151;Exchange Agent&#148; and in the letter of transmittal. </font></p>
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For additional
  information, see &#147;The Exchange Offer,&#148; which includes more detailed
  information concerning the exchange offer.</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Exchange Notes<a name="TheExchangeNotes_054034"></a></font></b></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">This summary is not a
complete description of the exchange notes. You should read the full text and
more specific details contained elsewhere in this prospectus. For a more
detailed description of the exchange notes, see the section entitled &#147;Description
of Exchange Notes&#148; in this prospectus.</font></i></p>

<p style="font-style:italic;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">In
this portion of the summary, the terms &#147;HPT,&#148; &#147;we,&#148; &#147;us,&#148; &#147;our&#148; and similar
terms refer only to Hospitality Properties Trust and not to any of our
subsidiaries. See also &#147;Description of Exchange Notes&#151;Definitions.&#148;</font></i></p>

<div align="center" style="font-family:Times New Roman;">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="220" valign="top" style="padding:0pt .7pt 0pt 0pt;width:165.0pt;">
  <p style="font-size:10.0pt;margin:6.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><!-- SET mrlNoTableShading --><b><i style="font-weight:bold;">Exchange Notes</i></b></p>
  </td>
  <td width="13" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="374" valign="top" style="padding:0pt .7pt 0pt 0pt;width:280.7pt;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The terms of the outstanding notes and the exchange
  notes are identical in all material respects, except the exchange notes
  offered in the exchange offer:</font></p>
  <p style="font-size:10.0pt;margin:6.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&nbsp; will have been registered under the
  Securities Act; </p>
  <p style="font-size:10.0pt;margin:6.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&nbsp; will not have transfer restrictions and
  registration rights that relate to the outstanding notes; and </p>
  <p style="font-size:10.0pt;margin:6.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&nbsp; will not have rights relating to the payment
  of additional interest to holders of outstanding notes if we fail to timely
  commence and complete the exchange offer. </p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="220" valign="top" style="padding:0pt .7pt 0pt 0pt;width:165.0pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="13" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="374" valign="top" style="padding:0pt .7pt 0pt 0pt;width:280.7pt;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A brief description of the exchange notes is set
  forth below. For additional information regarding the exchange notes, see
  &#147;Description of Exchange Notes.&#148;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="220" valign="top" style="padding:0pt .7pt 0pt 0pt;width:165.0pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Maturity</font></i></b></p>
  </td>
  <td width="13" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="374" valign="top" style="padding:0pt .7pt 0pt 0pt;width:280.7pt;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The exchange notes will mature on March&nbsp;15,
  2017, unless previously redeemed.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="220" valign="top" style="padding:0pt .7pt 0pt 0pt;width:165.0pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Interest
  Rate</font></i></b></p>
  </td>
  <td width="13" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="374" valign="top" style="padding:0pt .7pt 0pt 0pt;width:280.7pt;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The exchange
  notes will bear interest at a rate of 5.625% per annum.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="220" valign="top" style="padding:0pt .7pt 0pt 0pt;width:165.0pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Interest
  Payment Dates</font></i></b></p>
  </td>
  <td width="13" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="374" valign="top" style="padding:0pt .7pt 0pt 0pt;width:280.7pt;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Semiannually in
  arrears on March&nbsp;15 and September&nbsp;15, beginning September&nbsp;15,
  2007.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="220" valign="top" style="padding:0pt .7pt 0pt 0pt;width:165.0pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Ranking</font></i></b></p>
  </td>
  <td width="13" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="374" valign="top" style="padding:0pt .7pt 0pt 0pt;width:280.7pt;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The exchange
  notes will be our senior obligations. They are not secured by any of our
  property or assets, and as a result, you will be one of our unsecured
  creditors. The exchange notes are not obligations of any of our subsidiaries.
  The exchange notes will be effectively subordinated to any mortgages and
  other secured indebtedness and to all indebtedness and other liabilities of
  our subsidiaries. The exchange notes, however, will rank equally with all of
  our other unsecured senior indebtedness, including unsecured senior
  indebtedness we incur in the future.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="220" valign="top" style="padding:0pt .7pt 0pt 0pt;width:165.0pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Optional
  Redemption</font></i></b></p>
  </td>
  <td width="13" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="374" valign="top" style="padding:0pt .7pt 0pt 0pt;width:280.7pt;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We may redeem the
  exchange notes at any time at our option in whole or in part. The redemption
  price will equal the outstanding principal of the exchange notes being
  redeemed plus accrued interest (including additional interest, if any) and
  the Make-Whole Amount, if any. The notes will not have the benefit of a
  sinking fund. See &#147;Description of Exchange Notes.&#148;</font></p>
  </td>
 </tr>
</table>

</div>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="center" style="font-family:Times New Roman;">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="220" valign="top" style="padding:0pt .7pt 0pt 0pt;width:165.0pt;">
  <p style="font-size:10.0pt;margin:6.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><!-- SET mrlNoTableShading --><b><i style="font-weight:bold;">Limitations on Incurrence of Debt</i></b></p>
  </td>
  <td width="13" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="374" valign="top" style="padding:0pt .7pt 0pt 0pt;width:280.7pt;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Various covenants
  will apply to the exchange notes, including the following:</font></p>
  <p style="font-size:10.0pt;margin:6.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&nbsp; We may not incur Debt if the new Debt would
  cause our total Debt to be more than 60% of our Adjusted Total Assets. </p>
  <p style="font-size:10.0pt;margin:6.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&nbsp; We may not incur Secured Debt if the new
  Secured Debt would cause our total Secured Debt to be more than 40% of our
  Adjusted Total Assets. </p>
  <p style="font-size:10.0pt;margin:6.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&nbsp; We may not incur Debt if the new Debt would
  cause the ratio of Consolidated Income Available for Debt Service to Annual
  Debt Service for our most recently completed four fiscal quarters to be less
  than 1.5 to 1, determined on a pro forma basis after giving effect to certain
  assumptions. </p>
  <p style="font-size:10.0pt;margin:6.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&nbsp; We are required to maintain Total
  Unencumbered Assets of at least 150% of Unsecured Debt. </p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="220" valign="top" style="padding:0pt .7pt 0pt 0pt;width:165.0pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="13" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="374" valign="top" style="padding:0pt .7pt 0pt 0pt;width:280.7pt;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For more
  information, see &#147;Description of Exchange Notes&#151;Certain Covenants&#151;Limitations
  on Incurrence of Debt.&#148;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="220" valign="top" style="padding:0pt .7pt 0pt 0pt;width:165.0pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Delivery
  and Form</font></i></b></p>
  </td>
  <td width="13" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="374" valign="top" style="padding:0pt .7pt 0pt 0pt;width:280.7pt;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The exchange
  notes will be issued in the form of one or more fully registered global notes
  in book entry form, which will be deposited with, or on behalf of, DTC and
  registered in the name of DTC&#146;s nominee, Cede&nbsp;&amp; Co. See &#147;Description
  of Exchange Notes&#151;Book Entry System.&#148; Investors in the global note who are
  participants in DTC may hold their interests in the global note directly
  through DTC. Investors in the global note who are not participants in DTC may
  hold their interests indirectly through organizations that are participants
  in DTC. Interest in the global note will be shown on, and the transfers
  thereof will be effected only through, records maintained by DTC. </font></p>
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as set
  forth under &#147;Description of Exchange Notes&#151;Book Entry System,&#148; holders of the
  exchange notes will not be entitled to receive physical delivery of
  definitive exchange notes or to have exchange notes issued and registered in
  their names and will not be considered the record owners or holders of the
  exchange notes under the indenture governing the exchange notes. Interest in
  the global note will be issued in minimum denominations of $1,000 and
  integral multiples thereof.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="220" valign="top" style="padding:0pt .7pt 0pt 0pt;width:165.0pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Listing</font></i></b></p>
  </td>
  <td width="13" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="374" valign="top" style="padding:0pt .7pt 0pt 0pt;width:280.7pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We do not intend to list
  the exchange notes on any securities exchange or to arrange for quotation
  through any automated trading system.</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Risk Factors<a name="RiskFactors_054830"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">See &#147;Risk Factors&#148; beginning on page&nbsp;8 of this
prospectus, as well as the risk factors that are incorporated by reference in
this prospectus from our Annual Report on Form&nbsp;10-K for the year
ended December&nbsp;31, 2006.</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<div>


<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">RISK FACTORS<a name="RiskFactors_053201"></a></font></b></p>

<p style="font-style:italic;margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">You should carefully consider the risks described
below, as well as the risks described in the documents incorporated by
reference in this prospectus, before making a decision to invest in the
exchange notes. These risks are not the only ones faced by us. Additional risks
not presently known or that are currently deemed immaterial could also
materially and adversely affect our financial condition, results of operations,
business and prospects. The trading price of the exchange notes could decline
due to any of these risks, and you may lose all or part of your investment. This
prospectus and the documents incorporated herein by reference also contain
forward looking statements that involve risks and uncertainties. Actual results
could differ materially from those anticipated in these forward looking
statements as a result of certain factors, including the risks faced by us
described below and in the documents incorporated herein by reference.</font></i></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Risks Related to
the Exchange Notes<a name="RisksRelatedToTheExchangeNotes_053203"></a></font></b></p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you participate in
the exchange offer for the purpose of participating in the distribution of the
exchange notes, restrictions will apply.</font></i></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you participate in the
exchange offer for the purpose of participating in the distribution of the
exchange notes, you must comply with the registration and prospectus delivery
requirements of the Securities Act for any resale transaction. Each
broker-dealer who holds outstanding notes for its own account due to market
making or other trading activities and who receives exchange notes for its own
account must acknowledge that it will deliver a prospectus in connection with
any resale of the exchange notes.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Risks Related to
the Failure to Exchange<a name="RisksRelatedToTheFailureToExchang_053206"></a></font></b></p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">You may have difficulty selling the outstanding notes
that you do not exchange.</font></i></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you do not exchange
your outstanding notes for exchange notes in the exchange offer, your
outstanding notes will continue to be subject to restrictions on transfer
described in your outstanding notes. In general, the outstanding notes may not
be offered or sold unless registered or exempt from registration under the
federal securities laws, or in a transaction not subject to the registration
requirements of the federal securities laws and applicable state securities
laws. We do not plan to register the outstanding notes under the Securities Act.
If a large number of outstanding notes are exchanged for exchange notes
registered under the Securities Act, it may be more difficult for you to sell
your outstanding notes because the trading market for outstanding notes (if
any) could be negatively affected due to the limited amount expected to remain
outstanding following the completion of the exchange offer. In addition, if you
do not exchange your outstanding notes in the exchange offer and the exchange
offer is consummated, you will no longer be entitled to the registration rights
provided under the registration rights agreement relating to the outstanding
notes.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">USE OF PROCEEDS<a name="UseOfProceeds_053209"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We will not receive any
cash proceeds from the issuance of the exchange notes in exchange for the
outstanding notes. In consideration for issuing the exchange notes in exchange
for the outstanding notes as described in this prospectus, we will receive
outstanding notes of equal principal amount. Any outstanding notes that are
properly tendered and accepted for exchange pursuant to this exchange offer
will be retired and cancelled.</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">RATIO OF EARNINGS
TO FIXED CHARGES<a name="RatioOfEarningsToFixedCharges_053210"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
following table sets forth our consolidated ratios of earnings to fixed charges
for the periods shown.</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="371" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:278.55pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="220" colspan="9" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:165.25pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Year&nbsp;Ended&nbsp;December&nbsp;31,</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="371" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:278.55pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="31" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:23.45pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2006</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="31" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:23.45pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2005</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="31" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:23.45pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2004</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="31" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:23.45pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2003</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="31" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:23.45pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2002</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="371" valign="top" style="padding:0pt .7pt 0pt 0pt;width:278.55pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consolidated
  ratio of earnings to fixed charges</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:23.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.08x</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:23.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.99x</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:23.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.52x</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:23.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.35x</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:23.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.35x</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For this purpose, earnings
have been calculated by adding fixed charges and preferred distributions to
income before extraordinary items. Fixed charges consist of interest costs,
including amortization of deferred financing costs.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">THE EXCHANGE OFFER<a name="TheExchangeOffer_053217"></a></font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Purpose and Effect
of the Exchange Offer<a name="PurposeAndEffectOfTheExchangeOffe_053217"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On March&nbsp;12, 2007, we issued $300 million of the
outstanding notes. In connection with the offering of the outstanding notes, we
entered into a registration rights agreement with the several initial
purchasers of the outstanding notes, for whom Merrill Lynch, Pierce, Fenner&nbsp;&amp;
Smith Incorporated is acting as representative. Under the agreement, we must, among
other things, file with the SEC a registration statement under the Securities
Act covering the exchange offer and use our reasonable best efforts to cause
that registration statement to become effective under the Securities Act. Upon
the effectiveness of that registration statement, we must offer each holder of
the outstanding notes the opportunity to exchange its outstanding notes for an
equal principal amount of exchange notes. You are a holder with respect to the
exchange offer if you are a person in whose name any outstanding notes are
registered on our books, any other person who has obtained a properly executed
bond power from a registered holder, or any person whose outstanding notes are
held of record by DTC who desires to deliver such notes by book entry transfer
at DTC.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">We are making the exchange
offer to comply with out obligations under the registration rights agreement. </font>A
copy of the registration rights agreement is filed with the SEC as an exhibit
to our Current Report on Form&nbsp;8-K dated March&nbsp;12, 2007 and is
incorporated by reference herein.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In order to
participate in the exchange offer, you must represent to us, among other
things, that:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>you
are acquiring the exchange notes under the exchange offer in the ordinary
course of your business;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>you
are not engaged in, and do not intend to engage in, a distribution, within the
meaning of the Securities Act, of the exchange notes;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>you
do not have any arrangement or understanding with any person to participate in
the distribution, within the meaning of the Securities Act, of the exchange
notes;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>you
are not a broker-dealer tendering outstanding notes acquired directly from us
for your own account;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>you
are not one of our &#147;affiliates,&#148; as defined in rule&nbsp;405 of the Securities
Act; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>you are not limited by law
or any policy of the SEC from participating in the exchange offer.</p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Resale of the
Exchange Notes<a name="ResaleOfTheExchangeNotes_053222"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Based on a previous interpretation by the staff of the
SEC set forth in no-action letters issued to third parties, including, Exxon
Capital Holdings Corporation (available May&nbsp;13, 1988), Morgan Stanley&nbsp;&amp;
Co. </font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Incorporated (available June&nbsp;5,
1991), Mary Kay Cosmetics,&nbsp;Inc. (available June&nbsp;5, 1991), Warnaco,&nbsp;Inc.
(available October&nbsp;11, 1991), and K-III Communications Corp. (available May&nbsp;14,
1993), we believe that the exchange notes issued in the exchange offer may be
offered for resale, resold and otherwise transferred by you, except if you are
an affiliate of us, without compliance with the registration and prospectus
delivery provisions of the Securities Act, provided that the representations
set forth in &#147;&#151;Purpose and Effect of the Exchange Offer&#148; apply to you.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you tender in the exchange offer with the intention
of participating in a distribution of the exchange notes, you cannot rely on the
interpretations of the staff of the SEC as set forth in the Morgan Stanley&nbsp;&amp;
Co. Incorporated no-action letter and other similar letters and you must comply
with the registration and prospectus delivery provisions of the Securities Act
in connection with a secondary resale transaction. If our belief regarding
resale is inaccurate, those who transfer exchange notes in violation of the
prospectus delivery provisions of the Securities Act and without an exemption
from registration under the federal securities laws may incur liability under
these laws. We do not assume or indemnify you against this liability.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The exchange offer is not
being made to, nor will we accept surrenders for exchange from, holders of
outstanding notes in any jurisdiction in which the exchange offer or the
acceptance thereof would not be in compliance with the securities or blue sky
laws of the particular jurisdiction. Each broker-dealer that receives exchange
notes for its own account in exchange for outstanding notes, where the outstanding
notes were acquired by that broker-dealer as a result of market making
activities or other trading activities, must acknowledge that it will deliver a
prospectus in connection with any resale of the exchange notes. For additional
information, see &#147;Plan of Distribution.&#148;&#160;
In order to facilitate the disposition of exchange notes by
broker-dealers participating in the exchange offer, we have agreed, subject to
specific conditions, to make this prospectus, as it may be amended or supplemented
from time to time, available for delivery by those broker-dealers to satisfy
their prospectus delivery obligations under the Securities Act. Any holder that
is a broker-dealer participating in the exchange offer must notify the exchange
agent at the telephone number set forth in the enclosed letter of transmittal
and must comply with the procedures for broker-dealers participating in the
exchange offer. We have not entered into any arrangement or understanding with
any person to distribute the exchange notes to be received in the exchange
offer.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Expiration Date;
Extensions; Amendments<a name="ExpirationDateExtensionsAmendment_053226"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The expiration date is &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.m./p.m.,
New York City time, on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2007, unless we, in our sole discretion or if required by applicable law,
extend the exchange offer, in which case, the expiration date will be the
latest date and time to which the exchange offer is extended. We may, in our
sole discretion, extend the expiration date of the exchange offer or, upon the
occurrence of particular events, terminate the exchange offer. The events that
would cause us to terminate the exchange offer are set forth under &#147;&#151;Conditions.&#148;</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To extend the exchange offer, we must notify the
exchange agent by oral (promptly confirmed in writing) or written notice before
9:00&nbsp;a.m., New York City time, on the next business day after the
previously scheduled expiration date and make a public announcement of the
extension.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We reserve the
right:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>to
extend the exchange offer or to terminate the exchange offer if any of the
conditions set forth below under &#147;&#151;Conditions&#148; are not satisfied by giving oral
(promptly confirmed in writing) or written notice of the delay, extension or
termination to the exchange agent; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>to
amend the terms of the exchange offer in any manner consistent with the registration
rights agreement.</p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any delay in acceptance, extension, termination or
amendment will be followed as promptly as practicable by notice of the delay to
the registered holders of the outstanding notes. If we amend the exchange offer
in a manner that constitutes a material change, we will promptly disclose the
amendment by means of a prospectus supplement that will be distributed to the
registered holders of the outstanding notes, and we will extend the exchange
offer for a period of up to ten business days, depending on the significance of
the amendment and the manner of disclosure to the registered holders of the
outstanding notes, if the exchange offer would otherwise expire during that
extension period.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Without limiting the manner in which we may choose to
make a public announcement of any delay, extension, amendment or termination of
the exchange offer, we will have no obligation to publish, advertise or
otherwise communicate that public announcement, other than by making a timely
release to an appropriate news agency.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">When all the conditions to the exchange offer have
been satisfied or waived, we will accept, promptly after the expiration of the
exchange offer, all outstanding notes properly tendered and will issue the
exchange notes promptly after the expiration date of the exchange offer. For
additional information, see &#147;&#151;Conditions&#148; below. For purposes of the exchange
offer, we will be deemed to have accepted properly tendered outstanding notes
for exchange when, as and if we will have given oral (promptly confirmed in
writing) or written notice of our acceptance to the exchange agent.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In all cases, issuance of
the exchange notes for outstanding notes that are accepted for exchange under
the exchange offer will be made only after timely receipt by the exchange agent
of certificates for those outstanding notes or a timely confirmation of book
entry transfer of the outstanding notes into the exchange agent&#146;s account at
DTC, a properly completed and duly executed letter of transmittal or an agent&#146;s
message in lieu thereof, and all other required documents; provided, however,
that we reserve the absolute right to waive any defects or irregularities in
the tender of outstanding notes or in the satisfaction of conditions of the
exchange offer by holders of the outstanding notes. If any tendered outstanding
notes are not accepted for any reason set forth in the terms and conditions of
the exchange offer, if the holder withdraws any previously tendered outstanding
notes, or if outstanding notes are submitted for a greater principal amount of
outstanding notes than the holder desires to exchange, then the unaccepted,
withdrawn or portion of non-exchanged outstanding notes, as appropriate, will
be returned promptly after the expiration or termination of the exchange offer,
or, in the case of the outstanding notes tendered by book entry transfer, those
unaccepted, withdrawn or portion of non-exchanged outstanding notes, as
appropriate, will be credited to an account maintained with DTC, without
expense to the tendering holder.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Conditions<a name="Conditions_053231"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Without regard to
other terms of the exchange offer, we will not be required to exchange any
exchange notes for any outstanding notes and may terminate the exchange offer
before the acceptance of any outstanding notes for exchange and before the
expiration of the exchange offer, if:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>any
action or proceeding is instituted or threatened in any court or by or before
any governmental agency with respect to the exchange offer that, in our
reasonable judgment, might materially impair our ability to proceed with the
exchange offer;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the
staff of the SEC proposes, adopts or enacts any law, statute, rule&nbsp;or
regulation or issues any interpretation of any existing law, statute, rule&nbsp;or
regulation that, in our reasonable judgment, might materially impair our
ability to proceed with the exchange offer; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>any
governmental approval or approval by holders of the outstanding notes has not
been obtained if we, in our reasonable judgment, deem this approval necessary
to proceed with the exchange offer.</p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If we determine
that any of these conditions are not satisfied, we may:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>refuse
to accept any outstanding notes and return all tendered outstanding notes to
the tendering holders, or, in the case of outstanding notes tendered by book
entry transfer, credit those outstanding notes to an account maintained with
DTC, without expense to the tendering holder;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>extend
the exchange offer and retain all outstanding notes tendered before the
expiration of the exchange offer, subject, however, to the rights of holders
who tendered the outstanding notes to withdraw their outstanding notes; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>waive unsatisfied
conditions with respect to the exchange offer and accept all properly tendered
outstanding notes that have not been withdrawn. If the waiver constitutes a
material change to the exchange offer, we will promptly disclose the waiver by
means of a prospectus supplement that will be distributed to the registered
holders of the outstanding notes, and we will extend the exchange offer for a
period of up to ten business days, depending on the significance of the waiver
and the manner of disclosure of the registered holders of the outstanding
notes, if the exchange offer would otherwise expire during this period.</p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Procedures for
Tendering Outstanding Notes<a name="ProceduresForTenderingOutstanding_053236"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To tender in the
exchange offer, you must complete, sign and date an original or facsimile
letter of transmittal, have the signatures guaranteed if required by the letter
of transmittal, and mail or otherwise deliver the letter of transmittal to the
exchange agent before the expiration date of the exchange offer. You may also
tender your outstanding notes by means of ATOP, subject to the terms and
procedures of that system. If delivery is made through ATOP, you must transmit
any agent&#146;s message to the exchange agent account at DTC. The term &#147;agent&#146;s
message&#148; means a message, transmitted to DTC and received by the exchange agent
and forming a part of a book entry transfer, that states that DTC has received
an express acknowledgement that you agree to be bound by the letter of
transmittal and that we may enforce the letter of transmittal against you. In
addition:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the
exchange agent must receive certificates, if any, for the outstanding notes,
along with the letter of transmittal;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the
exchange agent must receive a timely confirmation of the transfer by book entry
of those outstanding notes before the expiration of the exchange offer, if the
book entry procedure is available, into the exchange agent&#146;s account at DTC, as
set forth in the procedure for book entry transfer described below; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>you
must comply with the guaranteed delivery procedures described below.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To be tendered effectively, the exchange agent must
receive the letter of transmittal and other required documents at the address
set forth below under &#147;&#151;Exchange Agent&#148; before the expiration of the exchange
offer.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you tender your outstanding notes and do not
withdraw them before the expiration date of the exchange offer, you will be
deemed to have made an agreement with us in accordance with the terms and subject
to the conditions set forth in this prospectus and in the letter of
transmittal.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The method of delivery of outstanding notes and the
letter of transmittal and all other required documents to the exchange agent is
at your risk. Instead of delivery by mail, we recommend that you use an
overnight or hand delivery service, properly insured. In all cases, you should
allow sufficient time to ensure delivery to the exchange agent before the
expiration date of the exchange offer. You should not send your letter of
transmittal or outstanding notes to us. You may request your respective broker,
dealers, commercial banks, trust companies or nominees to effect the above
transactions for you.</font></p>


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<p style="margin:0pt 0pt 5.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any beneficial owner whose
outstanding notes are registered in the name of a broker, dealer, commercial
bank, trust company or other nominee and who wishes to tender its outstanding
notes should contact the registered holder promptly and instruct that registered
holder to tender the outstanding notes on the beneficial owner&#146;s behalf. If the
beneficial owner wishes to tender its outstanding notes on the owner&#146;s own
behalf, that owner must, before completing and executing the letter of
transmittal and delivering its outstanding notes, either make appropriate
arrangements to register ownership of the outstanding notes in that owner&#146;s
name or obtain a properly completed assignment from the registered holder. The
transfer of registered ownership of outstanding notes may take considerable
time.</font></p>

<p style="margin:0pt 0pt 5.5pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Signatures
on a letter of transmittal or a notice of withdrawal must be guaranteed by an
eligible institution unless the related outstanding notes tendered are
tendered:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 5.5pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>by
a registered holder who has not completed the box entitled &#147;Special Issuance
Instructions&#148; or &#147;Special Delivery Instructions&#148; on the letter of transmittal;
or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 5.5pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>for
the account of an eligible institution.</p>

<p style="margin:0pt 0pt 5.5pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If
signatures on a letter of transmittal or a notice of withdrawal are required to
be guaranteed, each of the following is deemed an eligible institution:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 5.5pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>a
member firm of a registered national securities exchange or of the National
Association of Securities Dealers,&nbsp;Inc.;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 5.5pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>a
commercial bank having an office or correspondent in the United States;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 5.5pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>a
trust company having an office or correspondent in the United States; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 5.5pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>an
eligible guarantor institution as provided by Rule&nbsp;17Ad-15 of the
Securities Exchange Act of 1934, as amended, or the Exchange Act.</p>

<p style="margin:0pt 0pt 5.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the letter of
transmittal is signed by a person other than the registered holder of any
outstanding notes, the outstanding notes must be endorsed or accompanied by a
properly completed bond power, signed by the registered holder as his, her or
its name appears on the outstanding notes.</font></p>

<p style="margin:0pt 0pt 5.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If trustees, executors,
administrators, guardians, attorneys-in-fact, officers of corporations or
others acting in a fiduciary or representative capacity sign the letter of
transmittal or any outstanding notes or bond power, those persons should so
indicate when signing, and evidence satisfactory to us of their authority to so
act must be submitted with the letter of transmittal unless we waive such
requirement.</font></p>

<p style="margin:0pt 0pt 5.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We will determine all
questions as to the validity, form, eligibility, including time of receipt,
acceptance of tendered outstanding notes, and withdrawal of tendered
outstanding notes, in our sole discretion. All of these determinations by us
will be final and binding. We reserve the absolute right to reject any and all
outstanding notes not properly tendered or any outstanding notes our acceptance
of which would, in the opinion of our counsel, be unlawful. We also reserve the
right to waive any defects, irregularities or conditions of tender as to
particular outstanding notes. Our interpretation of the terms and conditions of
the exchange offer, including the instructions in the letter of transmittal,
will be final and binding on all parties. Unless waived, any defects or
irregularities in connection with tenders of outstanding notes must be cured
within the time we determine. Although we intend to notify holders of
outstanding notes of defects or irregularities with respect to tenders of
outstanding notes, neither we, nor the exchange agent, nor any other person
will incur any liability for failure to give this notification. Tenders of
outstanding notes will not be deemed to have been made until defects or
irregularities have been cured or waived. Any outstanding notes received by the
exchange agent that are not properly tendered and as to which the defects or irregularities
have not been cured or waived will be returned by the exchange agent to the
tendering holders of outstanding notes, unless otherwise provided in the letter
of transmittal, promptly following the expiration date of the exchange offer.</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 5.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, we reserve
the right, in our sole discretion, to purchase or make offers for any
outstanding notes that remain outstanding subsequent to the expiration date of
the exchange offer or, as set forth above under &#147;&#151;Conditions,&#148; to terminate the
exchange offer and, to the extent permitted by applicable law and the terms of
our agreements relating to our outstanding debt, purchase outstanding notes in
the open market, in privately negotiated transactions or otherwise. The terms
of any purchases or offers could differ from the terms of the exchange offer.</font></p>

<p style="margin:0pt 0pt 5.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the holder of
outstanding notes is a broker-dealer participating in the exchange offer that
will receive exchange notes for its own account in exchange for outstanding
notes that were acquired as a result of market making activities or other
trading activities, that broker-dealer will be required to acknowledge in the
letter of transmittal that it will deliver a prospectus in connection with any
resale of the exchange notes and otherwise agree to comply with the procedures
described above under &#147;&#151;Resale of the Exchange Notes&#148;; however, by so
acknowledging and delivering a prospectus, that broker-dealer will not be
deemed to admit that it is an &#147;underwriter&#148; within the meaning of the
Securities Act.</font></p>

<p style="margin:0pt 0pt 11.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In all cases, issuance of
exchange notes under the exchange offer will be made only after timely receipt
by the exchange agent of certificates for the outstanding notes or a timely
confirmation of book entry transfer of outstanding notes into the exchange
agent&#146;s account at DTC, a properly completed and duly executed letter of
transmittal or an agent&#146;s message in lieu thereof, and all other required
documents. If any tendered outstanding notes are not accepted for any reason
set forth in the terms and conditions of the exchange offer or if outstanding
notes are submitted for a greater principal amount of outstanding notes than
the holder of the outstanding notes desires to exchange, the unaccepted or
portion of non-exchanged outstanding notes will be returned as promptly as
practicable after the expiration or termination of the exchange offer, or, in
the case of outstanding notes tendered by book entry transfer into the exchange
agent&#146;s account at DTC pursuant to the book entry transfer procedures described
below, the unaccepted or portion of non-exchanged outstanding notes will be
credited to an account maintained with DTC, without expense to the tendering
holder of outstanding notes.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 5.5pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Book Entry Transfer<a name="BookEntryTransfer_052632"></a></font></b></p>

<p style="margin:0pt 0pt 11.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The exchange agent will
make a request to establish an account with respect to the outstanding notes at
DTC for the purposes of the exchange offer within two business days after the
date of this prospectus, and any financial institution that is a participant in
DTC&#146;s system may make book entry delivery of outstanding notes by causing DTC
to transfer the outstanding notes into the exchange agent&#146;s account at DTC in
accordance with DTC&#146;s procedures for transfer. However, although delivery of
outstanding notes may be effected through book entry transfer at DTC, the
letter of transmittal or facsimile thereof, with any required signature
guarantees and any other required documents, must, in any case, be transmitted
to and received by the exchange agent at the address set forth below under &#147;&#151;Exchange
Agent&#148; before the expiration date of the exchange offer, unless the holder
either (1)&nbsp;complies with the guaranteed delivery procedures described
below or (2)&nbsp;sends an agent&#146;s message through ATOP.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 5.5pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Guaranteed Delivery Procedures<a name="GuaranteedDeliveryProcedures_052633"></a></font></b></p>

<p style="margin:0pt 0pt 5.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Holders who wish to tender
their outstanding notes and (1)&nbsp;whose outstanding notes are not
immediately available or (2)&nbsp;who cannot deliver their outstanding notes,
the letter of transmittal or any other required documents to the exchange agent
or complete the procedure for book entry transfer prior to the expiration date,
may effect a tender if:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 5.5pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the
tender is made through an eligible institution;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 5.5pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>before
the expiration date of the exchange offer, the exchange agent receives from the
eligible institution a properly completed and duly executed notice of guaranteed
delivery, by facsimile transmission, mail or hand delivery, setting forth the
name and address of the holder, the certificate </p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 5.5pt 30.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">number(s)&nbsp;of
the outstanding notes and the principal amount of outstanding notes tendered
and stating that the tender is being made thereby and guaranteeing that, within
three New York Stock Exchange, or NYSE, trading days after the expiration of
the exchange offer, the letter of transmittal, together with the certificate(s)&nbsp;representing
the outstanding notes in proper form for transfer or a confirmation of book
entry transfer, as the case may be, and any other documents required by the
letter of transmittal will be deposited by the eligible institution with the
exchange agent; and</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 5.5pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the
exchange agent receives the properly completed and executed letter of
transmittal, as well as the certificate(s)&nbsp;representing all tendered
outstanding notes in proper form for transfer and other documents required by
the letter of transmittal or confirmation of book entry transfer within three
NYSE trading days after the expiration date of the exchange offer.</p>

<p style="margin:0pt 0pt 11.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon request to the
exchange agent, a notice of guaranteed delivery will be sent to holders who
wish to tender their outstanding notes according to the guaranteed delivery
procedures set forth above.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 5.5pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Withdrawal of Tenders<a name="WithdrawalOfTenders_052637"></a></font></b></p>

<p style="margin:0pt 0pt 5.5pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except
as otherwise provided, tenders of outstanding notes may be withdrawn at any
time prior to the expiration of the exchange offer. To withdraw a tender of
outstanding notes in the exchange offer, a written or facsimile transmission
notice of withdrawal must be received by the exchange agent at its address set
forth herein or a properly transmitted &#147;Request Message&#148; through DTC&#146;s ATOP
system must be received by the exchange agent prior to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.m/&nbsp;p.m.,
New York City time, on the expiration date of the exchange offer. Any notice of
withdrawal must:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 5.5pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>specify
the name of the person who deposited the outstanding notes to be withdrawn;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 5.5pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>identify
the outstanding notes to be withdrawn;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 5.5pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>other
than a notice transmitted through DTC&#146;s ATOP system, be signed by the holder in
the same manner as the original signature on the letter of transmittal by which
the outstanding notes were tendered or be accompanied by documents of transfer
sufficient to have the exchange agent register the transfer of the outstanding
notes in the name of the person withdrawing the tender; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 5.5pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>specify
the name in which any outstanding notes are to be registered, if different from
the name of the person who deposited the outstanding notes to be withdrawn.</p>

<p style="margin:0pt 0pt 5.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We will determine all
questions as to the validity, form and eligibility of the notices, which
determinations will be final and binding on all parties. Any outstanding notes
withdrawn will be deemed not to have been validly tendered for purposes of the
exchange offer, and no exchange notes will be issued with respect to those
outstanding notes unless the outstanding notes withdrawn are validly
retendered.</font></p>

<p style="margin:0pt 0pt 11.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any outstanding notes that
have been tendered but that are not accepted for exchange will be returned to
the holder of those outstanding notes, or in the case of outstanding notes
tendered by book entry transfer, will be credited to an account maintained with
DTC, without cost to the holder promptly after withdrawal, rejection of tender
or termination of the exchange offer. Properly withdrawn outstanding notes may
be retendered by following one of the procedures described above under &#147;&#151;Procedures
for Tendering Outstanding Notes&#148; at any time prior to the expiration date of
the exchange offer.</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-weight:bold;margin:0pt 0pt 5.5pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exchange Agent<a name="ExchangeAgent_052642"></a></font></b></p>

<p style="margin:0pt 0pt 11.5pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">U.S. Bank National
Association has been appointed as the exchange agent for the exchange offer. Letters
of transmittal and all correspondence in connection with the exchange offer
should be sent or delivered by each holder of outstanding notes, or a beneficial
owner&#146;s commercial bank, broker, dealer, trust company or other nominee, to the
exchange agent at the following address and telephone number:</font></p>

<p style="font-weight:bold;margin:0pt 0pt 11.5pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">U.S.
Bank National Association<a name="U_s_BankNationalAssociation_052643"></a></font></b></p>

<div align="center" style="font-family:Times New Roman;">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><!-- SET mrlNoTableShading --><i>By Registered or Certified Mail:</i></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:12.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">By Hand and Overnight Courier:</font></i></p>
  </td>
 </tr>
 <tr>
  <td width="296" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">U.S. Bank National
  Association<i><br>
  </i>U.S. Bank West Side Flats Operations Center</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:12.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">U.S. Bank National
  Association<br>
  U.S. Bank West Side Flats Operations Center</font></p>
  </td>
 </tr>
 <tr>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">60 Livingston Ave.</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:12.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">60 Livingston Ave.</font></p>
  </td>
 </tr>
 <tr>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">St. Paul, MN 55107</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:12.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">St. Paul, MN 55107</font></p>
  </td>
 </tr>
 <tr>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attn: Specialized
  Finance</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:12.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attn: Specialized
  Finance</font></p>
  </td>
 </tr>
 <tr>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:6.0pt 0pt .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">By Facsimile (for eligible institutions only):<br>
  (651) 495-8158</font></i></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:12.0pt;">
  <p align="center" style="margin:6.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:6.0pt 0pt .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Confirm by Telephone:<br>
  (800) 934-6802</font></i></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 11.5pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 5.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We will pay the exchange
agent reasonable and customary fees for its services and will reimburse it for
its reasonable out-of-pocket expenses in connection with its services as
exchange agent.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 11.5pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Delivery of the letter of transmittal to an address
other than as set forth in the letter of transmittal or transmission of such
letter of transmittal via facsimile other than as set forth in the letter of
transmittal does not constitute a valid delivery of the letter of transmittal.</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 5.5pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fees and Expenses<a name="FeesAndExpenses_052738"></a></font></b></p>

<p style="margin:0pt 0pt 5.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We will pay the expenses
of soliciting tenders in connection with the exchange offer. The principal
solicitation is being made by mail; however, additional solicitation may be
made by telecopier, telephone, e-mail or in person by our officers and regular
employees and by officers and regular employees of our affiliates.</font></p>

<p style="margin:0pt 0pt 5.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have not retained any
dealer-manager in connection with the exchange offer and will not make any
payments to broker-dealers or others soliciting acceptances of the exchange
offer.</font></p>

<p style="margin:0pt 0pt 5.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We will pay the exchange
agent reasonable and customary fees for its services and will reimburse the
exchange agent for its reasonable out-of-pocket expenses in connection with the
exchange offer.</font></p>

