-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 O+xqqN6/mNv+YnxXjyhJcsgpe5v+Ldglmm83RVDksDKe3z/Lr0MTaevGFpdU1yIX
 ouppbWdqiApAX5Cx8PmPyw==

<SEC-DOCUMENT>0001104659-07-017100.txt : 20070307
<SEC-HEADER>0001104659-07-017100.hdr.sgml : 20070307
<ACCEPTANCE-DATETIME>20070307163759
ACCESSION NUMBER:		0001104659-07-017100
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20070307
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Unregistered Sales of Equity Securities
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20070307
DATE AS OF CHANGE:		20070307

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11527
		FILM NUMBER:		07678225

	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>8-K
<SEQUENCE>1
<FILENAME>a07-7456_18k.htm
<DESCRIPTION>8-K
<TEXT>
<html>

<head>







</head>

<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="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</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;">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 align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WASHINGTON, D.C. 20549</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:18.0pt;">FORM 8-K</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;">CURRENT REPORT</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;">PURSUANT TO SECTION 13 OR 15(d) OF THE</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;">SECURITIES EXCHANGE ACT OF 1934</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of Report
(Date of earliest event reported): <b>March 7,
2007 (March 2, 2007)</b></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;">HOSPITALITY PROPERTIES TRUST</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact Name of Registrant as Specified in Its Charter)</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;">Maryland</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.15pt;">(State or Other Jurisdiction</font>  <font style="letter-spacing:-.15pt;">of
Incorporation)</font></font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><!-- SET mrlNoTableShading --><b>1-11527</b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <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="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <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;">04-3262075</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Commission File
  Number)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <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="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(IRS Employer
  Identification No.)</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><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 .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <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;">400
  Centre Street, Newton, Massachusetts</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <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="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;letter-spacing:-.15pt;">0</font>2458</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <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="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <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="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <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 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">617-964-8389</font></b><br>
(Registrant&#146;s Telephone Number, Including Area Code)</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check
the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:</font></p>

<p style="font-size:10.0pt;margin:0pt 0pt 12.0pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>&#160; Written communications pursuant to Rule 425
under the Securities Act (17 CFR 230.425)</p>

<p style="font-size:10.0pt;margin:0pt 0pt 12.0pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>&#160; Soliciting material pursuant to Rule 14a-12
under the Exchange Act (17 CFR 240.14a-12)</p>

<p style="font-size:10.0pt;margin:0pt 0pt 12.0pt 13.5pt;text-indent:-13.5pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>&#160; Pre-commencement communications pursuant to
Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</p>

<p style="font-size:10.0pt;margin:0pt 0pt 12.0pt 13.5pt;text-indent:-13.5pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>&#160; Pre-commencement communications pursuant to
Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</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">

<!-- SEQ.=1,FOLIO='',FILE='C:\fc\66141958945_H0015A_1825108\7456-1-ba.htm',USER='jmsproofassembler',CD='Mar  7 14:20 2007' -->



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


<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><strong><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item
1.01. Entry into a Material Definitive Agreement.</font></b></strong></p>

<p style="margin:0pt 0pt 12.0pt 49.5pt;text-indent:-49.5pt;"><strong><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item
2.03. Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.</font></b></strong></p>

<p style="margin:0pt 0pt 12.0pt;"><strong><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item
3.02. Unregistered Sales of Equity Securities</font></b></strong></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On March 2, 2006, Hospitality
Properties Trust, or the Company, agreed to sell <font style="background:white;">$500
million aggregate principal amount of 3.80% Convertible Senior Notes due 2027,
or the Notes.&#160; These Notes were issued on
March 7, 2007.&#160; The Company&#146;s</font> net
proceeds from the sale, after deducting the initial purchasers&#146; discounts and
the estimated offering expenses payable by the Company, were approximately $490
million.&#160; The Company used these net
proceeds to repay a portion of the debt incurred to fund its recently completed
acquisition of TravelCenters of America, Inc. <font style="background:white;">The
Company also granted the initial purchasers of the Notes a 30-day option to
purchase up to an additional $75 million aggregate principal amount of the
Notes to cover overallotments, if any.</font></font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Notes are the Company&#146;s
senior unsecured obligations and rank equally with all of the Company&#146;s other
senior unsecured indebtedness.&#160; The Notes
are not obligations of the Company&#146;s subsidiaries.&#160; The Notes are convertible, in certain
circumstances, into the Company&#146;s common shares of beneficial interest, $.01
par value per share, or Common Shares.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company will pay
3.80% interest per annum on the principal amount of the Notes, payable semiannually
in arrears on March 15 and September 15 of each year, starting on September 15,
2007, to holders of record at the close of business on the preceding February 28
and August 31, respectively. The Notes will mature on March 15, 2027, unless
earlier redeemed, repurchased or converted.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Notes are governed by
an indenture, dated as of February 25, 1998, between the Company and U.S. Bank
National Association, or the Trustee, as supplemented by a Supplemental
Indenture No. 10, dated as of March 7, 2007, between the Company and the
Trustee. We refer to this indenture, as so supplemented, as the Indenture.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Prior to March 20, 2012,
the Company will not be permitted to redeem the Notes at its option, except to
preserve the Company&#146;s status as a real estate investment trust, or REIT, for
United States federal income tax purposes.&#160;
At any time on or after March 20, 2012, the Company may redeem all or a
portion of the Notes at a redemption price equal to 100% of the principal
amount plus accrued but unpaid interest (including any additional interest), if
any, accrued to, but excluding, the redemption date.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Prior to March 20, 2012,
if the Company undergoes certain change in control transactions, holders of the
Notes, or Holders, may require the Company to repurchase their Notes in whole
or in part for cash equal to 100% of the principal </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> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='2',FILE='C:\fc\66151848430_D11086_1825477\7456-1-dg.htm',USER='jmsproofassembler',CD='Mar  7 15:18 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">amount of the Notes to be
repurchased plus any unpaid interest (including any additional interest, if
any) accrued to, but excluding, the repurchase date.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On each of March 20,
2012, March 15, 2017 and March 15, 2022, Holders may require the Company to
repurchase all or a portion of their Notes at a purchase price in cash equal to
100% of the principal amount of the Notes to be purchased, plus any accrued and
unpaid interest to (including any additional interest, if any), but excluding,
the repurchase date.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Holders may convert their
Notes into Common Shares at the applicable conversion rate prior to the close
of business on the second business day immediately prior to maturity at any
time on or after March 15, 2026, subject to prior maturity, redemption or
repurchase. In addition, Holders may convert their Notes into Common Shares
based on the applicable conversion rate under any of the following
circumstances:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>during any
calendar quarter after June 30, 2007 (and only during such calendar quarter),
if and only if, the closing sale price of the Company&#146;s common shares for at
least 20 trading days (whether or not consecutive) in the period of 30
consecutive trading days ending on the last trading day of the preceding
calendar quarter is greater than 130% of the conversion price per common share
in effect on the applicable trading day;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>during the five
consecutive trading day period following any five consecutive trading day
period in which the trading price of the notes was less than 98% of the product
of the closing sales price of the Common Shares multiplied by the applicable
conversion rate;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>if the Notes
have been called for redemption, at any time prior to the close of business on
the second business day prior to the redemption date;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>upon the
occurrence of specified transactions, including a change in control (as defined
in the Notes); or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>if the Common
Shares are not listed on a U.S. national or regional securities exchange for 30
consecutive trading days.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The initial conversion
rate, which is subject to adjustment, is 19.8018 Common Shares per $1,000
principal amount of Notes. This represents an initial conversion price of
$50.50 per share.&#160; Holders converting
Notes in connection with certain change in control transactions occurring prior
to March 12, 2012, may be entitled to receive additional Common Shares.&#160; The conversion rate may also be adjusted
under certain other circumstances, including the payment of cash distributions
on the Company&#146;s Common Shares in excess of the Company&#146;s current regularly
quarterly cash distribution of $0.74 per share, but the conversion rate will
not be adjusted for accrued but unpaid interest on the Notes.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon conversion of the
Notes, the Company will deliver cash for the return of principal, cash for
fractional shares and deliver Common Shares or cash, or a combination thereof,
at the Company&#146;s election, for any other amounts to be paid, in accordance with
the terms of the Indenture and the Notes.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Indenture provides for customary &#145;&#145;events of
default&#146;&#146; which could cause, or permit, the acceleration of the Notes.&#160; Those are similar to the events of default
with respect to the Company&#146;s publicly offered senior notes, and also include
the Company&#146;s default in the delivery when due of the conversion value of the
Notes on the terms set forth in the Indenture and the Notes upon exercise of a Holder&#146;s
conversion rights (subject to a cure period) and the Company&#146;s failure to
provide notice of the occurrence of a change in control when required under the
Indenture.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with the
sale of the Notes, the Company entered into a registration rights agreement,
dated as of March 7, 2007, with the initial purchasers of the Notes, or the
Registration Rights Agreement. Under the Registration Rights Agreement, the
Company agreed to (1) file, within 90 days of the date on which the Company
issued the Notes, a shelf registration statement relating to the resale of the
Notes and the underlying Common Shares; and (2) use the Company&#146;s reasonable
best efforts to cause such registration statement to become effective under the
Securities Act within 180 days after the date on which the Company issued the
Notes. The Company is obligated to pay additional interest on the Notes </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> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='3',FILE='C:\fc\66151848430_D11086_1825477\7456-1-dg.htm',USER='jmsproofassembler',CD='Mar  7 15:18 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">if it does not satisfy
certain of its obligations under the Registration Rights Agreement within the
time periods specified therein.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Copies of the Indenture
and the Registration Rights Agreement are filed as Exhibit 4.1 and 4.2,
respectively, to this Current Report on Form 8-K and are incorporated herein by
reference. This Current Report on Form 8-K contains only a summary of certain
provisions of the Indenture and the Registration Rights Agreement. The
summaries do not purport to be complete and are qualified in their entirety by
reference to those documents. 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></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Notes and the Common Shares
that may be issuable upon conversion of the Notes have not been registered
under the Securities Act of 1933, as amended, or the Securities Act, or any
state securities laws, and unless so registered, may not be offered or sold in
the United States except pursuant to an exemption from registration
requirements of the Securities Act of 1933, as amended, and applicable state
laws. The Company offered and sold the Notes to the initial purchasers in
reliance on the exemption from registration provided by
Section&nbsp;4(2)&nbsp;of the Securities Act for the resale to qualified
institutional buyers pursuant to the exemption from registration provided by
Rule&nbsp;144A under the Securities Act.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Current Report on
Form&nbsp;8-K does not constitute an offer to sell, or a solicitation of an
offer to buy, any security and shall not constitute an offer, solicitation or
sale in any jurisdiction in which such offering would be unlawful.</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;">Item 5.03.&#160; Amendments to Articles of Incorporation or
Bylaws; Change in Fiscal Year.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On March&nbsp;5, 2007, the
Company amended its declaration of trust to increase the number of its
authorized shares of beneficial interest from 200,000,000 to 250,000,000. The
Company&#146;s authorized shares are currently classified as follows: (i)&nbsp;150,000,000
common shares, $0.01 par value per share; and (ii)&nbsp;100,000,000 preferred
shares without specified par value except to the extent designated as provided
the declaration of trust.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, on March&nbsp;5,
2007, the Company increased the number of its authorized preferred shares which
are designated as Junior Participating Preferred Shares, $0.01 par value per
share, from 1,000,000 to 1,500,000.</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;">Item
8.01.&#160; Other Events.</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ERISA
PLANS, KEOGH PLANS AND INDIVIDUAL RETIREMENT ACCOUNTS</font></b></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following summary
updates and restates the description of the Employee Retirement Income Security
Act of 1974, as amended, or ERISA, considerations in the section of the Company&#146;s
Annual Report on Form 10-K for the year ended December 31, 2006 captioned &#147;ERISA
Plans, Keogh Plans and Individual Retirement Accounts&#148;.&#160; Subject to qualifications and assumptions
contained in its opinion, Sullivan &amp; Worcester LLP, Boston, Massachusetts,
has rendered a legal opinion that the discussion in this section is accurate in
all material respects and fairly summarizes the ERISA considerations discussed
in this section, and the opinions of counsel referred to in this section
represent Sullivan &amp; Worcester LLP&#146;s opinions on those subjects.</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;">General
Fiduciary Obligations</font></b></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fiduciaries of a pension,
profit-sharing or other employee benefit plan subject to Title I of ERISA must
consider whether:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>their investment
in the Company&#146;s shares satisfies the diversification requirements of ERISA;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the investment
is prudent in light of possible limitations on the marketability of the Company&#146;s
shares;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>they have
authority to acquire the Company&#146;s shares under the applicable governing
instrument and Title I of ERISA; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the investment
is otherwise consistent with their fiduciary responsibilities.</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> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='4',FILE='C:\fc\66151848430_D11086_1825477\7456-1-dg.htm',USER='jmsproofassembler',CD='Mar  7 15:18 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustees and other
fiduciaries of an ERISA plan may incur personal liability for any loss suffered
by the plan on account of a violation of their fiduciary responsibilities.&#160; In addition, these fiduciaries may be subject
to a civil penalty of up to 20% of any amount recovered by the plan on account
of a violation. Fiduciaries of any IRA, Roth IRA, Keogh Plan or other qualified
retirement plan not subject to Title I of ERISA, referred to as &#147;non-ERISA
plans,&#148; should consider that a plan may only make investments that are
authorized by the appropriate governing instrument.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fiduciaries considering
an investment in the Company&#146;s securities should consult their own legal
advisors if they have any concern as to whether the investment is consistent
with the foregoing criteria or is otherwise appropriate.&#160; The sale of the Company&#146;s securities to a
plan is in no respect a representation by us or any underwriter of the
securities that the investment meets all relevant legal requirements with
respect to investments by plans generally or any particular plan, or that the
investment is appropriate for plans generally or any particular plan.</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;">Prohibited
Transactions</font></b></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fiduciaries of ERISA
plans and persons making the investment decision for an IRA or other non-ERISA
plan should consider the application of the prohibited transaction provisions
of ERISA and the Internal Revenue Code in making their investment decision.
Sales and other transactions between an ERISA or non-ERISA plan, and persons
related to it, are prohibited transactions.&#160;
The particular facts concerning the sponsorship, operations and other
investments of an ERISA plan or non-ERISA plan may cause a wide range of other
persons to be treated as disqualified persons or parties in interest with
respect to it.&#160; A prohibited transaction,
in addition to imposing potential personal liability upon fiduciaries of ERISA
plans, may also result in the imposition of an excise tax under the Internal
Revenue Code or a penalty under ERISA upon the disqualified person or party in
interest with respect to the plan.&#160; If
the disqualified person who engages in the transaction is the individual on
behalf of whom an IRA or Roth IRA is maintained or his beneficiary, the IRA or
Roth IRA may lose its tax-exempt status and its assets may be deemed to have
been distributed to the individual in a taxable distribution on account of the
prohibited transaction, but no excise tax will be imposed.&#160; Fiduciaries considering an investment in the
Company&#146;s securities should consult their own legal advisors as to whether the
ownership of the Company&#146;s securities involves a prohibited transaction.</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;">&#147;Plan
Assets&#148; Considerations</font></b></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Department of Labor,
which has administrative responsibility over ERISA plans as well as non-ERISA
plans, has issued a regulation defining &#147;plan assets.&#148; The regulation generally
provides that when an ERISA or non-ERISA plan acquires a security that is an
equity interest in an entity and that security is neither a &#147;publicly offered
security&#148; nor a security issued by an investment company registered under the
Investment Company Act of 1940, as amended, the ERISA plan&#146;s or non-ERISA plan&#146;s
assets include both the equity interest and an undivided interest in each of
the underlying assets of the entity, unless it is established either that the
entity is an operating company or that equity participation in the entity by
benefit plan investors is not significant.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Debt instruments that the
Company issues with any &#147;substantial equity feature&#148; will be treated as an
equity interest. However, an example in the applicable regulations concludes
that a convertible debt instrument issued by a corporation, apparently on
conventional terms, would not be treated as an equity interest because the
conversion feature was deemed &#147;incidental&#148; to the issuer&#146;s obligation to pay
principal and interest. Based on the foregoing, the Company&#146;s counsel, Sullivan
&amp; Worcester LLP, has opined that, while the matter is not free from doubt,
the Company&#146;s 3.80% Convertible Senior Notes due 2027 will not be treated as
equity interests under ERISA&#146;s plan assets rules.</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">