<p style="margin:0pt 0pt 5.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We estimate that our cash
expenses in connection with the exchange offer will be approximately $150,000.
These expenses include registration fees, fees and expenses of the exchange
agent, accounting and legal fees, and printing costs, among others.</font></p>

<p style="margin:0pt 0pt 5.5pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We
will pay all transfer taxes, if any, applicable to the exchange of the
outstanding notes for exchange notes. The tendering holder of outstanding
notes, however, will pay applicable taxes if:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 5.5pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>certificates
representing outstanding notes not tendered or accepted for exchange are to be
delivered to, or are to be issued in the name of, any person other than the
registered holder of outstanding notes tendered;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 5.5pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>if
tendered, the certificates representing outstanding notes are registered in the
name of any person other than the person signing the letter of transmittal; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 11.5pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>if a transfer tax is
imposed for any reason other than the exchange of the outstanding notes in the
exchange offer. If satisfactory evidence of payment of the transfer taxes or
exemption from payment of transfer taxes is not submitted with the letter of
transmittal, the amount of the transfer taxes will </p>


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<p style="margin:0pt 0pt 11.5pt 30.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">be billed directly
to the tendering holder and the exchange notes need not be delivered until the
transfer taxes are paid.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 5.5pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consequences of Failure to Exchange<a name="ConsequencesOfFailureToExchange_052743"></a></font></b></p>

<p style="margin:0pt 0pt 5.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Participation in the
exchange offer is voluntary. Holders of the outstanding notes are urged to
consult their financial and tax advisors in making their own decisions on what
action to take.</font></p>

<p style="margin:0pt 0pt 5.5pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Outstanding
notes that are not exchanged for the exchange notes in the exchange offer will
have only limited remaining rights under the registration rights agreement and
will remain restricted securities for purposes of the federal securities laws.
Accordingly, such outstanding notes may not be offered, sold, pledged or
otherwise transferred except:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 5.5pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>to
us or any of our subsidiaries;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 5.5pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>to
a &#147;Qualified Institutional Buyer&#148; within the meaning of Rule&nbsp;144A under
the Securities Act;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 5.5pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>pursuant
to an exemption from registration provided by Rule&nbsp;144 under the
Securities Act, if available; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 5.5pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>a
registration statement that has been declared effective under the Securities
Act and that continues to be effective at the time of such action,</p>

<p style="margin:0pt 0pt 11.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and in each case, in
accordance with all other applicable securities laws and the terms of the
outstanding notes and the indenture governing the outstanding notes.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 5.5pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accounting Treatment<a name="accountingTreatment_052748"></a></font></b></p>

<p style="margin:0pt 0pt 11.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For accounting purposes,
we will recognize no gain or loss as a result of the exchange offer. The
exchange notes will be recorded at the same carrying value as the outstanding
notes, as reflected in our accounting records on the date of the exchange. The
costs of the exchange offer will be initially capitalized and expensed over the
term of the exchange notes.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 5.5pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">No Appraisal or Dissenters&#146; Rights<a name="NoAppraisalOrDissentersRights_052749"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with the
exchange offer, you do not have any appraisal or dissenters&#146; rights under the
Maryland REIT law or the indenture governing the outstanding notes. We intend
to conduct the exchange offer in accordance with the registration rights
agreement, the applicable requirements of the Exchange Act and the rules&nbsp;and
regulations of the SEC related to exchange offers.</font></p>


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<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">DESCRIPTION OF
EXCHANGE NOTES<a name="DescriptionOfExchangeNotes_052750"></a></font></b></p>

<p style="font-style:italic;margin:0pt 0pt 5.5pt;text-indent:20.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following description summarizes certain terms and
provisions of the exchange notes, the indenture and the registration rights
agreement, does not purport to be complete and is subject to, and qualified in
its entirety by reference to, the actual terms and provisions of the exchange
notes, the indenture and the registration rights agreement, which are
incorporated herein by reference.</font></i></p>

<p style="font-style:italic;margin:0pt 0pt 5.5pt;text-indent:20.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Capitalized terms used but not otherwise defined
herein shall have the meanings given to them in the exchange notes, the
indenture or the registration rights agreement, as applicable. As used in this
section, the terms &#147;HPT,&#148; &#147;we,&#148; &#147;us,&#148; &#147;our&#148; and similar terms refer to
Hospitality Properties Trust and not to any of its subsidiaries. Unless the
context otherwise requires, the term &#147;interest&#148; includes additional interest,
if any, due under the registration rights agreement.</font></i></p>

<p style="font-style:italic;margin:0pt 0pt 11.5pt;text-indent:20.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">You can find definitions of certain terms used in this
description under &#147;&#151;Definitions.&#148;</font></i></p>

<p style="font-weight:bold;margin:0pt 0pt 5.5pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">General<a name="General_052754"></a></font></b></p>

<p style="margin:0pt 0pt 5.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The exchange notes will be
issued pursuant to an indenture, dated as of February&nbsp;25, 1998, between us
and U.S. Bank National Association, as trustee, as supplemented by a
supplemental indenture thereto establishing the terms of the exchange notes. We
refer to the indenture, as supplemented by the supplemental indenture thereto
establishing the terms of the exchange notes and as further amended,
supplemented or modified from time to time, as the indenture.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 5.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The terms of the exchange
notes include those provisions contained in the exchange notes and the
indenture and those made part of the indenture by reference to the Trust
Indenture Act of 1939, as amended, or the Trust Indenture Act. The exchange
notes are subject to all such terms, and holders of exchange notes are referred
to the exchange notes, the indenture and the Trust Indenture Act for a
statement thereof. Copies of the indenture and the form of the exchange notes
are available for inspection at the corporate trust office of the trustee,
currently located at One Federal Street, 3</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">rd</font>&#160;Floor, Boston, Massachusetts 02110.</p>

<p style="margin:0pt 0pt 5.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The exchange notes are
part of the same series of notes as the outstanding notes. The outstanding
notes were issued, and the exchange notes will be issued, pursuant to the
indenture. The terms of the exchange notes are substantially identical to the
outstanding notes, except for the transfer restrictions, registration rights
and additional interest provisions relating to the outstanding notes that will
not apply to the exchange notes. The outstanding notes and the exchange notes
are collectively referred to in this &#147;Description of Exchange Notes&#148; as the
notes.</font></p>

<p style="margin:0pt 0pt 5.5pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
indenture does not limit the amount of debt securities that we may issue under
the indenture, and we may issue debt securities in one or more series up to the
aggregate initial offering price authorized by us for each series. We may,
without the consent of the holders of the exchange notes, reopen this series of
notes and issue additional notes under the indenture in addition to the notes
authorized. The exchange notes will mature (unless previously redeemed) on March&nbsp;15,
2017. The exchange notes will be issued only in fully registered form without
coupons, in denominations of $1,000 and integral multiples thereof. The
exchange notes will be evidenced by a global note in book entry form, except
under the limited circumstances described below under &#147;&#151;Book Entry System.&#148;</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The exchange notes will be our senior unsecured
obligations and will rank equally with each other and with all of our other
unsecured and unsubordinated indebtedness outstanding from time to time, which
was approximately $1.2&nbsp;billion at December&nbsp;31, 2006. The exchange
notes will be effectively subordinated to our mortgage debt, which was
approximately $4&nbsp;million at December&nbsp;31, 2006, and other secured
indebtedness, and to indebtedness and other liabilities of our subsidiaries. Accordingly,
this indebtedness will have to be satisfied in full before you will be able to
realize any value from the secured or indirectly held properties.</font></p>


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<p style="margin:0pt 0pt 10.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as described under
&#147;&#151;Certain Covenants&#148; and &#147;&#151;Merger, Consolidation or Sale&#148; below, the indenture
does not contain any other provisions that would afford you protection in the
event of (1)&nbsp;a highly leveraged or similar transaction involving us or any
of our affiliates, (2)&nbsp;a change of control, or (3)&nbsp;a reorganization,
restructuring, merger or similar transaction involving us that may adversely
affect you. In addition, subject to the limitations set forth under &#147;&#151;Certain
Covenants&#148; and &#147;&#151;Merger, Consolidation or Sale&#148; below, we may enter into
certain transactions such as the sale of all or substantially all of our assets
or a merger or consolidation that would increase the amount of our indebtedness
or substantially reduce or eliminate our assets, which might have an adverse
effect on our ability to service our indebtedness, including the exchange
notes.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 4.5pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interest and Maturity<a name="InterestAndMaturity_052757"></a></font></b></p>

<p style="margin:0pt 0pt 10.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The exchange notes will
bear interest at 5.625% per annum from March&nbsp;12, 2007, or from the
immediately preceding Interest Payment Date (as defined below) to which
interest has been paid. Interest is payable semiannually in arrears on each
March&nbsp;15 and September&nbsp;15, or the Interest Payment Dates, beginning
September&nbsp;15, 2007, to the persons in whose names the exchange notes are
registered in the security register applicable to the exchange notes at the
close of business on the date 14 calendar days immediately preceding the
applicable Interest Payment Date, or the Regular Record Date, regardless of
whether the Regular Record Date is a Business Day. Accrued interest is also
payable on the date of maturity or earlier redemption of the exchange notes.
Interest on the exchange notes will be computed on the basis of a 360-day
year consisting of twelve 30-day months.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 4.5pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Optional Redemption of the Exchange Notes<a name="OptionalRedemptionOfTheExchangeNo_052758"></a></font></b></p>

<p style="margin:0pt 0pt 4.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We may redeem the exchange
notes in whole at any time or in part from time to time before they mature. The
redemption price will equal the outstanding principal amount of the exchange
notes being redeemed plus accrued interest (including additional interest, if
any) and the Make-Whole Amount, if any. If the exchange notes are redeemed on
or after September&nbsp;15, 2016 (six months prior to the stated maturity date
for the exchange notes), the Make-Whole Amount will be zero.</font></p>

<p style="margin:0pt 0pt 4.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are required to give
notice of such a redemption not less than 30&nbsp;days nor more than
60&nbsp;days prior to the redemption date to each holder&#146;s address appearing in
the securities register maintained by the trustee. In the event we elect to
redeem less than all of the notes, the particular notes to be redeemed will be
selected by the trustee by such method as the trustee shall deem fair and
appropriate.</font></p>

<p style="margin:0pt 0pt 10.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are not required to
make any sinking fund or redemption payments prior to the stated maturity of
the exchange notes.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 4.5pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certain Covenants<a name="CertainCovenants_052432"></a></font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 4.5pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Limitations on Incurrence
of Debt.</font></i></font><i>&nbsp;&nbsp; </i>We will
not, and will not permit any Subsidiary to, incur any Debt if, immediately
after giving effect to the incurrence of such additional Debt and the
application of the proceeds thereof, the aggregate principal amount of all
outstanding Debt of HPT and its Subsidiaries on a consolidated basis determined
in accordance with generally accepted accounting principles, or GAAP, is
greater than 60% of the sum, or the Adjusted Total Assets, of (without
duplication) (1)&nbsp;the Total Assets of HPT and its Subsidiaries as of the
end of the most recent calendar quarter covered in HPT&#146;s Annual Report on Form&nbsp;10-K,
or its Quarterly Report on Form&nbsp;10-Q, as the case may be, most
recently filed with the SEC (or, if such filing is not permitted under the
Exchange Act, with the trustee) prior to the incurrence of such additional Debt
and (2)&nbsp;the purchase price of any real estate assets or mortgages
receivable acquired, and the amount of any securities offering proceeds
received (to the extent that such proceeds were not used to acquire real estate
assets or mortgages receivable or used to reduce Debt), by HPT or any
Subsidiary since the end of such calendar quarter, including those proceeds
obtained in connection with the incurrence of such additional Debt.</p>


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<p style="margin:0pt 0pt 4.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition to the above
limitations on the incurrence of Debt, HPT will not, and will not permit any
Subsidiary to, incur any Secured Debt if, immediately after giving effect to
the incurrence of such additional Secured Debt and the application of the
proceeds thereof, the aggregate principal amount of all outstanding Secured
Debt of HPT and its Subsidiaries on a consolidated basis is greater than 40% of
Adjusted Total Assets.</font></p>

<p style="margin:0pt 0pt 4.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition to the above
limitations on the incurrence of Debt, we will not, and will not permit any
Subsidiary to, incur any Debt if the ratio of Consolidated Income Available for
Debt Service to the Annual Debt Service for the four consecutive fiscal
quarters most recently ended prior to the date on which such additional Debt is
to be incurred shall have been less than 1.5 to 1.0, on a pro forma basis after
giving effect thereto and to the application of the proceeds therefrom, and
calculated on the assumption that (1)&nbsp;such Debt and any other Debt
incurred by HPT and its Subsidiaries since the first day of such four-quarter
period and the application of the proceeds therefrom, including to refinance
other Debt, had occurred at the beginning of such period, (2)&nbsp;the
repayment or retirement of any other Debt by HPT and its Subsidiaries since the
first date of such four-quarter period had been repaid or retired at the
beginning of such period (except that, in making such computation, the amount
of Debt under any revolving credit facility shall be computed based upon the
average daily balance of such Debt during such period), (3)&nbsp;in the case of
Acquired Debt or Debt incurred in connection with any acquisition since the
first day of such four-quarter period, the related acquisition had occurred as
of the first day of such period with appropriate adjustments with respect to
such acquisition being included in such pro forma calculation, and (4)&nbsp;in
the case of any acquisition or disposition by HPT or its Subsidiaries of any
asset or group of assets since the first day of such four-quarter period,
whether by merger, stock purchase or sale, or asset purchase or sale, such
acquisition or disposition or any related repayment of Debt had occurred as of
the first day of such period with the appropriate adjustments with respect to
such acquisition or disposition being included in such pro forma calculation.
If the Debt giving rise to the need to make the foregoing calculation or any
other Debt incurred after the first day of the relevant four-quarter period
bears interest at a floating rate then, for purposes of calculating the Annual
Debt Service, the interest rate on such Debt will be computed on a pro forma
basis as if the average interest rate which would have been in effect during
the entire such four-quarter period had been the applicable rate for the entire
such period.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 4.5pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Maintenance of Total
Unencumbered Assets.</font></i></font><i>&nbsp;&nbsp; </i>We
and our Subsidiaries will maintain at all times Total Unencumbered Assets of
not less than 150% of the aggregate outstanding principal amount of the
Unsecured Debt of HPT and its Subsidiaries on a consolidated basis.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 10.5pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Existence.</font></i></font><i>&nbsp;&nbsp; </i>Except as permitted as described below under &#147;&#151;Merger,
Consolidation or Sale,&#148; we will agree to do all things necessary to preserve
and keep our trust existence, rights and franchises provided that it is in our
best interests for the conduct of business.</p>

<p style="font-weight:bold;margin:0pt 0pt 4.5pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Merger, Consolidation or Sale<a name="MergerConsolidationOrSale_052437"></a></font></b></p>

<p style="margin:0pt 0pt 4.5pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
indenture permits us to consolidate with, or sell, lease or convey all or
substantially all of our assets to, or merge with or into, any other entity,
provided that:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 4.5pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>either
we are the continuing entity, or the successor entity (if other than us) formed
by or resulting from any such consolidation or merger or which shall have
received the transfer of such assets is an entity organized and existing under
the laws of the United States or any state thereof and shall expressly assume
the due and punctual payment of the principal of (and premium or the Make-Whole
Amount on) and any interest on all of the notes and the due and punctual
performance and observance of all of the covenants and conditions contained in
the indenture to be performed by us,</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 4.5pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>immediately
after giving effect to such transaction and treating any indebtedness which
becomes an obligation of HPT or any Subsidiary as a result thereof as having
been incurred by HPT or such Subsidiary at the time of such transaction, no
event of default under the indenture, and no event </p>


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<p style="margin:0pt 0pt 4.5pt 30.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">which after notice
or the lapse of time, or both, would become such an event of default, shall
have occurred and be continuing, and</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 10.5pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>an officers&#146; certificate
and legal opinion covering such conditions is delivered to the trustee.</p>

<p style="font-weight:bold;margin:0pt 0pt 4.5pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Events of Default, Notice and Waiver<a name="EventsOfDefaultNoticeAndWaiver_052441"></a></font></b></p>

<p style="margin:0pt 0pt 4.5pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
indenture provides that the following events are &#147;events of default&#148; with
respect to the notes:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 4.5pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>default
for 30&nbsp;days in the payment of any installment of interest (including
additional interest, if any) payable on any note when due and payable;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 4.5pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>default
in the payment of the principal of (or premium or the Make-Whole Amount on) any
note when due and payable;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 4.5pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>default
in the performance, or breach, of any covenant of HPT contained in the
indenture (other than a covenant added to the indenture solely for the benefit
of a series of debt securities other than the notes), which continues for
60&nbsp;days after written notice as provided in the indenture;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 4.5pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>default
under any bond, debenture, note, mortgage, indenture or instrument under which
there may be issued or by which there may be secured or evidenced any
indebtedness for money borrowed by HPT (or by any Subsidiary, the repayment for
which HPT is directly responsible or liable as obligor or guarantor) having an
aggregate principal amount outstanding of at least $20&nbsp;million, whether
such indebtedness now exists or shall hereafter be incurred or created, which
default shall have resulted in such indebtedness becoming or being declared due
and payable prior to the date on which it would otherwise have become due and
payable, without such indebtedness having been discharged or such acceleration
having been rescinded or annulled within a period of 10&nbsp;days after written
notice to HPT by the trustee or to HPT and the trustee by the holders of at
least 25% in principal amount of the notes then outstanding as provided in the
indenture; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 4.5pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>certain
events of bankruptcy, insolvency or reorganization, or court appointment of a
receiver, liquidator or trustee of HPT or any Significant Subsidiary or for all
or substantially all of either of their property.</p>

<p style="margin:0pt 0pt 10.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon acceleration of the
notes in accordance with the terms of the indenture following the occurrence of
an event of default, the principal amount of the notes, plus accrued and unpaid
interest thereon and the Make-Whole Amount, will become due and payable.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 4.5pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Remedies if an Event of Default Occurs<a name="RemediesIfAnEventOfDefaultOccurs_052446"></a></font></b></p>

<p style="margin:0pt 0pt 4.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If an event of default has
occurred and has not been cured, the trustee or the holders of at least a
majority in principal amount of the notes may declare the entire principal
amount of all of the notes to be due and immediately payable. If an event of
default occurs because of certain events in bankruptcy, insolvency or
reorganization, the principal amount of all the notes will be automatically
accelerated, without any action by the trustee or any holder. At any time after
the trustee or the holders have declared an acceleration with respect to the
notes, but before a judgment or decree for payment of the money due has been
obtained, the holders of at least a majority in principal amount of the notes
may, under certain circumstances, rescind and annul such acceleration.</font></p>

<p style="margin:0pt 0pt 4.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The indenture also
provides that the holders of not less than a majority in principal amount of
the notes may waive any past default with respect to the notes, except a
default (x)&nbsp;in the payment of the principal of or interest on any note or (y)&nbsp;in
respect of a covenant or provision contained in the indenture that cannot be
modified or amended without the consent of the holders of all notes affected
thereby.</font></p>

<p style="margin:0pt 0pt 4.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The trustee will be
required to give notice to the holders of notes within 90&nbsp;days after a
default under the indenture unless the default has been cured or waived. The
trustee may withhold notice to the holders of the notes of any default, except
a default in the payment of the principal of or interest on the notes, if </font></p>


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<p style="margin:0pt 0pt 4.5pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">specified
responsible officers of the trustee in good faith determine that withholding
the notice is in the interest of the holders.</font></p>

<p style="margin:0pt 0pt 4.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except in cases of default,
where the trustee has some special duties, the trustee is not required to take
any action under the indenture at the request of any holders unless the holders
offer the trustee reasonable protection from expenses and liability. We refer
to this as an &#147;indemnity.&#148; If reasonable indemnity is provided, the holders of
a majority in principal amount of the notes then outstanding may direct the
time, method and place of conducting any lawsuit or other formal legal action
seeking any remedy available to the trustee. These majority holders may also
direct the trustee in performing any other action under the indenture, subject
to certain limitations.</font></p>

<p style="margin:0pt 0pt 4.5pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Before
you bypass the trustee and bring your own lawsuit or other formal legal action
or take other steps to enforce your rights or protect your interests relating
to the notes, the following must occur:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 4.5pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>You
must give the trustee written notice that an event of default has occurred and
remains uncured;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 4.5pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>The
holders of at least a majority in principal amount of the notes then
outstanding must make a written request that the trustee take action because of
the default, and must offer reasonable indemnity to the trustee against the
cost and other liabilities of taking that action; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 4.5pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>The
trustee must have not taken action for 60&nbsp;days after receipt of the notice
and offer of indemnity and the trustee does not receive, during those
60&nbsp;days, a direction that is inconsistent with the request from holders of
a majority in principal amount of notes then outstanding.</p>

<p style="margin:0pt 0pt 4.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">However, you are entitled
at any time to bring a lawsuit for the payment of money due on your note after
its due date.</font></p>

<p style="margin:0pt 0pt 10.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Every year we will furnish
to the trustee a written statement by certain of our officers certifying that
to their knowledge we are in compliance with the indenture and the exchange
notes, or else specifying any default.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 4.5pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Modification of an Indenture<a name="ModificationOfAnIndenture_052454"></a></font></b></p>

<p style="margin:0pt 0pt 10.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There are three types of
changes we can make to the indenture and the notes:</font></p>

<p style="font-style:italic;margin:0pt 0pt 3.5pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Changes Requiring Your Approval</font></i></p>

<p style="margin:0pt 0pt 3.5pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">First,
there are changes we cannot make to the notes without your specific approval.
The following is a list of those types of changes:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 3.5pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>change
the stated maturity of the principal or interest on the notes;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 3.5pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>reduce
any amounts due on the notes or the rate or amount of interest;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 3.5pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>reduce
the amount of principal payable upon acceleration of the maturity of the notes
following a default;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 3.5pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>change
the currency of payment on the notes;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 3.5pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>change
the place of payment;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 3.5pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>impair
your right to institute suit for the enforcement of any payment on or with
respect to the notes;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 3.5pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>reduce
the percentage of holders of notes whose consent is needed to modify or amend
the indenture or to waive compliance with certain provisions of the indenture;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 3.5pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>reduce
the percentage of holders of notes whose consent is needed to waive past
defaults or change certain provisions of the indenture relating to waivers of
default;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 3.5pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>reduce
the voting or quorum requirements;</p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 2.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>modify
or waive any provisions relating to default or event of default in the payment
of principal of or premium, if any, or interest on the notes; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 8.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>modify
any of the foregoing provisions.</p>

<p style="font-style:italic;margin:0pt 0pt 2.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Changes Requiring a Majority Vote</font></i></p>

<p style="margin:0pt 0pt 8.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The second type of change
to the indenture and the notes is the kind that requires a vote in favor by
holders of not less than a majority of the principal amount of the notes then
outstanding. Most changes fall into this category, except for clarifying
changes and certain other changes that would not materially adversely affect
holders of the notes. We require the same vote to obtain a waiver of a past
default. However, we cannot obtain a waiver of a payment default or any other
aspect of the indenture or the notes listed in the first category described
above under &#147;&#151;Changes Requiring Your Approval&#148; unless we obtain your individual
consent to the waiver.</font></p>

<p style="font-style:italic;margin:0pt 0pt 2.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Changes Not Requiring Approval</font></i></p>

<p style="margin:0pt 0pt 8.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The third type of change
does not require any vote by holders of the notes. This type is limited to
clarifications and certain other changes that would not materially adversely
affect holders of the notes.</font></p>

<p style="font-style:italic;margin:0pt 0pt 2.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Further Details Concerning Voting</font></i></p>

<p style="margin:0pt 0pt 2.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exchange notes are not
considered outstanding, and therefore the holders thereof are not eligible to
vote if we have deposited or set aside in trust for you money for their payment
or redemption or if we or one of our affiliates own them.</font></p>

<p style="margin:0pt 0pt 2.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A meeting of the holders
of the notes may be called at any time by the trustee, and also, upon request,
by us or the holders of at least 25% in principal amount of the notes then
outstanding, upon notice given as provided in the indenture. Except for any
consent or other action that must be specifically given by the holder of each
note, any resolution presented at a meeting at which a quorum is present may be
adopted by a majority vote of the principal amount of notes then outstanding. Any
resolution that may be made by the holders of less than a majority of the
principal amount of notes then outstanding may be adopted at a meeting at which
a quorum is present by the affirmative vote of the holders of such specified
percentage. Any resolution passed or decision taken at any meeting of holders
of the notes duly held in accordance with the indenture will be binding on all
holders of the notes. The quorum at any meeting called to adopt a resolution
will be persons representing a majority in principal amount of the notes then
outstanding. However, if any action is to be taken at a meeting with respect to
a consent or waiver which may be given by the holders of not less than a
specified percentage in principal amount of the notes then outstanding, the
persons holding or representing such specified percentage in principal amount
of the notes then outstanding will constitute a quorum.</font></p>

<p style="margin:0pt 0pt 8.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If any action is to be
taken at a meeting of holders of notes with respect to any consent, waiver or
other action that the indenture expressly provides may be made, given or taken
by the holders of a specified percentage in principal amount of all notes
outstanding affected thereby: (1)&nbsp;there shall be no minimum quorum
requirement for such meeting, and (2)&nbsp;the principal amount of the notes
outstanding that vote in favor of such consent, waiver or other action will be
taken into account in determining whether such request, demand, authorization,
direction, notice, consent, waiver or other action has been made, given or
taken under the indenture.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 2.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Discharge, Defeasance and Covenant Defeasance<a name="DischargeDefeasanceAndCovenantDef_051754"></a></font></b></p>

<p style="margin:0pt 0pt 9.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We may satisfy and
discharge our obligations under the indenture by delivering to the trustee for
cancellation all of the notes or by depositing with the trustee or the paying
agent, if applicable, after the notes have become due and payable, whether on
the stated maturity date or any redemption date, an amount sufficient to pay
all of the notes, and paying all other sums payable under the indenture. The
notes will not be subject to defeasance or covenant defeasance.</font></p>


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<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Provision of
Financial Information<a name="ProvisionOfFinancialInformation_051755"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We will file with the
trustee, within 15&nbsp;days after we are required to file the same with the
SEC, copies of the annual reports and of the information, documents and other
reports (or copies of such portions of any of the foregoing as the SEC may
prescribe) which we are required to file with the SEC pursuant to Section&nbsp;13
or Section&nbsp;15(d)&nbsp;of the Exchange Act. If we are not required to file
information, documents or reports pursuant to either of those sections, then we
will file with the trustee and the SEC the reports that we would be required to
file with the SEC pursuant to Section&nbsp;13 of the Exchange Act in respect of
a security listed on a national securities exchange. In addition, we will file
with the trustee and the SEC such additional reports as may be prescribed by
the SEC from time to time.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Governing Law<a name="GoverningLaw_051756"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The indenture and the notes
are governed by, and construed in accordance with, the laws of the Commonwealth
of Massachusetts.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Book Entry System<a name="BookEntrySystem_051757"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The exchange notes will be issued in the form of one
or more fully registered global notes in book entry form, which will be
deposited with, or on behalf of, DTC and registered in the name of DTC&#146;s
nominee, Cede&nbsp;&amp; Co. Except as set forth below, the global notes may
not be transferred except as a whole by DTC to a nominee of DTC or by a nominee
of DTC to DTC or another nominee of DTC or by DTC or any such nominee to a
successor of DTC or a nominee of such successor.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">So long as DTC or its nominee is the registered owner
of a global note, DTC or its nominee, as the case may be, will be considered
the sole holder of the exchange notes represented by such global note for all
purposes under the indenture and the beneficial owners of the exchange notes
will be entitled only to those rights and benefits afforded to them in
accordance with DTC&#146;s regular operating procedures. Upon specified written
instructions of a participant in DTC, DTC will have its nominee assist
participants in the exercise of certain holders&#146; rights, such as demand for
acceleration of maturity or an instruction to the trustee. Except as provided
below, owners of beneficial interests in a global note will not be entitled to
have exchange notes registered in their names, will not receive or be entitled
to receive physical delivery of exchange notes in certificated form and will
not be considered the registered owners or holders thereof under the indenture.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If (1)&nbsp;DTC is at any time unwilling or unable to
continue as depository or if at any time DTC ceases to be a clearing agency
registered under the Exchange Act and a successor depository is not appointed
by us within 90&nbsp;days, (2)&nbsp;an event of default under the indenture
relating to the exchange notes has occurred and is continuing and the
beneficial owners representing a majority in principal amount of exchange notes
advise DTC to cease acting as depository for the exchange notes or (3)&nbsp;we,
in our sole discretion, determine at any time that the exchange notes shall no
longer be represented by a global note, we will issue individual exchange notes
in certificated form of the same series and like tenor and in the applicable
principal amount in exchange for the exchange notes represented by the global
note. In any such instance, an owner of a beneficial interest in a global note
will be entitled to physical delivery of individual exchange notes in
certificated form of the same series and like tenor, equal in principal amount
to such beneficial interest and to have the exchange notes in certificated form
registered in its name. Exchange notes so issued in certificated form will be
issued in denominations of $1,000 or any integral multiple thereof and will be
issued in registered form only, without coupons.</font></p>


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<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following is
based on information furnished by DTC:</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DTC will act as securities depository for the exchange
notes. The exchange notes will be issued as fully registered notes registered
in the name of Cede&nbsp;&amp; Co. (DTC&#146;s partnership nominee) or such other
name as may be requested by an authorized representative of DTC.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DTC, the world&#146;s largest securities depository, is a
limited purpose trust company organized under the New York Banking Law, a &#147;banking
organization&#148; within the meaning of the New York Banking Law, a member of the
Federal Reserve System, a &#147;clearing corporation&#148; within the meaning of the New
York Uniform Commercial Code, and a &#147;clearing agency&#148; registered pursuant to
the provisions of Section&nbsp;17A of the Exchange Act. DTC holds and provides
asset servicing for almost 2.5&nbsp;million issues of U.S. and non U.S. equity
issues, corporate and municipal debt issues and money market instruments from
over 100 countries that DTC&#146;s direct participants deposit with DTC.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DTC also facilitates the post trade settlement among
direct participants of sales and other securities transactions in deposited
securities, through electronic computerized book entry transfers and pledges
between direct participants&#146; accounts. This eliminates the need for physical
movement of securities certificates. Direct participants include both U.S. and
non U.S. securities brokers and dealers, banks, trust companies, clearing
corporations, and certain other organizations. DTC is a wholly owned subsidiary
of The Depository Trust&nbsp;&amp; Clearing Corporation, or DTCC. DTCC, in
turn, is owned by a number of direct participants of DTC and members of the
National Securities Clearing Corporation, Government Securities Clearing
Corporation, MBS Clearing Corporation, and Emerging Markets Clearing
Corporation, as well as by the NYSE, the American Stock Exchange LLC and the National
Association of Securities Dealers,&nbsp;Inc. Access to the DTC system is also
available to others such as both U.S. and non U.S. securities brokers and
dealers, banks, trust companies and clearing corporations that clear through or
maintain a custodial relationship with a direct participant, either directly or
indirectly. DTC has Standard&nbsp;&amp; Poor&#146;s highest rating: AAA. The DTC rules&nbsp;applicable
to its participants are on file with the SEC. More information about DTC can be
found at www.dtcc.com.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Purchases of the exchange notes under the DTC system
must be made by or through direct participants, which will receive a credit for
the exchange notes on DTC&#146;s records. The beneficial interest of each actual
purchaser of each note is in turn to be recorded on the direct and indirect
participants&#146; records. Beneficial owners will not receive written confirmation
from DTC of their purchase. Beneficial owners are, however, expected to receive
written confirmations providing details of the transaction, as well as periodic
statements of their holdings, from the direct or indirect participant through
which the beneficial owner entered into the transaction. Transfers of
beneficial interests in the exchange notes are to be accomplished by entries
made on the books of direct and indirect participants acting on behalf of
beneficial owners. Beneficial owners will not receive certificates representing
their beneficial interests in the exchange notes, except in the event that use
of the book entry system for the exchange notes is discontinued. The laws of
some states require that certain persons take physical delivery in definitive
form of securities which they own. Such limits and such laws may impair the
ability of such persons to own, transfer or pledge beneficial interests in a
global note.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To facilitate subsequent transfers, all exchange notes
deposited by direct participants with DTC will be registered in the name of DTC&#146;s
partnership nominee, Cede&nbsp;&amp; Co. or such other name as may be requested
by an authorized representative of DTC. The deposit of the exchange notes with
DTC and their registration in the name of Cede&nbsp;&amp; Co. or such other
nominee do not effect any change in beneficial ownership. DTC has no knowledge
of the actual beneficial owners of the exchange notes; DTC&#146;s records reflect
only the identity of the direct participants to whose accounts the exchange
notes will be credited, which may or may not be the beneficial owners. The
direct and indirect participants will remain responsible for keeping account of
their holdings on behalf of their customers.</font></p>


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<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Conveyance of notices and other communications by DTC
to direct participants, by direct participants to indirect participants, and by
direct participants and indirect participants to beneficial owners will be
governed by arrangements among them, subject to any statutory or regulatory
requirements as may be in effect from time to time. Beneficial owners of the
exchange notes may wish to take certain steps to augment the transmission to
them of notices of significant events with respect to the exchange notes, such
as redemption, tenders, defaults, and proposed amendments to the security
documents. For example, beneficial owners of the exchange notes may wish to
ascertain that the nominee holding the exchange notes for their benefit has
agreed to obtain and transmit notices to beneficial owners. In the alternative,
beneficial owners may wish to provide their names and addresses to the
registrar of the exchange notes and request that copies of the notices be
provided to them directly. Any such request may or may not be successful.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Neither DTC nor Cede&nbsp;&amp; Co. (nor any other DTC
nominee) will consent or vote with respect to the exchange notes unless
authorized by a direct participant in accordance with DTC&#146;s procedures. Under
its usual procedures, DTC mails an Omnibus Proxy to us as soon as possible
after the regular record date. The Omnibus Proxy assigns Cede&nbsp;&amp; Co.&#146;s
consenting or voting rights to those direct participants to whose accounts the
exchange notes are credited on the record date (identified in a listing
attached to the Omnibus Proxy).</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We will pay principal of and interest, premium, if
any, and Make-Whole Amount, if any, on the exchange notes in same day
funds to the trustee and from the trustee to DTC, or such other nominee as may
be requested by an authorized representative of DTC. DTC&#146;s practice is to
credit direct participants&#146; accounts on the applicable payment date in
accordance with their respective holdings shown on DTC&#146;s records upon DTC&#146;s
receipt of funds and corresponding detail information. Payments by participants
to beneficial owners will be governed by standing instructions and customary
practices, as is the case with securities held for the accounts of customers in
bearer form or registered in &#147;street name,&#148; and will be the responsibility of
these participants and not of us, the trustee, DTC, or any other party, subject
to any statutory or regulatory requirements that may be in effect from time to
time. Payment of principal, interest, premium, if any, and Make-Whole
Amount, if any, to Cede&nbsp;&amp; Co., or such other nominee as may be
requested by an authorized representative of DTC, is the responsibility of us
or the trustee, disbursement of such payments to direct participants is the
responsibility of DTC, and disbursement of such payments to the beneficial
owners is the responsibility of the direct or indirect participants.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We will send any redemption notices to DTC. If less
than all of the exchange notes are being redeemed, DTC&#146;s practice is to
determine by lot the amount of the interest of each direct participant in such
issue to be redeemed.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DTC may discontinue providing its services as
securities depository for the exchange notes at any time by giving us
reasonable notice. Under such circumstances, if a successor securities
depository is not obtained, we will print and deliver certificated exchange
notes. We may decide to discontinue use of the system of book entry transfers
through DTC (or a successor securities depository). In that event, we will
print and deliver certificated exchange notes.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We and the trustee will have no responsibility or
liability for any aspect of the records relating to or payments made on account
of the beneficial interests in a global note, or for maintaining, supervising
or reviewing any records relating to such beneficial interests.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The information in this
section concerning DTC and DTC&#146;s system has been obtained from sources that we
believe to be reliable, but we take no responsibility for its accuracy.</font></p>


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<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exchange and
Registration Rights; Additional Interest<a name="ExchangeAndRegistrationRightsAddi_051822"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On March&nbsp;12,
2007, we issued the outstanding notes in a private offering to initial
purchasers for resale to qualified institutional buyers in accordance with Rule&nbsp;144A.
In connection with the offering of the outstanding notes, we entered into a
registration rights agreement with the several initial purchasers of the
outstanding notes, for whom Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith
Incorporated is acting as representative. Under the registration rights
agreement, we agreed, for the benefit of the holders of the outstanding notes,
at our cost to use our reasonable best efforts to, among other things:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>prepare
and, as soon as reasonably practicable but not later than 90 calendar days
following the issuance of the outstanding notes, file with the SEC a
registration statement with respect to the exchange offer to exchange the
outstanding notes for the exchange notes, which will not contain transfer
restrictions or be subject to the registration rights or additional interest
provisions;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>cause
the registration statement to be declared effective not later than 150 calendar
days following the issuance of the outstanding notes; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>complete
the exchange offer within 180 calendar days following the issuance of the
outstanding notes.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If (i)&nbsp;because of any changes in law, SEC rules&nbsp;or
regulations or applicable interpretations thereof by the staff of the SEC, we
are not permitted to effect the exchange offer as contemplated in the
registration rights agreement; (ii)&nbsp;for any other reason (A)&nbsp;the
exchange offer registration statement does not become effective within 150
calendar days following the issue date or (B)&nbsp;the exchange offer is not
consummated within 180 calendar days after the issue date, and we are not
actively pursuing such effectiveness or consummation, as the case may be; (iii)&nbsp;upon
the written request of any initial purchaser with respect to notes which it
acquired directly from us or (iv)&nbsp;upon the written request of any holder
of notes that either (A)&nbsp;is not permitted pursuant to applicable law, SEC rules&nbsp;and
regulations or applicable interpretations thereof by the staff of the SEC to
participate in the exchange offer or (B)&nbsp;participates in the exchange
offer and does not receive fully tradable exchange notes pursuant to the
exchange offer (other than due solely to the status of such holder as an
affiliate of ours within the meaning of the Securities Act or as a broker-dealer),
then in case of each of clauses (i)&nbsp;through (iv)&nbsp;we will use our
reasonable best efforts to cause to become effective a shelf registration
statement relating to resales of the notes and to keep that shelf registration
statement effective until the expiration of the time period referred to in Rule&nbsp;144(k)
under the Securities Act, or such shorter period that will terminate when all
notes covered by the shelf registration statement have been sold. We will, in
the event of such a shelf registration, provide to each holder of outstanding
notes copies of a prospectus, notify each holder of outstanding notes when the
shelf registration statement has become effective and take certain other
actions to permit resales of the outstanding notes. A holder of outstanding
notes that sells notes under the shelf registration statement generally will be
required to be named as a selling security holder in the related prospectus and
to deliver a prospectus to purchasers, will be subject to certain of the civil
liability provisions under the Securities Act in connection with those sales
and will be bound by the provisions of the registration rights agreement that
are applicable to such holder (including certain indemnification obligations).</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We will make available for a period of the lesser of
90 days after the consummation of the exchange offer and the date on which all
participating broker-dealers have sold all exchange notes held by them
(unless such period is extended pursuant to the registration rights agreement),
a prospectus meeting the requirements of the Securities Act to any
participating broker-dealer for use in connection with any resale of any
exchange notes, will pay all expenses incident to the exchange offer (including
the expense of one counsel to the holders of the outstanding notes) and will
indemnify certain holders of the outstanding notes (including any participating
broker-dealer) against certain liabilities, including liabilities under
the Securities Act. A participating broker-dealer that delivers such a
prospectus to purchasers in connection with such resales will be subject to
certain of the civil liability provisions under the Securities Act and will </font></p>


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<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">be bound by the provisions
of the registration rights agreement (including certain indemnification rights
and obligations).</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the exchange offer is not consummated and a shelf
registration statement does not become effective on or before September&nbsp;10,
2007, the annual interest rate borne by the notes will be increased by 0.25%
per annum, which rate will be further increased by 0.25% per annum each 90-day
period that the exchange offer is not consummated and a shelf registration is
not effective, provided, however, that the increase in interest rate may not
exceed in the aggregate 1.0% per annum, until the exchange offer is completed
or the shelf registration statement becomes effective.</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">The exchange offer is intended to satisfy
our exchange offer obligations under the registration statement. This summary
of the provisions of the registration rights agreement does not purport to be
complete and is subject to, and is qualified in its entirety by reference to,
all the provisions of the registration rights agreement, a copy of which is
filed with the SEC as an exhibit to our Current Report on Form&nbsp;8-K
dated March&nbsp;12, 2007 and is incorporated herein by reference. The
registration rights agreement contains representations, warranties and other
provisions that were made or agreed to, among other things, to provide the
parties thereto with specified rights and obligations and to allocate risk
among them. Accordingly, the registration rights agreement should not be relied
upon as constituting a description of the state of affairs of any of the
parties thereto or their affiliates at the time it was entered into or
otherwise.</font></i></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Definitions<a name="Definitions_051833"></a></font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Acquired
Debt&#148;</font></i></font> means Debt of a person or entity (1)&nbsp;existing
at the time such person or entity becomes a Subsidiary or (2)&nbsp;assumed in
connection with the acquisition of assets from such person or entity, in each
case, other than Debt incurred in connection with, or in contemplation of, such
person or entity becoming a Subsidiary or such acquisition. Acquired Debt shall
be deemed to be incurred on the date of the related acquisition of assets from
any person or entity or the date the acquired person or entity becomes a
Subsidiary.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Annual
Debt Service&#148;</font></i></font> as of any date means the maximum amount
which is expensed in any 12-month period for interest on Debt of HPT and
its Subsidiaries.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Business
Day&#148;</font></i></font> means any day other than a Saturday or Sunday or
a day on which banking institutions in The City of New York or in the city in
which the Corporate Trust Office of the Trustee is located are required or
authorized to close.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Capital
Stock&#148;</font></i></font> means, with respect to any entity, any capital
stock (including preferred stock), shares, interests, participation or other
ownership interests (however designated) of such entity and any rights (other
than debt securities convertible into or exchangeable for capital stock),
warrants or options to purchase any thereof.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Consolidated
Income Available for Debt Service&#148;</font></i></font> for any period
means Earnings from Operations of HPT and its Subsidiaries plus amounts which
have been deducted, and minus amounts which have been added, for the following
(without duplication): (1)&nbsp;interest on Debt of HPT and its Subsidiaries, (2)&nbsp;cash
reserves made by lessees as required by HPT&#146;s leases for periodic replacement
and refurbishment of HPT&#146;s assets, (3)&nbsp;provision for taxes of HPT and its
Subsidiaries based on income, (4)&nbsp;amortization of debt discount and
deferred financing costs, (5)&nbsp;provisions for gains and losses on
properties and property depreciation and amortization, (6)&nbsp;the effect of
any noncash charge resulting from a change in accounting principles in
determining Earnings from Operations for such period and (7)&nbsp;amortization
of deferred charges.</p>


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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Debt&#148;</font></i></font>
of HPT or any Subsidiary means, without duplication, any indebtedness of HPT or
any Subsidiary, whether or not contingent, in respect of:</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>borrowed money or
evidenced by bonds, notes, debentures or similar instruments,</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>indebtedness for borrowed
money secured by any encumbrance existing on property owned by HPT or any
Subsidiary, to the extent of the lesser of (x)&nbsp;the amount of indebtedness
so secured and (y)&nbsp;the fair market value of the property subject to such
encumbrance,</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the reimbursement
obligations, contingent or otherwise, in connection with any letters of credit
actually issued (other than letters of credit issued to provide credit
enhancement or support with respect to other indebtedness of HPT or any
Subsidiary otherwise reflected as Debt hereunder) or amounts representing the
balance deferred and unpaid of the purchase price of any property or services,
except any such balance that constitutes an accrued expense or trade payable,
or all conditional sale obligations or obligations under any title retention
agreement,</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the principal amount of
all obligations of HPT or any Subsidiary with respect to redemption, repayment
or other repurchase of any Disqualified Stock, or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any lease of property by
HPT or any Subsidiary as lessee which is reflected on HPT&#146;s consolidated
balance sheet as a capitalized lease in accordance with GAAP, to the extent, in
the case of items of indebtedness under (1)&nbsp;through (3)&nbsp;above, that
any such items (other than letters of credit) would appear as a liability on
HPT&#146;s consolidated balance sheet in accordance with GAAP.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Debt also includes, to the extent not otherwise
included, any obligation by HPT or any Subsidiary to be liable for, or to pay,
as obligor, guarantor or otherwise (other than for purposes of collection in
the ordinary course of business), Debt of another person or entity (other than
HPT or any Subsidiary) (it being understood that Debt shall be deemed to be
incurred by HPT or any Subsidiary whenever HPT or such Subsidiary shall create,
assume, guarantee or otherwise become liable in respect thereof).</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Disqualified
Stock&#148;</font></i></font> means, with respect to any entity, any Capital
Stock of such entity which by the terms of such Capital Stock (or by the terms
of any security into which it is convertible or for which it is exchangeable or
exercisable), upon the happening of any event or otherwise, (1)&nbsp;matures or
is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise
(other than Capital Stock which is redeemable solely in exchange for common
stock or shares), (2)&nbsp;is convertible into or exchangeable or exercisable
for Debt or Disqualified Stock, or (3)&nbsp;is redeemable at the option of the
holder thereof, in whole or in part (other than Capital Stock which is
redeemable solely in exchange for common stock or shares), in each case on or
prior to the stated maturity of the notes.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Earnings
from Operations&#148;</font></i></font> for any period means net earnings
excluding gains and losses on sales of investments, extraordinary items, gains
and losses from early extinguishment of debt and property valuation losses, as
reflected in the financial statements of HPT and its Subsidiaries for such
period, determined on a consolidated basis in accordance with GAAP.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Make-Whole
Amount&#148;</font></i></font> means, in connection with any optional
redemption or accelerated payment of any notes prior to September&nbsp;15,
2016, the excess, if any, of (1)&nbsp;the aggregate present value as of the
date of such redemption or accelerated payment of each dollar of principal
being redeemed or paid and the amount of interest (exclusive of interest
accrued to the date of redemption or accelerated payment) that would have been
payable in respect of such dollar if such redemption or accelerated payment had
been made on September&nbsp;15, 2016, determined by discounting, on a
semiannual basis, such principal and interest at the Reinvestment Rate
(determined on the third Business Day preceding the date such notice of
redemption is given or declaration of acceleration is made) from the respective
dates on which such principal and interest would have been payable if such
redemption or accelerated payment had been made on September&nbsp;15, 2016,
over (2)&nbsp;the aggregate principal amount of the notes being redeemed or
paid. In </p>


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<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the case of any redemption
or accelerated payment of notes on or after September&nbsp;15, 2016, the
Make-Whole Amount means zero.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Ratio
of Earnings to Fixed Charges&#148;</font></i></font> for any period means HPT&#146;s
earnings divided by fixed charges. For this purpose, earnings are calculated by
adding fixed charges to income before income taxes and extraordinary items.
Fixed charges consist of interest costs including amortization of deferred
financing costs.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Reinvestment
Rate&#148;</font></i></font> means a rate per annum equal to the sum of 0.20%
(twenty one hundredths of one percent) plus the yield on treasury securities at
constant maturity under the heading &#147;Week Ending&#148; published in the Statistical
Release under the caption &#147;Treasury Constant Maturities&#148; for the maturity
(rounded to the nearest month) corresponding to the remaining life to maturity
(which, in the case of maturities corresponding to the principal and interest
due on the notes at their maturity, shall be deemed to be September&nbsp;15,
2016), as of the payment date of the principal being redeemed or paid. If no
maturity exactly corresponds to such maturity, yields for the two published
maturities most closely corresponding to such maturity shall be calculated
pursuant to the immediately preceding sentence and the Reinvestment Rate shall
be interpolated or extrapolated from such yields on a straight-line basis,
rounding in each of such relevant periods to the nearest month. For purposes of
calculating the Reinvestment Rate, the most recent Statistical Release
published prior to the date of determination of the Make-Whole Amount shall be
used.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Secured
Debt&#148;</font></i></font> means Debt secured by any mortgage, lien,
charge, pledge or security interest of any kind.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Significant
Subsidiary&#148;</font></i></font> means any Subsidiary which is a &#147;significant
subsidiary&#148; (within the meaning of Regulation&nbsp;S-X, promulgated by the SEC
under the Securities Act of 1933, as amended) of HPT.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Statistical
Release&#148;</font></i></font> means the statistical release designated &#147;H.15(519)&#148;
or any successor publication which is published weekly by the Federal Reserve
System and which establishes yields on actively traded United States government
securities adjusted to constant maturities or, if such statistical release is
not published at the time of any determination under the Indenture, then any
publicly available source of similar market data which shall be designated by
the Company.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Subsidiary&#148;</font></i></font>
means any corporation or other entity of which a majority of (1)&nbsp;the
voting power of the voting equity securities or (2)&nbsp;the outstanding equity
interests of which are owned, directly or indirectly, by HPT or one or more
other Subsidiaries of HPT. For the purposes of this definition, &#147;voting equity
securities&#148; means equity securities having voting power for the election of
directors, whether at all times or only so long as no senior class of security
has such voting power by reason of any contingency.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Total
Assets&#148;</font></i></font> as of any date means the sum of (1)&nbsp;the
Undepreciated Real Estate Assets and (2)&nbsp;all other assets of HPT and its
Subsidiaries determined in accordance with GAAP (but excluding accounts
receivable and intangibles).</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Total
Unencumbered Assets&#148;</font></i></font> means the sum of (1)&nbsp;those
Undepreciated Real Estate Assets not subject to an encumbrance for borrowed
money and (2)&nbsp;all other assets of HPT and its Subsidiaries not subject to
an encumbrance for borrowed money determined in accordance with GAAP (but
excluding accounts receivable and intangibles).</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Undepreciated
Real Estate Assets&#148;</font></i></font> as of any date means the cost
(original cost plus capital improvements) of real estate assets of HPT and its
Subsidiaries on such date, before depreciation and amortization determined on a
consolidated basis in accordance with GAAP.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Unsecured Debt&#148;</font></i></font>
means Debt which is not secured by any of the properties of HPT or any
Subsidiary.</p>


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<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">CERTAIN U.S.
FEDERAL TAX CONSEQUENCES<a name="CertainU_s_FederalTaxConsequences_052024"></a></font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Introduction<a name="Introduction_052025"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following summary updates and supplements the more
detailed description of United States federal income tax considerations in our
Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31,
2006, or our Annual Report, which we incorporate herein by reference. Sullivan&nbsp;&amp;
Worcester LLP, Boston, Massachusetts, has rendered a legal opinion that the
discussions in this section and in the section of our Annual Report captioned &#147;Federal
Income Tax Considerations&#148; are accurate in all material respects and, taken
together, fairly summarize the federal income tax issues discussed in those
sections, and the opinions of counsel referred to in those sections represent
Sullivan&nbsp;&amp; Worcester LLP&#146;s opinions on those subjects. Specifically,
subject to qualifications and assumptions contained in its opinion and in our
Annual Report, Sullivan&nbsp;&amp; Worcester LLP has given opinions to the
effect that we have been organized and have qualified as a REIT under the
Internal Revenue Code of 1986, as amended, or the Tax Code, for our 1995
through 2006 taxable years, and that our current investments and plan of
operation will enable us to continue to meet the requirements for qualification
and taxation as a REIT under the Tax Code.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following
summary of federal income tax considerations is based upon the Tax Code,
Treasury regulations, and rulings and decisions now in effect, all of which are
subject to change, possibly with retroactive effect, or possible differing
interpretations. We have not sought a ruling from the Internal Revenue Service,
or the IRS, with respect to any matter described in this summary, and we cannot
provide any assurance that the IRS or a court will agree with the statements
made in this summary. For purposes of this summary, the term &#147;notes&#148; means both
outstanding notes and exchange notes unless otherwise specified. The summary
applies to you only if you hold our notes as a capital asset. The summary does
not discuss all the particular tax consequences that might be relevant to you
if you are subject to special rules&nbsp;under the federal income tax law, for
example, if you are:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>a
bank, life insurance company, regulated investment company or other financial
institution,</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>a
broker or dealer in securities or foreign currency,</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>a
person that has a functional currency other than the U.S. dollar,</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>a
person who acquires our notes in connection with employment or other
performance of services,</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>a
person who owns our notes as part of a straddle, hedging transaction,
conversion transaction, constructive sale transaction or constructive ownership
transaction,</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>a
tax-exempt entity, or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>an
expatriate.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, the following summary does not address
all possible tax considerations relating to the acquisition, ownership and
disposition of our notes, and in particular does not discuss any estate, gift,
generation-skipping transfer, state, local or foreign tax considerations. For
all these reasons, we urge you to consult with your tax advisor about the
federal income tax and other tax consequences of your acquisition, ownership
and disposition of our notes.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For purposes of
this summary, you are a &#147;U.S. holder&#148; if you are a beneficial owner of our
notes and for federal income tax purposes are:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>a
citizen or resident of the United States, including an alien individual who is
a lawful permanent resident of the United States or meets the substantial
presence residency test under the federal income tax laws,</p>


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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>a
corporation or other entity treated as a corporation for federal income tax
purposes, that is created or organized in or under the laws of the United
States, any state thereof or the District of Columbia,</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>an
estate the income of which is subject to federal income taxation regardless of
its source, or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>a
trust if a court within the United States is able to exercise primary
supervision over the administration of the trust and one or more United States
persons have the authority to control all substantial decisions of the trust,
or an electing trust in existence on August&nbsp;20, 1996 to the extent
provided in Treasury regulations,</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and if your status as a
U.S. holder is not overridden pursuant to the provisions of an applicable tax
treaty. Conversely, you are a &#147;non-U.S. holder&#148; if you are a beneficial owner
of our notes and are not a U.S. holder. If an entity treated as a partnership
for U.S. federal income tax purposes holds our notes, the tax treatment of each
partner will depend on the status of the partner and the activities and status
of the partnership. You are encouraged to consult your tax advisor if you are a
partner in a partnership that holds our notes.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exchange Offer<a name="ExchangeOffer_052041"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An exchange of our
outstanding notes for exchange notes will be regarded for U.S. federal income
tax purposes as a nontaxable continuation of our outstanding notes.
Accordingly, upon an exchange pursuant to this exchange offer:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>you
will not realize any gain or loss upon receipt of an exchange note,</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>your
holding period in an exchange note will include your holding period in the
outstanding note exchanged therefor, and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>your adjusted tax basis and
other tax characteristics in the exchange notes will be the same as your
adjusted tax basis and other tax characteristics in the outstanding notes
exchanged immediately before the exchange.</p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tax Consequences
for U.S. Holders<a name="TaxConsequencesForU_s_Holders_052047"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you are a U.S. holder:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Payments of Interest.</font></i></font>&nbsp;&nbsp; You
must generally include interest on a note in your gross income as ordinary
interest income:</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>when
you receive it, if you use the cash method of accounting for federal income tax
purposes, or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>when
it accrues, if you use the accrual method of accounting for federal income tax
purposes.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Purchase price for a note that is allocable to prior
accrued interest may be treated as offsetting a portion of the interest income
from the next scheduled interest payment on the note. Any interest income so
offset is not taxable.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At the time the outstanding notes were issued, we
could have been required upon the occurrence of certain events to pay
additional interest. Because we determined that the likelihood of any such
additional payments on the notes was remote, we took the position (and this
discussion assumes) that the notes would not be treated as contingent payment
debt instruments under the applicable Treasury regulations. Assuming our
position is respected, if you were ever to receive such additional interest, you
would be required to treat such additional interest as ordinary interest income
and include such additional interest in income at the time payments were
received or accrued, in accordance with your method of accounting for U.S.
federal income tax purposes.</font></p>


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<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our determination that the notes are not contingent
payment debt instruments is not binding on the IRS. If the IRS were to
challenge successfully our determination and the notes were treated as
contingent payment debt instruments, you would be required, among other things,
to accrue interest income (regardless of your method of accounting for federal
income tax purposes) at a rate higher than the stated interest rate on the
notes, and treat as ordinary income, rather than capital gain, any gain recognized
on a sale, exchange or redemption of a note. Our determination that the notes
are not contingent payment debt instruments is binding on you unless you
disclose your contrary position to the IRS in the manner prescribed by
applicable Treasury regulations.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Market
Discount.</font></i></font>&nbsp;&nbsp; If you acquire a note and your
adjusted tax basis in it upon acquisition is less than its principal amount,
you will be treated as having acquired the note at a &#147;market discount&#148; unless
the amount of this market discount is less than the de minimis amount
(generally 0.25% of the principal amount of the note multiplied by the number
of remaining whole years to maturity of the note). Under the market discount
rules, you will be required to treat any gain on the sale, exchange,
redemption, retirement, or other taxable disposition of a note, or any
appreciation in a note in the case of a nontaxable disposition such as a gift,
as ordinary income to the extent of the market discount which has not
previously been included in your income and which is treated as having accrued
on the note at the time of the disposition. In addition, you may be required to
defer, until the maturity of the note or earlier taxable disposition, the
deduction of all or a portion of the interest expense on any indebtedness
incurred or continued to purchase or carry the note. Any market discount will
be considered to accrue ratably during the period from the date of your
acquisition to the maturity date of the note, unless you elect to accrue the
market discount on a constant yield method. In addition, you may elect to
include market discount in income currently as it accrues, on either a ratable
or constant yield method, in which case the rule&nbsp;described above regarding
deferral of interest deductions will not apply. This election to include market
discount in income currently, once made, applies to all market discount
obligations acquired by you on and after the first day of the first taxable
year to which the election applies, or during any subsequent taxable year, and
may not be revoked without the consent of the IRS. You are encouraged to
consult with your tax advisor regarding these elections.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amortizable Bond Premium.</font></i></font>&nbsp;&nbsp; If
you acquire a note and your adjusted tax basis in it upon acquisition is
greater than its principal amount, you will be treated as having acquired the
note with &#147;bond premium.&#148; You generally may elect to amortize this bond premium
over the remaining term of the note on a constant yield method, and the amount
amortized in any year will be treated as a reduction of your interest income
from the note for that year. If the amount of your bond premium amortization
would be lower if calculated based on an earlier optional redemption date and
the redemption price on that date than the amount of amortization calculated
through that date based on the note&#146;s maturity date and its stated principal
amount, then you must calculate the amount and timing of your bond premium
amortization deductions assuming that the note will be redeemed on the optional
redemption date at the optional redemption price. You may generally recalculate
your bond premium amortization amount and schedule of deductions to the extent
your note is not actually redeemed at that earlier optional redemption date. If
you do not make an election to amortize bond premium, your bond premium on a
note will decrease the gain or increase the loss that you otherwise recognize
on a disposition of that note. Any election to amortize bond premium applies to
all debt obligations, other than debt obligations the interest on which is
excludable from gross income, that you hold on the first day of the first
taxable year to which the election applies and that you thereafter acquire. You
may not revoke an election to amortize bond premium without the consent of the
IRS. You are encouraged to consult with your tax advisor regarding this
election.</p>


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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Disposition of a Note.</font></i></font>&nbsp;&nbsp; Upon
the sale, exchange (other than an exchange pursuant to this exchange offer),
redemption, retirement or other disposition of a note, you generally will
recognize taxable gain or loss in an amount equal to the difference, if any, between
(1)&nbsp;the amount you receive in cash or in property, valued at its fair
market value, upon this sale, exchange, redemption, retirement or other
disposition, other than amounts representing accrued and unpaid interest which
will be taxable as interest income, and (2)&nbsp;your adjusted tax basis in the
note. Your adjusted tax basis in the note will, in general, equal your
acquisition cost for the note, exclusive of any amount paid allocable to prior
accrued interest, as increased by any market discount you have included in
income in respect of the note, and as decreased by any amortized bond premium
on the note. Except with respect to accrued market discount, your gain or loss
will be capital gain or loss, and will be long-term capital gain or loss if you
have held the note for more than one year at the time of disposition. For
noncorporate U.S. holders, preferential rates of tax may apply to long-term
capital gains.</p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tax Consequences
for Non-U.S. Holders<a name="TaxConsequencesForNonu_s_Holders_052332"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you are a non-U.S. holder:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally.</font></i></font>&nbsp;&nbsp; You
will not be subject to federal income taxes on payments of principal, premium,
if any, or interest on a note, or upon the sale, exchange, redemption,
retirement or other disposition of a note, if:</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>you
do not own directly or indirectly 10% or more of the total voting power of all
classes of our voting shares,</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>your
income and gain in respect of the note is not effectively connected with the
conduct of a United States trade or business,</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>you
are not a controlled foreign corporation that is related to or under common
control with us,</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>either
we or the applicable paying agent, acting as the Withholding Agent, have
received from you a properly executed, timely, applicable IRS Form&nbsp;W-8
or substantially similar form in the year in which a payment of interest,
principal or premium occurs, or in a previous calendar year to the extent
provided for in the instructions to the applicable IRS Form&nbsp;W-8, and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>in
the case of gain upon the sale, exchange, redemption, retirement or other
disposition of a note recognized by an individual non-U.S. holder, you were
present in the United States for less than 183 days during the taxable year in
which the gain was recognized.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The IRS Form&nbsp;W-8 or a substantially similar
form must be signed by you under penalties of perjury certifying that you are a
non-U.S. holder and providing your name and address, and you must inform the
Withholding Agent of any change in the information on the statement within 30
days of the change. If you hold a note through a securities clearing organization
or other qualified financial institution, the organization or institution may
provide a signed statement to the Withholding Agent. However, in that case, the
signed statement must generally be accompanied by a statement containing the
relevant information from the executed IRS Form&nbsp;W-8 or substantially
similar form that you provided to the organization or institution. If you are a
partner in a partnership holding our notes, both you and the partnership must
comply with applicable certification requirements.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except in the case of income or gain in respect of a
note that is effectively connected with the conduct of a United States trade or
business, discussed below, interest received or gain recognized by you which
does not qualify for exemption from taxation will be subject to U.S. federal
income tax at a rate of 30%, which will be withheld in the case of interest,
unless reduced or eliminated by an applicable tax treaty. You must generally
use an applicable IRS Form&nbsp;W-8, or a substantially similar form, to
claim tax treaty benefits. If you are a non-U.S. holder claiming benefits under
an income tax treaty, you should be aware that you may be required to obtain a
taxpayer identification number and to certify your eligibility under the </font></p>


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<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">applicable treaty&#146;s limitations
on benefits article in order to comply with the applicable certification
requirements of the Treasury regulations.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Effectively Connected
Income and Gain.</font></i></font>&nbsp;&nbsp; If you are a non-U.S. holder
whose income and gain in respect of a note is effectively connected with the
conduct of a United States trade or business, you will be subject to regular
federal income tax on this income and gain in generally the same manner as U.S.
holders, and general federal income tax return filing requirements will apply.
In addition, if you are a corporation, you may be subject to a branch profits
tax equal to 30% of your effectively connected adjusted earnings and profits
for the taxable year, unless you qualify for a lower rate under an applicable
tax treaty. To obtain an exemption from withholding on interest on the notes
that is effectively connected with the conduct of a United States trade or
business, you must generally supply to the Withholding Agent an applicable IRS Form&nbsp;W-8,
or a substantially similar form.</p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Information
Reporting and Backup Withholding<a name="InformationReportingAndBackupWith_052345"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Information reporting and backup withholding may apply
to interest and other payments to you under the circumstances discussed below.
Amounts withheld under backup withholding are generally not an additional tax
and may be refunded or credited against your federal income tax liability,
provided that you furnish the required information to the IRS. The backup
withholding rate is currently 28%.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you are a U.S. Holder.</font></i></font>&nbsp;&nbsp; You
may be subject to backup withholding when you receive interest payments on a
note or proceeds upon the sale, exchange, redemption, retirement or other
disposition of a note. In general, you can avoid this backup withholding if you
properly execute under penalties of perjury an IRS Form&nbsp;W-9 or a
substantially similar form on which you:</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>provide
your correct taxpayer identification number, and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>certify
that you are exempt from backup withholding because (a)&nbsp;you are a
corporation or come within another enumerated exempt category, (b)&nbsp;you
have not been notified by the IRS that you are subject to backup withholding,
or (c)&nbsp;you have been notified by the IRS that you are no longer subject to
backup withholding.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you do not provide your correct taxpayer
identification number on the IRS Form&nbsp;W-9 or a substantially similar
form, you may be subject to penalties imposed by the IRS.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless you have established on a properly executed IRS
Form&nbsp;W-9 or a substantially similar form that you are a corporation
or come within another enumerated exempt category, interest and other payments
on the notes paid to you during the calendar year, and the amount of tax
withheld, if any, will be reported to you and to the IRS.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you are a Non-U.S.
Holder.</font></i></font>&nbsp;&nbsp; The amount of interest paid to you on a
note during each calendar year, and the amount of tax withheld, if any, will
generally be reported to you and to the IRS. This information reporting
requirement applies regardless of whether you were subject to withholding or
whether withholding was reduced or eliminated by an applicable tax treaty.
Also, interest paid to you on a note may be subject to backup withholding
unless you properly certify your non-U.S. holder status on an IRS Form&nbsp;W-8
or a substantially similar form in the manner described above, under &#147;Tax
Consequences for Non-U.S. Holders.&#148; Similarly, information reporting and backup
withholding will not apply to proceeds you receive upon the sale, exchange,
redemption, retirement or other disposition of a note, if you properly certify
that you are a non-U.S. holder on an IRS Form&nbsp;W-8 or a substantially
similar form. Even without having executed an IRS Form&nbsp;W-8 or a
substantially similar form, however, in some cases information reporting and
backup withholding may not apply to proceeds you receive upon the sale,
exchange, redemption, retirement or other disposition of a note, if you receive
those proceeds through a broker&#146;s foreign office.</p>


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<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">PLAN OF
DISTRIBUTION<a name="PlanOfDistribution_052356"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under existing interpretations of the staff of the
SEC, the exchange notes would generally be freely tradable after the completion
of the exchange offer without further compliance with the registration and
prospectus delivery requirements of the Securities Act. However, any
participant in the exchange offer who is an affiliate of ours or who intends to
participate in the exchange offer for the purposes of distributing the exchange
notes: (1)&nbsp;will not be able to rely on the interpretations of the staff of
the SEC; (2)&nbsp;will not be entitled to participate in the exchange offer;
and (3)&nbsp;must comply with the registration and prospectus delivery
requirements of the Securities Act in connection with any sale or transfer of
the outstanding notes, unless the sale or transfer is made pursuant to an
exemption from those requirements. Each holder of outstanding notes who wishes
to exchange outstanding notes for exchange notes pursuant to the exchange offer
will be required to represent to us at the time of the consummation of the
exchange offer that: (1)&nbsp;it is not an affiliate of ours; (2)&nbsp;it is
not a broker-dealer tendering outstanding notes acquired directly from us for
its own account; (3)&nbsp;the exchange notes to be received by it will be
acquired in the ordinary course of its business; (4)&nbsp;it is not engaged and
does not intend to engage in and has no arrangements or understandings with any
person to participate in the distribution, within the meaning of the Securities
Act, of the exchange notes; and (5)&nbsp;it is not prohibited by any law or
policy of the SEC from participating in the exchange offer. Our consummation of
the exchange offer is subject to certain conditions described in the section &#147;The
Exchange Offer&#151;Conditions&#148; and in the registration rights agreement including,
without limitation, our receipt of the representations from participating
holders as described above and in the registration rights agreement.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, in connection with any resales of the
exchange notes, exchanging broker-dealers must deliver a prospectus meeting the
requirements of the Securities Act. The SEC has taken the position that
exchanging broker-dealers may fulfill their prospectus delivery requirements
with respect to the exchange notes with the prospectus contained in the
exchange offer registration statement. As a result, each broker-dealer that
receives exchange notes for its own account pursuant to the exchange offer must
acknowledge that it will deliver a prospectus in connection with any resale of
such exchange notes. This prospectus, as it may be amended or supplemented from
time to time, may be used by a broker-dealer in connection with resales of
exchange notes received in exchange for notes where such notes were acquired as
a result of market making activities or other trading activities. We have
agreed to make this prospectus, and any amendment or supplement thereto,
available to any such broker-dealer for use in connection with any resale of
any exchange notes for a period of the lesser of 90 days after the consummation
of the exchange offer and the date on which all broker-dealers have sold all
exchange notes held by them (unless such period is extended pursuant to the
terms of the registration rights agreement).</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We will not receive any proceeds from any sale of
exchange notes by broker-dealers. Exchange notes received by broker-dealers for
their own account pursuant to the exchange offer may be sold from time to time
in one or more transactions in the over-the-counter market, in negotiated
transactions, through the writing of options on the exchange notes or a
combination of such methods of resale, at market prices prevailing at the time
of resale, at prices related to such prevailing market prices or negotiated
prices. Any such resale may be made directly to purchasers or to or through
brokers or dealers who may receive compensation in the form of commissions or
concessions from any such broker-dealer and/or the purchasers of any such
exchange notes. Any broker-dealer that resells exchange notes that were
received by it for its own account pursuant to the exchange offer and any
broker or dealer that participates in a distribution of such exchange notes may
be deemed to be an &#147;underwriter&#148; within the meaning of the Securities Act and
any profit of any such resale of exchange notes and any commissions or
concessions received by any such persons may be deemed to be underwriting
compensation under the Securities Act. The letter of transmittal states that by
acknowledging that it will deliver and by delivering a prospectus, a
broker-dealer will not be deemed to admit that it is an &#147;underwriter&#148; within
the meaning of the Securities Act.</font></p>


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<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We will furnish as many
copies of this prospectus, as amended or supplemented, as any broker-dealer who
notifies us that it is using this registration statement reasonably requests,
for use in connection with any such resale. We have agreed to pay all expenses
incident to the exchange offer (including the attorneys&#146; fees of certain
parties to the registration rights agreement) other than underwriting discounts
and commissions, if any, relating to the sale or disposition of the outstanding
notes by a holder of the outstanding notes, and will indemnify the holders of
the notes (including any broker-dealers) against certain liabilities, including
liabilities under the Securities Act. We have also agreed to pay all transfer
taxes, if any, applicable to the exchange of the outstanding notes for exchange
notes. The tendering holder of outstanding notes, however, will pay applicable
taxes if: (1)&nbsp;certificates representing outstanding notes not tendered or
accepted for exchange are to be delivered to, or are to be issued in the name
of, any person other than the registered holder of outstanding notes tendered; (2)&nbsp;if
tendered, the certificates representing outstanding notes are registered in the
name of any person other than the person signing the letter of transmittal; or (3)&nbsp;if
a transfer tax is imposed for any reason other than the exchange of the
outstanding notes in the exchange offer.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">LEGAL MATTERS<a name="LegalMatters_052414"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sullivan&nbsp;&amp;
Worcester LLP, as to certain matters of Massachusetts law, and Venable LLP, as
to certain matters of Maryland law, will pass upon the validity of the offered
securities for us. Sullivan&nbsp;&amp; Worcester LLP also represents Reit
Management&nbsp;&amp; Research LLC, our manager, and certain of its affiliates
on various matters.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXPERTS<a name="Experts_052419"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ernst&nbsp;&amp; Young LLP, independent registered
public accounting firm, has audited our consolidated financial statements and
schedule included in our Annual Report on Form&nbsp;10-K for the year
ended December&nbsp;31, 2006, and management&#146;s assessment of the effectiveness
of our internal control over financial reporting as of December&nbsp;31, 2006,
as set forth in their reports, which are incorporated by reference in this
prospectus and elsewhere in the registration statement. Our financial
statements and schedule and management&#146;s assessment are incorporated by
reference in reliance on Ernst&nbsp;&amp; Young LLP&#146;s reports, given on their
authority as experts in accounting and auditing.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The audited historical
financial statements and financial statement schedule of Travel Centers of
America,&nbsp;Inc. which appear in the TravelCenters of America LLC Annual
Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2006 which
is incorporated by reference in Hospitality Properties Trust&#146;s Current Report
on Form&nbsp;8-K dated April&nbsp;3, 2007 have been so incorporated in
reliance on the report</font><b><font size="1" style="font-size:6.5pt;font-weight:bold;position:relative;top:-3.0pt;">  </font></b>of
PricewaterhouseCoopers LLP, an independent registered public accounting firm,
given on the authority of said firm as experts in auditing and accounting.</p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">STATEMENT
CONCERNING LIMITED LIABILITY<a name="StatementConcerningLimitedLiabili_052422"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The declaration of trust of HPT, amended and restated
on August&nbsp;21, 1995, a copy of which, together with all amendments and
supplements thereto, is duly filed in the office of the State Department of
Assessments and Taxation of Maryland, provides that the name &#147;Hospitality
Properties Trust&#148; refers to the trustees under the declaration of trust, as so
amended and supplemented, collectively as trustees, but not individually or
personally, and that no trustee, officer, shareholder, employee or agent of HPT
shall be held to any personal liability, jointly or severally, for any
obligation of, or claim against, HPT. All persons dealing with HPT, in any way,
shall look only to the assets of HPT for the payment of any sum or the
performance of any obligation.</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHERE YOU CAN FIND
MORE INFORMATION<a name="WhereYouCanFindMoreInformation_052423"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You may read and copy any
material that we file with the SEC at the SEC&#146;s Public Reference Room&nbsp;at
100 F Street, N.E., Washington, D.C. 20549. You may obtain information on the
operation of the Public Reference Room&nbsp;by calling the SEC at 1-800-SEC-0330.
You may also access our SEC filings over the internet at the SEC&#146;s website at
http://www.sec.gov.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">INCORPORATION OF
CERTAIN INFORMATION BY REFERENCE<a name="IncorporationOfCertainInformation_052425"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are
incorporating by reference certain information into this prospectus. This means
that we are disclosing important information to you by referring you to other
documents filed with the SEC. The information incorporated by reference is
considered to be part of this prospectus, and information that we subsequently
file with the SEC will automatically update and supersede this information. We
incorporate by reference the documents listed below which were filed with the
SEC under the Exchange Act:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>our
Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31,
2006; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>our
Current Reports on Form&nbsp;8-K dated December&nbsp;12, 2006 (as amended
by a Current Report on Form&nbsp;8-K/A dated December&nbsp;12, 2006), December&nbsp;18,
2006, January&nbsp;5, 2007, January&nbsp;11, 2007 (as amended by a Current
Report on Form&nbsp;8-K/A dated January&nbsp;11, 2007), January&nbsp;22,
2007, January&nbsp;29, 2007, February&nbsp;9, 2007, February&nbsp;13, 2007, February&nbsp;15,
2007, March&nbsp;1, 2007, March&nbsp;7, 2007, March&nbsp;8, 2007, March&nbsp;12,
2007 and April&nbsp;3, 2007.</p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We also incorporate
by reference each of the following documents that we may file with the SEC
after the date of this prospectus but before the settlement date:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Reports
filed under Sections 13(a)&nbsp;and (c)&nbsp;of the Exchange Act;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Definitive
proxy or information statements filed under Section&nbsp;14 of the Exchange Act
in connection with any subsequent shareholders&#146; meeting; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Any
reports filed under Section&nbsp;15(d)&nbsp;of the Exchange Act.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You may request a copy of any of the filings
(excluding exhibits other than those which we specifically incorporate by
reference in this prospectus), at no cost, by writing or telephoning us at the
following address:</font></p>