<!-- SEQ.=1,FOLIO='5',FILE='C:\fc\66151848430_D11086_1825477\7456-1-dg.htm',USER='jmsproofassembler',CD='Mar  7 15:18 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each class of the Company&#146;s
shares (that is, the Company&#146;s common shares and any class of preferred shares
that the Company has issued or may issue) must be analyzed separately to
ascertain whether it is a publicly offered security. The regulation defines a
publicly offered security as a security that is &#147;widely held,&#148; &#147;freely
transferable&#148; and either part of a class of securities registered under the
Exchange Act, or sold under an effective registration statement under the
Securities Act of 1933, as amended, or the Securities Act, provided the
securities are registered under the Exchange Act within 120 days after the end
of the fiscal year of the issuer during which the offering occurred.&#160; Each class of the Company&#146;s outstanding
shares has been registered under the Exchange Act.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The regulation provides
that a security is &#147;widely held&#148; only if it is part of a class of securities
that is owned by 100 or more investors independent of the issuer and of one
another. However, a security will not fail to be &#147;widely held&#148; because the
number of independent investors falls below 100 subsequent to the initial
public offering as a result of events beyond the issuer&#146;s control.&#160; The Company&#146;s common shares and its preferred
shares have been widely held and the Company expects its common shares and its
preferred shares to continue to be widely held.&#160;
The Company expects the same to be true of any additional class of
preferred stock that it may issue, but it can give no assurance in that regard.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The regulation provides
that whether a security is &#147;freely transferable&#148; is a factual question to be
determined on the basis of all relevant facts and circumstances. The regulation
further provides that, where a security is part of an offering in which the
minimum investment is $10,000 or less, some restrictions on transfer ordinarily
will not, alone or in combination, affect a finding that these securities are
freely transferable. The restrictions on transfer enumerated in the regulation
as not affecting that finding include:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any restriction
on or prohibition against any transfer or assignment which would result in a
termination or reclassification for federal or state tax purposes, or would
otherwise violate any state or federal law or court order;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any requirement
that advance notice of a transfer or assignment be given to the issuer and any
requirement that either the transferor or transferee, or both, execute
documentation setting forth representations as to compliance with any restrictions
on transfer which are among those enumerated in the regulation as not affecting
free transferability, including those described in the preceding clause of this
sentence;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any
administrative procedure which establishes an effective date, or an event prior
to which a transfer or assignment will not be effective; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:-18.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any limitation
or restriction on transfer or assignment that is not imposed by the issuer or a
person acting on behalf of the issuer.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company believes that
the restrictions imposed under the Company&#146;s declaration of trust on the
transfer of shares do not result in the failure of the Company&#146;s shares to be &#147;freely
transferable.&#148;&#160; Furthermore, the Company
believes that there exist no other facts or circumstances limiting the
transferability of the Company&#146;s shares which are not included among those
enumerated as not affecting their free transferability under the regulation,
and the Company does not expect or intend to impose in the future, or to permit
any person to impose on the Company&#146;s behalf, any limitations or restrictions
on transfer which would not be among the enumerated permissible limitations or
restrictions.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Assuming that each class
of the Company&#146;s shares will be &#147;widely held&#148; and that no other facts and
circumstances exist which restrict transferability of these shares, the Company
has received an opinion of </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">

<!-- SEQ.=1,FOLIO='6',FILE='C:\fc\66151848430_D11086_1825477\7456-1-dg.htm',USER='jmsproofassembler',CD='Mar  7 15:18 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">its counsel, Sullivan
&amp; Worcester LLP, that the Company&#146;s shares will not fail to be &#147;freely
transferable&#148; for purposes of the regulation due to the restrictions on
transfer of the shares under the Company&#146;s declaration of trust and that under
the regulation each class of the Company&#146;s currently outstanding shares is
publicly offered and the Company&#146;s assets will not be deemed to be &#147;plan assets&#148;
of any ERISA plan or non-ERISA plan that invests in the Company&#146;s shares.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><strong><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item
9.01. Financial Statements and Exhibits.</font></b></strong></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="4%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:4.96%;">
  <p align="left" style="font-size:8.0pt;font-weight:bold;line-height:normal;margin:0pt 0pt .0001pt;text-align:left;"><!-- SET mrlHTMLTableCenter --><!-- SET mrlNoTableShading --><font size="2" style="font-size:10.0pt;font-weight:normal;">(d)</font></p>
  </td>
  <td width="95%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:95.04%;">
  <p align="left" style="font-weight:bold;line-height:normal;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Exhibits</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:4.96%;">
  <p align="left" style="font-weight:bold;line-height:normal;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">3.1</font></b></p>
  </td>
  <td width="95%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:95.04%;">
  <p align="left" style="font-weight:bold;line-height:normal;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Articles
  of Amendment to Declaration of Trust dated March 5, 2007</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:4.96%;">
  <p align="left" style="font-weight:bold;line-height:normal;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">3.2</font></b></p>
  </td>
  <td width="95%" valign="bottom" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:95.04%;">
  <p align="left" style="font-weight:bold;line-height:normal;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Articles
  Supplementary to Declaration of Trust dated March 5, 2007</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:4.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1</font></p>
  </td>
  <td width="95%" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:95.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Supplemental Indenture No. 10 related to the 3.80%
  Convertible Senior Notes due 2027, dated as of March 7, 2007, between Hospitality
  Properties Trust and U.S. Bank National Association, as Trustee, including
  the form of 3.80% Convertible Senior Note due 2027</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:4.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2</font></p>
  </td>
  <td width="95%" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:95.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registration Rights Agreement, dated as of March 7,
  2007, between Hospitality Properties Trust and the Initial Purchasers named
  therein</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:4.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.1</font></p>
  </td>
  <td width="95%" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:95.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Opinion of Sullivan &amp; Worcester LLP as to
  certain tax matters</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:4.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.1</font></p>
  </td>
  <td width="95%" valign="top" style="padding:0pt .7pt 0pt 0pt 0pt .7pt 0pt 0pt;width:95.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of Sullivan &amp; Worcester LLP (contained
  in Exhibit 8.1)</font></p>
  </td>
 </tr>
</table>