<p align="center" style="margin:0pt 0pt 6.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investor Relations<br>
Hospitality Properties Trust<br>
400 Centre Street<br>
Newton, Massachusetts 02458<br>
(617)&nbsp;964-8389</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any statement contained in this prospectus or
contained in a document incorporated or deemed to be incorporated by reference
herein shall be deemed to be modified or superseded for purposes of this
prospectus to the extent that a statement contained in this prospectus or in
any other subsequently filed document that also is or is deemed to be
incorporated by reference in this prospectus modifies or supersedes such statement.</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38</font></p>
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<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="4" face="Times New Roman" style="font-size:14.0pt;">$300,000,000</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="5" color="#468637" face="Times New Roman" style="color:#468637;font-size:18.0pt;">Hospitality
Properties Trust</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="4" face="Times New Roman" style="font-size:14.0pt;">Offer to Exchange</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="4" face="Times New Roman" style="font-size:14.0pt;">All Outstanding 5.625% Senior Notes Due 2017</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">for</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="4" face="Times New Roman" style="font-size:14.0pt;">5.625% Senior Notes Due 2017</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">of</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 24.0pt;page-break-after:avoid;text-align:center;"><b><font size="4" face="Times New Roman" style="font-size:14.0pt;">Hospitality Properties Trust</font></b></p>

<div style="line-height:9.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">PROSPECTUS</font></b></p>

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<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;II<a name="Partii_053208"></a></font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-weight:bold;margin:0pt 0pt 6.0pt 47.0pt;page-break-after:avoid;text-indent:-47.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 20.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Indemnification of Directors and Officers<a name="Item20_IndemnificationOfDirectors_053208"></a></i></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To the maximum extent permitted by Maryland law, our
declaration of trust and bylaws include provisions limiting the liability of
our present and former trustees and officers for money damages and obligating
us to indemnify them against any claim or liability to which they may become
subject by reason of their status or actions as our present or former trustees
or officers. Our declaration of trust also obligates us to pay or reimburse the
people described above for reasonable expenses in advance of final disposition
of a proceeding.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Maryland REIT
Law permits a real estate investment trust to indemnify and advance expenses to
its trustees, officers, employees and agents to the same extent permitted by
the Maryland General Corporation Law for directors and officers of Maryland
corporations. The Maryland General Corporation Law permits a corporation to
indemnify its present and former directors and officers against judgments,
penalties, fines, settlements and reasonable expenses incurred in connection
with any proceeding to which they may be made, or are threatened to be made, a
party by reason of their service in those capacities. However, a Maryland
corporation is not permitted to provide this type of indemnification if the
following is established:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the
act or omission of the director or officer was material to the matter giving
rise to the proceeding and was committed in bad faith or was the result of
active and deliberate dishonesty;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the
director or officer actually received an improper personal benefit in money,
property or services; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>in
the case of any criminal proceeding, the director or officer had reasonable
cause to believe that the act or omission was unlawful.</p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additionally, a
Maryland corporation may not indemnify a director or officer for an adverse
judgment in a suit by or in the right of that corporation or for a judgment of
liability on the basis that personal benefit was improperly received, unless in
either case a court orders indemnification and then only for expenses. The MGCL
permits a corporation to advance reasonable expenses to a director or officer
upon the corporation&#146;s receipt of the following:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>a
written affirmation by the director or officer of his good faith belief that he
has met the standard of conduct necessary for indemnification by the
corporation; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>a
written undertaking by him or on his behalf to repay the amount paid or
reimbursed by the corporation if it is ultimately determined that this standard
of conduct was not met.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have also entered into indemnification agreements
with our trustees and certain of our officers providing for procedures for
indemnification by us to the fullest extent permitted by law and advancements
by us of certain expenses and costs relating to claims, suits or proceedings
arising from their service to us.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The SEC has expressed the opinion that indemnification
of trustees, officers or persons otherwise controlling a company for
liabilities arising under the Securities Act of 1933, as amended, is against
public policy and is therefore unenforceable.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reference is made to our bylaws filed as Exhibit&nbsp;3.1
to our Current Report on Form&nbsp;8-K dated March&nbsp;10, 2004. Reference
is also made to our declaration of trust, as amended, filed as Exhibit&nbsp;3.1
to our Current Report on Form&nbsp;8-K dated May&nbsp;24, 2006, as
amended on March&nbsp;5, 2007, which amendment was filed as Exhibit&nbsp;3.1 to
our Current Report on Form&nbsp;8-K dated March&nbsp;7, 2007. Reference
is also made to our indemnification agreements with our trustees and officers
filed as Exhibit&nbsp;10.1 to our Quarterly Report on Form&nbsp;10-Q for
the quarter ended June&nbsp;30, 2004.</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">II-1</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, the
registration rights agreement (Exhibit&nbsp;4.10) pursuant to which we filed
this registration statement contains provisions for indemnification by the
selling security holders of our officers, trustees and controlling persons.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-weight:bold;margin:0pt 0pt 12.0pt 47.0pt;page-break-after:avoid;text-indent:-47.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item
21.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Exhibits</i><a name="Item21_Exhibits_053222"></a></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="9%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:9.66%;">
  <p align="left" style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><!-- SET mrlHTMLTableFull --><!-- SET mrlNoTableShading -->Exhibit No.</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="87%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:87.96%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Description</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="1%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:4.3%;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1</font></p>
  </td>
  <td width="3%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:3.52%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:87.96%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Composite copy of
  Amended and Restated Declaration of Trust dated August&nbsp;21, 1995, as
  amended(1)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.3%;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.2</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.52%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:87.96%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">A</font>rticles
  Supplementary dated June&nbsp;2, 1997(2)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.3%;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.3</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.52%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:87.96%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Articles Supplementary
  dated May&nbsp;16, 2000(3)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.3%;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.4</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.52%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:87.96%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Articles Supplementary
  dated December&nbsp;9, 2002(4)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.3%;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.5</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.52%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:87.96%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Articles Supplementary
  dated February&nbsp;15, 2007(5)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.3%;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.6</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.52%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:87.96%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Articles Supplementary
  dated March&nbsp;5, 2007(6)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.3%;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.7</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.52%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:87.96%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Articles of Amendment
  dated March&nbsp;5, 2007(6)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.3%;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.8</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.52%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:87.96%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Composite copy of
  Amended and Restated Bylaws of Hospitality Properties Trust, as amended to
  date (7)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.3%;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.52%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:87.96%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registration Rights
  Agreement, dated as of March&nbsp;12, 2007, between Hospitality Properties
  Trust and the Initial Purchasers named therein(8)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.3%;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.52%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:87.96%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indenture, dated as of
  February&nbsp;25, 1998, between Hospitality Properties Trust and U.S. Bank
  National Association (as successor trustee to State Street Bank and Trust
  Company)(2)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.3%;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.3</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.52%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:87.96%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Supplemental Indenture
  No.&nbsp;11 related to the 5.625% Senior Notes due 2017, dated as of
  March&nbsp;12, 2007, between Hospitality Properties Trust and U.S. Bank
  National Association, as Trustee, including the form of 5.625% Senior Note
  due 2017(8)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.3%;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.1</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.52%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:87.96%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Opinion of
  Sullivan&nbsp;&amp; Worcester LLP*</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.3%;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.2</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.52%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:87.96%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Opinion of Venable LLP*</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.3%;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.1</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.52%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:87.96%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Opinion of
  Sullivan&nbsp;&amp; Worcester LLP re: tax matters*</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.3%;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.1</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.52%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:87.96%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Computation of Ratio of
  Earnings to Fixed Charges (9)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.3%;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.1</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.52%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:87.96%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of
  Ernst&nbsp;&amp; Young LLP*</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.3%;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.2</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.52%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:87.96%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of
  PriceWaterhouse Coopers LLP*</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.3%;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.3</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.52%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:87.96%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of
  Sullivan&nbsp;&amp; Worcester LLP (included in Exhibit&nbsp;5.1)*</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.3%;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.4</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.52%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:87.96%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of Venable LLP
  (included in Exhibit&nbsp;5.2)*</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.3%;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.5</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.52%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:87.96%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of
  Sullivan&nbsp;&amp; Worcester LLP (included in Exhibit&nbsp;8.1)*</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.3%;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24.1</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.52%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:87.96%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Powers of Attorney of
  certain officers and trustees (included on signature pages)*</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.3%;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25.1</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.52%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:87.96%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Statement of Eligibility
  of Trustee on Form&nbsp;T-1 under the Trust Indenture Act of 1939, as
  amended, of U.S. Bank National Association*</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.3%;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.1</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.52%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:87.96%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form&nbsp;of Letter of
  Transmittal with respect to the Exchange Offer*</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.3%;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.2</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.52%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:87.96%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form&nbsp;of Notice of
  Guaranteed Delivery with respect to the Exchange Offer*</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.3%;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.3</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.52%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:87.96%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form&nbsp;Letter to
  Clients*</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.82%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.3%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.4</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:87.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form&nbsp;Letter to Depository Trust Company
  Participants.*</font></p>
  </td>
 </tr>
</table>

<div style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><hr size="1" width="160" noshade color="black" align="left" style="width:120.0pt;"></div>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Filed
herewith.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Incorporated by
reference to the Company&#146;s Current Report on Form&nbsp;8-K dated May&nbsp;24,
2006.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Incorporated by
reference to the Company&#146;s Annual Report on Form&nbsp;10-K for the year
ended December&nbsp;31, 1997.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Incorporated by
reference to the Company&#146;s Annual Report on Form&nbsp;10-K for the year
ended December&nbsp;31, 2000.</p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">II-2</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Incorporated by
reference to the Company&#146;s Annual Report on Form&nbsp;10-K for the year
ended December&nbsp;31, 2002.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Incorporated by
reference to the Company&#146;s Current Report on Form&nbsp;8-K dated February&nbsp;15,
2007.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Incorporated by
reference to the Company&#146;s Current Report on Form&nbsp;8-K dated March&nbsp;7,
2007.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Incorporated by
reference to the Company&#146;s Current Report on Form&nbsp;8-K dated March&nbsp;10,
2004.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(8)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Incorporated by
reference to the Company&#146;s Current Report on Form&nbsp;8-K dated March&nbsp;12,
2007.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(9)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Incorporated
by reference to the Company&#146;s Annual Report on Form&nbsp;10-K for the
year ended December&nbsp;31, 2006.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-weight:bold;margin:0pt 0pt 6.0pt 47.0pt;page-break-after:avoid;text-indent:-47.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 22.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Undertakings<a name="Item22_Undertakings_053626"></a></i></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160; The
undersigned registrant hereby undertakes:</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160; To file,
during any period in which offers or sales are being made, a post-effective
amendment to this registration statement:</font></p>

<p style="margin:0pt 0pt 6.0pt 40.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160; To include
any prospectus required by Section&nbsp;10(a)(3)&nbsp;of the Securities Act of
1933;</font></p>

<p style="margin:0pt 0pt 6.0pt 40.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160; To reflect
in the prospectus any facts or events arising after the effective date of the
registration statement (or the most recent post-effective amendment thereof)
which, individually or in the aggregate, represent a fundamental change in the
information set forth in the registration statement. Notwithstanding the
foregoing, any increase or decrease in volume of securities offered (if the
total dollar value of securities offered would not exceed that which was
registered) and any deviation from the low and high end of the estimated
maximum offering range may be reflected in the form of prospectus filed with
the Commission pursuant to Rule&nbsp;424 (b)&nbsp;if, in the aggregate, the
changes in volume and price represent no more than a 20% change in the maximum
aggregate offering price set forth in the &#147;Calculation of Registration Fee&#148;
table in the effective registration statement; and</font></p>

<p style="margin:0pt 0pt 6.0pt 40.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160; To include
any material information with respect to the plan of distribution not
previously disclosed in the registration statement or any material change to
such information in the registration statement.</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160; That, for
the purpose of determining any liability under Securities Act of 1933, each
such post-effective amendment shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial <i>bona fide </i>offering
thereof.</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160; To remove
from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160; For the
purpose of determining liability under the Securities Act of 1933 to any
purchaser, each prospectus filed pursuant to Rule&nbsp;424(b)&nbsp;as part of a
registration statement relating to an offering, other than registration
statements relying on Rule&nbsp;430B or other than prospectuses filed in
reliance on Rule&nbsp;430A, shall be deemed to be part of and included in the
registration statement as of the date it is first used after effectiveness. <i>Provided, however, </i>that no statement made
in a registration statement or prospectus that is part of the registration
statement or made in a document incorporated or deemed incorporated by
reference into the registration statement or prospectus that is part of the
registration statement will, as to a purchaser with a time of contract of sale
prior to such first Use, supersede or modify any statement that was made in the
registration statement or prospectus that was part of the registration
statement or made in any such document immediately prior to such date of first
use.</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">II-3</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160; The
undersigned registrant undertakes that in a primary offering of securities of
the undersigned registrant pursuant to this registration statement, regardless
of the underwriting method used to sell the securities to the purchaser, if the
securities are offered or sold to such purchaser by means of any of the
following communications, the undersigned registrant will be a seller to the
purchaser and will be considered to offer or sell such securities to such
purchaser:</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160; Any preliminary
prospectus or prospectus of the undersigned registrant relating to the offering
required to be filed pursuant to Rule&nbsp;424;</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160; Any free
writing prospectus relating to the offering prepared by or on behalf of the
undersigned registrant or used or referred to by the undersigned registrant;</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160; The portion
of any other free writing prospectus relating to the offering containing
material information about the undersigned registrant or its securities
provided by or on behalf of the undersigned Registrant; and</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&#160;&#160; Any other
communication that is an offer in the offering made by the undersigned
registrant to the purchaser.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160; The
undersigned registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act of 1933, each filing of the registrant&#146;s
annual report pursuant to Section&nbsp;13(a)&nbsp;or 15(d)&nbsp;of the
Securities Exchange Act of 1934 (and, where applicable, each filing of an
employee benefit plan&#146;s annual report pursuant to Section&nbsp;15(d)&nbsp;of
the Securities Exchange Act of 1934) that is incorporated by reference in the
registration statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial <i>bona
fide</i> offering thereof.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160; Insofar as
indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the registrant
pursuant to the foregoing provisions, or otherwise, the registrant has been
advised that in the opinion of the Securities and Exchange Commission such
indemnification is against public policy as expressed in the Act and is,
therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the registrant of expenses incurred
or paid by a director, officer or controlling person of the registrant in the
successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is against
public policy as expressed in the Act and will be governed by the final
adjudication of such issue.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160; The
undersigned registrant hereby undertakes to respond to requests for information
that is incorporated by reference into the prospectus pursuant to Item 4,
10(b), 11 or 13 of this Form, within one business day of receipt of such
request, and to send the incorporated documents by first class mail or other
equally prompt means. This includes information contained in documents filed
subsequent to the effective date of the registration statement through the date
of responding to the request.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160; The
undersigned registrant hereby undertakes to supply by means of a post-effective
amendment all information concerning a transaction, and the company being acquired
involved therein, that was not the subject of and included in the registration
statement when it became effective.</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">II-4</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">


<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">SIGNATURES<a name="Signatures_053814"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant
to the requirements of the Securities Act of 1933, the Registrant certifies
that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form&nbsp;S-4 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Newton, Commonwealth of Massachusetts, on April&nbsp;5,
2007.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="40%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:40.66%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlHTMLTableFull --><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="57%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:57.14%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">HOSPITALITY PROPERTIES TRUST</font><!-- SET mrlHTMLTableFull --><!-- SET mrlNoTableShading --></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="40%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:40.66%;">
  <p style="margin:18.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.2%;">
  <p style="margin:18.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.2%;">
  <p style="margin:18.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:50.48%;">
  <p style="margin:18.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ John G. Murray</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="40%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:40.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:50.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">John G. Murray</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="40%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:40.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President, Chief Operating Officer and Secretary</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant
to the requirements of the Securities Act of 1933, this registration statement
on Form&nbsp;S-4 has been signed below by the following persons in the
capacities and on the dates indicated; and each of the undersigned officers and
trustees of Hospitality Properties Trust, hereby severally appoints John G.
Murray, Adam D. Portnoy and Barry M. Portnoy to sign for him, and in his name
in the capacity indicated below, this registration statement for the purpose of
registering such securities under the Securities Act of 1933, and any and all
amendments thereto, and any other registration statement filed by Hospitality
Properties Trust pursuant to Rule&nbsp;462(b)&nbsp;which registers additional
amounts of such securities for the offering or offerings contemplated by this
registration statement (a &#147;462(b)&nbsp;Registration Statement&#148;) hereby
ratifying and confirming their signatures as they may be signed by their attorneys
to this registration statement, any 462(b)&nbsp;Registration Statement and any
and all amendments to either thereof.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="9%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.82%;">
  <p style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><!-- SET mrlHTMLTableFull --><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:7.76%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Signature</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.84%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.8%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="26%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:26.02%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="3%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:3.88%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Title</font></b></p>
  </td>
  <td width="26%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:26.02%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.5%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.7%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="3%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:3.94%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Date</font></b></p>
  </td>
  <td width="4%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.7%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="27%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:27.42%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ John G.
  Murray</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.8%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.94%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President, Chief
  Operating Officer and Secretary</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.5%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.34%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April&nbsp;5,
  2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="27%" colspan="3" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:27.42%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">John G. Murray</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.8%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.94%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.5%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.34%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="27%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:27.42%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Mark L.
  Kleifges</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.8%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.94%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Treasurer and
  Chief Financial Officer</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.5%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.34%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April&nbsp;5,
  2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="27%" colspan="3" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:27.42%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mark L. Kleifges</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.8%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.94%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(principal financial
  officer and principal accounting officer)</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.5%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.34%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="27%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:27.42%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Frank J.
  Bailey</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.8%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.94%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.5%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.34%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April&nbsp;5,
  2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="27%" colspan="3" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:27.42%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Frank J. Bailey</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.8%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.94%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.5%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.34%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="27%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:27.42%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ John L.
  Harrington</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.8%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.94%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.5%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.34%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April&nbsp;5,
  2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="27%" colspan="3" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:27.42%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">John L. Harrington</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.8%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.94%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.5%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.34%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="27%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:27.42%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ William A.
  Lamkin</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.8%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.94%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.5%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.34%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April&nbsp;5,
  2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="27%" colspan="3" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:27.42%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">William A. Lamkin</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.8%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.94%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.5%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.34%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="27%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:27.42%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Adam D.
  Portnoy</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.8%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.94%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.5%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.34%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April&nbsp;5,
  2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="27%" colspan="3" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:27.42%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Adam D. Portnoy</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.8%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.94%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.5%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.34%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="27%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:27.42%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Barry M.
  Portnoy</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.8%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.94%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.5%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.34%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April&nbsp;5,
  2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="27%" colspan="3" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:27.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Barry M. Portnoy</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.8%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:55.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


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<SEQUENCE>2
<FILENAME>a07-9903_1ex5d1.htm
<DESCRIPTION>EX-5.1
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<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT 5.1</font></b></p>

<p align="center" style="font-weight:bold;margin:0pt 0pt 18.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Letterhead of Sullivan
&amp; Worcester LLP]</font></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;April&nbsp;5,
2007</font></p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hospitality Properties Trust<br>
400 Centre Street<br>
Newton, Massachusetts&#160; 02458</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-weight:bold;margin:0pt 0pt 12.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Re:</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;font-weight:normal;">&#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><i style="font-weight:normal;">Hospitality Properties Trust Registration
Statement on Form&nbsp;S-4</i></p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies and Gentlemen:</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with the registration statement on Form&nbsp;S-4
(the &#147;<i>Registration Statement</i>&#148;) under the
Securities Act of 1933, as amended (the &#147;<i>Securities Act</i>&#148;)
of Hospitality Properties Trust, a Maryland real estate investment trust (the &#147;<i>Company</i>&#148;), proposed to be filed by the Company with the
Securities and Exchange Commission on or about the date hereof, you have
requested our opinion set forth below.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You have provided us with a copy of the Registration
Statement, which relates to the proposed issuance and exchange (the &#147;<i>Exchange Offer</i>&#148;) of up to $300,000,000 aggregate principal
amount of 5.625% Senior Notes due 2017 of the company (the &#147;<i>Exchange Notes</i>&#148;) for an equal principal amount of 5.625%
Senior Notes due 2017 of the Company outstanding on the date hereof (the &#147;<i>Outstanding Notes</i>&#148; together with the Exchange Notes, the &#147;<i>Notes</i>&#148;). The Outstanding Notes have been and the Exchange
Notes will be, issued pursuant to an Indenture, dated as of February&nbsp;25,
1998, by and between the Company<font style="letter-spacing:-.1pt;"> and U.S.
Bank National Association, as successor trustee (the &#147;<i>Trustee</i>&#148;),
as supplemented by a Supplemental Indenture No.&nbsp;11 thereto, dated March&nbsp;12,
2007 (as so supplemented, the &#147;<i>Indenture</i>&#148;).</font></font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with this opinion, we have examined and
relied upon copies of (i)&nbsp;the Registration Statement, (ii)&nbsp;the
prospectus contained therein (the &#147;<i>Prospectus</i>&#148;), (iii)&nbsp;the
Indenture, (iv)&nbsp;resolutions adopted by the Board of Directors of the
Company on March&nbsp;7, 2007 and April&nbsp;5, 2007 relating to the Notes and (v)&nbsp;originals
or copies, identified to our satisfaction, of such records, agreements and
instruments of the Company, certificates of public officials and of officers of
the Company and such other documents and records, and such matters of law, as
we have deemed necessary as a basis for the opinion hereinafter expressed. In
making such examination, we have assumed the genuineness of all signatures, the
legal capacity of natural persons, the authenticity of all documents submitted
to us as originals and the conformity to the originals of all documents
submitted to us as copies, which facts we have not independently verified.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have also assumed in connection with the opinion
expressed below that: (i)&nbsp;the Company is a real estate investment trust
duly formed and existing under and by virtue of the laws of the State of
Maryland and in good standing with the State Department of Assessments and
Taxation of Maryland, (ii)&nbsp;the Company </font>has the requisite organizational and legal
power and authority to issue and offer for exchange the Exchange Notes and
enter into and perform its obligations under the Indenture, and the issuance
of the Exchange Notes and the terms and conditions thereof and of the Indenture,
and the execution and delivery of the Indenture by the Company have been duly
authorized and approved on behalf of the Company (such approvals referred to
herein as the &#147;<i>Proceedings</i>&#148;), (iii)&nbsp;the
Proceedings, the issuance of the Exchange Notes and the terms and conditions of
the Indenture are (A)&nbsp;in accordance with all applicable laws and the
charter and bylaws of the Company, and (B)&nbsp;not in conflict with any
contractual or other restrictions which are binding on the Company, (iv)&nbsp;the
Trustee is duly organized, validly
existing and in good standing under the laws of its jurisdiction of organization, and is duly qualified to engage
in the activities contemplated by, and has the requisite organizational and
legal power and authority to perform its obligations under the Indenture, (v)&nbsp;the
Trustee is in compliance generally with respect to acting as a trustee under
the Indenture, with all applicable laws and regulations and (vi)&nbsp;the
Indenture is the valid and binding obligation of the parties thereto, other
than the Company, enforceable against them in accordance with its terms.</p>

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<p style="margin:0pt 0pt 24.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hospitality Properties
Trust<br>
April 5, 2007<br>
Page 2</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We express no opinion herein as to the laws of any
jurisdiction other than the laws of The Commonwealth of Massachusetts and the federal
laws of the United States of America, and we express no opinion as to state
securities or blue sky laws. Insofar as this opinion involves matters of
Maryland law we have, with your permission, relied solely on the opinion of
Venable LLP dated April&nbsp;5, 2007, a copy of which we understand you are
filing herewith as Exhibit&nbsp;5.2 to the Registration Statement, and our
opinion is subject to the exceptions, qualifications and limitations therein
expressed.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our opinion set forth below with respect to the validity
or binding effect of the Exchange Notes are subject to (i)&nbsp;limitations
arising under applicable bankruptcy, insolvency, reorganization, fraudulent
transfer, moratorium or other similar laws affecting the enforcement generally
of the rights and remedies of creditors and secured parties or the obligations
of debtors, (ii)&nbsp;general principles of equity (regardless of whether
considered in a proceeding at law or in equity), including, without limitation,
the discretion of any court of competent jurisdiction in granting specific
performance or injunctive or other equitable relief, and (iii)&nbsp;an implied
duty on the part of the party seeking to enforce rights or remedies to take
action and make determinations on a reasonable basis and in good faith to the
extent required by applicable law.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Based on and subject to the foregoing, we are of the
opinion that, as of the date hereof, the Exchange Notes, when they are executed
by the Company, authenticated by the Trustee in accordance with the Indenture
and delivered in exchange for the Outstanding Notes in accordance with the
terms of the Exchange Offer, will be validly issued by the Company and will
constitute valid and binding obligations of the Company, enforceable against
the Company in accordance with their terms.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We hereby consent to the filing of this opinion as Exhibit&nbsp;5.1
to the Registration Statement and to the reference to this firm under the
caption &#147;Legal Matters&#148; in the Prospectus. In giving this consent, we do not
admit that we are within the category of persons whose consent is required by Section&nbsp;7
of the Securities Act.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All of
the opinions set forth herein are rendered as of the date hereof, and we assume
no obligation to update such opinions to reflect any facts or circumstances
that may hereafter come to our attention or any changes in the law which may
hereafter occur. This opinion is rendered solely to you in connection with the
matters described above.</font></p>

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<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
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  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="304" valign="top" style="padding:0pt .7pt 0pt 0pt;width:227.9pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very truly yours,</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="304" valign="top" style="padding:0pt .7pt 0pt 0pt;width:227.9pt;">
  <p style="margin:9.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="304" valign="top" style="padding:0pt .7pt 0pt 0pt;width:227.9pt;">
  <p style="margin:9.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/
  Sullivan&nbsp;&amp; Worcester</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="304" valign="top" style="padding:0pt .7pt 0pt 0pt;width:227.9pt;">
  <p style="margin:9.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="304" valign="top" style="padding:0pt .7pt 0pt 0pt;width:227.9pt;">
  <p style="margin:9.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SULLIVAN&nbsp;&amp;
  WORCESTER LLP</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

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<FILENAME>a07-9903_1ex5d2.htm
<DESCRIPTION>EX-5.2
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<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">[LETTERHEAD OF
VENABLE LLP]</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit&nbsp;5.2<a name="Exhibit5_2_031344"></a></font></b></p>

<p align="center" style="margin:0pt 0pt 10.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April&nbsp;5, 2007</font></p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hospitality Properties Trust<br>
400 Centre Street<br>
Newton, Massachusetts&#160; 02458</font></p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sullivan &amp; Worcester LLP<br>
One Post Office Square<br>
Boston, MA &#160;02109</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Re:&nbsp;&nbsp; Registration Statement on
Form&nbsp;S-4</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies and Gentlemen:</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have served as Maryland counsel to Hospitality
Properties Trust, a Maryland real estate investment trust (the &#147;Company&#148;), in
connection with certain matters of Maryland law arising out of the issuance of
up to $300,000,000 aggregate principal amount of the Company&#146;s 5.625% Senior
Notes due 2017 (the &#147;Exchange Notes&#148;), covered by the above-referenced
Registration Statement (the &#147;Registration Statement&#148;), to be filed by the
Company with the United States Securities and Exchange Commission (the &#147;Commission&#148;)
under the Securities Act of 1933, as amended (the &#147;1933 Act&#148;), on or about the
date hereof. The Exchange Notes are issuable upon exchange of the Company&#146;s
outstanding 5.625% Senior Notes due 2017 issued on March&nbsp;12, 2007 (the &#147;Old
Notes&#148;), as described in the Registration Statement.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with
our representation of the Company, and as a basis for the opinion hereinafter
set forth, we have examined originals, or copies certified or otherwise
identified to our satisfaction, of the following documents (collectively, the &#147;Documents&#148;):</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160;&#160; The
Registration Statement, substantially in the form to be filed by the Company
with the Commission;</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.&#160;&#160;&#160;&#160;&#160; The
Amended and Restated Declaration of Trust, as amended and supplemented, of the
Company, certified as of a recent date by the State Department of Assessments
and Taxation of Maryland (the &#147;SDAT&#148;);</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.&#160;&#160;&#160;&#160;&#160; The Bylaws
of the Company, certified as of the date hereof by an officer of the Company;</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.&#160;&#160;&#160;&#160;&#160; A
certificate of the SDAT as to the good standing of the Company, dated as of a
recent date;</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.&#160;&#160;&#160;&#160;&#160; Resolutions
(the &#147;Resolutions&#148;) adopted by the Board of Trustees of the Company relating to
the authorization of the issuance of the Exchange Notes, certified as of the
date hereof by an officer of the Company;</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.&#160;&#160;&#160;&#160;&#160; A
certificate executed by an officer of the Company, dated as of the date hereof;
and</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.&#160;&#160;&#160;&#160;&#160; Such
other documents and matters as we have deemed necessary or appropriate to
express the opinion set forth below, subject to the assumptions, limitations
and qualifications stated herein.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In expressing the
opinion set forth below, we have assumed the following:</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160;&#160; Each
individual executing any of the Documents, whether on behalf of such individual
or another person, is legally competent to do so.</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.&#160;&#160;&#160;&#160;&#160; Each
individual executing any of the Documents on behalf of a party (other than the
Company) is duly authorized to do so.</font></p>


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<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.&#160;&#160;&#160;&#160;&#160; Each of
the parties (other than the Company) executing any of the Documents has duly
and validly executed and delivered each of the Documents to which such party is
a signatory, and such party&#146;s obligations set forth therein are legal, valid
and binding and are enforceable in accordance with all stated terms.</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.&#160;&#160;&#160;&#160;&#160; All
Documents submitted to us as originals are authentic. All Documents submitted
to us as certified or photostatic copies conform to the original documents. All
signatures on all such Documents are genuine. All public records reviewed or
relied upon by us or on our behalf are true and complete. All representations,
warranties, statements and information contained in the Documents are true and
complete. There has been no oral or written modification of or amendment to any
of the Documents, and there has been no waiver of any provision of any of the
Documents, by action or omission of the parties or otherwise.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Based upon the
foregoing, and subject to the assumptions, limitations and qualifications
stated herein, it is our opinion that:</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160;&#160; The
Company is a real estate investment trust duly formed and existing under and by
virtue of the laws of the State of Maryland and is in good standing with the
SDAT.</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.&#160;&#160;&#160;&#160;&#160; The
issuance of the Exchange Notes has been duly authorized and, when and if issued
and delivered by the Company in exchange for the Old Notes pursuant to the
Resolutions and otherwise in accordance with the Registration Statement, the
Exchange Notes will be validly issued.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The foregoing opinion is limited to the laws of the
State of Maryland and we do not express any opinion herein concerning any other
law. We express no opinion as to compliance with, or the applicability of,
federal or state securities laws, including the securities laws of the State of
Maryland. The opinion expressed herein is subject to the effect of judicial
decisions which may permit the introduction of parol evidence to modify the
terms or the interpretation of agreements.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The opinion expressed herein is limited to the matters
specifically set forth herein and no other opinion shall be inferred beyond the
matters expressly stated. We assume no obligation to supplement this opinion if
any applicable law changes after the date hereof or if we become aware of any
fact that might change the opinion expressed herein after the date hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This opinion is being
furnished to you solely for submission to the Commission as an exhibit to the
Registration Statement. We hereby consent to the filing of this opinion as an
exhibit to the Registration Statement and to the use of the name of our firm
therein. In giving this consent, we do not admit that we are within the
category of persons whose consent is required by Section&nbsp;7 of the 1933
Act.</font></p>

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  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very truly yours,</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="304" valign="top" style="padding:0pt .7pt 0pt 0pt;width:228.1pt;">
  <p style="margin:10.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="304" valign="top" style="padding:0pt .7pt 0pt 0pt;width:228.1pt;">
  <p style="margin:10.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Venable LLP</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
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<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit&nbsp;8.1</font></b></p>

<p align="center" style="margin:0pt 0pt 6.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Letterhead of Sullivan
&amp; Worcester LLP]</font></p>

<p align="right" style="margin:0pt 80.0pt 6.0pt 0pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April&nbsp;5, 2007</font></p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hospitality Properties Trust<br>
400 Centre Street<br>
Newton, Massachusetts&nbsp; 02458</font></p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies and Gentlemen:</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following opinion is furnished to Hospitality
Properties Trust, a Maryland real estate investment trust (the &#147;Company&#148;), to
be filed with the Securities and Exchange Commission (the &#147;SEC&#148;) as Exhibit&nbsp;8.1
to the Company&#146;s Registration Statement on Form&nbsp;S-4 filed on the
date hereof (the &#147;Registration Statement&#148;) under the Securities Act of 1933, as
amended (the &#147;Act&#148;).</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have acted as counsel for the Company in connection
with its Registration Statement, and we have reviewed originals or copies of
such corporate records, such certificates and statements of officers and
accountants of the Company and of public officials, and such other documents as
we have considered relevant and necessary in order to furnish the opinion
hereinafter set forth. In doing so, we have assumed the genuineness of all
signatures, the legal capacity of natural persons, the authenticity of all
documents submitted to us as originals, the conformity to original documents of
all documents submitted to us as copies, and the authenticity of the originals
of such documents. Specifically, and without limiting the generality of the
foregoing, we have reviewed:&nbsp; (i)&nbsp;the amended and restated
declaration of trust and the amended and restated by-laws of the Company, each
as amended to date, and in the case of the declaration of trust, as
supplemented; (ii)&nbsp;the Registration Statement; (iii)&nbsp;the section of
Item 1 of the Company&#146;s Annual Report on Form&nbsp;10-K for its fiscal
year ended December&nbsp;31, 2006 (the &#147;Form&nbsp;10-K&#148;) captioned &#147;Federal
Income Tax Considerations&#148;; and (iv)&nbsp;the section of Item 8.01 of the
Company&#146;s Current Report on Form&nbsp;8-K dated March&nbsp;7, 2007 (the &#147;Form&nbsp;8-K&#148;)
captioned &#147;ERISA Plans, Keogh Plans and Individual Retirement Accounts&#148;.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The opinion set forth below is based upon the Internal
Revenue Code of 1986, as amended, the Treasury Regulations issued thereunder,
published administrative interpretations thereof, and judicial decisions with
respect thereto, all as of the date hereof (collectively, &#147;Tax Laws&#148;), and upon
the Employee Retirement Income Security Act of 1974, as amended, the Department
of Labor regulations issued thereunder, published administrative
interpretations thereof, and judicial decisions with respect thereto, all as of
the date hereof (collectively, &#147;ERISA Laws&#148;). No assurance can be given that
Tax Laws or ERISA Laws will not change. In preparing the discussion with
respect to Tax Laws matters in the section of Item 1 of the Form&nbsp;10-K
captioned &#147;Federal Income Tax Considerations&#148;, as supplemented by the
discussion in the section of the Registration Statement captioned &#147;Certain
Federal U.S. Tax Consequences&#148;, and the discussion with respect to ERISA Laws
matters in the section of Item 8.01 of the Form&nbsp;8-K captioned &#147;ERISA
Plans, Keogh Plans and Individual Retirement Accounts&#148;, we have made certain
assumptions therein and expressed certain conditions and qualifications
therein, all of which assumptions, conditions and qualifications are
incorporated herein by reference. With respect to all questions of fact on
which our opinion is based, we have assumed the initial and continuing truth,
accuracy and completeness of:&#160; (i)&nbsp;the
information set forth in the Form&nbsp;10-K, the Form&nbsp;8-K, the
Registration Statement, and in the documents incorporated therein by reference;
and (ii)&nbsp;representations made to us by officers of the Company or
contained in the Form&nbsp;10-K, the Form&nbsp;8-K, the
Registration Statement, and in the documents incorporated therein by reference,
in each such instance without regard to qualifications such as &#147;to the best
knowledge of&#148; or &#147;in the belief of&#148;. We have not independently verified such
information.</font></p>


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<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have relied upon, but not independently verified,
the foregoing assumptions. If any of the foregoing assumptions are inaccurate
or incomplete for any reason, or if the transactions described in the Form&nbsp;10-K,
the Form&nbsp;8-K, the Registration Statement, or the documents
incorporated therein by reference have been consummated in a manner that is
inconsistent with the manner contemplated therein, our opinion as expressed
below may be adversely affected and may not be relied upon.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Based upon and subject to the foregoing, we are of the
opinion that the discussion with respect to Tax Laws matters in the section of
Item 1 of the Form&nbsp;10-K captioned &#147;Federal Income Tax Considerations&#148;,
as supplemented by the discussion in the section of the Registration Statement
captioned &#147;Certain Federal U.S. Tax Consequences&#148;, and the discussion with
respect to the ERISA Laws matters in the section of Item 8.01 of the Form&nbsp;8-K
captioned &#147;ERISA Plans, Keogh Plans and Individual Retirement Accounts&#148; in all
material respects are accurate and fairly summarize the Tax Laws issues and the
ERISA Laws issues addressed therein, and hereby confirm that the opinions of
counsel referred to in said sections represent our opinions on the subject
matter thereof.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our opinion above is limited to the matters
specifically covered hereby, and we have not been asked to address, nor have we
addressed, any other matters or any other transactions. Further, we disclaim
any undertaking to advise you of any subsequent changes of the matters stated,
represented or assumed herein or any subsequent changes in Tax Laws or ERISA
Laws.</font></p>