</div>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WARNING
CONCERNING FORWARD LOOKING STATEMENTS</font></b></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">THIS
REPORT CONTAINS FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE
SECURITIES LITIGATION REFORM&nbsp;ACT OF 1995 AND OTHER FEDERAL SECURITIES
LAWS, INCLUDING WITH RESPECT TO THE COMPANY&#146;S ISSUANCE AND SALE OF THE
NOTES.&#160; ALTHOUGH THE INITIAL PURCHASERS
HAVE AN OVER-ALLOTMENT OPTION, THEY ARE NOT UNDER ANY OBLIGATION TO EXERCISE
THIS OPTION, OR ANY PORTION OF IT, AND MAY NOT DO SO.&#160; FORWARD LOOKING STATEMENTS ARE NOT GUARANTEED
TO OCCUR.&#160; YOU SHOULD NOT PLACE UNDUE
RELIANCE UPON FORWARD LOOKING STATEMENTS.&#160;
EXCEPT AS REQUIRED BY LAW, THE COMPANY UNDERTAKES NO OBLIGATION TO
RELEASE PUBLICLY ANY REVISION TO THESE FORWARD LOOKING STATEMENTS THAT MAY BE
MADE TO REFLECT EVENTS OR CIRCUMSTANCES OCCURRING AFTER THE DATE HEREOF.</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</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;">7</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='7',FILE='C:\fc\66151848430_D11086_1825477\7456-1-dg.htm',USER='jmsproofassembler',CD='Mar  7 15:18 2007' -->



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

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</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="51%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.72%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="48%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:48.28%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">HOSPITALITY PROPERTIES TRUST</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="51%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.72%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.68%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="42%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:42.6%;">
  <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="51%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.72%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.68%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="42%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:42.6%;">
  <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="51%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.72%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.68%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="42%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:42.6%;">
  <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="51%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.72%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.68%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By: /s/</font></p>
  </td>
  <td width="42%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:42.6%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mark L. Kleifges</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="51%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.68%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="42%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:42.6%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mark L. Kleifges</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="51%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.68%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="42%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:42.6%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Treasurer and Chief Financial Officer</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="51%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.68%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="42%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:42.6%;">
  <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="51%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.68%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="42%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:42.6%;">
  <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="51%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.72%;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated:&nbsp; March
  7, 2007</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.68%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="42%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:42.6%;">
  <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 align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

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

<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\tcushin\07-7456-1\task1822480\7456-1-je.htm',USER='tcushin',CD='Mar  7 04:40 2007' -->



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

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&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:4.7%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->3.1</p>
  </td>
  <td width="2%" valign="top" 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="92%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:92.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Articles of Amendment to Declaration of Trust dated
  March&nbsp;5, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.2</font></p>
  </td>
  <td width="2%" valign="top" 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="92%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:92.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Articles Supplementary to Declaration of Trust dated
  March&nbsp;5, 2007</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.7%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->4.1</p>
  </td>
  <td width="2%" valign="top" 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="92%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:92.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Supplemental Indenture No. 10 related to the 3.80%
  Convertible Senior Notes due 2027, dated as of March 7, 2007, by and between
  the Hospitality Properties Trust and U.S. Bank National Association, as
  Trustee, including the form of 3.80% Convertible Senior Note due 2027</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2</font></p>
  </td>
  <td width="2%" valign="top" 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="92%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:92.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registration Rights Agreement, dated as of March 7,
  2007, by and between Hospitality Properties Trust and the Initial Purchasers
  named therein</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.1</font></p>
  </td>
  <td width="2%" valign="top" 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="92%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:92.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Opinion of Sullivan &amp; Worcester LLP as to
  certain tax matters</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.1</font></p>
  </td>
  <td width="2%" valign="top" 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="92%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:92.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of Sullivan &amp; Worcester LLP (contained
  in Exhibit 8.1)</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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

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

<!-- SEQ.=1,FOLIO='',FILE='C:\fc\6615172235_D11090_1825475\7456-1-jg.htm',USER='jmsproofassembler',CD='Mar  7 15:17 2007' -->


</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>a07-7456_1ex3d1.htm
<DESCRIPTION>EX-3.1
<TEXT>
<html>

<head>







</head>

<body lang="EN-US">

<div>

<p align="right" style="margin:0pt 0pt 12.0pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 3.1</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">HOSPITALITY PROPERTIES TRUST</font></u></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLES OF AMENDMENT</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hospitality Properties Trust, a Maryland real estate
investment trust (the &#147;Trust&#148;), hereby certifies to the State Department of
Assessments and Taxation of Maryland that:</font></p>

<p style="font-family:Times New Roman;margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">FIRST</font></u><font size="2" style="font-size:10.0pt;">:&#160; Section 5.1 of
Article V of the Amended and Restated Declaration of Trust of the Trust, as
amended and supplemented (the &#147;Declaration of Trust&#148;), is hereby amended to
increase the number of Shares (as defined therein) that the Trust has authority
to issue to 250,000,000 and the number of Common Shares (as defined therein)
that the Trust has authority to issue to 150,000,000.</font></p>

<p style="font-family:Times New Roman;margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECOND</font></u><font size="2" style="font-size:10.0pt;">:&#160; The amendment
to the Declaration of Trust as set forth above has been duly approved by the
Board of Trustees of the Trust as required by law.&#160; Pursuant to Section 8-203(a)(7) of the
Maryland REIT Law and Article V, Section 5.1 of the Declaration of Trust, no
shareholder approval was required.</font></p>

<p style="font-family:Times New Roman;margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">THIRD</font></u><font size="2" style="font-size:10.0pt;">:&#160; The total
number of shares of beneficial interest which the Trust had authority to issue
immediately prior to this amendment was 200,000,000, consisting of 100,000,000
Common Shares, $.01 par value per share, and 100,000,000 Preferred Shares,
without par value except for the 1,000,000 of such Preferred Shares that have
been classified as Junior Participating Preferred Shares, $.01 par value per
share, having an aggregate par value of $1,010,000.</font></p>

<p style="font-family:Times New Roman;margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">FOURTH</font></u><font size="2" style="font-size:10.0pt;">:&#160; The total
number of shares of beneficial interest which the Trust has authority to issue
pursuant to this amendment is 250,000,000, consisting of 150,000,000 Common
Shares, $.01 par value per share, and 100,000,000 Preferred Shares, without par
value except for the 1,000,000 of such Preferred Shares that have been
classified as Junior Participating Preferred Shares, $.01 par value per share,
having an aggregate par value of $1,510,000.</font></p>

<p style="font-family:Times New Roman;margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">FIFTH</font></u><font size="2" style="font-size:10.0pt;">:&#160; The
undersigned President of the Trust acknowledges these Articles of Amendment to
be the trust act of the Trust and, as to all matters or facts required to be
verified under oath, the undersigned President
acknowledges that, to the best of his knowledge, information and belief, these
matters and facts are true in all material respects and that this statement is
made under the penalties for perjury.</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">[SIGNATURE
PAGE FOLLOWS]</font></i></p>

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

<!-- SEQ.=1,FOLIO='',FILE='C:\fc\6614379948_H0015A_1825204\7456-1-kb.htm',USER='jmsproofassembler',CD='Mar  7 14:37 2007' -->
<br clear="all" style="page-break-before:always;">


<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN WITNESS WHEREOF, the Trust has caused these
Articles of Amendment to be signed in its name and on its behalf by its
President and attested to by its Assistant Secretary on this &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
day of March, 2007.</font></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="51%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.68%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->ATTEST:</p>
  </td>
  <td width="48%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:48.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">HOSPITALITY PROPERTIES TRUST</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.8%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:43.46%;">
  <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="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.8%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:43.46%;">
  <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="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.8%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:43.46%;">
  <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="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="42%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:42.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Jennifer B. Clark</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.12%;">
  <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:4.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:43.46%;">
  <p style="margin: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="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.8%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jennifer B. Clark</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:43.46%;">
  <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="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.8%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Assistant Secretary</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:43.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="36" style="border:none;"></td>
  <td width="319" style="border:none;"></td>
  <td width="31" style="border:none;"></td>
  <td width="37" style="border:none;"></td>
  <td width="325" style="border:none;"></td>
 </tr>
</table>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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

<!-- SEQ.=1,FOLIO='',FILE='C:\fc\6614379948_H0015A_1825204\7456-1-kb.htm',USER='jmsproofassembler',CD='Mar  7 14:37 2007' -->


</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.2
<SEQUENCE>3
<FILENAME>a07-7456_1ex3d2.htm
<DESCRIPTION>EX-3.2
<TEXT>
<html>

<head>







</head>

<body lang="EN-US">

<div>


<p align="right" style="margin:0pt 0pt 12.0pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 3.2</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">HOSPITALITY PROPERTIES TRUST</font></u></b></p>

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

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hospitality Properties
Trust, a Maryland real estate investment trust (the &#147;Trust&#148;), hereby certifies
to the State Department of Assessments and Taxation of Maryland that:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">FIRST</font></u>:&#160; Under a power contained in Section 5.1 of the
Amended and Restated Declaration of Trust of the Trust, as amended and
supplemented (the &#147;Declaration of Trust&#148;), the Board of Trustees of the Trust
(the &#147;Board of Trustees&#148;), by resolution duly adopted, classified and designated
500,000 authorized but unissued Preferred Shares (as defined in the Declaration
of Trust) as additional Junior Participating Preferred Shares (as defined in
the Declaration of Trust) having a par value of $.01 per share with the
preferences, conversion and other rights, voting powers, restrictions,
limitations as to dividends and other distributions, qualifications and terms
and conditions of redemption of the Junior Participating Preferred Shares set
forth in the Declaration of Trust, as a result of which the total number of
authorized Junior Participating Preferred Shares is 1,500,000.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECOND</font></u>:&#160; The additional Junior Participating Preferred
Shares have been classified and designated by the Board of Trustees under the
authority contained in the Declaration of Trust.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">THIRD</font></u>:&#160; These Articles Supplementary have been
approved by the Board of Trustees in the manner and by the vote required by
law.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">FOURTH</font></u>:&#160; The undersigned President acknowledges these
Articles Supplementary to be the trust act of the Trust and, as to all matters
or facts required to be verified under oath, the undersigned President
acknowledges that, to the best of his knowledge, information and belief, these
matters and facts are true in all material respects and that this statement is
made under the penalties for perjury.</p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[SIGNATURE PAGE
FOLLOWS]</font></p>


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

<!-- SEQ.=1,FOLIO='',FILE='C:\fc\66143729994_H0015A_1825204\7456-1-kc.htm',USER='jmsproofassembler',CD='Mar  7 14:37 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN WITNESS WHEREOF, the Trust has caused these
Articles Supplementary to be signed in its name and on its behalf by its
President and attested to by its Assistant Secretary on this &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
day of March, 2007.</font></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="51%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:51.68%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->ATTEST:</p>
  </td>
  <td width="48%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:48.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">HOSPITALITY PROPERTIES TRUST</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.8%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:43.46%;">
  <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="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.8%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:43.46%;">
  <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="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.8%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:43.46%;">
  <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="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="42%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:42.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Jennifer B. Clark</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.12%;">
  <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:4.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:43.46%;">
  <p style="margin: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="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.8%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jennifer B. Clark</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:43.46%;">
  <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="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.8%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Assistant Secretary</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:43.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="36" style="border:none;"></td>
  <td width="319" style="border:none;"></td>
  <td width="31" style="border:none;"></td>
  <td width="37" style="border:none;"></td>
  <td width="325" style="border:none;"></td>
 </tr>
</table>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