<p style="margin:0pt 0pt 24.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This
opinion is intended solely for the benefit and use of the Company, and is not
to be used, released, quoted, or relied upon by anyone else for any purpose
(other than as required by law) without our prior written consent. We hereby
consent to the filing of a copy of this opinion as an exhibit to the
Registration Statement, and to the references to our firm in the Registration
Statement. In giving such consent, we do not thereby admit that we come within
the category of persons whose consent is required under Section&nbsp;7 of the
Act or under the rules&nbsp;and regulations of the SEC promulgated thereunder.</font></p>

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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very truly yours,</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:18.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:18.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Sullivan &amp;
  Worcester LLP</font></p>
  </td>
 </tr>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SULLIVAN&nbsp;&amp; WORCESTER LLP</font></p>
  </td>
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<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


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<SEQUENCE>5
<FILENAME>a07-9903_1ex23d1.htm
<DESCRIPTION>EX-23.1
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<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit&nbsp;23.1</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of
Independent Registered Public Accounting Firm<a name="ConsentOfIndependentRegisteredPub_093045"></a></font></b></p>

<p style="font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">We
consent to the reference to our firm under the caption &#147;Experts&#148; in the
Registration Statement (Form&nbsp;S-4) and related Prospectus of
Hospitality Properties Trust for the registration of </font>5.625%</font> Senior Notes due 2017 and to the
incorporation by reference therein of our reports dated February&nbsp;23, 2007,
with respect to the consolidated financial statements and schedule of
Hospitality Properties Trust, Hospitality Properties Trust management&#146;s
assessment of the effectiveness of internal control over financial reporting,
and the effectiveness of internal control over financial reporting of
Hospitality Properties Trust, included in its Annual Report (Form&nbsp;10-K)
for the year ended December&nbsp;31, 2006, filed with the Securities and
Exchange Commission.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Ernst &amp; Young LLP</font></p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Boston, Massachusetts<br>
March&nbsp;30, 2007</font></p>

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<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit&nbsp;23.2</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">CONSENT OF
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM<a name="ConsentOfIndependentRegisteredPub_031837"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We hereby consent to the
incorporation by reference in this Registration Statement (Form&nbsp;S-4)
of Hospitality Properties Trust of our report dated March&nbsp;19, 2007
relating to the financial statements and financial statement schedule of
TravelCenters of America,&nbsp;Inc., which appears in the TravelCenters of
America LLC Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31,
2006, which is incorporated by reference in the Hospitality Properties Trust
Current Report on Form&nbsp;8-K dated April&nbsp;3, 2007. We also consent
to the references to us under the heading &#147;Experts&#148; in such registration
statement.</font></p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ PricewaterhouseCoopers LLP<br>
Cleveland, Ohio<br>
April&nbsp;5, 2007</font></p>

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<SEQUENCE>7
<FILENAME>a07-9903_1ex25d1.htm
<DESCRIPTION>EX-25.1
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<body lang="EN-US">

<div style="font-family:Times New Roman;">
 <div style="border:none;border-top:double windowtext 6.0pt;padding:0pt 0pt 0pt 0pt;"> <p style="border:none;margin:0pt 0pt .0001pt;padding:0pt;"><a name="scotch"></a><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p> </div>

<p align="right" style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-align:right;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit&nbsp;25.1<a name="Exhibit25_1_055224"></a></font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Washington,
D.C. 20549</font></b></p>

<div style="line-height:9.0pt;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">FORM&nbsp;T-1</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">STATEMENT OF ELIGIBILITY UNDER<br>
THE TRUST INDENTURE ACT OF 1939 OF A<br>
CORPORATION DESIGNATED TO ACT AS TRUSTEE</font></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check if an Application to
Determine Eligibility of<br>
a Trustee Pursuant to Section&nbsp;305(b)(2)</font></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">U.S. BANK&#160; NATIONAL ASSOCIATION</font></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of Trustee as
specified in its charter)</font></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">31-0841368</font></b></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(I.R.S. Employer
Identification No.)</font></p>

<div align="center">

<table border="1" cellspacing="0" cellpadding="0" style="border:none;border-collapse:collapse;">
 <tr>
  <td width="312" valign="top" style="border-bottom:none;border-left:solid black 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid black 1.0pt;padding:0pt .7pt 0pt .7pt;width:234.0pt;">
  <p align="center" style="font-size:10.0pt;margin:2.0pt 0pt .0001pt;text-align:center;"><!-- SET mrlNoTableShading --><b>800 Nicollet Mall</b></p>
  </td>
  <td width="296" valign="top" style="border-bottom:none;border-left:none;border-right:solid black 1.0pt;border-top:solid black 1.0pt;padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:2.0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="312" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid black 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt .7pt;width:234.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Minneapolis,
  Minnesota</font></b></p>
  </td>
  <td width="296" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">55402</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="312" valign="top" style="border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt .7pt;width:234.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of
  principal executive offices)</font></p>
  </td>
  <td width="296" valign="top" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Zip Code)</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="font-size:10.0pt;margin:0pt 0pt 6.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">James P.
Freeman<br>
U.S. Bank National Association<br>
One Federal Street, 3</font></b><b><font size="1" style="font-size:6.5pt;font-weight:bold;position:relative;top:-3.0pt;">rd</font>&#160;Floor<br>
Boston, MA&#160; 02110<br>
(617) 603-6565<br>
</b>(Name, address and telephone number of agent for service)</p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">Hospitality Properties Trust</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of obligor as specified in its charter)</font></p>

<div align="center">

<table border="1" cellspacing="0" cellpadding="0" style="border:none;border-collapse:collapse;">
 <tr>
  <td width="312" valign="top" style="border:solid black 1.0pt;padding:0pt .7pt 0pt .7pt;width:234.0pt;">
  <p align="center" style="font-size:10.0pt;margin:2.0pt 0pt .0001pt;text-align:center;"><!-- SET mrlNoTableShading --><b>Maryland</b></p>
  </td>
  <td width="296" valign="top" style="border:solid black 1.0pt;border-left:none;padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:2.0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">04-3262075</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="312" valign="top" style="border-bottom:none;border-left:solid black 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt .7pt;width:234.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State or other
  jurisdiction of</font></p>
  </td>
  <td width="296" valign="top" style="border:none;border-right:solid black 1.0pt;padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(I.R.S. Employer</font></p>
  </td>
 </tr>
 <tr>
  <td width="312" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid black 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt .7pt;width:234.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">incorporation or
  organization)</font></p>
  </td>
  <td width="296" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Identification
  No.)</font></p>
  </td>
 </tr>
 <tr>
  <td width="312" valign="top" style="border-bottom:none;border-left:solid black 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt .7pt;width:234.0pt;">
  <p align="center" style="margin:2.0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">400 Centre Street</font></b></p>
  </td>
  <td width="296" valign="top" style="border:none;border-right:solid black 1.0pt;padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:2.0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="312" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid black 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt .7pt;width:234.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Newton,
  Massachusetts</font></b></p>
  </td>
  <td width="296" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">02458</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="312" valign="top" style="border-bottom:solid black 1.0pt;border-left:solid black 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt .7pt;width:234.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of
  Principal Executive Offices)</font></p>
  </td>
  <td width="296" valign="top" style="border-bottom:solid black 1.0pt;border-left:none;border-right:solid black 1.0pt;border-top:none;padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Zip Code)</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">5.625% Senior Notes due 2017<br>
(Title of the Indenture Securities)</font></b></p>


 <div style="border:none;border-bottom:double windowtext 6.0pt;padding:0pt 0pt 0pt 0pt;"> <p style="border:none;margin:0pt 0pt .0001pt;padding:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p> </div>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<div style="font-family:Times New Roman;">


<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">FORM&nbsp;T-1<a name="Formt1_060318"></a></font></b></p>

<p style="font-size:10.0pt;font-weight:bold;margin:0pt 0pt 6.0pt 47.0pt;page-break-after:avoid;text-indent:-47.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 1.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>GENERAL
INFORMATION<i>.&nbsp;&nbsp; </i><i style="font-weight:normal;">Furnish the following information as to the Trustee.<a name="Item1_GeneralInformation_FurnishT_060318"></a></i></p>

<p style="font-size:10.0pt;margin:0pt 0pt 6.0pt 60.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;a)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Name and address of each examining or supervising authority to which it
is subject.</i></p>

<p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Comptroller of the Currency</font></p>

<p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">United States Department of Treasury</font></p>

<p style="margin:0pt 0pt 6.0pt 40.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Washington, D.C. 20219</font></p>

<p style="font-size:10.0pt;margin:0pt 0pt 6.0pt 60.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;b)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Whether it is authorized to exercise corporate trust powers.</i></p>

<p style="margin:0pt 0pt 6.0pt 60.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Yes</font></p>

<p style="font-size:10.0pt;font-weight:bold;margin:0pt 0pt 6.0pt 47.0pt;page-break-after:avoid;text-indent:-47.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 2.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>AFFILIATIONS
WITH THE OBLIGOR.&nbsp;&nbsp; <i style="font-weight:normal;">If the
obligor is an affiliate of the Trustee, describe each such affiliation.</i></p>

<p style="margin:0pt 0pt 6.0pt 60.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None</font></p>

<p style="font-size:10.0pt;font-weight:bold;margin:0pt 0pt 6.0pt 47.0pt;page-break-after:avoid;text-indent:-47.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Items 3-15</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160; </font><i style="font-weight:normal;">Items 3-15 are not applicable because
to the best of the Trustee&#146;s knowledge, the obligor is not in default under any
Indenture for which the Trustee acts as Trustee.<a name="Items315Items315AreNotApplicableB_060403"></a></i></p>

<p style="font-size:10.0pt;font-weight:bold;margin:0pt 0pt 12.0pt 47.0pt;page-break-after:avoid;text-indent:-47.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item
16.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>LIST OF EXHIBITS.<i style="font-weight:normal;">&nbsp;&nbsp; List below all exhibits filed as a
part of this statement of eligibility and qualification.<a name="Item16_ListOfExhibits_ListBelowAl_060414"></a></i></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.94%;">
  <p style="font-size:10.0pt;margin:4.0pt 0pt .0001pt;"><!-- SET mrlHTMLTableFull --><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.38%;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:84.68%;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A copy of the Articles
  of Association of the Trustee.*</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.94%;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.38%;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:84.68%;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A copy of the
  certificate of authority of the Trustee to commence business.*</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.94%;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.38%;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:84.68%;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A copy of the
  certificate of authority of the Trustee to exercise corporate trust powers.*</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.94%;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.38%;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:84.68%;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A copy of the existing
  bylaws of the Trustee.*</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.94%;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.38%;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:84.68%;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A copy of each Indenture
  referred to in Item 4. Not applicable.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.94%;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.38%;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:84.68%;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The consent of the
  Trustee required by Section&nbsp;321(b)&nbsp;of the Trust Indenture Act of
  1939, attached as Exhibit&nbsp;6.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.94%;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.38%;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.</font></p>
  </td>
  <td width="84%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:84.68%;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Report of Condition of
  the Trustee as of September&nbsp;30, 2006 published pursuant to law or the
  requirements of its supervising or examining authority, attached as
  Exhibit&nbsp;7.</font></p>
  </td>
 </tr>
</table>

<div style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><hr size="1" width="160" noshade color="black" align="left" style="width:120.0pt;"></div>

<p style="font-size:10.0pt;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Incorporated
by reference to Exhibit&nbsp;25.1 to Amendment No.&nbsp;2 to registration
statement on S-4, Registration Number 333-128217 filed on November&nbsp;15,
2005.</p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<div style="font-family:Times New Roman;">


<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">SIGNATURE<a name="Signature_060758"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant
to the requirements of the Trust Indenture Act of 1939, as amended, the
Trustee, U.S. BANK NATIONAL ASSOCIATION, a national banking association
organized and existing under the laws of the United States of America, has duly
caused this statement of eligibility and qualification to be signed on its
behalf by the undersigned, thereunto duly authorized, all in the City of
Boston, Commonwealth of Massachusetts, on April&nbsp;3, 2007.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="43%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:43.92%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlHTMLTableFull --><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:52.64%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">U.S. Bank National Association</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="43%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:43.92%;">
  <p style="margin:18.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.44%;">
  <p style="margin:18.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.4%;">
  <p style="margin:18.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.24%;">
  <p style="margin:18.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.0%;">
  <p style="margin:18.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ James P. Freeman</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="43%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:43.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.24%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:46.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">James P. Freeman</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="43%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:43.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.24%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice President</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.4%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlHTMLTableFull --><!-- SET mrlNoTableShading -->By:</p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:41.8%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Todd R. DiNezza</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:41.8%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Todd R. DiNezza</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:41.8%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Assistant Vice President</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<div style="font-family:Times New Roman;">


<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit&nbsp;6<a name="Exhibit6_061109"></a></font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">CONSENT<a name="Consent_061109"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In accordance with Section&nbsp;321(b)&nbsp;of the
Trust Indenture Act of 1939, the undersigned, U.S. BANK NATIONAL ASSOCIATION
hereby consents that reports of examination of the undersigned by Federal,
State, Territorial or District authorities may be furnished by such authorities
to the Securities and Exchange Commission upon its request therefor.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated:
April&nbsp;3, 2007</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="43%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:43.92%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlHTMLTableFull --><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:52.64%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">U.S. Bank National Association</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="43%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:43.92%;">
  <p style="margin:18.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.44%;">
  <p style="margin:18.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.4%;">
  <p style="margin:18.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.24%;">
  <p style="margin:18.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.0%;">
  <p style="margin:18.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/&nbsp;James P.
  Freeman</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="43%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:43.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.24%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:46.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">James P. Freeman</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="43%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:43.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.24%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice President</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.4%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlHTMLTableFull --><!-- SET mrlNoTableShading -->By:</p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:41.8%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/&nbsp;Todd R. DiNezza</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:41.8%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Todd R. DiNezza</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:41.8%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Assistant Vice President</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit&nbsp;7<a name="Exhibit7_061202"></a></font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">U.S. Bank National
Association<br>
Statement of Financial Condition<br>
As of 9/30/2006</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">($000&#146;s)</font></b></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="513" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:384.85pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="75" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:56.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">9/30/2006</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="513" valign="top" style="padding:0pt .7pt 0pt 0pt;width:384.85pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Assets</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="75" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:56.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="513" valign="top" style="padding:0pt .7pt 0pt 0pt;width:384.85pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cash and Due From Depository Institutions</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="69" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,436,856</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="513" valign="top" style="padding:0pt .7pt 0pt 0pt;width:384.85pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Securities</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="75" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:56.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39,245,651</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="513" valign="top" style="padding:0pt .7pt 0pt 0pt;width:384.85pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Federal Funds</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="75" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:56.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,475,844</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="513" valign="top" style="padding:0pt .7pt 0pt 0pt;width:384.85pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loans&nbsp;&amp; Lease Financing Receivables</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="75" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:56.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">141,382,736</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="513" valign="top" style="padding:0pt .7pt 0pt 0pt;width:384.85pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fixed Assets</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="75" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:56.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,629,727</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="513" valign="top" style="padding:0pt .7pt 0pt 0pt;width:384.85pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Intangible Assets</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="75" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:56.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11,923,005</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="513" valign="top" style="padding:0pt .7pt 0pt 0pt;width:384.85pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other Assets</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="75" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:56.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,799,396</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="513" valign="top" style="padding:0pt .7pt 0pt 0pt;width:384.85pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Total Assets</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7" valign="bottom" style="border:none;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">$</font></b></p>
  </td>
  <td width="69" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">215,893,215</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="513" valign="top" style="padding:0pt .7pt 0pt 0pt;width:384.85pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Liabilities</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="75" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:56.5pt;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="513" valign="top" style="padding:0pt .7pt 0pt 0pt;width:384.85pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Deposits</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="69" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">133,945,028</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="513" valign="top" style="padding:0pt .7pt 0pt 0pt;width:384.85pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fed Funds</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="75" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:56.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12,987,134</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="513" valign="top" style="padding:0pt .7pt 0pt 0pt;width:384.85pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Treasury Demand Notes</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="75" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:56.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="513" valign="top" style="padding:0pt .7pt 0pt 0pt;width:384.85pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trading Liabilities</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="75" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:56.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">166,479</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="513" valign="top" style="padding:0pt .7pt 0pt 0pt;width:384.85pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other Borrowed Money</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="75" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:56.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31,884,451</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="513" valign="top" style="padding:0pt .7pt 0pt 0pt;width:384.85pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Acceptances</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="75" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:56.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="513" valign="top" style="padding:0pt .7pt 0pt 0pt;width:384.85pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subordinated Notes and Debentures</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="75" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:56.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,909,696</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="513" valign="top" style="padding:0pt .7pt 0pt 0pt;width:384.85pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other Liabilities</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="75" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:56.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7,674,530</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="513" valign="top" style="padding:0pt .7pt 0pt 0pt;width:384.85pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Total Liabilities</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7" valign="bottom" style="border:none;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">$</font></b></p>
  </td>
  <td width="69" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">193,567,318</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="513" valign="top" style="padding:0pt .7pt 0pt 0pt;width:384.85pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Equity</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="75" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:56.5pt;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="513" valign="top" style="padding:0pt .7pt 0pt 0pt;width:384.85pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Minority Interest in Subsidiaries</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="69" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,044,165</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="513" valign="top" style="padding:0pt .7pt 0pt 0pt;width:384.85pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Common and Preferred Stock</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="75" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:56.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18,200</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="513" valign="top" style="padding:0pt .7pt 0pt 0pt;width:384.85pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Surplus</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="75" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:56.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11,977,237</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="513" valign="top" style="padding:0pt .7pt 0pt 0pt;width:384.85pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Undivided Profits</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="75" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:56.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,286,295</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="513" valign="top" style="padding:0pt .7pt 0pt 0pt;width:384.85pt;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Total Equity Capital</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7" valign="bottom" style="border:none;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">$</font></b></p>
  </td>
  <td width="69" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">22,325,897</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="513" valign="top" style="padding:0pt .7pt 0pt 0pt;width:384.85pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Total
  Liabilities and Equity Capital</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:6.0pt 0pt .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">$</font></b></p>
  </td>
  <td width="69" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:6.0pt 0pt .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">215,893,215</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To the best of the
undersigned&#146;s determination, as of the date hereof, the above financial
information is true and correct.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlHTMLTableFull --><!-- SET mrlNoTableShading --><b>U.S. Bank National Association</b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.48%;">
  <p style="font-size:10.0pt;margin:18.0pt 0pt .0001pt;"><!-- SET mrlHTMLTableFull --><!-- SET mrlNoTableShading -->By:</p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.38%;">
  <p style="margin:18.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:44.06%;">
  <p style="margin:18.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/&nbsp;James P.
  Freeman</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:44.06%;">
  <p style="margin:18.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:44.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">James P. Freeman</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:44.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:8.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:44.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice President</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:44.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date: April&nbsp;3, 2007</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>8
<FILENAME>a07-9903_1ex99d1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<html>

<head>







</head>

<body lang="EN-US">

<div>


<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit&nbsp;99.1</font></b></p>

<p style="margin:0pt 0pt 6.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">THIS DOCUMENTS IS IMPORTANT AND REQUIRES YOUR
IMMEDIATE ATTENTION. If you are in any doubt as to the action to be taken you
should immediately consult your broker, bank manager, lawyer, accountant,
investment advisor or other professional.</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">LETTER
OF TRANSMITTAL</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">Offer to Exchange</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">All Outstanding 5.625% Senior Notes Due 2017</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">for</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">5.625% Senior Notes Due 2017</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">of</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:16.0pt;">Hospitality Properties Trust</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant
to the Prospectus dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; ,
2007</font></b></p>

<div style="border:solid black 1.0pt;padding:0pt 0pt 0pt 0pt;">

<p style="border:none;margin:0pt 0pt 6.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">THE EXCHANGE OFFER WILL EXPIRE AT
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.M./P.M., NEW YORK CITY
TIME, ON&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; , 2007, UNLESS
THE OFFER IS EXTENDED (SUCH DATE AND TIME, AS IT MAY&nbsp;BE EXTENDED, OR THE
EXPIRATION DATE). OUTSTANDING NOTES TENDERED IN THE EXCHANGE OFFER MAY&nbsp;BE
WITHDRAWN AT ANY TIME PRIOR TO THE EXPIRATION DATE.</font></b></p>

</div>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Deliver to:</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">U.S.
Bank National Association</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">As
Exchange Agent</font></b></p>

<div align="center" style="font-family:Times New Roman;">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><!-- SET mrlNoTableShading --><i>By Registered or Certified Mail:</i></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:12.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">By Hand
  and Overnight Courier:</font></i></p>
  </td>
 </tr>
 <tr>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">U.S. Bank
  National Association</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:12.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">U.S. Bank
  National Association</font></p>
  </td>
 </tr>
 <tr>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">U.S. Bank West
  Side Flats Operations Center</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:12.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">U.S. Bank West
  Side Flats Operations Center</font></p>
  </td>
 </tr>
 <tr>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">60 Livingston
  Ave.</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:12.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">60 Livingston
  Ave.</font></p>
  </td>
 </tr>
 <tr>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">St. Paul, MN
  55107</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:12.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">St. Paul, MN
  55107</font></p>
  </td>
 </tr>
 <tr>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attn: Specialized
  Finance</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:12.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attn: Specialized
  Finance</font></p>
  </td>
 </tr>
 <tr>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:12.0pt 0pt .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">By Facsimile (for eligible institutions only):<br>
  (651) 495-8158</font></i></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:12.0pt;">
  <p align="center" style="margin:12.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:12.0pt 0pt .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Confirm by Telephone:<br>
  (800) 934-6802</font></i></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Your delivery of this letter of transmittal will not
be valid unless you deliver it to one of the addresses, or transmit it to the
facsimile number, set forth above. Please carefully read this entire document,
including the instructions, before completing this letter of transmittal. <b>Do not deliver this letter of transmittal to
Hospitality Properties Trust</b>.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By completing this letter of transmittal, you
acknowledge that you have received Hospitality Properties Trust&#146;s, or the
Company&#146;s, prospectus, dated&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2007, and this letter of transmittal, which together constitute the &#147;exchange
offer.&#148; This letter of transmittal and the prospectus have been delivered to
you in connection with the Company&#146;s offer to exchange $1,000, or integral
multiples thereof, in principal amount of its 5.625% Senior Notes due 2017,
which have been registered under the Securities Act of 1933, as amended, or the
exchange notes, for $1,000, or integral multiples thereof, in principal amount
of its outstanding 5.625% Senior Notes due 2017, or the outstanding notes. Currently,
$300,000,000 in principal amount of outstanding notes are issued and
outstanding.</font></p>


<br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company reserves the right, at any time or from
time to time, to extend this exchange offer at its discretion, in which event
the expiration date will mean the latest date and time to which the offer to
exchange is extended.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This letter of
transmittal is to be completed by the holder (as defined below) of outstanding
notes if:</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160; the holder
is delivering certificates for outstanding notes with this letter of
transmittal, or</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160; the tender
of certificates for outstanding notes will be made by book entry transfer to
the account maintained by U.S. Bank National Association, or the exchange agent,
for the outstanding notes and the exchange notes, at The Depository Trust
Company, or DTC, according the procedures described in the prospectus under the
headings &#147;The Exchange Offer&#151;Procedures for Tendering Outstanding Notes&#148; and &#147;&#151;Book
Entry Transfer.&#148; Please note that delivery of documents required by this letter
of transmittal to DTC does not constitute delivery to the exchange agent.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A holder may also tender its outstanding notes by
means of DTC&#146;s Automated Tender Offer Program, or ATOP, subject to the terms
and procedures of that system. If delivery is made through ATOP, the holder
must transmit an agent&#146;s message to the exchange account at DTC. The term &#147;agent&#146;s
message&#148; means a message, transmitted to DTC and received by the exchange agent
and forming a part of a book entry transfer, that states that DTC has received
an express acknowledgement that the holder agrees to be bound by the letter of
transmittal and that the Company may enforce the letter of transmittal against
the holder.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You may tender your
outstanding notes according to the guaranteed delivery procedures described in
this letter of transmittal if:</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160; your
outstanding notes are not immediately available; or</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160; you cannot
deliver your outstanding notes, this letter of transmittal and all required
documents to the exchange agent or complete the procedures for book entry
transfer before the expiration date.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">More complete information about guaranteed delivery
procedures is contained in the prospectus under the heading &#147;The Exchange Offer&#151;Guaranteed
Delivery Procedures.&#148; You should also read Instruction 1 to determine whether
or not this section applies to you.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As used in this letter of transmittal, the term &#147;holder&#148;
means (1)&nbsp;any person in whose name outstanding notes are registered on the
books of the Company, (2)&nbsp;any other person who has obtained a properly
executed bond power from a registered holder or (3)&nbsp;any person whose
outstanding notes are held of record by DTC who desires to deliver such notes
by book entry transfer at DTC. If you decide to tender your outstanding notes,
you must complete this entire letter of transmittal unless you tender your
outstanding notes by means of ATOP.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You must follow the instructions in this letter of
transmittal. Please read this entire document carefully.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you have questions or need help, or if you would
like additional copies of the prospectus and this letter of transmittal, you
should contact the exchange agent at (800) 934-6802 or at its address set forth
above.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">The method of
delivery of outstanding notes, letters of transmittal and all other required
documents are at the election and risk of the holders. The Company recommends
that you use an overnight or hand delivery service, properly insured, rather
than regular mail. In all cases, sufficient time should be allowed to assure
timely delivery. No letters of transmittal or outstanding notes should be sent
to the Company.</font></b></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The undersigned has completed the appropriate boxes
below and signed this letter of transmittal to indicate the action the
undersigned desires to take with respect to the exchange offer.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">List
below the outstanding notes to which this letter of transmittal relates. If the
space provided below is inadequate, the certificate numbers, principal amount
of outstanding notes and principal amount of outstanding notes tendered should
be listed on a separate signed schedule affixed hereto.</font></p>

<div align="center" style="font-family:Times New Roman;">

<table border="0" cellspacing="0" cellpadding="0" bgcolor="white" style="background:white;border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="607" colspan="13" valign="bottom" style="border:solid windowtext 1.0pt;border-right:none;padding:0pt .7pt 0pt 0pt;width:455.1pt;">
  <p style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><!-- SET mrlNoTableShading -->DESCRIPTION&nbsp;OF&nbsp;OUTSTANDING&nbsp;NOTES</p>
  </td>
  <td width="4" valign="bottom" style="border:solid windowtext 1.0pt;border-left:none;padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="3" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="225" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0pt .7pt 0pt 0pt;width:168.4pt;">
  <p style="font-weight:bold;line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Name(s)&nbsp;and&nbsp;Address(es)&nbsp;of<br>
  Certificate&nbsp;Holder(s)<br>
  (Please&nbsp;Complete&nbsp;if&nbsp;Blank)</font></b></p>
  </td>
  <td width="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:5.95pt;">
  <p style="font-weight:bold;line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="font-weight:bold;line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="font-weight:bold;line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="100" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:75.25pt;">
  <p style="font-weight:bold;line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Certificate<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number(s)*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
  </td>
  <td width="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="font-weight:bold;line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="font-weight:bold;line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="font-weight:bold;line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="102" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:76.85pt;">
  <p style="font-weight:bold;line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Aggregate<br>
  Principal<br>
  Amount&nbsp;of<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outstanding&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
  Notes</font></b></p>
  </td>
  <td width="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="font-weight:bold;line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="font-weight:bold;line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="font-weight:bold;line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="132" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:98.65pt;">
  <p style="font-weight:bold;line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal&nbsp;Amount&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
  of&nbsp;Outstanding<br>
  Notes&nbsp;Tendered**</font></b></p>
  </td>
  <td width="4" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="font-weight:bold;line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="3" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="font-weight:bold;line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="225" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0pt .7pt 0pt 0pt;width:168.4pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:5.95pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
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  </td>
  <td width="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="132" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:98.65pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="225" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0pt .7pt 0pt 0pt;width:168.4pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:5.95pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="100" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:75.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="102" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:76.85pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="132" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:98.65pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="225" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0pt .7pt 0pt 0pt;width:168.4pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:5.95pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="100" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:75.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total:</font></p>
  </td>
  <td width="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="102" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:76.85pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="8" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="132" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:98.65pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="607" colspan="13" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0pt .7pt 0pt 0pt;width:455.1pt;">
  <p style="margin:0pt 0pt .0001pt 25.0pt;page-break-after:avoid;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Need not be completed if outstanding
  notes are being tendered by book entry transfer.</font></p>
  </td>
  <td width="4" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="607" colspan="13" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0pt .7pt 0pt 0pt;width:455.1pt;">
  <p style="margin:0pt 0pt .0001pt 25.0pt;page-break-after:avoid;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">**&nbsp;&nbsp;&nbsp; You will be deemed to have tendered the
  entire principal amount of outstanding notes represented in the column labeled
  &#147;Aggregate Principal Amount of Outstanding Notes&#148; unless you indicate
  otherwise in the applicable column labeled &#147;Principal Amount of Outstanding
  Notes Tendered.&#148;</font></p>
  </td>
  <td width="4" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By crediting the
outstanding notes to the exchange agent&#146;s account at DTC using ATOP and by
complying with applicable ATOP procedures with respect to the exchange offer,
including, if applicable, transmitting to the exchange agent an agent&#146;s message
in which the holder of the outstanding notes acknowledges and agrees to be
bound by the terms of, and makes the representations and warranties contained
in, this letter of transmittal, the participant in DTC confirms on behalf of
itself and the beneficial owners of such outstanding notes all provisions of
this letter of transmittal (including all representations and warranties)
applicable to it and such beneficial owner as fully as if it had completed the
information required herein and executed and transmitted this letter of
transmittal to the exchange agent.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">PLEASE READ THE
ACCOMPANYING INSTRUCTIONS CAREFULLY.</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">(REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK)</font></b></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='3',FILE='C:\fc\95154351586_D11086_1971274\9903-1-km.htm',USER='jmsproofassembler',CD='Apr  5 15:45 2007' -->



<br clear="all" style="page-break-before:always;">
<div>


<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>CHECK
HERE IF YOU HAVE ENCLOSED OUTSTANDING NOTES WITH THIS LETTER OF TRANSMITTAL.</p>

<p style="margin:0pt 0pt 12.0pt 20.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">COMPLETE
THE FOLLOWING ONLY IF YOU ARE AN ELIGIBLE INSTITUTION (THIS TERM IS DEFINED
BELOW):</font></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;font-family:Times New Roman;">
 <tr style="page-break-inside:avoid;">
  <td width="181" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:136.05pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><!-- SET mrlHTMLTableLeft --><!-- SET mrlNoTableShading -->Name of Tendering
  Institution:</p>
  </td>
  <td width="5" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="421" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:315.95pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="105" valign="top" style="padding:0pt .7pt 0pt 0pt;width:78.45pt;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Account Number:</font></p>
  </td>
  <td width="503" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:377.55pt;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="158" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:118.65pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Transaction Code Number:</font></p>
  </td>
  <td width="450" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:337.35pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="105" style="border:none;"></td>
  <td width="54" style="border:none;"></td>
  <td width="23" style="border:none;"></td>
  <td width="5" style="border:none;"></td>
  <td width="421" style="border:none;"></td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 20.0pt;page-break-after:avoid;text-indent:-20.0pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>CHECK
HERE AND ENCLOSE A PHOTOCOPY OF THE NOTICE OF GUARANTEED DELIVERY IF YOU ARE
DELIVERING TENDERED OUTSTANDING NOTES THROUGH A NOTICE OF GUARANTEED DELIVERY,
AND COMPLETE THE FOLLOWING:</p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;font-family:Times New Roman;">
 <tr style="page-break-inside:avoid;">
  <td width="321" colspan="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:240.6pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlHTMLTableLeft --><!-- SET mrlNoTableShading -->Name(s)&nbsp;of Registered
  Holder(s)&nbsp;of Outstanding Notes:</p>
  </td>
  <td width="5" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="281" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:211.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="305" colspan="5" valign="top" style="padding:0pt .7pt 0pt 0pt;width:228.45pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of Execution of
  Notice of Guaranteed Delivery:</font></p>
  </td>
  <td width="7" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="296" colspan="5" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:222.15pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="219" valign="top" style="padding:0pt .7pt 0pt 0pt;width:164.1pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Window Ticket Number (if
  available):</font></p>
  </td>
  <td width="7" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="382" colspan="9" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:286.5pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="268" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:200.65pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name of Institution that
  Guaranteed Delivery:</font></p>
  </td>
  <td width="7" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="333" colspan="7" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:249.95pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="312" colspan="7" valign="top" style="padding:0pt .7pt 0pt 0pt;width:234.05pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Account Number (if
  delivered by book-entry transfer):</font></p>
  </td>
  <td width="7" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="289" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:216.55pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="219" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="42" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="30" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="1" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="2" style="border:none;"></td>
  <td width="5" style="border:none;"></td>
  <td width="281" style="border:none;"></td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 20.0pt;page-break-after:avoid;text-indent:-20.0pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>CHECK
HERE IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE TEN ADDITIONAL COPIES OF
THE PROSPECTUS AND TEN COPIES OF ANY AMENDMENTS OR SUPPLEMENTS THERETO.</p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;font-family:Times New Roman;">
 <tr style="page-break-inside:avoid;">
  <td width="142" valign="top" style="padding:0pt .7pt 0pt 0pt;width:106.65pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlHTMLTableLeft --><!-- SET mrlNoTableShading -->Name of Broker-Dealer:</p>
  </td>
  <td width="466" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:349.35pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="354" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.35pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Address to which copies
  of the prospectus are to be delivered:</font></p>
  </td>
  <td width="254" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:190.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="142" style="border:none;"></td>
  <td width="212" style="border:none;"></td>
  <td width="254" style="border:none;"></td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">4</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='4',FILE='C:\fc\9513243495_D11090_1967831\9903-1-km-01.htm',USER='jmsproofassembler',CD='Apr  5 01:33 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">SPECIAL
ISSUANCE AND SPECIAL DELIVERY INSTRUCTIONS<a name="SpecialIssuanceAndSpecialDelivery_084552"></a></font></b></p>

<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="47%" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:47.4%;">
  <p align="center" style="font-size:10.0pt;margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><!-- SET mrlHTMLTableFull --><!-- SET mrlNoTableShading -->SPECIAL ISSUANCE INSTRUCTIONS<br>
  <i>(See Instructions 4, 5 and 6)</i></p>
  </td>
  <td width="0%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:.88%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:3.5%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:.82%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:47.4%;">
  <p align="center" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SPECIAL DELIVERY INSTRUCTIONS<i><font style="font-style:italic;"><br>
  (</font>See Instructions 4, 5 and 6)</i></font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="47%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:47.4%;">
  <p style="margin:6.0pt 0pt .0001pt 4.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Complete this section
  ONLY if: </font>(1)&nbsp;certificates for untendered outstanding notes are to
  be issued in the name of someone other than you; (2)&nbsp;certificates for
  exchange notes issued in exchange for tendered and accepted outstanding notes
  are to be issued in the name of someone other than you; or
  (3)&nbsp;outstanding notes tendered by book entry transfer that are not
  exchanged are to be returned by credit to an account maintained at DTC other
  than the account of the person signing this letter of transmittal.</font></p>
  </td>
  <td width="0%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:.88%;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:3.5%;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:.82%;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:47.4%;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Complete this section ONLY if certificates for
  untendered outstanding notes, or exchange notes issued in exchange for
  tendered and accepted outstanding notes, are to be sent to someone other than
  you, or to you at an address other than the address shown above.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="47%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:47.4%;">
  <p style="margin:6.0pt 0pt .0001pt 4.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Issue
  Certificate(s)&nbsp;to:&nbsp;</font></p>
  </td>
  <td width="0%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:.88%;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:3.5%;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:.82%;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:47.4%;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mail and Deliver
  Certificate(s)&nbsp;to:</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="47%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:47.4%;">
  <p style="margin:6.0pt 0pt .0001pt 4.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name(s):&nbsp;_________________________________</font></p>
  </td>
  <td width="0%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:.88%;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:3.5%;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:.82%;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:47.4%;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name(s):&nbsp;__________________________________</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="47%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:47.4%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Please Type or Print)</font></p>
  </td>
  <td width="0%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:3.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:47.4%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Please Type or
  Print)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="47%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:47.4%;">
  <p align="center" style="margin:6.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">__________________________________________<br>
  (Please Type or Print)</font></p>
  </td>
  <td width="0%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:.88%;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:3.5%;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:.82%;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:47.4%;">
  <p align="center" style="margin:6.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">__________________________________________<br>
  (Please Type or Print)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="47%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:47.4%;">
  <p style="margin:6.0pt 0pt .0001pt 4.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Address :&nbsp;_________________________________</font></p>
  </td>
  <td width="0%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:.88%;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:3.5%;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:.82%;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:47.4%;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Address:&nbsp;__________________________________</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="47%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:47.4%;">
  <p align="center" style="margin:6.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">__________________________________________</font></p>
  </td>
  <td width="0%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:.88%;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:3.5%;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:.82%;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:47.4%;">
  <p align="center" style="margin:6.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">__________________________________________</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="47%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:47.4%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Includes Zip
  Code)</font></p>
  </td>
  <td width="0%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:3.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:47.4%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Include Zip
  Code)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="47%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:47.4%;">
  <p align="center" style="margin:6.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">_______________________________<br>
  (Taxpayer Identification or<br>
  Social Security Number) </font></p>
  </td>
  <td width="0%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:.88%;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:3.5%;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:.82%;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:47.4%;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="47%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:47.4%;">
  <p style="margin:6.0pt 0pt .0001pt 4.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Credit unexchanged
  outstanding notes delivered by book entry transfer to the book entry transfer
  facility account set forth below.</font></p>
  </td>
  <td width="0%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:.88%;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:3.5%;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:.82%;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:47.4%;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="47%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:47.4%;">
  <p align="center" style="margin:6.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">__________________________________________<br>
  (Book Entry Transfer Facility<br>
  Account Number, If Applicable)</font></p>
  </td>
  <td width="0%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:.88%;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:3.5%;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:.82%;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:47.4%;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="47%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0pt .7pt 0pt 0pt;width:47.4%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:3.5%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:47.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">IMPORTANT:
This letter of transmittal or a facsimile thereof or an agent&#146;s message in lieu
thereof (together with the certificates for outstanding notes or a book entry
confirmation and all other required documents) must be received by the exchange
agent prior to the expiration date.</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">PLEASE
READ THIS ENTIRE LETTER OF TRANSMITTAL<br>
CAREFULLY BEFORE COMPLETING ANY BOX ABOVE.</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">PLEASE ALSO
COMPLETE FORM&nbsp;W-9 OR APPROPRIATE<br>
INTERNAL REVENUE SERVICE, OR IRS, FORM&nbsp;W-8.</font></b></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">5</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<br clear="all" style="page-break-before:always;">
<div>