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

<!-- SEQ.=1,FOLIO='',FILE='C:\fc\66143729994_H0015A_1825204\7456-1-kc.htm',USER='jmsproofassembler',CD='Mar  7 14:37 2007' -->


</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>4
<FILENAME>a07-7456_1ex4d1.htm
<DESCRIPTION>EX-4.1
<TEXT>
<html>

<head>







</head>

<body lang="EN-US">

<div>


<p align="right" 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
4.1</font></b></p>

<p style="font-weight:bold;margin:48.0pt 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:normal;">SUPPLEMENTAL INDENTURE NO. 10</font></b></p>

<p style="font-weight:bold;margin:24.0pt 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:normal;">by and between</font></b></p>

<p style="font-weight:bold;margin:24.0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">HOSPITALITY
PROPERTIES TRUST,</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;">and</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;">U.S.
BANK NATIONAL ASSOCIATION,</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;">as Trustee</font></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;">as of March 7, 2007</font></p>

<p align="center" style="margin:0pt 0pt 24.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SUPPLEMENTAL TO
THE INDENTURE DATED AS OF FEBRUARY 25, 1998</font></p>

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

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">3.80% Convertible Senior Notes due
2027</font></b></p>


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

<!-- SEQ.=1,FOLIO='',FILE='C:\fc\66143749104_H0015A_1825204\7456-1-ke-01.htm',USER='jmsproofassembler',CD='Mar  7 14:37 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THIS SUPPLEMENTAL
INDENTURE NO. 10 (this &#147;<b>Supplemental Indenture</b>&#148;)
made and entered into as of March 7, 2007 between HOSPITALITY PROPERTIES TRUST,
a Maryland real estate investment trust (the &#147;<b>Company</b>&#148;),
and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as Trustee.</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WITNESSETH THAT:</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, the
Company and the Trustee entered into that certain Indenture dated as of
February 25, 1998 (the &#147;<b>Indenture</b>&#148;),
relating to the Company&#146;s issuance, from time to time, of various series of
debt securities;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, the
Company has determined to issue debt securities known as its 3.80% Convertible Senior Notes due
2027 (the &#147;<b>Notes</b>&#148;);</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, the
Indenture provides that certain terms and conditions for each series of debt
securities issued by the Company thereunder may be set forth in an indenture
supplemental to the Indenture;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOW, THEREFORE,
THIS SUPPLEMENTAL INDENTURE WITNESSETH:</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE ONE<br>
DEFINED TERMS</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 1.01.</font><font size="1" 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;&#160;&#160;&#160;&#160;&#160; </font>The following definitions
supplement, and, to the extent inconsistent with, replace the definitions in
Section 101 of the Indenture:</p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Additional Notes</b>&#148; has the meaning
provided in Section 2.02 hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Additional Interest</b>&#148; has the meaning
specified for Liquidated Damages in the Registration Rights Agreement.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Additional Interest Notice</b>&#148;
has the meaning provided in Section 2.25 hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Additional Shares</b>&#148; has
the meaning provided in Section 2.10 hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Applicable Conversion Period</b>&#148; means, with respect to a
conversion of Notes, the 10 consecutive Trading Day period commencing on the
third Trading Day following the date the Notes are tendered for conversion.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Average Price</b>&#148; means, with respect to a conversion of Notes,
an amount equal to the average of the Closing Sale Prices of Common Shares for
each Trading Day in the Applicable Conversion Period.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Business Day</b>&#148; means, with respect to any Note, any day,
other than a Saturday, Sunday or any other 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 authorized or obligated by law or executive order to
close.</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> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='2',FILE='C:\fc\66143749104_H0015A_1825204\7456-1-ke-01.htm',USER='jmsproofassembler',CD='Mar  7 14:37 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Change in Control</b>&#148; means the occurrence at any time any of
the following events:</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp;consummation of any transaction or event
(whether by means of a share exchange or tender offer applicable to Common
Shares, a liquidation, consolidation, recapitalization, reclassification,
combination or merger of the Company or a sale, lease or other transfer of all
or substantially all of the consolidated assets of the Company) or a series of
related transactions or events pursuant to which all of the outstanding Common
Shares are exchanged for, converted into or constitute solely the right to
receive, cash, securities or other property;</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2) any &#147;person&#148; or &#147;group&#148; (as such terms are used
for purposes of Sections 13(d) and 14(d) of the Exchange Act, whether or not
applicable), other than the Company or any majority owned subsidiary of the
Company or any employee benefit plan of the Company or such subsidiary, is or
becomes the &#147;beneficial owner&#148; (as defined in Rule 13d-3 under the
Exchange Act), directly or indirectly, of more than 50% of the total voting
power in the aggregate of all classes of capital shares of the Company then
outstanding entitled to vote generally in elections of the Company&#146;s trustees;
or</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&nbsp;during any period of 12 consecutive months
after the date of original issuance of the Notes, persons who at the beginning
of such 12-month period constituted the Board of Trustees of the Company,
together with any new persons whose election was approved by a vote of a
majority of the persons then still comprising the Board of Trustees of the
Company who were either members of the Board of Trustees of the Company at the
beginning of such period or whose election, designation or nomination for
election was previously so approved, cease for any reason to constitute a
majority of the Board of Trustees of the Company.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding
the foregoing, even if any of the events specified in the preceding clauses (1)
through (3) have occurred, except as specified in clause (x), a Change in
Control will not be deemed to have occurred if either:</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(x) the Closing Sale Price per Common Share for any
five Trading Days within (i)&nbsp;the period of 10 consecutive Trading Days
ending immediately after the later of the Change in Control or the public
announcement of the Change in Control, in the case of a Change in Control
relating to an acquisition of capital shares, or (ii)&nbsp;the period of 10
consecutive Trading Days ending immediately after the Change in Control, in the
case of a Change in Control relating to a merger, consolidation or asset sale,
equals or exceeds 105% of the Conversion Price applicable to the Notes in
effect on each of those Trading Days; <i>provided, however</i>,
that the exception to the definition of &#147;Change in Control&#148; specified in this
clause (x) shall not apply in the context of a Change in Control for purposes
of Section 2.10 or Section 2.11(d); or</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(y) at least 90% of the consideration (excluding cash
payments for fractional shares and cash payments made pursuant to dissenters&#146;
appraisal rights) in a merger, consolidation or other transaction otherwise
constituting a Change in Control consists of common stock (or depositary
receipts or other certificates representing common equity interests) traded on
a national securities exchange or quoted on an automated over the </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> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='3',FILE='C:\fc\66143749104_H0015A_1825204\7456-1-ke-01.htm',USER='jmsproofassembler',CD='Mar  7 14:37 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">counter trading market in the United States (or will be so traded or
quoted immediately following such merger, consolidation or other transaction)
and as a result of the merger, consolidation or other transaction the Notes
become exchangeable into such common stock (or depositary receipts or other
certificates representing common equity interests).</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For the purposes
of this definition, &#147;person&#148; includes any syndicate or group that would be
deemed to be a &#147;person&#148; under Section 13(d)(3) of the Exchange Act.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Change in Control Purchase Date</b>&#148; has the meaning provided in
Section 2.09 hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Change in Control Purchase Notice</b>&#148; has the meaning provided
in Section 2.09 hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Change in Control Purchase Price</b>&#148; has the meaning provided
in Section 2.09 hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Closing Sale Price</b>&#148; of the Common Shares or other capital
shares or similar equity interests or other publicly traded securities on any
date means the closing sale price per share (or, if no closing sale price is
reported, the average of the closing bid and ask prices or, if more than one in
either case, the average of the average closing bid and the average closing ask
prices) on such date as reported on the principal U.S. securities exchange on
which the Common Shares or such other capital shares or similar equity
interests or other securities are traded or, if the Common Shares or such other
capital shares or similar equity interests or other securities are not listed
on a U.S. national or regional securities exchange, as reported by the National
Quotation Bureau Incorporated or another established over the counter trading
market in the United States. The Closing Sale Price shall be determined without
regard to after-hours trading or extended market making. In the absence
of the foregoing, the Company shall determine the Closing Sale Price on such
basis as it considers appropriate.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Common Shares</b>&#148; means common shares of beneficial interest,
par value $.01 per share, of the Company.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Company</b>&#148; has the meaning provided in the first paragraph of
this instrument until a successor Person shall have become such pursuant to the
applicable provisions of the Indenture, and thereafter &#147;Company&#148; shall mean
such successor Person.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Company Notice</b>&#148; has the meaning provided in Section 2.09
hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Conversion Agent</b>&#148; means the office or agency designated by
the Company where the Notes may be presented for conversion.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Conversion Price</b>&#148; means, as of any date of determination,
for $1,000 principal amount of Notes, the quotient of $1,000 divided by the
Conversion Rate in effect as of such date, rounded to the nearest $0.01, with
$0.005 rounded upward.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Conversion Rate</b>&#148; means the number of Common Shares by
reference to which the Conversion Value shall be determined, which shall be
initially 19.8018 Common Shares for each $1,000 principal amount of Notes and
as the same shall be adjusted from time to time in accordance with the
provisions hereof and of the Notes.</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> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='4',FILE='C:\fc\66143749104_H0015A_1825204\7456-1-ke-01.htm',USER='jmsproofassembler',CD='Mar  7 14:37 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Conversion Value</b>&#148; means, for each $1,000 principal amount of
Notes, the product of (a)&nbsp;the applicable Conversion Rate, multiplied by
(b) the Average Price.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Corporate Trust Office</b>&#148;
means One Federal Street, 3rd</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">  </font>Floor,
Boston, Massachusetts 02110, or such other address as may be designated from
time to time by the Trustee by providing written notice to the Company.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;Daily
Share Amount</font></b>&#148; has the meaning provided in Section 2.12
hereof.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Depositary</b>&#148; has the meaning provided in Section 2.03 hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Effective Date</b>&#148; has the meaning provided in
Section 2.10 hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Exchange Act</b>&#148; means the Securities Exchange Act of 1934, as
amended.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Expiration Time</b>&#148;
has the meaning provided in Section 2.14(e) hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Initial Purchasers</b>&#148; means each of Merrill Lynch, Pierce,
Fenner &amp; Smith, Incorporated, Morgan Stanley &amp; Co. Incorporated, UBS
Securities LLC, RBC Capital Markets Corporation and Wachovia Capital Markets,
LLC (each, an &#147;Initial Purchaser&#148;).</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>interest</b>&#148; means, when used with reference to the Notes, any
interest payable under the terms of the Notes, including Additional Interest,
if any, payable under the terms of the Registration Rights Agreement.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Indenture</b>&#148; has the meaning provided in the preamble of this
instrument.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Interest Payment Date</b>&#148; has the meaning provided in Section
2.05 hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Net Amount</b>&#148; has the meaning provided in Section 2.12 hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Net Cash Amount</b>&#148; has the meaning provided in Section 2.12
hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Net Shares</b>&#148; has the meaning provided in Section 2.12 hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Notes</b>&#148; means the Company&#146;s
3.80% Convertible Senior Notes due 2027, issued under this Supplemental
Indenture and the Indenture, as amended or supplemented from time to time.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Optional Repurchase Date</b>&#148; has the meaning provided in
Section 2.08 hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Optional Repurchase Notice</b>&#148; has the meaning provided in
Section 2.08 hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Optional Repurchase Price</b>&#148; has the meaning provided in
Section 2.08 hereof.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>PORTAL</b></font><b><font size="1" style="font-size:6.5pt;font-weight:bold;position:relative;top:-3.0pt;">SM</font>&#160;Market</b>&#148; means The PORTAL Market operated
by the Nasdaq Stock Market or any successor thereto.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Principal Return</b>&#148; has the meaning provided in Section 2.12
hereof.</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">