<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies and Gentlemen:</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">According to the
terms and conditions of the exchange offer, I hereby tender to the Company the
principal amount of outstanding notes indicated above. At the time these notes
are accepted by the Company, and exchanged for the same principal amount of
exchange notes, I will sell, assign, and transfer to the Company all right,
title and interest in and to the outstanding notes that I have tendered. I am
aware that the exchange agent also acts as the agent of the Company. By
executing this document, I irrevocably appoint the exchange agent as my agent
and attorney-in-fact for the tendered outstanding notes with full power of
substitution to:</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160; deliver
certificates for the outstanding notes, or transfer ownership if the
outstanding notes on the account books maintained by DTC, to the Company and
deliver all accompanying evidences of transfer and authenticity to the Company;
and</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160; present the
outstanding notes for transfer on the books of the Company, receive all
benefits and exercise all rights of beneficial ownership of these outstanding
notes, according to the terms of the exchange offer. The power of attorney
granted in this paragraph is irrevocable and coupled with an interest.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I represent and
warrant that I have full power and authority to tender, sell, assign and
transfer the outstanding notes that I am tendering. I represent and warrant
that the Company will acquire good and unencumbered title to the outstanding
notes, free and clear of all liens, claims, interests, restrictions, charges
and encumbrances of any kind and that the outstanding notes will not be subject
to any adverse claim at the time the Company acquires them. I further represent
that:</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160; any
exchange notes I will acquire under the exchange offer will be acquired in the
ordinary course of business;</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160; I have not
engaged in, do not intend to engage in, and have no arrangement or
understanding with any person to engage in, a distribution, within the meaning
of the Securities Act of 1933, as amended, or the Securities Act, of any
exchange notes issued to me;</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160; I am not a
broker-dealer tendering outstanding notes acquired directly from the Company
for my own account;</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&#160;&#160; I am not an
&#147;affiliate&#148; (as defined in Rule&nbsp;405 under the Securities Act) of the
Company; and</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)&#160;&#160; I am not
prohibited by any law or policy of the Securities and Exchange Commission, or
SEC, from participating in the exchange offer.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I understand that the exchange offer is being made in
reliance on interpretations contained in letters issued to third parties by the
staff of the SEC. These letters provide that the exchange notes issued in
exchange for the outstanding notes in the exchange offer may be offered for
resale, resold, and otherwise transferred by a holder of exchange notes, unless
that person is an &#147;affiliate&#148; of the Company within the meaning of Rule&nbsp;405
under the Securities Act, without compliance with the registration and
prospectus delivery provisions of the Securities Act. The exchange notes must
be acquired in the ordinary course of the holder&#146;s business and the holder must
not be engaging in, must not intend to engage in, and must not have any
arrangement or understanding with any person to participate in, a distribution
of the exchange notes.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I understand that the terms and conditions of the
exchange offer shall be deemed to be incorporated in, and form a part of, this
letter of transmittal, which shall be read and construed accordingly.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If I am a broker-dealer that will receive exchange
notes for my own account in exchange for outstanding notes that were acquired
as a result of market making activities or other trading activities, I </font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">acknowledge that I will
deliver a prospectus meeting the requirements of the Securities Act in
connection with any resale of the exchange notes. However, by this acknowledgement
and by delivering a prospectus, I will not be deemed to admit that I am an &#147;underwriter&#148;
within the meaning of the Securities Act.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon request, I will execute and deliver any
additional documents deemed by the exchange agent or the Company to be necessary
or desirable to complete the assignment, transfer and purchase of the
outstanding notes I have tendered.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I understand that the Company will be deemed to have
accepted validly tendered outstanding notes when the Company gives oral
(promptly confirmed in writing) or written notice of acceptance to the exchange
agent.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If, for any reason, any tendered outstanding notes are
not accepted for exchange in the exchange offer, certificates for those
unaccepted outstanding notes will be returned to me without charge at the
address shown below or at a different address if one is listed under &#147;Special
Delivery Instructions.&#148; Any unaccepted outstanding notes which had been
tendered by book entry transfer will be credited to an account at DTC, as soon
as reasonably possible after the expiration date.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All authority granted or agreed to be granted by this
letter of transmittal will survive my death, incapacity or, if I am a
corporation or institution, my dissolution and every obligation under this
letter of transmittal is binding upon my heirs, personal representatives,
executors, administrators, successors, assigns, trustees in bankruptcy and
other legal representatives.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I understand that tenders of outstanding notes
according to the procedures described in the prospectus under the heading &#147;The
Exchange Offer&#151;Procedures for Tendering Outstanding Notes&#148; and in the
instructions included in this letter of transmittal constitute a binding
agreement between myself and the Company subject to the terms and conditions of
the exchange offer.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless I have given other instructions in this letter
of transmittal under the section &#147;Special Issuance Instructions,&#148; please issue
the certificates representing exchange notes issued and accepted in exchange
for my tendered and accepted outstanding notes in my name, and issue any
replacement certificates for outstanding notes not tendered or not exchanged in
my name. Similarly, unless I have instructed otherwise under the section &#147;Special
Delivery Instructions,&#148; please send the certificates representing the exchange
notes issued in exchange for tendered and accepted outstanding notes and any
certificates for outstanding notes that were not tendered or exchanged, as well
as any accompanying documents, to me at the address shown below my signature.
If the &#147;Special Issuance Instructions&#148; and the &#147;Special Delivery Instructions&#148;
are completed, please issue the certificates representing the exchange notes
issued in exchange for my tendered and accepted outstanding notes in the name(s)&nbsp;of,
and/or return any outstanding notes that were not tendered or exchanged and
send such certificates to, the person(s)&nbsp;so indicated. I understand that
if the Company does not accept any of the tendered outstanding notes for
exchange, the Company has no obligation to transfer any outstanding notes from
the name of the registered holder(s)&nbsp;according to my instructions in the &#147;Special
Issuance Instructions&#148; and &#147;Special Delivery Instructions&#148; sections of this
document.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THE UNDERSIGNED, BY COMPLETING THE BOX ENTITLED &#147;DESCRIPTION
OF OUTSTANDING NOTES&#148; ABOVE AND SIGNING THIS LETTER OF TRANSMITTAL, WILL BE
DEEMED TO HAVE TENDERED THE OUTSTANDING NOTES AS SET FORTH IN SUCH BOX ABOVE.</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">


<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="11" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:100.0%;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><!-- SET mrlHTMLTableFull --><!-- SET mrlNoTableShading --><b>IN ORDER TO VALIDLY TENDER OUTSTANDING NOTES FOR<br>
  EXCHANGE, HOLDERS OF OUTSTANDING NOTES MUST COMPLETE,<br>
  EXECUTE AND DELIVER THIS LETTER OF TRANSMITTAL.</b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="11" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:6.0pt 8.0pt .0001pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as stated in the prospectus, all authority
  herein conferred or agreed to be conferred shall survive the death,
  incapacity, or dissolution of the undersigned, and any obligation of the
  undersigned hereunder shall be binding upon the heirs, personal
  representatives, executives, administrators, successors, assigns, trustees in
  bankruptcy and other legal representatives of the undersigned.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="11" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 8.0pt .0001pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="11" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p align="center" style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PLEASE SIGN HERE WHETHER OR NOT OUTSTANDING
  NOTES ARE<br>
  BEING PHYSICALLY TENDERED HEREBY</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="1%" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:1.48%;">
  <p align="center" style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="97%" colspan="9" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:97.02%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:1.48%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="11" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Signature
  of Owner</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" colspan="2" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:8.52%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;text-indent:10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>
  </td>
  <td width="85%" colspan="7" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:85.06%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:6.42%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="37%" colspan="6" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:37.26%;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;text-indent:10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Area Code and Telephone Number:</font></p>
  </td>
  <td width="56%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:56.32%;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:6.42%;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="37%" colspan="6" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:37.26%;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;text-indent:10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tax Identification or Social Security:</font></p>
  </td>
  <td width="56%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:56.32%;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:6.42%;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="11" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:12.0pt 8.0pt .0001pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The above lines must be signed by the registered
  holder(s)&nbsp;of outstanding notes as their name(s) appear(s) on the
  certificate(s)&nbsp;for the outstanding notes or a DTC security position
  listing or by person(s) authorized to become registered holder(s)&nbsp;by a
  properly completed bond power from the registered holder(s). A copy of the
  completed bond power must be delivered with this letter of transmittal. If
  any outstanding notes tendered through this letter of transmittal are held of
  record by two or more joint holders, then all such holders must sign this
  letter of transmittal. If the signature is by trustee, executor,
  administrator, guardian, attorney-in-fact, officer of a corporation or other
  person acting in a fiduciary or representative capacity, then such person
  must (1)&nbsp;state his or her full title below and (2)&nbsp;unless waived by
  the Company, submit evidence satisfactory to the Company of such person&#146;s
  authority to act on behalf of the holder. See Instruction 4.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" colspan="2" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:8.52%;">
  <p align="right" style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:9.74%;">
  <p align="right" style="font-size:10.0pt;margin:12.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><!-- SET mrlHTMLTableCenter --><!-- SET mrlNoTableShading -->Name(s):</p>
  </td>
  <td width="75%" colspan="5" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:75.32%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:6.42%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" colspan="2" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:8.52%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:9.74%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="75%" colspan="5" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:75.32%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Please
  Type or Print)</font></p>
  </td>
  <td width="6%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:6.42%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" colspan="2" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:8.52%;">
  <p align="right" style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:9.74%;">
  <p align="right" style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Capacity:</font></p>
  </td>
  <td width="75%" colspan="5" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:75.32%;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:6.42%;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" colspan="2" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:8.52%;">
  <p align="right" style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:9.74%;">
  <p align="right" style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Address:</font></p>
  </td>
  <td width="75%" colspan="5" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:75.32%;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:6.42%;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" colspan="2" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:8.52%;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:9.74%;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="75%" colspan="5" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:75.32%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Include
  Zip Code)</font></p>
  </td>
  <td width="6%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:6.42%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="11" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p align="center" style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Signature Guarantee<br>
  (If required by Instruction 4)</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" colspan="2" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:8.52%;">
  <p align="right" style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="85%" colspan="7" valign="top" style="padding:0pt .7pt 0pt 0pt;width:85.06%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Signature(s)&nbsp;Guaranteed
  By</font></p>
  </td>
  <td width="6%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:6.42%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" colspan="2" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:8.52%;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:22.76%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An Eligible Institution:</font></p>
  </td>
  <td width="68%" colspan="6" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:68.72%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" colspan="2" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:8.52%;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:22.76%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:12.76%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55%" colspan="4" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:55.96%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Authorized
  Signature)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" colspan="2" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:8.52%;">
  <p align="right" style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" colspan="9" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:91.48%;">
  <p align="center" style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" colspan="2" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:8.52%;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" colspan="2" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:9.74%;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:13.02%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.76%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55%" colspan="4" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:55.96%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Title)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" colspan="2" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:8.52%;">
  <p align="right" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="91%" colspan="9" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:91.48%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" colspan="2" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:8.52%;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" colspan="3" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:22.76%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" colspan="2" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:12.76%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55%" colspan="4" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:55.96%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Name and Firm)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" colspan="2" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:8.52%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.8%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>
  </td>
  <td width="29%" colspan="5" valign="top" style="padding:0pt .7pt 0pt 0pt;width:29.78%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">___________________________</font></p>
  </td>
  <td width="54%" colspan="3" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:54.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0pt .7pt 0pt 0pt;width:8.52%;">
  <p align="right" style="line-height:6.0pt;margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:22.76%;">
  <p style="line-height:6.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="68%" colspan="6" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:68.72%;">
  <p style="line-height:6.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="11" style="border:none;"></td>
  <td width="53" style="border:none;"></td>
  <td width="51" style="border:none;"></td>
  <td width="22" style="border:none;"></td>
  <td width="97" style="border:none;"></td>
  <td width="45" style="border:none;"></td>
  <td width="51" style="border:none;"></td>
  <td width="8" style="border:none;"></td>
  <td width="363" style="border:none;"></td>
  <td width="37" style="border:none;"></td>
  <td width="11" style="border:none;"></td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='9',FILE='C:\fc\9513443680_D11084_1970486\9903-1-km-03.htm',USER='jmsproofassembler',CD='Apr  5 13:05 2007' -->



<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">


<table border="0" cellspacing="0" cellpadding="0" width="100%" bgcolor="white" style="background:white;border-collapse:collapse;width:100.0%;">
 <tr height="26" style="height:19.8pt;page-break-inside:avoid;">
  <td width="14%" colspan="4" height="26" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:19.8pt;padding:0pt .7pt 0pt 0pt;width:14.92%;">
  <p style="font-size:10.0pt;line-height:24.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlHTMLTableFull --><!-- SET mrlNoTableShading --><font size="1" face="Times New Roman" style="font-size:7.0pt;">Form
  </font><b><font size="6" face="Times New Roman" style="font-size:24.0pt;font-weight:bold;">W-9</font></b></p>
  </td>
  <td width="68%" colspan="25" rowspan="3" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:19.8pt;padding:0pt .7pt 0pt 0pt;width:68.86%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="4" face="Times New Roman" style="font-size:14.0pt;font-weight:bold;">Request for Taxpayer<br>
  Identification Number and Certification</font></b></p>
  </td>
  <td width="16%" colspan="14" rowspan="3" style="border:none;border-bottom:solid windowtext 1.0pt;height:19.8pt;padding:0pt .7pt 0pt 0pt;width:16.22%;">
  <p style="margin:0pt 0pt .0001pt 6.0pt;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Give
  form to the requester. Do not send to the IRS.</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="14%" colspan="4" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:14.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">(Rev.
  November&nbsp;2005)</font></p>
  </td>
 </tr>
 <tr height="22" style="height:16.2pt;page-break-inside:avoid;">
  <td width="14%" colspan="4" height="22" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:16.2pt;padding:0pt .7pt 0pt 0pt;width:14.92%;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">Department
  of the Treasury<br>
  Internal Revenue Service</font></p>
  </td>
 </tr>
 <tr height="30" style="height:22.4pt;page-break-inside:avoid;">
  <td width="4%" rowspan="6" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:22.4pt;padding:0pt .7pt 0pt 0pt;width:4.02%;">
  <p style="margin:2.0pt 5.65pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;"><b>Print or type</b><br>
  See <b>Specific Instructions</b> on page 2.</font></p>
  </td>
  <td width="95%" colspan="42" height="30" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:22.4pt;padding:0pt .7pt 0pt 0pt;width:95.98%;">
  <p style="margin:2.0pt 0pt .0001pt 4.0pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">Name
  (as shown on your income tax return)</font></p>
  </td>
 </tr>
 <tr height="31" style="height:23.4pt;page-break-inside:avoid;">
  <td width="95%" colspan="42" height="31" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:23.4pt;padding:0pt .7pt 0pt 0pt;width:95.98%;">
  <p style="margin:2.0pt 0pt .0001pt 4.0pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">Business
  name, if different from above</font></p>
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>
  </td>
 </tr>
 <tr height="32" style="height:24.0pt;page-break-inside:avoid;">
  <td width="16%" colspan="4" height="32" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:24.0pt;padding:0pt .7pt 0pt 0pt;width:16.42%;">
  <p style="margin:0pt 0pt 4.0pt 4.0pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">Check appropriate box:</font></p>
  </td>
  <td width="2%" height="32" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:24.0pt;padding:0pt .7pt 0pt 0pt;width:2.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="5" face="Wingdings 2" style="font-size:16.0pt;">*</font></p>
  </td>
  <td width="11%" height="32" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:24.0pt;padding:0pt .7pt 0pt 0pt;width:11.8%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">Individual/<br>
  Sole proprietor</font></p>
  </td>
  <td width="2%" height="32" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:24.0pt;padding:0pt .7pt 0pt 0pt;width:2.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="5" face="Wingdings 2" style="font-size:16.0pt;">*</font></p>
  </td>
  <td width="10%" height="32" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:24.0pt;padding:0pt .7pt 0pt 0pt;width:10.94%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">Corporation</font></p>
  </td>
  <td width="3%" height="32" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:24.0pt;padding:0pt .7pt 0pt 0pt;width:3.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="5" face="Wingdings 2" style="font-size:16.0pt;">*</font></p>
  </td>
  <td width="10%" height="32" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:24.0pt;padding:0pt .7pt 0pt 0pt;width:10.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">Partnership</font></p>
  </td>
  <td width="2%" colspan="2" height="32" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:24.0pt;padding:0pt .7pt 0pt 0pt;width:2.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="5" face="Wingdings 2" style="font-size:16.0pt;">*</font></p>
  </td>
  <td width="5%" colspan="2" height="32" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:24.0pt;padding:0pt .7pt 0pt 0pt;width:5.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">Other </font><font size="1" face="Wingdings 3" style="font-size:9.0pt;">&#132;</font></p>
  </td>
  <td width="10%" colspan="9" height="32" style="border:solid windowtext 1.0pt;border-left:none;height:24.0pt;padding:0pt .7pt 0.375pt 0pt;width:10.78%;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">------------------</font></p>
  </td>
  <td width="4%" colspan="8" height="32" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:24.0pt;padding:0pt .7pt 0pt 0pt;width:4.76%;">
  <p align="right" style="margin:0pt 4.0pt .0001pt 0pt;text-align:right;"><font size="5" face="Wingdings 2" style="font-size:16.0pt;">*</font></p>
  </td>
  <td width="13%" colspan="11" height="32" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;height:24.0pt;padding:0pt .7pt 0pt 0pt;width:13.64%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">Exempt from backup
  withholding</font></p>
  </td>
 </tr>
 <tr height="32" style="height:24.0pt;page-break-inside:avoid;">
  <td width="65%" colspan="13" height="32" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:24.0pt;padding:0pt .7pt 0pt 0pt;width:65.54%;">
  <p style="margin:2.0pt 0pt .0001pt 4.0pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">Address
  (number, street, and apt. or suite no.)</font></p>
  </td>
  <td width="30%" colspan="29" height="32" valign="top" style="border:none;height:24.0pt;padding:0pt .7pt 0.375pt 0pt;width:30.44%;">
  <p style="margin:2.0pt 0pt .0001pt 4.0pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">Requester&#146;s
  name and address (optional)</font></p>
  </td>
 </tr>
 <tr height="31" style="height:23.4pt;page-break-inside:avoid;">
  <td width="65%" colspan="13" height="31" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:23.4pt;padding:0pt .7pt 0pt 0pt;width:65.54%;">
  <p style="margin:2.0pt 0pt .0001pt 4.0pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">City,
  state, and ZIP code</font></p>
  </td>
  <td width="30%" colspan="29" height="31" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:23.4pt;padding:0pt .7pt 0pt 0pt;width:30.44%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="32" style="height:24.0pt;page-break-inside:avoid;">
  <td width="95%" colspan="42" height="32" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;height:24.0pt;padding:0pt .7pt 0pt 0pt;width:95.98%;">
  <p style="margin:2.0pt 0pt .0001pt 4.0pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">List
  account number(s)&nbsp;here (optional)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="6%" colspan="2" valign="top" style="background:black;border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:6.4%;">
  <p style="margin:0pt 0pt .0001pt 2.0pt;"><b><font size="2" color="white" face="Times New Roman" style="color:white;font-size:10.0pt;font-weight:bold;">Part I</font></b></p>
  </td>
  <td width="93%" colspan="41" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:93.6%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Taxpayer Identification Number
  (TIN)</font></b></p>
  </td>
 </tr>
 <tr height="8" style="height:6.0pt;page-break-inside:avoid;">
  <td width="100%" colspan="43" height="8" valign="top" style="height:6.0pt;padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="71%" colspan="16" rowspan="7" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:71.84%;">
  <p style="margin:0pt 0pt 3.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Enter
  your TIN in the appropriate box. The TIN provided must match the name given
  on Line 1 to avoid backup withholding. For individuals, this is your social
  security number (SSN). However, for a resident alien, sole proprietor, or
  disregarded entity, see the Part&nbsp;I instructions on page&nbsp;3. For
  other entities, it is your employer identification number (EIN). If you do
  not have a number, see <i>How to get a TIN</i>
  on page&nbsp;3.</font></p>
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Note.</font></b><font size="1" face="Times New Roman" style="font-size:8.0pt;">
  If the account is in more than one name, see the chart on page 4 for
  guidelines on whose number&nbsp;to enter.</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.74%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" colspan="25" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:24.26%;">
  <p style="margin:0pt 0pt 2.0pt 2.0pt;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;font-weight:bold;">Social security number</font></b></p>
  </td>
  <td width="1%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:1.16%;">
  <p style="margin:0pt 0pt 2.0pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="2%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.74%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.68%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
  <td width="2%" colspan="3" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.7%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
  <td width="2%" colspan="4" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.3%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:.38%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
  <td width="0%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:.56%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
  <td width="2%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.12%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
  <td width="2%" colspan="3" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.3%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:.38%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
  <td width="0%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:.54%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.14%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
  <td width="2%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.68%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
  <td width="2%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.84%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.68%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:1.16%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="2%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.74%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:2.68%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
  <td width="2%" colspan="3" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:2.7%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
  <td width="2%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.3%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:.38%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
  <td width="0%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:.56%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
  <td width="2%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:2.12%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
  <td width="2%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.3%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:.38%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
  <td width="0%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:.54%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:2.14%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
  <td width="2%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:2.68%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
  <td width="2%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:2.84%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:2.68%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:1.16%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="10" style="height:7.3pt;page-break-inside:avoid;">
  <td width="2%" height="10" valign="top" style="height:7.3pt;padding:0pt .7pt 0pt 0pt;width:2.74%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" colspan="26" height="10" valign="top" style="height:7.3pt;padding:0pt .7pt 0pt 0pt;width:25.42%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">or</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="2%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.74%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" colspan="25" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:24.26%;">
  <p style="margin:0pt 0pt 2.0pt 2.0pt;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;font-weight:bold;">Employee identification number</font></b></p>
  </td>
  <td width="1%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:1.16%;">
  <p style="margin:0pt 0pt 2.0pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="2%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.74%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
  <td width="2%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.88%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
  <td width="0%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:.4%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:.58%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
  <td width="2%" colspan="4" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.08%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
  <td width="2%" colspan="4" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.66%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
  <td width="2%" colspan="4" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.66%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
  <td width="2%" colspan="3" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.66%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
  <td width="2%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.66%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.66%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.68%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:1.16%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="2%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:2.74%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
  <td width="2%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:2.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
  <td width="0%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:.4%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
  <td width="2%" colspan="4" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:2.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
  <td width="2%" colspan="4" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:2.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
  <td width="2%" colspan="4" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:2.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
  <td width="2%" colspan="3" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:2.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
  <td width="2%" colspan="2" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:2.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:2.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:2.68%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:1.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.5pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="6%" colspan="2" valign="top" style="background:black;border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:6.4%;">
  <p style="margin:0pt 0pt .0001pt 2.0pt;"><b><font size="2" color="white" face="Times New Roman" style="color:white;font-size:10.0pt;font-weight:bold;">Part II</font></b></p>
  </td>
  <td width="93%" colspan="41" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:93.6%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Certification</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="43" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Under
  penalties of perjury, I certify that:</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="43" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:2.0pt 0pt 2.0pt 13.8pt;text-indent:-13.8pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">1.&nbsp;&nbsp; The number shown on this form is my correct
  taxpayer identification number (or I am waiting for a number to be issued to
  me), and</font></p>
  <p style="margin:0pt 0pt 2.0pt 13.8pt;text-indent:-13.8pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">2.&nbsp;&nbsp; I am not subject to backup withholding
  because: (a)&nbsp;I am exempt from backup withholding, or (b)&nbsp;I have not
  been notified by the Internal Revenue Service (IRS) that I am subject to
  backup withholding as a result of a failure to report all interest or
  dividends, or (c)&nbsp;the IRS has notified&nbsp;me that I am no longer
  subject to backup withholding, and</font></p>
  <p style="margin:0pt 0pt 2.0pt 13.8pt;text-indent:-13.8pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">3.&nbsp;&nbsp; I am a U.S. person (including a U.S.
  resident alien).</font></p>
  <p style="margin:0pt 0pt 4.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Certification instructions. </font></b><font size="1" face="Times New Roman" style="font-size:8.0pt;">You
  must cross out item 2 above if you have been notified by the IRS that you are
  currently subject to backup withholding because you have failed to report all
  interest and dividends on your tax return. For real estate transactions, item
  2 does not apply. For&nbsp;mortgage interest paid, acquisition or abandonment
  of secured property, cancellation of debt, contributions to an individual
  retirement arrangement (IRA), and generally, payments other than interest and
  dividends, you are not required to sign the Certification, but you must
  provide&nbsp;your correct TIN. (See the instructions on page&nbsp;4.)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="6%" colspan="3" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:6.46%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Sign Here</font></b></p>
  </td>
  <td width="58%" colspan="9" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:58.28%;">
  <p style="margin:0pt 0pt .0001pt 6.0pt;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;font-weight:bold;">Signature
  of<br>
  U.S. person</font></b><font size="1" face="Times New Roman" style="font-size:8.0pt;">  </font><font size="1" face="Wingdings 3" style="font-size:9.0pt;">&#132;</font></p>
  </td>
  <td width="35%" colspan="31" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:35.24%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;font-weight:bold;">Date </font></b><font size="1" face="Wingdings 3" style="font-size:9.0pt;">&#132;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="30" style="border:none;"></td>
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  <td width="1" style="border:none;"></td>
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  <td width="20" style="border:none;"></td>
  <td width="1" style="border:none;"></td>
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  <td width="1" style="border:none;"></td>
  <td width="2" style="border:none;"></td>
  <td width="4" style="border:none;"></td>
  <td width="6" style="border:none;"></td>
  <td width="5" style="border:none;"></td>
  <td width="3" style="border:none;"></td>
  <td width="2" style="border:none;"></td>
  <td width="2" style="border:none;"></td>
  <td width="4" style="border:none;"></td>
  <td width="12" style="border:none;"></td>
  <td width="2" style="border:none;"></td>
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  <td width="9" style="border:none;"></td>
  <td width="3" style="border:none;"></td>
  <td width="2" style="border:none;"></td>
  <td width="2" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="1" style="border:none;"></td>
  <td width="19" style="border:none;"></td>
  <td width="1" style="border:none;"></td>
  <td width="20" style="border:none;"></td>
  <td width="20" style="border:none;"></td>
  <td width="8" style="border:none;"></td>
 </tr>
</table>

<p style="font-size:1.0pt;line-height:1.0pt;margin:0pt 0pt 2.0pt;"><font face="Times New Roman">&nbsp;</font></p>

</div>

<br clear="all" style="page-break-before:auto;">


<div>

<p style="font-weight:bold;margin:0pt 0pt 1.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">Purpose of Form<a name="PurposeOfForm_094029"></a></font></b></p>

<p style="line-height:10.0pt;margin:0pt 0pt 1.5pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">A person who is required
to file an information return with the IRS, must obtain your correct taxpayer
identification number (TIN) to report, for example, income paid to you, real
estate transactions, mortgage interest you paid, acquisition or abandonment of
secured property, cancellation of debt, or contributions you made to an IRA.</font></p>

<p style="line-height:10.0pt;margin:0pt 0pt 1.5pt;page-break-after:avoid;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">U.S. person. </font></b><font size="1" face="Times New Roman" style="font-size:9.0pt;">Use
Form&nbsp;W-9 only if you are a U.S. person (including a resident alien),
to provide your correct TIN to the person requesting it (the requester) and,
when applicable, to:</font></p>

<p style="line-height:10.0pt;margin:0pt 0pt 1.5pt;text-indent:10.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1.&nbsp;Certify
that the TIN you are giving is correct (or you are waiting for a number to be
issued),</font></p>

<p style="line-height:10.0pt;margin:0pt 0pt 1.5pt;text-indent:10.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2.&nbsp;Certify
that you are not subject to backup withholding, or</font></p>

<p style="line-height:10.0pt;margin:0pt 0pt 1.5pt;text-indent:10.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">3.&nbsp;Claim
exemption from backup withholding if you are a U.S. exempt payee.</font></p>

<p style="line-height:10.0pt;margin:0pt 0pt 1.5pt;text-indent:10.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">In
3 above, if applicable, you are also certifying that as a U.S.&nbsp;person,
your allocable share of any partnership income from a U.S. trade or business is
not subject to the withholding&nbsp;tax on foreign partners&#146; share of
effectively connected income.</font></p>

<p style="line-height:10.0pt;margin:0pt 0pt 1.5pt;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Note. </font></b><font size="1" face="Times New Roman" style="font-size:9.0pt;">If
a requester gives you a form other than Form&nbsp;W-9 to request your
TIN, you must use the requester&#146;s form if it is substantially similar to this
Form&nbsp;W-9.</font></p>

<p style="line-height:10.0pt;margin:0pt 0pt 42.0pt;text-indent:10.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;letter-spacing:-.1pt;">For federal tax purposes, you are considered a person if
you are:</font></p>

<p style="line-height:10.0pt;margin:0pt 0pt 3.5pt;"><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font><font size="1" face="Times New Roman" style="font-size:9.0pt;">An
individual who is a citizen or resident of the United States,</font></p>

<p style="line-height:10.0pt;margin:0pt 0pt 3.5pt;"><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font><font size="1" face="Times New Roman" style="font-size:9.0pt;">A
partnership, corporation, company, or association created&nbsp;or organized in
the United States or under the laws of&nbsp;the United States, or</font></p>

<p style="line-height:10.0pt;margin:0pt 0pt 3.5pt;"><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font><font size="1" face="Times New Roman" style="font-size:9.0pt;">Any
estate (other than a foreign estate) or trust. See Regulations sections
301.7701-6(a)&nbsp;and 7(a)&nbsp;for additional information.</font></p>

<p style="line-height:10.0pt;margin:0pt 0pt 3.5pt;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Special
rules&nbsp;for partnerships. </font></b><font size="1" face="Times New Roman" style="font-size:9.0pt;">Partnerships
that conduct a trade or business in the United States are generally required
to&nbsp;pay a withholding tax on any foreign partners&#146; share of income from
such business. Further, in certain cases where a Form&nbsp;W-9 has not
been received, a partnership is required to presume that a partner is a foreign
person, and pay the withholding tax. Therefore, if you are a U.S. person that
is a partner in a partnership conducting a trade or business in the United
States, provide Form&nbsp;W-9 to the partnership to establish your U.S.
status and avoid withholding on your share&nbsp;of partnership income.</font></p>

<p style="line-height:10.0pt;margin:0pt 0pt 6.0pt;text-indent:10.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">The person who gives
Form&nbsp;W-9 to the partnership for purposes of establishing its U.S.
status and avoiding withholding on its allocable share of net income from the
partnership conducting a trade or business in the United States is in the
following cases:</font></p>

<p style="margin:0pt 0pt 3.5pt;"><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font><font size="1" face="Times New Roman" style="font-size:9.0pt;">The U.S. owner of a
disregarded entity and not the entity,</font></p>


 <div style="border:none;border-top:solid windowtext 1.0pt;padding:1.0pt 0pt 0pt 0pt;"> <p align="right" style="border:none;font-size:10.0pt;margin:0pt 0pt .0001pt;padding:0pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">Cat. No. 10231X&#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;&#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;&#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;&#160;&#160; Form</font><font face="Times New Roman"> <b>W-9</b> </font><font size="1" face="Times New Roman" style="font-size:7.0pt;">(Re
v. 11-2005)</font></p> </div> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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 <div align="center"> <table border="1" cellspacing="0" cellpadding="0" style="border:none;border-collapse:collapse;"> <tr> <td width="359" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt 0pt 0pt 0pt;width:269.4pt;"> <p align="left" style="margin:0pt 0pt 1.0pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">Form W-9 (Rev. 11-2005)</font></p> </td> <td width="359" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt 0pt 0pt 0pt;width:269.4pt;"> <p align="right" style="font-size:10.0pt;margin:0pt 0pt 1.0pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">Page </font><b><font face="Times New Roman" style="font-weight:bold;">2</font></b></p> </td> </tr> </table> </div> <p style="line-height:1.0pt;margin:0pt 0pt 4.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


<p style="line-height:9.9pt;margin:0pt 0pt 1.5pt;page-break-after:avoid;"><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font><font size="1" face="Times New Roman" style="font-size:9.0pt;">The U.S. grantor or other
owner of a grantor trust and not the trust, and</font></p>

<p style="line-height:9.9pt;margin:0pt 0pt 1.5pt;page-break-after:avoid;"><font size="1" face="Symbol" style="font-size:9.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font><font size="1" face="Times New Roman" style="font-size:9.0pt;">The U.S. trust (other
than a grantor trust) and not the beneficiaries of the trust.</font></p>

<p style="line-height:9.9pt;margin:0pt 0pt 1.5pt;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Foreign person. </font></b><font size="1" face="Times New Roman" style="font-size:9.0pt;">If
you are a foreign person, do not use Form&nbsp;W-9. Instead, use the
appropriate Form&nbsp;W-8 (see Publication 515, Withholding of Tax on
Nonresident Aliens and&nbsp;Foreign Entities).</font></p>

<p style="font-weight:bold;line-height:9.9pt;margin:0pt 0pt .0001pt 10.0pt;page-break-after:auto;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;">Nonresident
alien who becomes a resident alien.<a name="NonresidentAlienWhoBecomesAReside_101734"></a></font></b></p>

<p style="line-height:9.9pt;margin:0pt 0pt 1.5pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Generally,
only a nonresident alien individual may use the terms of a tax treaty to reduce
or eliminate U.S. tax on certain&nbsp;types of income. However, most tax
treaties contain a provision known as a &#147;saving clause.&#148; Exceptions specified
in&nbsp;the saving clause may permit an exemption from tax to continue for certain
types of income even after the recipient has otherwise become a U.S. resident
alien for tax purposes.</font></p>

<p style="line-height:9.9pt;margin:0pt 0pt 1.5pt;text-indent:10.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">If
you are a U.S. resident alien who is relying on an exception contained in the
saving clause of a tax treaty to claim an exemption from U.S. tax on certain
types of income, you must attach a statement to Form&nbsp;W-9 that
specifies the following five items:</font></p>

<p style="line-height:9.9pt;margin:0pt 0pt 1.5pt;text-indent:10.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1.&nbsp;The
treaty country. Generally, this must be the same treaty under which you claimed
exemption from tax as a nonresident alien.</font></p>

<p style="line-height:9.9pt;margin:0pt 0pt 1.5pt;text-indent:10.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2.&nbsp;The
treaty article addressing the income.</font></p>

<p style="line-height:9.9pt;margin:0pt 0pt 1.5pt;text-indent:10.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">3.&nbsp;The
article number (or location) in the tax treaty that contains the saving clause
and its exceptions.</font></p>

<p style="line-height:9.9pt;margin:0pt 0pt 1.5pt;text-indent:10.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">4.&nbsp;The
type and amount of income that qualifies for the exemption from tax.</font></p>

<p style="line-height:9.9pt;margin:0pt 0pt 1.5pt;text-indent:10.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">5.&nbsp;Sufficient
facts to justify the exemption from tax under the&nbsp;terms of the treaty
article.</font></p>

<p style="font-style:italic;font-weight:bold;line-height:9.9pt;margin:0pt 0pt 1.5pt;text-indent:10.0pt;"><b><i><font size="1" face="Times New Roman" style="font-size:9.0pt;">Example</font></i></b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-style:normal;font-weight:normal;">. </font><font size="1" face="Times New Roman" style="font-size:9.0pt;font-style:normal;font-weight:normal;">Article&nbsp;20 of the U.S.-China income tax treaty allows an
exemption from tax for scholarship income received&nbsp;by a Chinese student
temporarily present in the United States. Under U.S. law, this student will
become a resident alien for tax purposes if his or her stay in the United
States exceeds 5 calendar years. However, paragraph 2 of the&nbsp;first
Protocol to the U.S.-China treaty (dated April&nbsp;30, 1984)&nbsp;allows the
provisions of Article&nbsp;20 to continue to apply even after the Chinese
student becomes a resident alien of the&nbsp;United States. A Chinese student
who qualifies for this exception (under paragraph 2 of the first protocol) and
is relying on this exception to claim an exemption from tax on his&nbsp;or her
scholarship or fellowship income would attach to Form&nbsp;W-9 a
statement that includes the information described&nbsp;above to support that
exemption.</font></p>

<p style="line-height:9.9pt;margin:0pt 0pt 1.5pt;text-indent:10.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">If
you are a nonresident alien or a foreign entity not subject to backup
withholding, give the requester the appropriate completed Form&nbsp;W-8.</font></p>