<!-- SEQ.=1,FOLIO='5',FILE='C:\fc\66143749104_H0015A_1825204\7456-1-ke-01.htm',USER='jmsproofassembler',CD='Mar  7 14:37 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Purchase Agreement</b>&#148; means the Purchase Agreement, dated
March 2, 2007, among the Company and the Initial Purchasers.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Redemption Date</b>&#148; means, with respect to any Note or portion
thereof to be redeemed in accordance with the provisions of Section 2.07
hereof, the date fixed for such redemption in accordance with the provisions of
Section 2.07 hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Redemption Price</b>&#148; has the meaning provided in Section 2.07
hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Reference Dividend</b>&#148; has the meaning
provided in Section 2.14(d) hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Registration Rights Agreement</b>&#148; means the Registration Rights
Agreement, dated as of March 7, 2007, among the Company and the Initial
Purchasers, as amended from time to time in accordance with its terms.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Regular Record Date</b>&#148; has the meaning provided in Section
2.05 hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Restricted Securities</b>&#148; has the meaning provided in Section
2.23 hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Rights Plan</b>&#148; means the Rights Agreement,
dated as of May 20, 1997, between the Trust and Wells Fargo Bank, National Association (as successor rights agent
to State Street Bank and Trust Company), as rights agent, any replacement
agreement therefor or any successor or supplemental shareholder rights
protection plan adopted by the Company&#146;s board of trustees, each as in effect
from time to time.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Rule 144A</b>&#148; means Rule 144A as promulgated under the
Securities Act as it may be amended from time to time hereafter.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Securities Act</b>&#148; means the Securities Act of 1933, as
amended.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Special Interest</b>&#148; has the meaning provided
in Section 2.18(b) hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Special Interest Event of Default</b>&#148; has the
meaning provided in Section 2.18(b) hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Spin-Off</b>&#148; has the meaning provided in
Section 2.14(c) hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Stated Maturity</b>&#148; means the date specified as such in Section
2.04 hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Share Price</b>&#148; has the meaning provided in
Section 2.10 hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Trading Day</b>&#148; means a day during which trading in securities
generally occurs on the New York Stock Exchange or, if the Common Shares are
not then listed on the New York Stock Exchange, on the principal other U.S.
national or regional securities exchange on which the Common Shares are then listed
or, if the Common Shares are not then listed on a U.S. national or regional
securities exchange, on the principal other market on which the Common Shares
are then traded.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Trading Price</b>&#148; means, with respect to the Notes on any date
of determination, the average of the secondary market bid quotations per $1,000
principal amount of Notes obtained </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">

<!-- SEQ.=1,FOLIO='6',FILE='C:\fc\66143749104_H0015A_1825204\7456-1-ke-01.htm',USER='jmsproofassembler',CD='Mar  7 14:37 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">by the Trustee for a
$5,000,000 principal amount of Notes at approximately 3:30 p.m., New York City
time, on such determination date from two independent nationally recognized
securities dealers selected by the Company, which may include one or more of
the Initial Purchasers or any successor to such entities.&#160; If at least two such bids cannot reasonably
be obtained by the Trustee, but one such bid can reasonably be obtained by the
Trustee, then one bid shall be used. If the Trustee cannot reasonably obtain at
least one bid for a $5,000,000 principal amount of Notes from a nationally
recognized securities dealer or, in the reasonable judgment of the Company, the
bid quotations are not indicative of the secondary market value of the Notes,
then the Trading Price per $1,000 principal amount of Notes shall be deemed to
be less than 98% of the product of the Closing Sale Price of the Common Shares
and the Conversion Rate on such determination date.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Trigger Event</b>&#148; has the meaning provided in
Section 2.14 hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Trust Indenture Act</b>&#148; means the Trust Indenture Act of 1939,
as amended.</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE TWO<br>
TERMS OF THE NOTES</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.01.</font><font size="1" 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;&#160;&#160;&#160;&#160;&#160; </font><u>Title</u>.&#160; The Notes shall constitute a series of
Securities designated as the &#147;3.80% Convertible Senior Notes due 2027&#148; of the
Company.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.02.</font><font size="1" 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;&#160;&#160;&#160;&#160;&#160; </font><u>Aggregate Principal
Amount</u>.&#160; The aggregate principal
amount of Notes which may be authenticated and delivered under this
Supplemental Indenture is initially limited in aggregate principal amount to
$575,000,000, except as otherwise permitted by the provisions of the Indenture;
provided that the Company may from time to time, without the consent of the
Holders of the Notes, increase the principal amount of the Notes by issuing
additional Securities in the future (the &#147;<b>Additional Notes</b>&#148;)
having the same terms and ranking equally and ratably with the Notes in all
respects and with the same CUSIP number as the Notes, except for the difference
in the issue price and interest accrued prior to the issue date of such
Additional Notes, provided that such Additional Notes constitute part of the
same issue as the Notes for U.S. federal income tax purposes.&#160; Any Additional Notes will be treated as a
single series with the Notes under the Indenture and shall have the same terms
as to status, redemption, repurchase, conversion and otherwise as the Notes.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.03.</font><font size="1" 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;&#160;&#160;&#160;&#160;&#160; </font><u>Registered Securities
in Book-Entry Form</u>.&#160; The Notes
shall be issuable in the form of one or more global Securities registered in
the name of The Depository Trust Company&#146;s nominee, and shall be deposited
with, or on behalf of, The Depository Trust Company, New York, New York (the &#147;<b>Depositary</b>&#148;). The Notes may be surrendered for registration
of transfer and for conversion at the office or agency of the Company
(including the Corporate Trust Office of the Trustee) maintained for such
purpose, or at any other office or agency maintained by the Company for such
purpose.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.04.</font><font size="1" 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;&#160;&#160;&#160;&#160;&#160; </font><u>Stated Maturity of
Principal</u>.&#160; The Stated Maturity of
the principal of the Notes shall be March 15, 2027.</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> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='7',FILE='C:\fc\66143749104_H0015A_1825204\7456-1-ke-01.htm',USER='jmsproofassembler',CD='Mar  7 14:37 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.05.</font><font size="1" 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;&#160;&#160;&#160;&#160;&#160; </font><u>Interest</u>.&#160; The Notes shall bear interest at the rate of 3.80% per annum from and including
March 7, 2007, or from the most recent Interest Payment Date to which interest
has been paid or provided for, as the case may be, and will be payable semi-annually
in arrears on March 15 and September 15 of each year (each, an &#147;<b>Interest Payment Date</b>&#148;), commencing on September 15, 2007,
until the principal thereof is paid or duly made available for payment, to the
Persons in whose names such Notes are registered at the close of business on
the February 28 or August 31 (whether or not a Business Day) immediately
preceding the applicable Interest Payment Date (each, a &#147;<b>Regular Record
Date</b>&#148;).&#160; Interest payable on
each Interest Payment Date shall equal the amount of interest accrued for the
period commencing on and including the immediately preceding Interest Payment
Date in respect of which interest has been paid (or commencing on and including
March 7, 2007, if no interest has been paid) and ending on and including the
day immediately preceding such Interest Payment Date.&#160; Interest on the Notes will be computed on the
basis of a 360-day year consisting of twelve 30-day months.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Company
shall redeem the Notes in accordance with the provisions of Section 2.07
hereof, or if a Holder shall surrender a Note for repurchase by the Company in
accordance with the provisions of 2.08 or 2.09 hereof, subject to the next
succeeding sentence, accrued and unpaid interest (including Additional
Interest, if any) shall be payable to each Holder that shall have surrendered
such Note for redemption or repurchase, as the case may be. However, if an
Interest Payment Date shall fall on or prior to the Redemption Date or Optional
Repurchase Date or Change in Control Purchase Date, as the case may be, for a
Note and after the related Regular Record Date, accrued and unpaid interest
(including Additional Interest, if any) due on such Interest Payment Date shall
be payable instead to the Person in whose name such Note is registered at the
close of business on the related Regular Record Date.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.06.</font><font size="1" 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;&#160;&#160;&#160;&#160;&#160; </font><u>Place of Payment</u><b>.</b>&#160; The principal of
and the interest on the Notes shall be payable at the office or agency of the
Company (including the Corporate Trust Office of the Trustee) maintained for
such purpose in the in the manner specified in the Indenture.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.07.</font><font size="1" 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;&#160;&#160;&#160;&#160;&#160; </font><u>Redemption</u><b>.&#160; </b>The Company shall
not have the right to redeem any Notes prior to March 20, 2012, except to
preserve the Company&#146;s status as a real estate investment trust for United
States Federal income tax purposes.&#160; If,
at any time, the Company determines it is necessary to redeem the Notes in
order to preserve the Company&#146;s status as a real estate investment trust, the
Company may, upon not less than 30 nor more than 60 days&#146; prior written notice
by mail to the Holders of the Notes, redeem the Notes in whole or in part, for
cash equal to 100% of the principal amount of the Notes to be redeemed plus
unpaid interest (including Additional Interest, if any) accrued thereon to, but
excluding, the Redemption Date. In such case, the Company shall provide the
Trustee with an Officers&#146; Certificate evidencing that the Board of Trustees of
the Company has, in good faith, made the determination that it is necessary to
redeem the Notes in order to preserve the Company&#146;s status as a real estate
investment trust for United States Federal income tax purposes, on which the
Trustee may conclusively rely.</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">

<!-- SEQ.=1,FOLIO='8',FILE='C:\fc\66143749104_H0015A_1825204\7456-1-ke-01.htm',USER='jmsproofassembler',CD='Mar  7 14:37 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company shall
have the right to redeem the Notes, in whole or in part at any time or from
time to time, on or after March 20, 2012 upon not less than 30 nor more than 60
days&#146; prior written notice by mail to the Holders of the Notes, at a redemption
price (&#147;<b>Redemption Price</b>&#148;) for cash equal to
100% of the principal amount of the Notes to be redeemed plus unpaid interest
(including Additional Interest, if any) accrued thereon to, but excluding, the
Redemption Date. If less than all the Notes are to be redeemed, the Trustee (or
in the case of Notes in book-entry form, the Depositary) shall select the Notes
to be redeemed (in principal amounts of $1,000 and integral multiples thereof)
on a <i>pro rata </i>basis or by such other method
the Trustee or the Depositary, as applicable, considers fair and
appropriate.&#160; The Trustee or the
Depositary, as applicable, shall make the selection at least 30 days but not
more than 60 days before the Redemption Date from Outstanding Notes not previously
called for redemption.&#160; Notes and portions
of the principal amount thereof selected for redemption shall be in integral
multiples of $1,000.&#160; The Trustee shall
notify the Company promptly of the Notes or portions of the principal amount
thereof to be redeemed.&#160; If the Trustee
or the Depositary selects a portion of a Note for partial redemption and a
Holder converts a portion of the same Note in accordance with the provisions of
Section 2.11 hereof before termination of the conversion right with respect to
the portion of the Note so selected, the converted portion of such Note shall
be deemed to be from the portion selected for redemption.&#160; Notes that have been converted during a
selection of Notes to be redeemed shall be treated by the Trustee as Outstanding
for the purpose of such selection.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the event of
any redemption in part, the Company shall not be required to: (i) issue or
register the transfer or exchange of any Note during a period beginning at the
opening of business 15 days before any selection of Notes for redemption and
ending at the close of business on the earliest date on which the relevant
notice of redemption is deemed to have been given to all Holders of Notes to be
so redeemed, or (ii)&nbsp;register the transfer or exchange of any Note so
selected for redemption in whole or in part, except the unredeemed portion of
any Note being redeemed in part.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition to
those matters set forth in Section 1104 of the Indenture, a notice of
redemption of Notes in accordance with the provisions of the two preceding
paragraphs shall state:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" 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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
name of the Paying Agent and Conversion Agent;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" 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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
then current Conversion Rate;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" 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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>that
Notes called for redemption may be converted at any time prior to the close of
business on the second Business Day immediately preceding the Redemption Date;
and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" 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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>that
Holders who wish to convert Notes must comply with the procedures relating
thereto specified in Section 2.13 hereof.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company shall
notify the Trustee of any redemption of Notes in accordance with Section 1102
of the Indenture.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.08.</font><font size="1" 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;&#160;&#160;&#160;&#160;&#160; </font><u>Repurchase Rights</u><b>.</b>&#160; A Holder of Notes
shall have the right to require the Company to repurchase such Holder&#146;s Notes,
in whole or in part (in principal </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">

<!-- SEQ.=1,FOLIO='9',FILE='C:\fc\66143749104_H0015A_1825204\7456-1-ke-01.htm',USER='jmsproofassembler',CD='Mar  7 14:37 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">amounts of $1,000 or an integral multiple thereof), on each of March
20, 2012, March 15, 2017 and March 15, 2022 (each, an &#147;<b>Optional
Repurchase Date</b>&#148;) for cash equal to 100% of the principal amount of
the Notes to be repurchased plus unpaid interest (including Additional
Interest, if any) accrued thereon to, but excluding, the Optional Repurchase
Date (such amount, the &#147;<b>Optional Repurchase Price</b>&#148;),
subject to satisfaction by or on behalf of the Holder of the requirements set
forth below.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On or before the
30th day prior to each Optional Repurchase Date, the Company shall provide
notice in accordance with the Indenture to the Trustee, any Paying Agent and
all Holders (and to beneficial owners to the extent required by applicable
law).&#160; The notice shall include a form of
Optional Repurchase Notice to be completed by the Holder and shall state:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" 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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
date by which the Optional Repurchase Notice must be delivered to the Paying
Agent;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" 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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
Optional Repurchase Date;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" 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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
Optional Repurchase Price;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" 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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
name and address of the Trustee, the Paying Agent and the Conversion Agent;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" 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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>that
Notes must be surrendered to the Paying Agent to collect payment of the
Optional Repurchase Price;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" 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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>that
the Optional Repurchase Price for any Note as to which an Optional Repurchase
Notice has been duly given will be paid within two Business Days after the
later of the Optional Repurchase Date or the time at which such Notes are
surrendered for repurchase;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" 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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>that,
unless the Company defaults in making payment of the Optional Repurchase Price,
interest on Notes surrendered for repurchase will cease to accrue on and after
the Optional Repurchase Date;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" 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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>that
Notes in respect of which an Optional Repurchase Notice is provided by a Holder
shall not be convertible in accordance with their terms even if otherwise
convertible unless such Holder validly withdraws such Optional Repurchase
Notice in accordance with the provisions of this Section 2.08; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" 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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
CUSIP number of the Notes.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company shall
also disseminate a press release through Dow Jones &amp; Company, Inc. or
Bloomberg Business News containing the information specified in such notice or
publish such information in a newspaper of general circulation in The City of
New York or on the Company&#146;s website, or through such other public medium as
the Company shall deem appropriate at such time.</font></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">

<!-- SEQ.=1,FOLIO='10',FILE='C:\fc\66143749104_H0015A_1825204\7456-1-ke-01.htm',USER='jmsproofassembler',CD='Mar  7 14:37 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A Holder may
exercise its rights specified in this Section 2.08 upon delivery of a written
notice of repurchase (an &#147;<b>Optional Repurchase Notice</b>&#148;)
to the Paying Agent during the period beginning at any time from the opening of
business on the date that is 30 days prior to the applicable Optional
Repurchase Date until the close of business on the third Business Day prior to
such Optional Repurchase Date, stating:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" 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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>if
such Notes are in certificated form, the certificate number(s) of the Notes
which the Holder will deliver to be repurchased;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" 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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
principal amount of the Notes to be repurchased, in integral multiples of
$1,000, provided that the remaining principal amount of Notes is in an
authorized denomination; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" 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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>that
such Notes shall be repurchased pursuant to the applicable provisions hereof
and the Notes.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Paying Agent
shall promptly notify the Company in writing of the receipt by it of any
Optional Repurchase Notice.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Book-entry
transfer of Notes in book-entry form in compliance with appropriate
procedures of the Depositary or delivery of Notes in certificated form,
together with all necessary endorsements, to the Paying Agent on or after the
Optional Repurchase Date at the offices of the Paying Agent shall be a
condition to the receipt by the Holder of the Optional Repurchase Price
therefor.&#160; Holders electing to require
the Company to repurchase Notes must effect such transfer or delivery to the
Paying Agent prior to the Optional Repurchase Date to receive payment of the
Optional Repurchase Price on or within two Business Days after the Optional
Repurchase Date.&#160; The Company shall pay
the Optional Repurchase Price within two Business Days after the later of the
Optional Repurchase Date or the time of such transfer or delivery of the Notes.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An Optional
Repurchase Notice may be withdrawn in whole or in part by a Holder by means of
a written notice of withdrawal delivered to the office of the Paying Agent
prior to the close of business on the third Business Day prior to the Optional
Repurchase Date specifying:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" 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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
Holder&#146;s name;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" 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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
principal amount of Notes in respect of which the Optional Repurchase Notice is
being withdrawn, which must be an integral multiple of $1,000;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" 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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>if
the Notes subject to the notice of withdrawal are in certificated form, the
certificate number(s) of all Notes subject to the notice of withdrawal; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" 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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
principal amount of Notes, if any, that remains subject to the Optional
Repurchase Notice, which must be an integral multiple of $1,000.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If Notes subject
to the notice of withdrawal are in book-entry form, the above notices must also
comply with the applicable procedures of the Depositary.</font></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>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='11',FILE='C:\fc\66143749104_H0015A_1825204\7456-1-ke-01.htm',USER='jmsproofassembler',CD='Mar  7 14:37 2007' -->



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


<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On or before 10:00 a.m. (New York City time) on the
Optional Repurchase Date, the Company shall deposit with the Paying Agent (or
if the Company or an Affiliate of the Company is acting as the Paying Agent,
shall segregate and hold in trust) money sufficient to pay the aggregate
Optional Repurchase Price of the Notes to be repurchased pursuant to this
Section 2.08. If the Paying Agent holds, in accordance with the terms of the
Indenture, money sufficient to pay the Optional Repurchase Price of such Notes on
the Optional Repurchase Date, then on and after such date, such Notes shall
cease to be Outstanding and interest on such Notes shall cease to accrue on the
day prior to such date, and all rights of the Holder of such Notes shall
terminate (other than the right to receive the Optional Repurchase Price after
delivery or transfer of the Notes).&#160; Such
will be the case whether or not book-entry transfer of the Notes in book-entry
form is made and whether or not Notes in certificated form, together with the
necessary endorsements, are delivered to the Paying Agent.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding the foregoing, no Notes may be
repurchased by the Company in accordance with the provisions of this Section
2.08 if there has occurred and is continuing an Event of Default with respect
to the Notes (other than a default in the payment of the Optional Repurchase
Price).</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To the extent legally required in connection with a
repurchase of Notes, the Company shall comply with the provisions of Rule 13e-4
and other tender offer rules under the Exchange Act then applicable, if any,
and will file a Schedule TO or any other schedule required under the Exchange
Act.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company may arrange for a third party to purchase
Notes for which the Company has received a valid Optional Repurchase Notice
that has not been properly withdrawn, in the manner and otherwise in compliance
with the requirements set forth herein and in the Notes (including, without
limitation, any applicable restrictions on transfer); provided that the Company
shall give written notice to the Trustee of such arrangement not less than one
Business Day prior to the Optional Repurchase Date, which notice shall, at a
minimum, identify such third party and identify the Notes to be so purchased
(and which shall continue to be Outstanding, as provided in the next sentence).
If a third party purchases any Notes under such circumstances, then interest
will continue to accrue on the Notes and such Notes will continue to be
Outstanding after the Optional Repurchase Date for all purposes of the Indenture
and will be fungible with all other Notes then Outstanding.</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.09.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Repurchase at Option of Holders
upon a Change in Control</u><b>.</b>&#160; If a Change in Control occurs at any time
prior to March 20, 2012, a Holder of Notes shall have the right to require the
Company to repurchase such Holder&#146;s Notes, in whole or in part (in principal
amounts of $1,000 or an integral multiple thereof) for cash equal to 100% of
the principal amount of the Notes to be repurchased, plus unpaid interest
(including Additional Interest, if any) accrued thereon to, but excluding, the
Change in Control Purchase Date (such amount, the &#147;<b>Change in Control Purchase Price</b>&#148;), subject to satisfaction by
or on behalf of the Holder of the requirements set forth below.&#160; If a Change in Control occurs on or after
March 20, 2012, Holders of Notes will not have any right to require the Company
to repurchase its Notes, except in accordance with Section&nbsp;2.08.</font></h2>


 <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">

<!-- SEQ.=1,FOLIO='12',FILE='C:\fc\6642659812_D11642_1822495\7456-1-ke-02.htm',USER='jmsproofassembler',CD='Mar  7 04:27 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt .0001pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Within 30 days after the
occurrence of a Change in Control, the Company shall provide notice of the
particular Change in Control and of the repurchase right arising as a result of
such Change in Control (the &#147;<b>Company Notice</b>&#148;)
in accordance with the Indenture to the Trustee, any Paying Agent and to each
Holder (and to beneficial owners to the extent required by applicable
law).&#160; The notice shall include a form of
Change in Control Purchase Notice (defined below) to be completed by the Holder
and shall state:</font></p>