<p style="line-height:9.9pt;margin:0pt 0pt 1.5pt;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">What is backup withholding? </font></b><font size="1" face="Times New Roman" style="font-size:9.0pt;">Persons
making certain payments to you must under certain conditions withhold and pay
to the IRS 28% of such payments (after December&nbsp;31, 2002). This is called
&#147;backup withholding.&#148; Payments that may&nbsp;be subject to backup withholding
include interest, dividends, broker and barter exchange transactions, rents,
royalties, nonemployee pay, and certain payments from fishing boat operators.
Real estate transactions are not subject to backup withholding.</font></p>

<p style="line-height:9.9pt;margin:0pt 0pt 1.5pt;text-indent:10.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">You
will not be subject to backup withholding on payments you receive if you give
the requester your correct TIN, make the proper certifications, and report all
your taxable interest and dividends on your tax return.</font></p>

<p style="font-weight:bold;line-height:9.9pt;margin:0pt 0pt .0001pt;page-break-after:auto;text-indent:0pt;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;">Payments
you receive will be subject to backup withholding if:<a name="PaymentsYouReceiveWillBeSubjectTo_101821"></a></font></b></p>

<p style="line-height:9.9pt;margin:0pt 0pt 1.5pt;text-indent:10.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1.&nbsp;You
do not furnish your TIN to the requester,</font></p>

<p style="line-height:9.9pt;margin:0pt 0pt 1.5pt;text-indent:10.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2.&nbsp;You
do not certify your TIN when required (see the Part II&nbsp;instructions on
page&nbsp;4 for details),</font></p>

<p style="line-height:9.8pt;margin:0pt 0pt 1.5pt;page-break-after:avoid;text-indent:10.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">3.&nbsp;The IRS tells
the requester that you furnished an incorrect TIN,</font></p>

<p style="line-height:9.8pt;margin:0pt 0pt 1.5pt;page-break-after:avoid;text-indent:10.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">4.&nbsp;The IRS tells
you that you are subject to backup withholding because you did not report all
your interest and dividends on your tax return (for reportable interest and
dividends only), or</font></p>

<p style="line-height:9.8pt;margin:0pt 0pt 1.5pt;page-break-after:avoid;text-indent:10.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">5.&nbsp;You do not
certify to the requester that you are not subject to backup withholding under 4
above (for reportable interest and dividend accounts opened after 1983 only).</font></p>

<p style="line-height:9.8pt;margin:0pt 0pt 1.5pt;page-break-after:avoid;text-indent:10.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Certain payees and
payments are exempt from backup withholding. See the instructions below and the
separate Instructions for the Requester of Form&nbsp;W-9.</font></p>

<p style="line-height:9.8pt;margin:0pt 0pt 3.5pt;page-break-after:avoid;text-indent:10.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Also see <i>Special rules&nbsp;regarding partnerships</i> on page&nbsp;1.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 3.5pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">Penalties<a name="Penalties_101847"></a></font></b></p>

<p style="line-height:9.9pt;margin:0pt 0pt 1.5pt;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Failure
to furnish TIN. </font></b><font size="1" face="Times New Roman" style="font-size:9.0pt;">If you fail to furnish
your correct TIN to&nbsp;a requester, you are subject to a penalty of $50 for
each such failure unless your failure is due to reasonable cause and&nbsp;not
to willful neglect.</font></p>

<p style="line-height:9.9pt;margin:0pt 0pt 1.5pt;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Civil
penalty for false information with respect to withholding. </font></b><font size="1" face="Times New Roman" style="font-size:9.0pt;">If
you make a false statement with no reasonable&nbsp;basis that results in no
backup withholding, you are subject to a $500 penalty.</font></p>

<p style="line-height:9.9pt;margin:0pt 0pt 1.5pt;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Criminal
penalty for falsifying information. </font></b><font size="1" face="Times New Roman" style="font-size:9.0pt;">Willfully
falsifying&nbsp;certifications or affirmations may subject you to criminal
penalties including fines and/or imprisonment.</font></p>

<p style="line-height:9.9pt;margin:0pt 0pt 3.5pt;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Misuse
of TINs. </font></b><font size="1" face="Times New Roman" style="font-size:9.0pt;">If the requester
discloses or uses TINs in violation of federal law, the requester may be
subject to civil and criminal penalties.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 2.5pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="4" face="Times New Roman" style="font-size:14.0pt;">Specific Instructions</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 2.5pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">Name<a name="SpecificInstructionsName_101852"></a></font></b></p>

<p style="line-height:9.9pt;margin:0pt 0pt 1.5pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">If you are an individual,
you must generally enter the name shown on your income tax return. However, if
you have changed your last name, for instance, due to marriage
without&nbsp;informing the Social Security Administration of the name change,
enter your first name, the last name shown on your social security card, and
your new last name.</font></p>

<p style="line-height:9.9pt;margin:0pt 0pt 1.5pt;text-indent:0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">If
the account is in joint names, list first, and then circle, the&nbsp;name of
the person or entity whose number you entered in&nbsp;Part&nbsp;I of the form.</font></p>

<p style="line-height:9.9pt;margin:0pt 0pt 1.5pt;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Sole
proprietor. </font></b><font size="1" face="Times New Roman" style="font-size:9.0pt;">Enter your individual
name as shown on your&nbsp;income tax return on the &#147;Name&#148; line. You may enter
your business, trade, or &#147;doing business as (DBA)&#148; name on the &#147;Business name&#148;
line.</font></p>

<p style="line-height:9.9pt;margin:0pt 0pt 1.5pt;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Limited
liability company (LLC). </font></b><font size="1" face="Times New Roman" style="font-size:9.0pt;">If you are a
single-member LLC (including a foreign LLC with a domestic owner) that is
disregarded as an entity separate from its owner under Treasury regulations
section 301.7701-3, enter the owner&#146;s name on the &#147;Name&#148; line. Enter the
LLC&#146;s name on the &#147;Business name&#148; line. Check the appropriate box for your
filing status (sole proprietor, corporation, etc.), then check the&nbsp;box for
&#147;Other&#148; and enter &#147;LLC&#148; in the space provided.</font></p>

<p style="line-height:9.9pt;margin:0pt 0pt 1.5pt;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Other
entities. </font></b><font size="1" face="Times New Roman" style="font-size:9.0pt;">Enter your business name
as shown on required federal tax documents on the &#147;Name&#148; line. This
name&nbsp;should match the name shown on the charter or other legal document
creating the entity. You may enter any business, trade, or DBA name on the
&#147;Business name&#148; line.</font></p>

<p style="line-height:9.9pt;margin:0pt 0pt 3.5pt;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Note. </font></b><font size="1" face="Times New Roman" style="font-size:9.0pt;">You
are requested to check the appropriate box for your status (individual/sole
proprietor, corporation, etc.).</font></p>

<p style="font-weight:bold;margin:0pt 0pt 3.5pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">Exempt From Backup
Withholding<a name="ExemptFromBackupWithholding_102625"></a></font></b></p>

<p style="line-height:9.9pt;margin:0pt 0pt 1.5pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">If you are exempt, enter
your name as described above and check the appropriate box for your status,
then check the &#147;Exempt from backup withholding&#148; box in the line following the
business name, sign and date the form.</font></p>


<br><hr size="3" width="100%" noshade color="#010101" align="center">

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<br clear="all" style="page-break-before:always;">
 <div align="center"> <table border="1" cellspacing="0" cellpadding="0" style="border:none;border-collapse:collapse;"> <tr> <td width="359" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt 0pt 0pt 0pt;width:269.4pt;"> <p align="left" style="margin:0pt 0pt 1.0pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">Form W-9 (Rev. 11-2005)</font></p> </td> <td width="359" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt 0pt 0pt 0pt;width:269.4pt;"> <p align="right" style="font-size:10.0pt;margin:0pt 0pt 1.0pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">Page </font><b><font face="Times New Roman" style="font-weight:bold;">3</font></b></p> </td> </tr> </table> </div> <p style="line-height:1.0pt;margin:0pt 0pt 4.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


<p style="line-height:10.0pt;margin:0pt 0pt 2.5pt;page-break-after:avoid;text-indent:10.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Generally,
individuals (including sole proprietors) are not exempt from backup withholding.
Corporations are exempt from backup withholding for certain payments, such as
interest and dividends.</font></p>

<p style="line-height:10.0pt;margin:0pt 0pt 2.5pt;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Note. </font></b><font size="1" face="Times New Roman" style="font-size:9.0pt;">If
you are exempt from backup withholding, you should&nbsp;still complete this
form to avoid possible erroneous backup withholding.</font></p>

<p style="line-height:10.0pt;margin:0pt 0pt 2.5pt;page-break-after:avoid;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Exempt payees. </font></b><font size="1" face="Times New Roman" style="font-size:9.0pt;">Backup
withholding is not required on any payments made to the following payees:</font></p>

<p style="line-height:9.5pt;margin:0pt 0pt 2.5pt;text-indent:10.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1.&nbsp;An
organization exempt from tax under section 501(a), any IRA, or a custodial
account under section 403(b)(7)&nbsp;if the account satisfies the requirements
of section 401(f)(2),</font></p>

<p style="line-height:9.5pt;margin:0pt 0pt 2.5pt;text-indent:10.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2.&nbsp;The
United States or any of its agencies or instrumentalities,</font></p>

<p style="line-height:9.5pt;margin:0pt 0pt 2.5pt;text-indent:10.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">3.&nbsp;A
state, the District of Columbia, a possession of the United States, or any of
their political subdivisions or instrumentalities,</font></p>

<p style="line-height:9.5pt;margin:0pt 0pt 2.5pt;text-indent:10.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">4.&nbsp;A
foreign government or any of its political subdivisions, agencies, or
instrumentalities, or</font></p>

<p style="line-height:9.5pt;margin:0pt 0pt 2.5pt;text-indent:10.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">5.&nbsp;An
international organization or any of its agencies or instrumentalities.</font></p>

<p style="line-height:9.5pt;margin:0pt 0pt 2.5pt;page-break-after:avoid;text-indent:10.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Other
payees that may be exempt from backup withholding&nbsp;include:</font></p>

<p style="line-height:9.5pt;margin:0pt 0pt 2.5pt;text-indent:10.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">6.&nbsp;A
corporation,</font></p>

<p style="line-height:9.5pt;margin:0pt 0pt 2.5pt;text-indent:10.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">7.&nbsp;A
foreign central bank of issue,</font></p>

<p style="line-height:9.5pt;margin:0pt 0pt 2.5pt;text-indent:10.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">8.&nbsp;A
dealer in securities or commodities required to register in the United States,
the District of Columbia, or a possession&nbsp;of the United States,</font></p>

<p style="line-height:9.5pt;margin:0pt 0pt 2.5pt;text-indent:10.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">9.&nbsp;A
futures commission merchant registered with the Commodity Futures Trading
Commission,</font></p>

<p style="line-height:9.5pt;margin:0pt 0pt 2.5pt;text-indent:10.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">10.&nbsp;A
real estate investment trust,</font></p>

<p style="line-height:9.5pt;margin:0pt 0pt 2.5pt;text-indent:10.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">11.&nbsp;An
entity registered at all times during the tax year under the Investment Company
Act of 1940,</font></p>

<p style="line-height:9.5pt;margin:0pt 0pt 2.5pt;text-indent:10.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">12.&nbsp;A
common trust fund operated by a bank under section&nbsp;584(a),</font></p>

<p style="line-height:9.5pt;margin:0pt 0pt 2.5pt;text-indent:10.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">13.&nbsp;A
financial institution,</font></p>

<p style="line-height:9.5pt;margin:0pt 0pt 2.5pt;text-indent:10.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">14.&nbsp;A
middleman known in the investment community as a nominee or custodian, or</font></p>

<p style="line-height:9.5pt;margin:0pt 0pt 2.5pt;text-indent:10.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">15.&nbsp;A
trust exempt from tax under section 664 or described&nbsp;in section 4947.</font></p>

<p style="line-height:10.0pt;margin:0pt 0pt 3.5pt;page-break-after:avoid;text-indent:10.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">The
chart below shows types of payments that may be exempt from backup withholding.
The chart applies to the exempt recipients listed above, 1 through 15.</font></p>

<div align="center" style="font-family:Times New Roman;">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="170" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0pt .7pt 0pt 0pt;width:127.8pt;">
  <p align="left" style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:2.0pt 0pt;text-align:left;"><!-- SET mrlHTMLTableCenter --><!-- SET mrlNoTableShading --><font face="Times New Roman">IF the
  payment is for . . .</font></p>
  </td>
  <td width="165" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:123.9pt;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:2.0pt 0pt 2.0pt 6.0pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">THEN the payment is exempt<br>
  for . . .</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="170" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:127.8pt;">
  <p style="margin:2.0pt 0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Interest and dividend
  payments</font></p>
  </td>
  <td width="165" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:123.9pt;">
  <p style="margin:2.0pt 0pt 2.0pt 6.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">All exempt recipients
  except<br>
  for&nbsp;9</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="170" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:127.8pt;">
  <p style="margin:2.0pt 0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Broker transactions</font></p>
  </td>
  <td width="165" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:123.9pt;">
  <p style="margin:2.0pt 0pt 2.0pt 6.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Exempt recipients 1
  through 13.<br>
  Also, a person registered under<br>
  the Investment Advisers Act of<br>
  1940 who regularly acts as a<br>
  broker</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="170" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:127.8pt;">
  <p style="margin:2.0pt 0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Barter exchange
  transactions and<br>
  patronage dividends</font></p>
  </td>
  <td width="165" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:123.9pt;">
  <p style="margin:2.0pt 0pt 2.0pt 6.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Exempt recipients 1
  through 5</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="170" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:127.8pt;">
  <p style="margin:2.0pt 0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Payments over $600
  required<br>
  to be reported and direct<br>
  sales over $5,000 </font><font size="1" face="Times New Roman" style="font-size:5.0pt;position:relative;top:-2.0pt;">1</font></p>
  </td>
  <td width="165" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:123.9pt;">
  <p style="margin:2.0pt 0pt 2.0pt 6.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Generally, exempt
  recipients<br>
  1&nbsp;through 7 </font><font size="1" face="Times New Roman" style="font-size:5.0pt;position:relative;top:-2.0pt;">2</font></p>
  </td>
 </tr>
</table>

</div>

<p style="margin:0pt 0pt 3.5pt 6.0pt;text-indent:-6.0pt;"><font size="1" face="Times New Roman" style="font-size:4.5pt;position:relative;top:-2.0pt;">1</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160; </font><font size="1" face="Times New Roman" style="font-size:7.0pt;">See
Form 1099-MISC, Miscellaneous Income, and its instructions.</font></p>

<p style="margin:0pt 0pt 12.0pt 6.0pt;text-indent:-6.0pt;"><font size="1" face="Times New Roman" style="font-size:4.5pt;position:relative;top:-2.0pt;">2</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160; </font><font size="1" face="Times New Roman" style="font-size:7.0pt;">However,
the following payments made to a corporation (including gross proceeds paid to
an attorney under section 6045(f), even if the attorney is a corporation) and
reportable on Form 1099-MISC are not exempt from backup withholding: medical
and health care payments, attorneys&#146; fees; and payments for services paid by a
federal executive agency.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">Part&nbsp;I.
Taxpayer Identification<br>
Number (TIN)</font></b></p>

<p style="margin:0pt 0pt 2.0pt;page-break-after:avoid;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Enter your TIN in the appropriate box. </font></b><font size="1" face="Times New Roman" style="font-size:9.0pt;">If
you are a resident alien and you do not have and are not eligible to get an
SSN, your TIN is your IRS individual taxpayer identification number (ITIN).
Enter it in the social security number box. If you do not&nbsp;have an ITIN,
see <i>How to get a TIN </i>below.</font></p>

<p style="margin:0pt 0pt 2.0pt;page-break-after:avoid;text-indent:10.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">If
you are a sole proprietor and you have an EIN, you may enter either your SSN or
EIN. However, the IRS prefers that you use your SSN.</font></p>

<p style="margin:0pt 0pt 2.0pt;page-break-after:avoid;text-indent:10.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">If
you are a single-owner LLC that is disregarded as an entity separate from its
owner (see <i>Limited liability company (LLC) </i>on
page&nbsp;2), enter your SSN (or EIN, if you have one). If the LLC is a
corporation, partnership, etc., enter the entity&#146;s EIN.</font></p>

<p style="margin:0pt 0pt 2.0pt;page-break-after:avoid;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Note. </font></b><font size="1" face="Times New Roman" style="font-size:9.0pt;">See the chart on
page&nbsp;4 for further clarification of name&nbsp;and TIN combinations.</font></p>

<p style="margin:0pt 0pt 2.0pt;page-break-after:avoid;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">How to get a TIN. </font></b><font size="1" face="Times New Roman" style="font-size:9.0pt;">If
you do not have a TIN, apply for one immediately. To apply for an SSN, get
Form&nbsp;SS-5, Application&nbsp;for a Social Security Card, from your
local Social Security Administration office or get this form online at <i>www.socialsecurity.gov</i>. You may also get
this form by calling&nbsp;1-800-772-1213. Use Form&nbsp;W-7,
Application for IRS Individual Taxpayer Identification Number, to apply for an
ITIN,&nbsp;or Form&nbsp;SS-4, Application for Employer Identification
Number, to apply for an EIN. You can apply for an EIN online by accessing the IRS
website at <i>www.irs.gov/businesses </i>and
clicking on Employer ID Numbers under Related Topics. You can get Forms W-7
and SS-4 from the IRS by visiting <i>www.irs.gov
</i>or by calling 1-800-TAX-FORM (1-800-829-3676).</font></p>

<p style="margin:0pt 0pt 2.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">If
you are asked to complete Form&nbsp;W-9 but do not have a TIN, write
&#147;Applied For&#148; in the space for the TIN, sign and date&nbsp;the form, and give
it to the requester. For interest and dividend payments, and certain payments
made with respect to readily tradable instruments, generally you will have 60
days&nbsp;to get a TIN and give it to the requester before you are subject to
backup withholding on payments. The 60-day rule does not apply to other
types of payments. You will be subject&nbsp;to backup withholding on all such
payments until you provide your TIN to the requester.</font></p>

<p style="margin:0pt 0pt 2.0pt;page-break-after:avoid;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Note. </font></b><font size="1" face="Times New Roman" style="font-size:9.0pt;">Writing &#147;Applied For&#148;
means that you have already applied for a TIN or that you intend to apply for
one soon.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Caution: </font></b><i><font size="1" face="Times New Roman" style="font-size:9.0pt;font-style:italic;">A
disregarded domestic entity that has a foreign owner must use the appropriate
Form&nbsp;W-8.</font></i></p>


<br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='Page 3',FILE='C:\fc\95134111242_D12050_1970551\9903-1-km-04.htm',USER='jmsproofassembler',CD='Apr  5 13:42 2007' -->
<br clear="all" style="page-break-before:always;">
 <div align="center"> <table border="1" cellspacing="0" cellpadding="0" style="border:none;border-collapse:collapse;"> <tr> <td width="359" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt 0pt 0pt 0pt;width:269.4pt;"> <p align="left" style="margin:0pt 0pt 1.0pt;text-align:left;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">Form W-9 (Rev. 11-2005)</font></p> </td> <td width="359" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt 0pt 0pt 0pt;width:269.4pt;"> <p align="right" style="font-size:10.0pt;margin:0pt 0pt 1.0pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">Page </font><b><font face="Times New Roman" style="font-weight:bold;">4</font></b></p> </td> </tr> </table> </div> <p style="line-height:1.0pt;margin:0pt 0pt 4.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


<p style="font-weight:bold;margin:0pt 0pt 3.5pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">Part&nbsp;II.
Certification <a name="Partii_Certification_103558"></a></font></b></p>

<p style="margin:0pt 0pt 2.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">To
establish to the withholding agent that you are a U.S. person, or resident
alien, sign Form&nbsp;W-9. You may be requested to sign by the
withholding agent even if items 1, 4, and 5 below indicate otherwise.</font></p>

<p style="margin:0pt 0pt 2.0pt;text-indent:10.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">For a joint account, only the person whose TIN
is shown in Part&nbsp;I should sign (when required). Exempt recipients, see <i>Exempt From Backup Withholding </i>on
page&nbsp;2.</font></p>

<p style="margin:0pt 0pt 2.0pt;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Signature requirements. </font></b><font size="1" face="Times New Roman" style="font-size:9.0pt;">Complete
the certification as indicated in 1 through 5 below.</font></p>

<p style="font-weight:bold;line-height:9.5pt;margin:0pt 0pt 2.0pt;text-indent:10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;">1.&nbsp;Interest, dividend, and barter exchange
accounts opened before 1984 and broker accounts considered active during 1983. </font></b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:normal;">You must give your correct TIN, but you do not have to sign
the certification.</font></p>

<p style="font-weight:bold;line-height:9.5pt;margin:0pt 0pt 2.0pt;text-indent:10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;">2.&nbsp;Interest, dividend, broker, and barter
exchange accounts opened after 1983 and broker accounts considered inactive during
1983.</font></b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:normal;"> You
must sign the certification or backup withholding will apply. If you are
subject to backup withholding and you are merely providing your correct TIN to
the requester, you must cross out item 2 in&nbsp;the certification before
signing the form.</font></p>

<p style="font-weight:bold;line-height:9.5pt;margin:0pt 0pt 2.0pt;text-indent:10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;">3.&nbsp;Real estate transactions.</font></b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:normal;">  </font><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:normal;">You must sign the certification. You may cross out item 2
of the certification.</font></p>

<p style="font-weight:bold;line-height:9.5pt;margin:0pt 0pt 2.0pt;text-indent:10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;">4.&nbsp;Other payments.</font></b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:normal;">  </font><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:normal;">You must give your correct TIN, but you do not have to sign
the certification unless you have been&nbsp;notified that you have previously
given an incorrect TIN. &#147;Other payments&#148; include payments made in the course of
the&nbsp;requester&#146;s trade or business for rents, royalties, goods (other than
bills for merchandise), medical and health care services (including payments to
corporations), payments to a nonemployee for services, payments to certain
fishing boat crew members and fishermen, and gross proceeds paid to attorneys
(including payments to corporations).</font></p>

<p style="font-weight:bold;line-height:9.5pt;margin:0pt 0pt 12.0pt;text-indent:10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;">5.&nbsp;Mortgage interest paid by you,
acquisition or abandonment of secured property, cancellation of debt, qualified
tuition program payments (under section 529), IRA, Coverdell ESA, Archer MSA or
HSA contributions or distributions, and pension distributions.</font></b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:normal;"> You must give your&nbsp;correct TIN, but you do not have
to sign the certification.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">What
Name and Number To Give the Requester</font></b></p>

<div align="center" style="font-family:Times New Roman;">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="169" valign="bottom" style="border:solid windowtext 1.0pt;border-left:none;padding:0pt .7pt 0pt 0pt;width:126.4pt;">
  <p align="left" style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:1.0pt 0pt;page-break-after:avoid;text-align:left;"><!-- SET mrlHTMLTableCenter --><!-- SET mrlNoTableShading --><font face="Times New Roman">For this
  type of account:</font></p>
  </td>
  <td width="168" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:126.3pt;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:1.0pt 0pt 1.0pt 6.0pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Give
  name and SSN of:</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="169" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:126.4pt;">
  <p style="margin:1.0pt 0pt 1.0pt 14.0pt;page-break-after:avoid;text-indent:-14.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">1.&nbsp;&nbsp; Individual</font></p>
  </td>
  <td width="168" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:126.3pt;">
  <p style="margin:1.0pt 0pt 1.0pt 6.0pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">The individual</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="169" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:126.4pt;">
  <p style="margin:1.0pt 0pt 1.0pt 14.0pt;page-break-after:avoid;text-indent:-14.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">2.&nbsp;&nbsp; Two or more individuals (joint<br>
  account)</font></p>
  </td>
  <td width="168" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:126.3pt;">
  <p style="margin:1.0pt 0pt 1.0pt 6.0pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">The actual owner of the
  account<br>
  or, if combined funds, the first<br>
  individual on the account </font><font size="1" face="Times New Roman" style="font-size:5.0pt;position:relative;top:-2.0pt;">1</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="169" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:126.4pt;">
  <p style="margin:1.0pt 0pt 1.0pt 14.0pt;page-break-after:avoid;text-indent:-14.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">3.&nbsp;&nbsp; Custodian account of a minor<br>
  (Uniform Gift to Minors Act)</font></p>
  </td>
  <td width="168" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:126.3pt;">
  <p style="margin:1.0pt 0pt 1.0pt 6.0pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">The minor </font><font size="1" face="Times New Roman" style="font-size:5.0pt;position:relative;top:-2.0pt;">2</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="169" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:126.4pt;">
  <p style="margin:1.0pt 0pt 1.0pt 24.0pt;page-break-after:avoid;text-indent:-24.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">4.&nbsp;&nbsp; a. The usual revocable<br>
  savings&nbsp;trust (grantor is<br>
  also&nbsp;trustee)</font></p>
  </td>
  <td width="168" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:126.3pt;">
  <p style="margin:1.0pt 0pt 1.0pt 6.0pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">The grantor-trustee </font><font size="1" face="Times New Roman" style="font-size:5.0pt;position:relative;top:-2.0pt;">1</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="169" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:126.4pt;">
  <p style="margin:1.0pt 0pt 1.0pt 24.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">b.&nbsp; So-called trust account<br>
  that&nbsp;is not a legal or valid<br>
  trust under state law</font></p>
  </td>
  <td width="168" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:126.3pt;">
  <p style="margin:1.0pt 0pt 1.0pt 6.0pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">The actual owner </font><font size="1" face="Times New Roman" style="font-size:5.0pt;position:relative;top:-2.0pt;">1</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="169" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:126.4pt;">
  <p style="margin:1.0pt 0pt 1.0pt 14.0pt;page-break-after:avoid;text-indent:-14.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">5.&nbsp;&nbsp; Sole proprietorship or<br>
  single-owner LLC</font></p>
  </td>
  <td width="168" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:126.3pt;">
  <p style="margin:1.0pt 0pt 1.0pt 6.0pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">The owner </font><font size="1" face="Times New Roman" style="font-size:5.0pt;position:relative;top:-2.0pt;">3</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="169" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:126.4pt;">
  <p style="margin:1.0pt 0pt;page-break-after:avoid;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">For this type of account:</font></b></p>
  </td>
  <td width="168" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:126.3pt;">
  <p style="margin:1.0pt 0pt 1.0pt 6.0pt;page-break-after:avoid;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Give name and EIN of:</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="169" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:126.4pt;">
  <p style="margin:1.0pt 0pt 1.0pt 14.0pt;page-break-after:avoid;text-indent:-14.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">6.&nbsp;&nbsp; Sole proprietorship or<br>
  single-owner LLC</font></p>
  </td>
  <td width="168" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:126.3pt;">
  <p style="margin:1.0pt 0pt 1.0pt 6.0pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">The owner </font><font size="1" face="Times New Roman" style="font-size:5.0pt;position:relative;top:-2.0pt;">3</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="169" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:126.4pt;">
  <p style="margin:1.0pt 0pt 1.0pt 14.0pt;page-break-after:avoid;text-indent:-14.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">7.&nbsp;&nbsp; A valid trust, estate, or<br>
  pension&nbsp;trust</font></p>
  </td>
  <td width="168" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:126.3pt;">
  <p style="margin:1.0pt 0pt 1.0pt 6.0pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Legal entity </font><font size="1" face="Times New Roman" style="font-size:5.0pt;position:relative;top:-2.0pt;">4</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="169" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:126.4pt;">
  <p style="margin:1.0pt 0pt 1.0pt 14.0pt;page-break-after:avoid;text-indent:-14.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">8.&nbsp;&nbsp; Corporate or LLC electing<br>
  corporate status on Form<br>
  8832</font></p>
  </td>
  <td width="168" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:126.3pt;">
  <p style="margin:1.0pt 0pt 1.0pt 6.0pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">The corporation</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="169" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:126.4pt;">
  <p style="margin:1.0pt 0pt 1.0pt 14.0pt;page-break-after:avoid;text-indent:-14.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">9.&nbsp;&nbsp; Association, club, religious,<br>
  charitable, educational, or<br>
  other tax-exempt organization</font></p>
  </td>
  <td width="168" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:126.3pt;">
  <p style="margin:1.0pt 0pt 1.0pt 6.0pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">The organization</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="169" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:126.4pt;">
  <p style="margin:1.0pt 0pt 1.0pt 14.0pt;page-break-after:avoid;text-indent:-14.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">10. Partnership or multi-member<br>
  LLC</font></p>
  </td>
  <td width="168" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:126.3pt;">
  <p style="margin:1.0pt 0pt 1.0pt 6.0pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">The partnership</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="169" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:126.4pt;">
  <p style="margin:1.0pt 0pt 1.0pt 14.0pt;page-break-after:avoid;text-indent:-14.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">11. A broker or registered<br>
  nominee</font></p>
  </td>
  <td width="168" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:126.3pt;">
  <p style="margin:1.0pt 0pt 1.0pt 6.0pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">The broker or nominee</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="169" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:126.4pt;">
  <p style="margin:1.0pt 0pt 1.0pt 14.0pt;page-break-after:avoid;text-indent:-14.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">12. Account with the Department<br>
  of Agriculture in the name of<br>
  a&nbsp;public entity (such as a<br>
  state&nbsp;or local government,<br>
  school district, or prison) that<br>
  receives agricultural program<br>
  payments</font></p>
  </td>
  <td width="168" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:126.3pt;">
  <p style="margin:1.0pt 0pt 1.0pt 6.0pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">The public entity</font></p>
  </td>
 </tr>
</table>

</div>

<p style="font-size:1.0pt;line-height:1.0pt;margin:0pt 0pt 4.5pt;page-break-after:avoid;"><font face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 3.0pt 6.0pt;page-break-after:avoid;text-indent:-6.0pt;"><font size="1" face="Times New Roman" style="font-size:4.5pt;position:relative;top:-2.0pt;">1</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160; </font><font size="1" face="Times New Roman" style="font-size:7.0pt;">List
first and circle the name of the person whose number you furnish. If
only&nbsp;one person on a joint account has an SSN, that person&#146;s number must
be&nbsp;furnished. </font></p>

<p style="margin:0pt 0pt 3.0pt 6.0pt;page-break-after:avoid;text-indent:-6.0pt;"><font size="1" face="Times New Roman" style="font-size:4.5pt;position:relative;top:-2.0pt;">2</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160; </font><font size="1" face="Times New Roman" style="font-size:7.0pt;">Circle
the minor&#146;s name and furnish the minor&#146;s SSN.</font></p>

<p style="margin:0pt 0pt 3.0pt 6.0pt;page-break-after:avoid;text-indent:-6.0pt;"><font size="1" face="Times New Roman" style="font-size:4.5pt;position:relative;top:-2.0pt;">3</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160; </font><font size="1" face="Times New Roman" style="font-size:7.0pt;">You
must show your individual name and you may also enter your business
or&nbsp;&#147;DBA&#148; name on the second name line. You may use either your SSN or
EIN&nbsp;(if you have one). If you are a sole proprietor, IRS encourages you to
use&nbsp;your SSN.</font></p>

<p style="margin:0pt 0pt 2.5pt 6.0pt;text-indent:-6.0pt;"><font size="1" face="Times New Roman" style="font-size:4.5pt;position:relative;top:-2.0pt;">4</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160; </font><font size="1" face="Times New Roman" style="font-size:7.0pt;">List
first and circle the name of the legal trust, estate, or pension trust. (Do
not&nbsp;furnish the TIN of the personal representative or trustee unless the
legal entity itself is not designated in the account title.) Also see <i>Special rules regarding partnerships </i>on
page&nbsp;1.</font></p>

<p style="margin:0pt 0pt 5.0pt;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Note. </font></b><font size="1" face="Times New Roman" style="font-size:9.0pt;">If no name is circled when
more than one name is listed,&nbsp;the number will be considered to be that of
the first name listed.</font></p>

</div>

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<div>

<div style="border:none;border-top:solid windowtext 1.5pt;padding:4.0pt 0pt 0pt 0pt;">

<p style="border:none;font-weight:bold;margin:0pt 0pt .0001pt 10.0pt;padding:0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">Privacy
Act Notice</font></b></p>

</div>

<p style="margin:0pt 0pt 1.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Section&nbsp;6109
of the Internal Revenue Code requires you to provide your correct TIN to
persons who must file information returns with the IRS to report interest,
dividends, and certain other income paid to you, mortgage interest you paid,
the acquisition or abandonment of secured property, cancellation of debt, or
contributions you made to an IRA, or Archer MSA or HSA. The IRS uses&nbsp;the
numbers for identification purposes and to help verify the accuracy of your tax
return. The IRS may also provide this information to the Department of Justice
for civil and criminal litigation, and to cities, states, the District of
Columbia, and U.S. possessions to carry out their tax laws. We may also
disclose this information to other countries under a tax treaty, to federal
and&nbsp;state agencies to enforce federal nontax criminal laws, or to federal
law enforcement and intelligence agencies to combat terrorism.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;text-indent:10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;">You
must provide your TIN whether or not you are required to file a tax return.
Payers must generally withhold 28% of taxable interest, dividend, and certain
other payments to a payee who does not give a TIN to a payer. Certain penalties
may also apply.</font></b></p>



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<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">INSTRUCTIONS<a name="Instructions_063034"></a></font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Forming Part&nbsp;of
the Terms and Conditions of the Exchange Offer<a name="FormingPartofTheTermsAndCondition_063034"></a></font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-weight:bold;margin:0pt 0pt 6.0pt 20.0pt;page-break-after:avoid;text-indent:-20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Delivery
of This Letter of Transmittal and Outstanding Notes.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The tendered outstanding notes or a confirmation of
book entry delivery, as well as a properly completed and executed copy or
facsimile of this letter of transmittal or an agent&#146;s message through
ATOP&nbsp;and any other required documents must be received by the exchange
agent at its address listed on the cover of this document before the expiration
date. YOU ARE RESPONSIBLE FOR THE DELIVERY OF THE OUTSTANDING NOTES, THIS
LETTER OF TRANSMITTAL AND ALL REQUIRED DOCUMENTS TO THE EXCHANGE AGENT. EXCEPT
UNDER THE LIMITED CIRCUMSTANCES DESCRIBED BELOW, THE DELIVERY OF THESE
DOCUMENTS WILL BE&nbsp;CONSIDERED TO HAVE BEEN MADE ONLY WHEN ACTUALLY RECEIVED
OR CONFIRMED BY THE EXCHANGE AGENT. WHILE THE METHOD OF DELIVERY IS AT YOUR
RISK AND CHOICE, THE COMPANY RECOMMENDS THAT YOU USE AN OVERNIGHT OR HAND
DELIVERY SERVICE, PROPERLY INSURED, RATHER THAN REGULAR MAIL. YOU SHOULD SEND
YOUR DOCUMENTS WELL BEFORE THE EXPIRATION DATE TO ENSURE RECEIPT BY THE
EXCHANGE AGENT. YOU MAY REQUEST THAT YOUR BROKER, DEALER, COMMERCIAL BANK,
TRUST COMPANY OR NOMINEE DELIVER YOUR OUTSTANDING NOTES, THIS LETTER OF
TRANSMITTAL AND ALL REQUIRED DOCUMENTS TO THE EXCHANGE AGENT. DO NOT SEND YOUR
OUTSTANDING NOTES TO THE COMPANY.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you wish to
tender your outstanding notes, but:</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160; your
outstanding notes are not immediately available; or</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160; you cannot
deliver your outstanding notes, this letter of transmittal and all required
documents to the exchange agent or complete the procedures for book entry
transfer before the expiration date;</font></p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">you may tender your outstanding notes according to the
guaranteed delivery procedure. A summary of this procedure follows, but you should
read the section in the prospectus titled &#147;The Exchange Offer&#151;Guaranteed
Delivery Procedures&#148; for more complete information. As used in this letter of
transmittal, an &#147;Eligible Institution&#148; is (a)&nbsp;a member firm of a
registered national securities exchange or of the National Association of
Securities Dealers,&nbsp;Inc.; (b)&nbsp;a commercial bank having an office or
correspondent in the United States; (c)&nbsp;a trust company having an office
or correspondent in the United States; or (d)&nbsp;an eligible guarantor institution
as provided by Rule&nbsp;17Ad-15 of the Securities Exchange Act of 1934,
or the Exchange Act.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For a tender made
through the guaranteed delivery procedure to be valid, the exchange agent must
receive a properly completed and duly executed Notice of Guaranteed Delivery or
a facsimile of that notice before the expiration date. The Notice of Guaranteed
Delivery must be delivered by an Eligible Institution and must:</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160; state your
name and address;</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160; list the
certificate numbers and principal amounts of the outstanding notes being
tendered;</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160; state that
tender of your outstanding notes is being made through the Notice of Guaranteed
Delivery; and</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160; guarantee
that this letter of transmittal, the certificates representing the outstanding
notes, or a confirmation of DTC book entry transfer, and all other required
documents will be deposited </font></p>