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

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; briefly, the events causing a Change
in Control and the date of such Change in Control;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the date by which the Change in
Control Purchase Notice must be delivered to the Paying Agent;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the date on which the Company will
repurchase Notes upon a Change in Control, which must be not less than 15 days
nor more than 30 days after the date of the Company Notice (such date, the &#147;<b>Change in Control Purchase Date</b>&#148;);</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Change in Control Purchase Price;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the name and address of the Trustee,
the Paying Agent and the Conversion Agent;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; that Notes in respect of which a
Change in Control Purchase Notice is provided by a Holder shall not be
convertible unless such Holder validly withdraws such Change in Control
Purchase Notice in accordance with the provisions of this Section 2.09;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; that Notes must be surrendered to the
Paying Agent to collect payment of the Change in Control Purchase Price;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; that the Change in Control Purchase
Price for any Note as to which a Change in Control Purchase Notice has been
duly given will be paid within two Business Days after the later of the Change
in Control Purchase Date or the time at which such Notes are surrendered for
repurchase;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; that, unless the Company defaults in
making payment of the Change in Control Purchase Price, interest on Notes
surrendered for repurchase will cease to accrue on and after the Change in
Control Purchase Date; and</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the CUSIP number of the Notes.</font></h3>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company shall also disseminate a press release
through Dow Jones &amp; Company, Inc. or Bloomberg Business News announcing the
occurrence of such Change in Control or publish such information in a newspaper
of general circulation in The City of New York or on the Company&#146;s website, or
through such other public medium as the Company shall deem appropriate at such
time.</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">

<!-- SEQ.=1,FOLIO='13',FILE='C:\fc\6642659812_D11642_1822495\7456-1-ke-02.htm',USER='jmsproofassembler',CD='Mar  7 04:27 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A Holder may exercise its rights specified in this
Section 2.09 upon delivery of a written notice of such Holder&#146;s exercise of its
repurchase right (a &#147;<b>Change in Control Purchase
Notice</b>&#148;) to the Paying Agent at any time prior to the close of
business on the third Business Day prior to the Change in Control Purchase
Date, stating:</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; if
such Notes are in certificated form, the certificate number(s) of the Notes
which the Holder will deliver to be repurchased;</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
portion of the principal amount of the Notes to be repurchased, in multiples of
$1,000, provided that the remaining principal amount of Notes is in an
authorized denomination; and</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; that
such Note shall be repurchased pursuant to the applicable provisions hereof and
of the Notes.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Paying Agent shall promptly notify the Company in
writing of the receipt by it of any Change in Control Purchase Notice.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Book-entry transfer of Notes in book-entry form in
compliance with appropriate procedures of the Depositary or delivery of Notes
in certificated form (together with all necessary endorsements) to the Paying
Agent on or after the Change in Control Purchase Date at the offices of the
Paying Agent shall be a condition to the receipt by the Holder of the Change in
Control Purchase Price therefor.&#160; Holders
electing to require the Company to repurchase Notes must effect such transfer
or delivery to the Paying Agent prior to the Change in Control Purchase Date to
receive payment of the Change in Control Purchase Price on or within two
Business Days after the Change in Control Purchase Date. The Company shall pay
the Change in Control Purchase Price within two Business Days after the later
of the Change in Control Purchase Date or the time of such transfer or delivery
of the Notes.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A Change in Control Purchase Notice may be withdrawn
in whole or in part by a Holder by means of a written notice of withdrawal
delivered to the office of the Paying Agent prior to the close of business on
the third Business Day prior to the Change in Control Purchase Date specifying:</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
Holder&#146;s name;</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
principal amount of Notes in respect of which the Change in Control Purchase
Notice is being withdrawn, which must be an integral multiple of $1,000;</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; if
the Notes subject to the notice of withdrawal are in certificated form, the
certificate number(s) of all Notes subject to the notice of withdrawal; and</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
principal amount of Notes, if any, that remains subject to the Change in
Control Purchase Notice, which must be an integral multiple of $1,000.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If Notes subject to the notice of withdrawal are in
book-entry form, the above notices must also comply with the applicable
procedures of the Depositary.</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> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='14',FILE='C:\fc\6642659812_D11642_1822495\7456-1-ke-02.htm',USER='jmsproofassembler',CD='Mar  7 04:27 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On or before 10:00 a.m. (New York City time) on the
Change in Control Purchase Date, the Company shall deposit with the Paying
Agent (or if the Company or an Affiliate of the Company is acting as the Paying
Agent, shall segregate and hold in trust) money sufficient to pay the aggregate
Change in Control Purchase Price of the Notes to be repurchased pursuant to
this Section 2.09. If the Paying Agent holds, in accordance with the terms of
the Indenture, money sufficient to pay the Change in Control Purchase Price of
such Notes on the Change in Control Purchase Date, then, on and after such
date, such Notes shall cease to be Outstanding and interest on such Notes shall
cease to accrue on the day prior to such date and all rights of the Holders of
such Notes shall terminate (other than the right to receive the Change in
Control Purchase Price after delivery or transfer of the Notes).&#160; Such will be the case whether or not book-entry
transfer of the Notes in book-entry form is made and whether or not Notes
in certificated form, together with the necessary endorsements, are delivered
to the Paying Agent.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding the foregoing, no Notes may be
repurchased by the Company in accordance with the provisions of this Section
2.09 if there has occurred and is continuing an Event of Default with respect
to the Notes (other than a default in the payment of the Change in Control
Purchase Price).</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To the extent legally required in connection with a
repurchase of Notes, the Company shall comply with the provisions of Rule 13e-4
and other tender offer rules under the Exchange Act then applicable, if any,
and will file a Schedule TO or any other schedule required under the Exchange
Act.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company may arrange for a third party to purchase
Notes for which the Company has received a valid Change in Control Purchase
Notice that has not been properly withdrawn, in the manner and otherwise in
compliance with the requirements set forth herein and in the Notes (including,
without limitation, any applicable restrictions on transfer); provided that the
Company shall give written notice to the Trustee of such third party
arrangement not less than one Business Day prior to the Change in Control
Purchase Date, which notice shall, at a minimum, identify such third party and
identify the Notes to be so purchased (and which shall remain Outstanding as
provided in the next sentence). If a third party purchases any Notes under such
circumstances, then interest will continue to accrue on the Notes and such
Notes will continue to be Outstanding after the Change in Control Purchase Date
for all purposes of the Indenture and will be fungible with all other Notes
then Outstanding.</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Make Whole Amount</u><b>. </b>&#160;If
a Change in Control occurs prior to March 20, 2012 as a result of a transaction
or event described in clauses (1) or (2) of the definition of Change in Control
and a Holder elects to convert its Notes in connection with such Change in
Control pursuant to Section 2.11(d) hereof, the Company shall increase the
applicable Conversion Rate for such Notes surrendered for conversion by a
number of additional Common Shares (the &#147;<b>Additional
Shares</b>&#148;) as specified below.&#160;
A conversion of Notes shall be deemed for these purposes to be &#147;in
connection with&#148; such a Change in Control if the notice of conversion of the
Notes is received by the Conversion Agent on any date from and including the
date that is the Effective Date (as defined below) of such Change in Control up
to and including the 30th Business Day following the Effective Date of such
Change in Control.</font></h2>


 <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">

<!-- SEQ.=1,FOLIO='15',FILE='C:\fc\6642659812_D11642_1822495\7456-1-ke-02.htm',USER='jmsproofassembler',CD='Mar  7 04:27 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The number of Additional Shares will be determined by
reference to the table below and is based on the date on which such Change in
Control transaction becomes effective (the &#147;<b>Effective
Date</b>&#148;) and the price (the &#147;<b>Share Price</b>&#148;)
paid per Common Share in such Change in Control transaction.&#160; If holders of Common Shares receive only cash
in a Change in Control transaction, the Share Price shall be the cash amount
paid per Common Share.&#160; In all other
cases, the Share Price shall be the average of the Closing Sale Prices of the
Common Shares on the 10 consecutive Trading Days up to but excluding the
Effective Date.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Share Prices set forth in the first row of the
table (i.e., the column headers) will be adjusted as of any date on which the
Conversion Rate of the Notes is adjusted.&#160;
The adjusted Share Prices will equal the Share Prices applicable
immediately prior to such adjustment multiplied by a fraction, the numerator of
which is the Conversion Rate immediately prior to the adjustment giving rise to
the Share Price adjustment and the denominator of which is the Conversion Rate
as so adjusted.&#160; In addition, the number
of Additional Shares will be subject to adjustment in the same manner as the
Conversion Rate in accordance with the provisions of Section 2.14 hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following table sets
forth the Share Price and number of Additional Shares to be received per $1,000
principal amount of Notes:</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="126" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:94.4pt;">
  <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 mrlHTMLTableCenter -->Effective</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="421" colspan="15" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:316.0pt;">
  <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;">Share&nbsp;Price</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="126" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:94.4pt;">
  <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="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="39" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <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;">$43.61</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;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="39" 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:29.0pt;">
  <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;">$50.00</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;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="39" 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:29.0pt;">
  <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;">$55.00</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;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="39" 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:29.0pt;">
  <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;">$60.00</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;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="39" 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:29.0pt;">
  <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;">$65.00</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;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="39" 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:29.0pt;">
  <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;">$70.00</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;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="39" 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:29.0pt;">
  <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;">$75.00</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;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="39" 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:29.0pt;">
  <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;">$80.00</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="126" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:94.4pt;">
  <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;">March 7, 2007</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="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <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;">3.1287</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="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <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;">1.5479</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="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <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;">0.8382</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="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <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;">0.4187</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="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <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;">0.1867</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="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <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;">0.0708</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="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <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;">0.0218</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="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <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;">0.0039</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="126" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.4pt;">
  <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;">March 15, 2008</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="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <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;">3.1287</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="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <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;">1.5656</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="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <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;">0.8236</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="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <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;">0.3909</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="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <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;">0.1603</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="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <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;">0.0531</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="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <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;">0.0130</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="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <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;">0.0010</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="126" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.4pt;">
  <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;">March 15, 2009</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="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <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;">3.1287</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="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <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;">1.5316</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="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <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;">0.7658</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="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <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;">0.3337</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="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <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;">0.1194</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="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <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;">0.0318</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="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <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;">0.0042</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="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <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;">0.0000</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="126" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.4pt;">
  <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;">March 15, 2010</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="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <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;">3.1287</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="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <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;">1.4304</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="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <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;">0.6505</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="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <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;">0.2419</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="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <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;">0.0661</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="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <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;">0.0105</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="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <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;">0.0000</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="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <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;">0.0000</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="126" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.4pt;">
  <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;">March 15, 2011</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="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <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;">3.1287</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="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <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;">1.1826</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="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <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;">0.4199</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="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <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;">0.1012</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="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <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;">0.0124</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="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <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;">0.0000</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="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <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;">0.0000</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="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <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;">0.0000</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="126" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.4pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March 20, 2012</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1287</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.1982</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.0000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.0000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.0000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.0000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.0000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.0000</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="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The exact Share Prices and Effective Dates may not be
set forth in the table, in which case:</font></p>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; if the Share Price is between two
Share Price amounts in the table or the Effective Date is between two dates in
the table, the Additional Shares will be determined by straight-line
interpolation between the number of Additional Shares set forth for the higher
and lower Share Price amounts and the two dates, as applicable, based on a 365-day
year;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; if the Share Price is equal to or in
excess of $80.00 per Common Share (subject to adjustment as specified in the
preceding paragraph), no Additional Shares will be issued upon a conversion of
Notes; and</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; if the Share Price is less than
$43.61 per Common Share (subject to adjustment as specified in the second
preceding paragraph), no Additional Shares will be issued upon a conversion of
Notes.</font></h3>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding the foregoing, in no event shall the
total number of Common Shares issuable upon a conversion of Notes exceed
22.9305 Common Shares per $1,000 principal </font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='16',FILE='C:\fc\6642659812_D11642_1822495\7456-1-ke-02.htm',USER='jmsproofassembler',CD='Mar  7 04:27 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">amount of Notes, subject
to adjustment in the same manner as the Conversion Rate pursuant to Section
2.14 hereof.</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Conversion Rights</u>.</font></h2>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to the restrictions on ownership of the Common
Shares as set forth in Section 2.15 hereof and to the conditions set forth
herein, Holders may surrender their Notes for conversion for cash and, if
applicable, Common Shares, at the applicable Conversion Rate prior to the close
of business on the second Business Day immediately preceding the Stated
Maturity of the Notes at any time on or after March 15, 2026 and also under any
of the circumstances set forth in this Section 2.11.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)<i>&#160; Conversion Upon Satisfaction of Market Price
Condition</i>.&#160; A Holder may
surrender any of its Notes for conversion during any calendar quarter beginning
after June 30, 2007 (and only during such calendar quarter) if, and only if,
the Closing Sale Price of the Common Shares for at least 20 Trading Days
(whether or not consecutive) in the period of 30 consecutive Trading Days
ending on the last Trading Day of the preceding calendar quarter is more than
130% of the Conversion Price per Common Share in effect on the applicable
Trading Day.&#160; The Board of Trustees of
the Company shall make appropriate adjustments, in its good faith
determination, to account for any adjustment to the Conversion Rate that
becomes effective, or any event requiring an adjustment to the Conversion Rate
where the ex dividend date of the event occurs, during that 30 consecutive
Trading-Day period.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)<i>&#160; Conversion Upon Satisfaction of Trading Price
Condition</i>.&#160; A Holder may
surrender any of its Notes for conversion during the five consecutive Trading
Day period following any five consecutive Trading Days in which the Trading
Price per $1,000 principal amount of Notes (as determined following a
reasonable request by a Holder of the Notes) was less than 98% of the product
of the Closing Sale Price of the Common Shares multiplied by the Conversion
Rate.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trustee shall have no obligation to determine the
Trading Price of the Notes unless the Company shall have requested in writing
that the Trustee make such determination, and the Company shall have no
obligation to make such request unless a Holder provides the Company with
written reasonable evidence that the Trading Price per $1,000 principal amount
of the Notes would be less than 98% of the product of the Closing Sale Price of
the Common Shares and the Conversion Rate, whereupon the Company shall request
in writing that the Trustee determine the Trading Price of the Notes beginning
on the next Trading Day and on each successive Trading Day until the Trading
Price is greater than or equal to 98% of the product of the Closing Sale Price
of the Common Shares and the Conversion Rate.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;(c)<i>&#160; Conversion Upon Notice of
Redemption</i>.&#160; A Holder may
surrender for conversion any of the Notes called for redemption at any time
prior to the close of business on the second Business Day prior to the
Redemption Date, even if the Notes are not otherwise convertible at such
time.&#160; The right to convert Notes
pursuant to this clause (c) will expire after the close of business on the
second Business Day prior to the Redemption Date unless the Company defaults in
making the payment due upon redemption.&#160;
A Holder may convert fewer than all of its Notes so long as the Notes
converted are an integral multiple of $1,000 principal amount and the remaining
principal amount of Notes is in an authorized denomination. However, if a
Holder has </font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='17',FILE='C:\fc\6642659812_D11642_1822495\7456-1-ke-02.htm',USER='jmsproofassembler',CD='Mar  7 04:27 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">already delivered an
Optional Repurchase Notice or a Change in Control Purchase Notice with respect
to a Note, such Holder may not surrender such Note for conversion until it has
withdrawn such notice in accordance with the applicable provisions of Section
2.08 or 2.09 hereof, as the case may be.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)<i>&#160; Conversion Upon Specified Transactions</i>.&#160; If the Company elects to:</font></p>