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<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">with the exchange agent by
the Eligible Institution within three New York Stock Exchange, or NYSE, trading
days after the expiration date.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The exchange agent must receive your outstanding notes
certificates, or a confirmation of DTC book entry, in proper form for transfer,
this letter of transmittal and all required documents within three NYSE trading
days after the expiration date or your tender will be invalid and may not be
accepted for exchange.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company has the sole right to decide any questions
about the validity, form, eligibility, time of receipt, acceptance or
withdrawal of tendered outstanding notes, and its decision will be final and
binding. The Company&#146;s interpretation of the terms and conditions of the
exchange offer, including the instructions contained in this letter of
transmittal and in the prospectus under the heading &#147;The Exchange Offer&#151;Conditions,&#148;
will be final and binding on all parties.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company has the
absolute right to reject any or all of the tendered outstanding notes if:</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160; the
outstanding notes are not properly tendered; or</font></p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160; in the
opinion of the Company&#146;s counsel, the acceptance of those outstanding notes
would be unlawful.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company may also decide to waive any conditions,
defects or invalidity of tender of outstanding notes and accept such
outstanding notes for exchange. Any defect or invalidity in the tender of
outstanding notes that is not waived by the Company must be cured within the
period of time set by the Company.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">It is your responsibility
to identify and cure any defect or invalidity in the tender of your outstanding
notes. Your tender of outstanding notes will not be considered to have been
made until any defect is cured or waived. Neither the Company, the exchange
agent nor any other person is required to notify you that your tender was
invalid or defective, and no one will be liable for any failure to notify you
of such a defect or invalidity in your tender of outstanding notes. As soon as
reasonably possible after the expiration date, the exchange agent will return
to the tendering holder any outstanding notes that were invalidly tendered if
the defect of invalidity has not been cured or waived.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-weight:bold;margin:0pt 0pt 6.0pt 20.0pt;page-break-after:avoid;text-indent:-20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Tender
by Holder.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You must be a holder of
outstanding notes in order to participate in the exchange offer. If you are a
beneficial holder of outstanding notes who wishes to tender, but you are not
the registered holder, you must arrange with the registered holder to execute
and deliver this letter of transmittal on his, her or its behalf. Before
completing and executing this letter of transmittal and delivering the
registered holder&#146;s outstanding notes, you must either make appropriate
arrangements to register ownership of the outstanding notes in your name, or
obtain a properly executed bond power from the registered holder. The transfer
of registered ownership of outstanding notes may take a long period of time.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-weight:bold;margin:0pt 0pt 6.0pt 20.0pt;page-break-after:avoid;text-indent:-20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Partial
Tenders.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you are tendering less than the entire principal
amount of outstanding notes represented by a certificate, you should fill in
the principal amount you are tendering in the fourth column of the box entitled
&#147;Description of Outstanding Notes.&#148; The entire principal amount of outstanding
notes listed on the certificate delivered to the exchange agent will be deemed
to have been tendered unless you fill in the appropriate box. If the entire
principal amount of all outstanding notes is not tendered, a certificate will
be issued for the principal amount of those outstanding notes not tendered.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless a different address
is provided in the appropriate box on this letter of transmittal, certificate(s)&nbsp;representing
exchange notes issued in exchange for any tendered and accepted outstanding
notes will be sent to the registered holder at his, her or its registered
address, promptly after the outstanding notes are accepted for exchange. In the
case of outstanding notes tendered by book entry </font></p>


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<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">transfer,
any untendered outstanding notes and any exchange notes issued in exchange for
tendered and accepted outstanding notes will be credited to accounts at DTC.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-weight:bold;margin:0pt 0pt 6.0pt 20.0pt;page-break-after:avoid;text-indent:-20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Signatures
on this Letter of Transmittal; Bond Powers and Endorsements; Guarantee of
Signatures.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>If
you are the registered holder of the outstanding notes tendered with this
document, and are signing this letter of transmittal, your signature must match
exactly with the name(s)&nbsp;written on the face of the outstanding notes or
the DTC security position listing. There can be no alteration, enlargement or
change in your signature in any manner. If certificates representing the
exchange notes, or certificates issued to replace any outstanding notes you
have not tendered are to be issued to you as the registered holder, do not
endorse any tendered outstanding notes, and do not provide a separate bond
power.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>If
you are not the registered holder, or if exchange note or any replacement
outstanding note certificates will be issued to someone other than you, you
must either properly endorse the outstanding notes you have tendered or deliver
with this letter of transmittal a properly completed separate bond power.
Please note that the signatures on any endorsement or bond power must be
guaranteed by an Eligible Institution.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>If
you are signing this letter of transmittal but are not the registered holder(s)&nbsp;of
any outstanding notes listed on this document under the &#147;Description of
Outstanding Notes,&#148; the outstanding notes tendered must be endorsed or
accompanied by appropriate bond powers, in each case signed in the name of the
registered holder(s)&nbsp;exactly as it appears on the outstanding notes.
Please note that the signatures on any endorsement or bond power must be
guaranteed by an Eligible Institution.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>If
this letter of transmittal, any outstanding notes tendered or any bond powers
are signed by trustees, executors, administrators, guardians,
attorneys-in-fact, officers of corporations or others acting in a fiduciary or
representative capacity, that person must indicate their title or capacity when
signing. Unless waived by the Company, evidence satisfactory to the Company of
that person&#146;s authority to act must be submitted with this letter of
transmittal. Please note that the signatures on any endorsement or bond power
must be guaranteed by an Eligible Institution.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>All
signatures on this letter of transmittal must be guaranteed by an Eligible
Institution unless one of the following situations apply:</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 50.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If
this letter of transmittal is signed by the registered holder(s)&nbsp;of the
outstanding notes tendered with this letter of transmittal and such holder(s)&nbsp;has
not completed the box titled &#147;Special Issuance Instructions&#148; or the box titled &#147;Special
Delivery Instructions;&#148; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 50.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If the outstanding notes
are tendered for the account of an Eligible Institution.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-weight:bold;margin:0pt 0pt 6.0pt 20.0pt;page-break-after:avoid;text-indent:-20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Special
Issuance and Special Delivery Instructions.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If different from the name
and address of the person signing this letter of transmittal, you should
indicate, in the applicable box or boxes, the name and address where exchange
notes issued in exchange for tendered and accepted outstanding notes or
outstanding notes issued in replacement for any untendered or tendered but
unaccepted outstanding notes should be issued or sent. If exchange notes or
replacement outstanding notes are to be issued in a different name, you must
indicate the taxpayer identification or social security number of the person
named.</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-family:Times New Roman;font-size:10.0pt;font-weight:bold;line-height:11.8pt;margin:0pt 0pt 6.0pt 20.0pt;page-break-after:avoid;text-indent:-20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Transfer
Taxes.</p>

<p style="line-height:11.8pt;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company will pay all transfer taxes, if any,
applicable to the exchange of outstanding notes in the exchange offer. However,
transfer taxes will be payable by you (or by the tendering holder if you are
signing this letter on behalf of a tendering holder) if:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;line-height:11.8pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>certificates representing
exchange notes or notes issued to replace any outstanding notes not tendered or
accepted for exchange are to be delivered to, or are to be registered or issued
in the name of, a person other than the registered holder;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;line-height:11.8pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>tendered outstanding notes
are registered in the name of any person other than the person signing this
letter of transmittal; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;line-height:11.8pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>a transfer tax is imposed
for any reason other than the exchange of outstanding notes according to the
exchange offer.</p>

<p style="line-height:11.8pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If
satisfactory evidence of the payment of those taxes or an exemption from
payment is not submitted with this letter of transmittal, the amount of those
transfer taxes will be billed directly to the tendering holder. Until those
transfer taxes are paid, the Company will not be required to deliver any
exchange notes required to be delivered to, or at the direction of, such
tendering holder.</font></p>

<p style="line-height:11.8pt;margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as provided in this Instruction 6, it is not
necessary for transfer tax stamps to be attached to the outstanding notes
listed in this letter of transmittal.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-weight:bold;line-height:11.8pt;margin:0pt 0pt 6.0pt 20.0pt;page-break-after:avoid;text-indent:-20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Form&nbsp;W-9.</p>

<p style="line-height:11.8pt;margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You must provide the exchange agent with a correct
Taxpayer Identification Number, or TIN, for the holder on the enclosed Form&nbsp;W-9.
If the holder is an individual, the TIN is his or her social security number.
If you do not provide the required information on the Form&nbsp;W-9, you
may be subject to federal income tax withholding at a rate of 28% on certain
payments made to the holders of exchange notes. Certain holders, such as
corporations and certain foreign individuals, are not subject to these backup
withholding and reporting requirements. For additional information, please read
the enclosed instructions accompanying Form&nbsp;W-9. To prove to the
exchange agent that a foreign individual qualifies as an exempt holder, the
foreign individual must submit the appropriate IRS Form&nbsp;W-8, signed
under penalties of perjury, certifying as to that individual&#146;s exempt status. You
can obtain the appropriate IRS Form&nbsp;W-8 from the exchange agent or
the Internal Revenue Service.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-weight:bold;line-height:11.8pt;margin:0pt 0pt 6.0pt 20.0pt;page-break-after:avoid;text-indent:-20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Waiver
of Conditions.</p>

<p style="line-height:11.8pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Company may choose, at any time and for any reason, to amend, waive or modify
certain of the conditions to the exchange offer. The conditions applicable to
tenders of outstanding notes in the exchange offer are described in the
prospectus under the heading &#147;The Exchange Offer&#151;Conditions.&#148;</font></p>

<p style="line-height:11.8pt;margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company reserves the right (subject to the
limitations described in the prospectus) to waive satisfaction of any or all
conditions enumerated in the prospectus prior to the expiration date.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-weight:bold;line-height:11.8pt;margin:0pt 0pt 6.0pt 20.0pt;page-break-after:avoid;text-indent:-20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>No
Conditional Tenders.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company will not accept any alternative,
conditional, irregular or contingent tenders. All holders of outstanding notes,
by execution of this letter of transmittal, shall waive any right to receive
notice of the acceptance of their outstanding notes for exchange.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-weight:bold;line-height:11.8pt;margin:0pt 0pt 6.0pt 20.0pt;page-break-after:avoid;text-indent:-20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Mutilated,
Lost, Stolen or Destroyed Outstanding Notes.</p>

<p style="line-height:11.8pt;margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If your outstanding notes have been mutilated, lost,
stolen or destroyed, you should contact the exchange agent at the address
listed on the cover page&nbsp;of this document for further instructions.</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-family:Times New Roman;font-size:10.0pt;font-weight:bold;line-height:11.8pt;margin:0pt 0pt 6.0pt 20.0pt;page-break-after:avoid;text-indent:-20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Requests
for Assistance or Additional Copies.</p>

<p style="line-height:11.8pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If
you have questions or need assistance with respect to exchange offer procedures
or would like to receive additional copies of the prospectus or this letter of
transmittal, you should contact the exchange agent at the address listed in the
prospectus. You may also contact your broker, dealer, commercial bank, trust company
or other nominee for assistance concerning the exchange offer.</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>
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<SEQUENCE>9
<FILENAME>a07-9903_1ex99d2.htm
<DESCRIPTION>EX-99.2
<TEXT>
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<head>







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<body lang="EN-US">

<div>


<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit&nbsp;99.2</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">NOTICE OF GUARANTEED DELIVERY<br>
FOR</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:16.0pt;">Hospitality Properties Trust</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">5.625% Senior Notes Due 2017</font></b></p>

<div style="border:solid black 1.0pt;padding:0pt 0pt 0pt 0pt;">

<p style="border:none;font-weight:bold;margin:0pt 0pt 6.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">THE
EXCHANGE OFFER WILL EXPIRE AT &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.M./P.M.,
NEW YORK CITY TIME, ON&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; ,
2007, UNLESS THE OFFER IS EXTENDED (SUCH DATE AND TIME, AS IT MAY&nbsp;BE
EXTENDED, OR THE EXPIRATION DATE). OUTSTANDING NOTES TENDERED IN THE EXCHANGE
OFFER MAY&nbsp;BE WITHDRAWN AT ANY TIME PRIOR TO THE EXPIRATION DATE.</font></b></p>

</div>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As set forth in the
prospectus, dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; , 2007,
or the prospectus, of Hospitality Properties Trust, or the Company, and in the
related letter of transmittal, or the letter of transmittal, this form or one
substantially similar must be used to accept the Company&#146;s offer to exchange
all of its outstanding 5.625% Senior Notes due 2017, or the outstanding notes,
for its 5.625% Senior Notes due 2017, which have been registered under the
Securities Act of 1933, as amended, or the exchange notes, if certificates for
the outstanding notes are not immediately available or if the outstanding
notes, the letter of transmittal or any other required documents cannot be
delivered to U.S. Bank National Association, or the exchange agent, or the
procedure for book entry transfer cannot be completed, prior to the expiration
date. This form may be delivered by an Eligible Institution (as defined in the
letter of transmittal) by hand or overnight courier or transmitted by facsimile
transmission or mailed to the exchange agent as indicated below.</font></p>

<p align="center" style="margin:0pt 0pt 6.0pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Delivery
to:</font></i></p>

<p align="center" style="margin:0pt 0pt 6.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">U.S. Bank
National Association</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">As Exchange Agent</font></b></p>

<div align="center" style="font-family:Times New Roman;">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><!-- SET mrlNoTableShading --><i>By Registered or Certified Mail:</i></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:12.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">By Hand
  and Overnight Courier:</font></i></p>
  </td>
 </tr>
 <tr>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">U.S. Bank
  National Association</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:12.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">U.S. Bank
  National Association</font></p>
  </td>
 </tr>
 <tr>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">U.S. Bank West
  Side Flats Operations Center</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:12.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">U.S. Bank West
  Side Flats Operations Center</font></p>
  </td>
 </tr>
 <tr>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">60 Livingston
  Ave.</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:12.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">60 Livingston
  Ave.</font></p>
  </td>
 </tr>
 <tr>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">St. Paul, MN
  55107</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:12.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">St. Paul, MN
  55107</font></p>
  </td>
 </tr>
 <tr>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attn: Specialized
  Finance</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:12.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attn: Specialized
  Finance</font></p>
  </td>
 </tr>
 <tr>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:10.0pt 0pt .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">By Facsimile (for eligible institutions only):<br>
  (651) 495-8158</font></i></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:12.0pt;">
  <p align="center" style="margin:10.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:10.0pt 0pt .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Confirm by Telephone:<br>
  (800) 934-6802</font></i></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Delivery of this
notice to an address, or transmission of this notice via facsimile, other than
as set forth above does not constitute a valid delivery.</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This form is not to be used to guarantee signatures. If
a signature on the letter of transmittal to be used to tender outstanding notes
is required to be guaranteed by an Eligible Institution under the instructions
thereto, such signature guarantee must appear in the applicable space provided
in the letter of transmittal.</font></p>


<br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies and
Gentlemen:</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The undersigned
hereby tenders to the Company, upon the terms and subject to the conditions set
forth in the prospectus and in the related letter of transmittal, which
together constitute the &#147;exchange offer,&#148; receipt of which is hereby
acknowledged, outstanding notes pursuant to guaranteed delivery procedures set
forth in Instruction 1 to the letter of transmittal.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The undersigned understands that tenders of
outstanding notes will be accepted only in principal amounts equal to $1,000 or
integral multiples thereof. The undersigned understands that tenders of
outstanding notes pursuant to the exchange offer may be withdrawn only in
accordance with the procedures set forth in &#147;The Exchange Offer&#151;Withdrawal of
Tenders&#148; section of the prospectus.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All authority herein conferred or agreed to be
conferred by this Notice of Guaranteed Delivery shall survive the death,
incapacity or dissolution of the undersigned and every obligation of the
undersigned under this Notice of Guaranteed Delivery shall be binding upon the
heirs, personal representatives, executors, administrators, successors,
assigns, trustees in bankruptcy and other legal representatives of the
undersigned.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOTE: SIGNATURES MUST BE PROVIDED WHERE INDICATED
BELOW.</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.76%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlHTMLTableFull --><!-- SET mrlNoTableShading -->Principal Amount of Outstanding Notes Tendered
  for Exchange:<br>
  (must be in denominations of principal amount of $1,000 or any integral
  multiple thereof):</p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Check box if outstanding notes will be tendered by
  book entry transfer)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:47.62%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>&nbsp;The
  Depository Trust Company </p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.76%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.62%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp; &nbsp;&nbsp; &nbsp;Account
  Number:&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.76%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Outstanding Note
  Certificate No(s). (if available): </font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.62%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="49%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:49.76%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.62%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="49%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:49.76%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.62%;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<div align="center" style="font-family:Times New Roman;">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="607" colspan="8" valign="top" style="border:solid windowtext 1.0pt;border-bottom:none;padding:0pt .7pt 0pt 0pt;width:455.0pt;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><a name="PleaseSignHere_100943"></a><!-- SET mrlNoTableShading --><b>PLEASE SIGN HERE</b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="14" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:10.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="302" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:226.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">X </font></p>
  </td>
  <td width="99" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.4pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="185" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:138.85pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="316" colspan="5" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:237.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Signature(s)&nbsp;of Owner(s)&nbsp;or Authorized
  Signatory</font></b></p>
  </td>
  <td width="99" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.4pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="191" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:143.6pt;">
  <p align="center" style="margin:0pt 4.05pt .0001pt 0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Date</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="316" colspan="5" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:237.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="99" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.4pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="191" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:143.6pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="607" colspan="8" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:455.0pt;">
  <p style="margin:0pt 4.05pt .0001pt 5.25pt;page-break-after:avoid;text-indent:14.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Notice of Guaranteed Delivery must be signed by
  the registered holder(s)&nbsp;of outstanding notes exactly as its (their)
  name(s)&nbsp;appear on certificates for outstanding notes or on a security
  position listing as the owner of outstanding notes, or by
  person(s)&nbsp;authorized to become registered holder(s)&nbsp;by endorsements
  and documents transmitted with this Notice of Guaranteed Delivery. If
  signature is by a trustee, executor, administrator, guardian, attorney-in-fact,
  officer or other person acting in a fiduciary or representative capacity,
  such person must set forth his or her full title below:</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="607" colspan="8" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:455.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-indent:19.75pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="607" colspan="8" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:455.0pt;">
  <p style="margin:0pt 0pt .0001pt 5.25pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Please
  print name(s)&nbsp;and address(es)</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="607" colspan="8" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:455.0pt;">
  <p style="margin:0pt 0pt .0001pt 5.25pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="87" colspan="2" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:65.25pt;">
  <p style="font-size:10.0pt;margin:2.0pt 0pt .0001pt 5.25pt;page-break-after:avoid;"><a name="PleasePrintNamesandAddresses_101127"></a><!-- SET mrlHTMLTableFull -->Name(s):</p>
  </td>
  <td width="513" colspan="5" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:385.0pt;">
  <p style="margin:2.0pt 0pt .0001pt 5.25pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.75pt;">
  <p style="margin:2.0pt 0pt .0001pt 5.25pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="87" colspan="2" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:65.25pt;">
  <p style="margin:2.0pt 0pt .0001pt 5.25pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Capacity:</font></p>
  </td>
  <td width="513" colspan="5" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:385.0pt;">
  <p style="margin:2.0pt 0pt .0001pt 5.25pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.75pt;">
  <p style="margin:2.0pt 0pt .0001pt 5.25pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="87" colspan="2" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:65.25pt;">
  <p style="margin:2.0pt 0pt .0001pt 5.25pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Address(es):</font></p>
  </td>
  <td width="513" colspan="5" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:385.0pt;">
  <p style="margin:2.0pt 0pt .0001pt 5.25pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.75pt;">
  <p style="margin:2.0pt 0pt .0001pt 5.25pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="607" colspan="8" valign="top" style="border-bottom:none;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:455.0pt;">
  <p align="center" style="margin:2.0pt 0pt .0001pt 5.25pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(include Zip Code)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="228" colspan="3" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:170.65pt;">
  <p style="margin:2.0pt 0pt .0001pt 5.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Area Code and Telephone
  Number:</font></p>
  </td>
  <td width="373" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:279.6pt;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.75pt;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="294" colspan="4" valign="top" style="border:none;border-left:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:220.25pt;">
  <p style="margin:2.0pt 0pt .0001pt 5.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tax Identification or
  Social Security Number(s):</font></p>
  </td>
  <td width="307" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:230.0pt;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:4.75pt;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="294" colspan="4" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0pt .7pt 0pt 0pt;width:220.25pt;">
  <p style="margin:2.0pt 0pt .0001pt 5.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="313" colspan="4" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0pt .7pt 0pt 0pt;width:234.75pt;">
  <p style="margin:2.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="14" style="border:none;"></td>
  <td width="73" style="border:none;"></td>
  <td width="141" style="border:none;"></td>
  <td width="66" style="border:none;"></td>
  <td width="22" style="border:none;"></td>
  <td width="99" style="border:none;"></td>
  <td width="185" style="border:none;"></td>
  <td width="6" style="border:none;"></td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">2</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='2',FILE='C:\fc\95153835249_D11087_1971245\9903-1-ko.htm',USER='jmsproofassembler',CD='Apr  5 15:39 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">GUARANTEE<a name="Guarantee_101402"></a><br>
(Not to be used for signature guarantee)</font></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The undersigned, a
member firm of a registered national securities exchange or of the National
Association of Securities Dealers,&nbsp;Inc., or a commercial bank or trust
company having an office or correspondent in the United States or an &#147;eligible
guarantor institution&#148; within the meaning of Rule&nbsp;17Ad-15 under the
Securities Exchange Act of 1934, as amended, or the Exchange Act, hereby:</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160; represents
that the above named person(s)&nbsp;own(s)&nbsp;the outstanding notes to be
tendered within the meaning of Rule&nbsp;13d-3 under the Securities
Exchange Act of 1934, as amended, or the Exchange Act;</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160; represents
that such tender of outstanding notes complies with Rule&nbsp;14e-4 under
the Exchange Act, if applicable; and</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160; guarantees
that delivery to the exchange agent of certificates for outstanding notes to be
tendered, in proper form for transfer (or confirmation of the book entry
transfer of such outstanding notes into the exchange agent&#146;s account at The
Depository Trust Company, pursuant to the procedures for book entry transfer
set forth in the prospectus), with delivery of a properly completed and duly
executed (or manually signed facsimile) letter of transmittal with any required
signatures or an agent&#146;s message in lieu thereof and any other required
documents, will be received by the exchange agent at its address set forth
above within three New York Stock Exchange trading days after the expiration
date.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">I HEREBY ACKNOWLEDGE THAT I MUST DELIVER THE ITEMS
GUARANTEED ABOVE TO THE EXCHANGE AGENT WITHIN THE TIME PERIOD SET FORTH AND
THAT FAILURE TO DO SO COULD RESULT IN FINANCIAL LOSS TO ME.</font></b></p>

<div align="center" style="font-family:Times New Roman;">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:12.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="296" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name of Firm</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:12.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="296" valign="top" style="border:none;padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Authorized Signature</font></p>
  </td>
 </tr>
 <tr>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:10.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Address</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:12.0pt;">
  <p align="center" style="margin:10.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:10.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name</font></p>
  </td>
 </tr>
 <tr>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:10.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Zip
  Code</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:12.0pt;">
  <p align="center" style="margin:10.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:10.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title</font></p>
  </td>
 </tr>
 <tr>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:10.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Area
  Code and Tel. No. <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:12.0pt;">
  <p align="center" style="margin:10.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p style="margin:10.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>
  </td>
 </tr>
 <tr>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:10.0pt 0pt .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:12.0pt;">
  <p align="center" style="margin:10.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p style="margin:10.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Authorized Signature</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:12.0pt;">
  <p align="center" style="margin:10.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p style="margin:10.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:10.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:12.0pt;">
  <p align="center" style="margin:10.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p style="margin:10.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:10.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:12.0pt;">
  <p align="center" style="margin:10.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p style="margin:10.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p style="margin:10.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:12.0pt;">
  <p align="center" style="margin:10.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p style="margin:10.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOTE: DO NOT SEND OUTSTANDING NOTES WITH THIS FORM;
OUTSTANDING NOTES SHOULD BE SENT WITH YOUR LETTER OF TRANSMITTAL SO THAT THEY
ARE RECEIVED BY THE EXCHANGE AGENT WITHIN THREE NEW YORK STOCK EXCHANGE TRADING
DAYS AFTER THE EXPIRATION DATE.</font></p>


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<SEQUENCE>10
<FILENAME>a07-9903_1ex99d3.htm
<DESCRIPTION>EX-99.3
<TEXT>
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<body lang="EN-US">

<div>


<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit&nbsp;99.3</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Offer to Exchange<a name="OfferToExchange_115305"></a></font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">All Outstanding
5.625% Senior Notes Due 2017<a name="AllOutstanding5_625SeniorNotesDue_115305"></a></font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">for<a name="For_115305"></a></font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.625% Senior Notes
Due 2017<a name="a5_625SeniorNotesDue2017_115305"></a></font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">of<a name="Of_115305"></a></font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="4" face="Times New Roman" style="font-size:14.0pt;">Hospitality Properties Trust<a name="HospitalityPropertiesTrust_115305"></a></font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the
Prospectus dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; , 2007<a name="PursuantToTheProspectusDated2007_115305"></a></font></b></p>

<div style="border:solid windowtext 1.0pt;padding:1.0pt 4.0pt 1.0pt 4.0pt;">

<p style="border:none;font-weight:bold;margin:0pt 0pt 12.0pt;padding:0pt;text-indent:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">THE EXCHANGE OFFER WILL
EXPIRE AT &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.M./P.M.,
NEW YORK CITY TIME, ON&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2007, UNLESS THE OFFER IS EXTENDED (SUCH DATE AND TIME, AS IT MAY&nbsp;BE
EXTENDED, OR THE EXPIRATION DATE). OUTSTANDING NOTES TENDERED IN THE EXCHANGE
OFFER MAY&nbsp;BE WITHDRAWN AT ANY TIME PRIOR TO THE EXPIRATION DATE.</font></b></p>

</div>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To Our Clients:</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are enclosing herewith a prospectus, dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; , 2007, of Hospitality
Properties Trust, or the Company, and the related letter of transmittal that
together constitute the offer by the Company, or the exchange offer, to
exchange its 5.625% Senior Notes due 2017, or the exchange notes, which have
been registered under the Securities Act of 1933, as amended, or the Securities
Act, for a like principal amount of its issued and outstanding 5.625% Senior
Notes due 2017, or the outstanding notes, upon the terms and subject to the
conditions set forth in the exchange offer.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The exchange offer is not conditioned upon any minimum
number of outstanding notes being tendered.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We or our nominee are the holder of record of
outstanding notes held by us or our nominee for your own account. A tender of
such outstanding notes can be made only by us as the record holder and pursuant
to your instructions. The letter of transmittal is furnished to you for your
information only and cannot be used by you to tender outstanding notes held by
us for your account.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We request instructions as to whether you wish to
tender any or all of the outstanding notes held by us for your account pursuant
to the terms and conditions of the exchange offer. We also request that you
confirm that we may, on your behalf, make the representations contained in the
letter of transmittal.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the
letter of transmittal, each holder of outstanding notes will represent to the
Company that:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any exchange notes that
the holder will acquire under the exchange offer will be acquired in the
ordinary course of business;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the holder has not
engaged in, does not intend to engage in, and has no arrangement or
understanding with any person to engage in, a distribution, within the meaning
of the Securities Act, of any exchange notes issued to the holder;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the holder is not a
broker-dealer tendering outstanding notes acquired directly from the Company
for the holder&#146;s own account;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the holder is not an &#147;affiliate&#148;
(as defined in Rule&nbsp;405 under the Securities Act) of the Company; and</p>


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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the holder is not
prohibited by any law or policy of the Securities and Exchange Commission from
participating in the exchange offer.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the holder is a broker-dealer that will receive
exchange notes for its own account in exchange for outstanding notes, it will
represent that the outstanding notes were acquired as a result of market making
activities or other trading activities, and it will acknowledge that it will
deliver a prospectus meeting the requirements of the Securities Act in
connection with any resale of those exchange notes. By acknowledging that it
will deliver and by delivering a prospectus meeting the requirements of the
Securities Act in connection with any resale of those exchange notes, the
broker-dealer is not deemed to admit that it is an &#147;underwriter&#148; within the
meaning of the Securities Act.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Please return your
instructions to us in the enclosed envelope within ample time to permit us to
submit a tender on your behalf prior to the expiration date.</font></p>


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<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">INSTRUCTION TO<br>
BOOK ENTRY TRANSFER FACILITY PARTICIPANT<a name="InstructionToBookEntryTransferFac_115307"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To Participant of the DTC:</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The undersigned hereby acknowledges receipt of the
prospectus, dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; , 2007,
or the prospectus, of Hospitality Properties Trust, or the Company, and the related
letter of transmittal, or the letter of transmittal, that together constitute
The Company&#146;s offer, or the exchange offer, to exchange its 5.625% Senior Notes
due 2017, or the exchange notes, which have been registered under the
Securities Act of 1933, as amended, or the Securities Act, for a like principal
amount of its issued and outstanding 5.625% Senior Notes due 2017, or the
outstanding notes, upon the terms and subject to the conditions set forth in
the exchange offer.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This will instruct you, The Depository Trust Company
participant, as to the action to be taken by you relating to the exchange offer
with respect to the outstanding notes held by you for the account of the
undersigned.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The aggregate principal amount of the outstanding
notes held by you for the account of the undersigned is (<b>Fill In Amount</b>):</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
of the outstanding 5.625% Senior Notes due 2017.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With respect to the exchange offer, we hereby instruct
you (check appropriate box):</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;page-break-after:avoid;text-indent:-20.0pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">q</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To
tender the following amount of outstanding notes you hold for our account
(insert principal amount of outstanding notes to be tendered, if any) (tenders
will be accepted only in principal amounts of $1,000 or integral multiples
thereof):</p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
of the outstanding 5.625% Senior Notes due 2017.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">We will be deemed to have
instructed you to tender the entire aggregate principal amount of outstanding
notes held by you for our account unless we indicate otherwise above.</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">q</font>&#160;&#160;&#160;&#160; <b>NOT To
Tender</b> any outstanding notes you hold for our account.</p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If we instruct you to tender the outstanding notes
held by you for our account, it is understood that you are authorized to make,
on behalf of us (and, by signing below, we hereby make to you), the
representations contained in the letter of transmittal that are to be made with
respect to us as a beneficial owner, including, but not limited to, the
representations, that:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;page-break-after:avoid;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any exchange notes that
we will acquire under the exchange offer will be acquired in the ordinary
course of our business;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;page-break-after:avoid;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>we have not engaged in,
do not intend to engage in, and have no arrangement or understanding with any
person to engage in, a distribution, within the meaning of the Securities Act,
of any exchange notes issued to us;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;page-break-after:avoid;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>we are not a
broker-dealer tendering outstanding notes acquired directly from the Company
for our own account;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>we are not an &#147;affiliate&#148;
(as defined in Rule&nbsp;405 under the Securities Act) of the Company; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>we are not prohibited by
any law or policy of the Securities and Exchange Commission from participating
in the exchange offer.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If we are a broker-dealer
that will receive exchange notes for our own account in exchange for
outstanding notes, we represent that the outstanding notes were acquired as a
result of market making activities or other trading activities, and we
acknowledge that we will deliver a prospectus meeting the </font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">3</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">requirements
of the Securities Act in connection with any resale of those exchange notes. By
acknowledging that we will deliver and by delivering a prospectus meeting the
requirements of the Securities Act in connection with any resale of such
exchange notes, we are not deemed to admit that we are an &#147;underwriter&#148; within
the meaning of the Securities Act.</font></p>

<div align="center" style="font-family:Times New Roman;">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="168" colspan="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:125.75pt;">
  <p align="left" style="font-size:8.0pt;font-weight:bold;line-height:normal;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><!-- SET mrlNoTableShading --><font size="2" style="font-size:10.0pt;font-weight:normal;">Name of beneficial owner(s):</font></p>
  </td>
  <td width="441" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:330.95pt;">
  <p style="font-weight:bold;line-height:normal;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="76" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:56.85pt;">
  <p align="left" style="font-weight:bold;line-height:normal;margin:6.0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Signature(s):</font></b></p>
  </td>
  <td width="533" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:399.85pt;">
  <p style="font-weight:bold;line-height:normal;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="136" colspan="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:101.85pt;">
  <p align="left" style="font-weight:bold;line-height:normal;margin:6.0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Name(s) (please print):</font></b></p>
  </td>
  <td width="473" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:354.85pt;">
  <p style="font-weight:bold;line-height:normal;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.4pt;">
  <p align="left" style="font-weight:bold;line-height:normal;margin:6.0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Address:</font></b></p>
  </td>
  <td width="556" colspan="6" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:417.3pt;">
  <p style="font-weight:bold;line-height:normal;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="118" colspan="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:88.3pt;">
  <p align="left" style="font-weight:bold;line-height:normal;margin:6.0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Telephone Number:</font></b></p>
  </td>
  <td width="491" colspan="4" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:368.4pt;">
  <p style="font-weight:bold;line-height:normal;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="293" colspan="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:219.4pt;">
  <p align="left" style="font-weight:bold;line-height:normal;margin:6.0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Taxpayer Identification or Social
  Security Number:</font></b></p>
  </td>
  <td width="316" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:237.3pt;">
  <p style="font-weight:bold;line-height:normal;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="34" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:25.55pt;">
  <p align="left" style="font-weight:bold;line-height:normal;margin:6.0pt 0pt .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Date:</font></b></p>
  </td>
  <td width="575" colspan="7" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:431.15pt;">
  <p style="font-weight:bold;line-height:normal;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr height="0">
  <td width="42" style="border:none;"></td>
  <td width="23" style="border:none;"></td>
  <td width="29" style="border:none;"></td>
  <td width="52" style="border:none;"></td>
  <td width="22" style="border:none;"></td>
  <td width="39" style="border:none;"></td>
  <td width="153" style="border:none;"></td>
  <td width="389" style="border:none;"></td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


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<TYPE>EX-99.4
<SEQUENCE>11
<FILENAME>a07-9903_1ex99d4.htm
<DESCRIPTION>EX-99.4
<TEXT>
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<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit&nbsp;99.4</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">Letter to Depository Trust Company
Participants</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">Offer to Exchange</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">All Outstanding 5.625% Senior Notes Due 2017</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">for</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">5.625% Senior Notes Due 2017</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">of</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:16.0pt;">Hospitality Properties Trust</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">Pursuant to the Prospectus dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; , 2007</font></b></p>

<div style="border:solid black 1.0pt;padding:2.0pt 2.0pt 2.0pt 4.0pt;">

<p style="border:none;margin:0pt 0pt 6.0pt;padding:0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">THE EXCHANGE OFFER WILL EXPIRE AT
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.M./P.M., NEW YORK CITY
TIME, ON&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; , 2007, UNLESS
THE OFFER IS EXTENDED (SUCH DATE AND TIME, AS IT MAY&nbsp;BE EXTENDED, OR THE
EXPIRATION DATE). OUTSTANDING NOTES TENDERED IN THE EXCHANGE OFFER MAY&nbsp;BE
WITHDRAWN AT ANY TIME PRIOR TO THE EXPIRATION DATE.</font></b></p>

</div>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To Depository Trust Company Participants:</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We are enclosing herewith the material listed below
relating to the offer by Hospitality Properties Trust, hereinafter referred to
as &#147;HPT,&#148; &#147;we,&#148; &#147;us,&#148; or &#147;our,&#148; to
exchange our 5.625% Senior Notes due 2017, or the exchange notes, which have
been registered under the Securities Act of 1933, as amended, or the Securities
Act, for a like principal amount of our issued and outstanding 5.625% Senior
Notes due 2017, the&#160; outstanding notes,
upon the terms and subject to the conditions set forth in our prospectus,
dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; , 2007, and the
related letter of transmittal, which together constitute the &#147;exchange offer.&#148;</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Enclosed are copies
of the following documents:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Prospectus,
dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; , 2007;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Letter of
Transmittal (together with accompanying Form&nbsp;W-9 and instructions);</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Notice of
Guaranteed Delivery; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Letter that may be
sent to your clients for whose account you hold outstanding notes in your name
or in the name of your nominee, with space provided for obtaining such client&#146;s
instruction with regard to the exchange offer.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We urge you to contact your clients promptly. Please
note that the exchange offer will expire on the expiration date. The exchange
offer is not conditioned upon any minimum number of outstanding notes being
tendered.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the
letter of transmittal, each holder of outstanding notes will represent to us
that:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any exchange notes that
the holder will acquire under the exchange offer will be acquired in the
ordinary course of business;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the holder has not
engaged in, does not intend to engage in, and has no arrangement or
understanding with any person to engage in, a distribution, within the meaning
of the Securities Act, of any exchange notes issued to the holder;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the holder is not a
broker-dealer tendering outstanding notes acquired directly from us for the
holder&#146;s own account;</p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;page-break-after:avoid;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
holder is not an &#147;affiliate&#148; (as defined in Rule&nbsp;405 under the Securities
Act) of ours; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the holder is not
prohibited by any law or policy of the SEC from participating in the exchange
offer.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the holder is a broker-dealer (whether or not it is
also an &#147;affiliate&#148;) that will receive exchange notes for its own account in
exchange for outstanding notes, it will represent that the outstanding notes
were acquired as a result of market making activities or other trading
activities, and it will acknowledge that it will deliver a prospectus meeting
the requirements of the Securities Act in connection with any resale of those
exchange notes. By acknowledging that it will deliver and by delivering a
prospectus meeting the requirements of the Securities Act in connection with
any resale of those exchange notes, the broker-dealer is not deemed to admit
that it is an &#147;underwriter&#148; within the meaning of the Securities Act.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The enclosed Letter to Clients contains an
authorization by the beneficial owners of the outstanding notes for you to make
the foregoing representations.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We will not pay any fee or commission to any broker or
dealer or to any other persons (other than the exchange agent) in connection
with the solicitation of tenders of outstanding notes pursuant to the exchange
offer. We will pay or cause to be paid any transfer taxes payable on the
transfer of outstanding notes to it, except as otherwise provided in
Instruction 6 of the enclosed letter of transmittal.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additional copies of the
enclosed material may be obtained from the undersigned.</font></p>

<p style="margin:0pt 0pt 6.0pt 228.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very truly yours,</font></p>

<p style="margin:0pt 0pt 6.0pt 228.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hospitality Properties
Trust</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
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