<h4 style="font-weight:normal;margin:0pt 0pt 12.0pt 72.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; distribute to all holders of Common
Shares rights entitling them to purchase, for a period expiring within 45 days,
Common Shares at less than the Closing Sale Price of the Common Shares on the
Trading Day immediately preceding the declaration date of the distribution; or</font></h4>

<h4 style="font-weight:normal;margin:0pt 0pt 12.0pt 72.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; distribute to all holders of Common
Shares assets, debt securities or certain rights to purchase securities of the
Company, which distribution has a per share value (as determined by the Company&#146;s
Board of Trustees in good faith) exceeding 15% of the Closing Sale Price of the
Common Shares on the Trading Day immediately preceding the declaration date of
such distribution,</font></h4>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the Company shall notify the Holders of the Notes in
writing at least 20 days prior to the ex dividend date for such
distribution.&#160; Following the giving of
such notice, Holders may surrender their Notes for conversion at any time until
the earlier of the close of business on the third Business Day immediately
prior to the ex dividend date or an announcement that such distribution will
not take place; <i>provided, however</i>, that a Holder
may not exercise this right to convert if the Holder may participate, on an as-converted
basis (assuming for such purposes that the Notes are convertible solely into
Common Shares at the then applicable Conversion Rate), in the distribution
without a conversion of Notes. The ex dividend date is the first date upon
which a sale of the Common Shares does not automatically transfer the right to
receive the relevant distribution from the seller of Common Shares to its
buyer.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, if the Company is party to a
consolidation, merger or binding share exchange pursuant to which all of the
Common Shares would be exchanged for cash, securities or other property that is
not otherwise a Change in Control, a Holder may surrender Notes for conversion
at any time from and including the date that is 15 Business Days prior to the
Effective Date of the transaction up to and including five Business Days after
the actual date of such transaction.&#160; The
Company shall notify Holders as promptly as practicable following the date it
publicly announces such transaction (but in no event less than 15 Business Days
prior to the anticipated effective time of such transaction).</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If a Change in Control occurs as a result of a
transaction described in clauses (1) or (2) of the definition of &#147;Change in
Control,&#148; a Holder will have the right to convert its Notes at any time from
and including the Effective Date of such transaction up to and including the
30th Business Day following the Effective Date of the transaction, subject to
expiration of a Holder&#146;s conversion right with respect to any Notes submitted
for repurchase, provided that, if a Holder has already delivered an Optional
Repurchase Notice or a Change in Control Purchase Notice with respect to a
Note, such Holder may not surrender such Note for conversion until it has
withdrawn such notice in accordance with the applicable provisions of Section
2.08 or 2.09 hereof, as the case may be. The Company will notify Holders as
promptly as practicable </font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='18',FILE='C:\fc\6642659812_D11642_1822495\7456-1-ke-02.htm',USER='jmsproofassembler',CD='Mar  7 04:27 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">following the date that
it publicly announces such Change in Control (but in no event later than five
Business Days prior to the Effective Date of such Change in Control).</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Company is a party to a consolidation, merger
or binding share exchange (including, without limitation, by way of a
recapitalization, reclassification or change of Common Shares (other than
changes resulting from a subdivision or combination) or a sale, lease or
transfer to a third party of the Company&#146;s and the Company&#146;s subsidiaries&#146;
consolidated assets substantially as an entirety) pursuant to which all of the
Common Shares are exchanged for cash, securities or other property, then at the
Effective Date of the transaction any conversion of Notes and the Conversion
Value will be based on, and determined by reference to, the kind and amount of
cash, securities or other property that the Holder would have received if such
Holder had converted its Notes into Common Shares immediately prior to the
Effective Date of the transaction.&#160; For
purposes of the foregoing, where a consolidation, merger or binding share
exchange involves a transaction that causes Common Shares to be exchanged into
the right to receive more than a single type of consideration based upon any
form of shareholder election, such consideration will be deemed to be the
weighted average of the types and amounts of consideration received by the
holders of Common Shares that affirmatively make such an election. If a Change
of Control occurs prior to March 20, 2012 as a result of a transaction
described in clauses (1) or (2) of the definition thereof, the Company will
adjust the Conversion Rate for Notes surrendered for conversion in connection
with such a Change in Control transaction, as described in Section 2.10 hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160; <i>Conversion Upon Delisting of the Common Shares</i>. A Holder of
Notes may surrender any of its Notes for conversion at any time beginning on
the first Business Day after the Common Shares have ceased to be listed on a
U.S. national or regional securities exchange for a 30 consecutive Trading Day
period.</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Conversion Settlement</u><b>.</b>&#160;
Upon a conversion of Notes, the Company shall deliver, in respect of
each $1,000 principal amount of Notes surrendered for conversion in accordance
with their terms:</font></h2>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; cash in an amount (the &#147;<b>Principal Return</b>&#148;) equal to the lesser of
(1) the principal amount of the Notes surrendered for conversion and (2) the
Conversion Value, and</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; if the Conversion Value is greater
than the Principal Return, an amount (the &#147;<b>Net
Amount</b>&#148;) in cash or Common Shares, at the Company&#146;s option, with an
aggregate value equal to the difference between the Conversion Value and the
Principal Return.</font></h3>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company may elect to deliver any portion of the
Net Amount in cash (the &#147;<b>Net Cash Amount</b>&#148;)
or Common Shares, and any portion of the Net Amount the Company elects to
deliver in Common Shares (the &#147;<b>Net Shares</b>&#148;)
will be the sum of the Daily Share Amounts for each Trading Day during the
Applicable Conversion Period.&#160; Prior to
the close of business on the second Trading Day following the date on which
Notes are surrendered for conversion, the Company shall inform Holders of such
Notes of its election to pay cash for all or a portion of the </font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='19',FILE='C:\fc\6642659812_D11642_1822495\7456-1-ke-02.htm',USER='jmsproofassembler',CD='Mar  7 04:27 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net Amount and, if
applicable, the portion of the Net Amount that will be paid in cash and the
portion that will be delivered in the form of Net Shares.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company shall deliver cash in lieu of any
fractional Common Shares issuable in connection with payment of the Net Shares
based upon the Average Price.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The &#147;<b>Daily Share Amount</b>&#148;
for each $1,000 principal amount of Notes and each Trading Day in the
Applicable Conversion Period is equal to the greater of:</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; zero;
and</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; a
number of Common Shares determined by the following formula:</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">where<img width="360" height="60" src="g74561ke02i001.jpg"></font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CSP means the Closing
Sale Price of the Common Shares on such Trading Day, and</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CR means the applicable
Conversion Rate.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company will determine the Conversion Value,
Principal Return, Net Amount, Net Cash Amount and the number of Net Shares, as
applicable, promptly after the end of the Applicable Conversion Period.&#160; The Company shall pay the Principal Return
and cash in lieu of fractional shares, and deliver Net Shares or pay the Net
Cash Amount, as applicable, no later than the third Business Day following the
last Trading Day of the Applicable Conversion Period.</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Conversion Procedures</u><b>.</b>&#160; To
convert Notes, a Holder must satisfy the requirements set forth in this Section
2.13.</font></h2>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To convert the Notes, a Holder must (a)&nbsp;complete
and manually sign the irrevocable conversion notice on the reverse of the Note
(or complete and manually sign a facsimile of such notice) and deliver such
notice to the Conversion Agent at the office maintained by the Conversion Agent
for such purpose, (b)&nbsp;with respect to Notes which are in certificated
form, surrender the Notes to the Conversion Agent, or, if the Notes are in book-entry
form, comply with the appropriate procedures of the Depositary,
(c)&nbsp;furnish appropriate endorsements and transfer documents if required by
the Conversion Agent, the Company or the Trustee and (d)&nbsp;pay any transfer
or similar tax, if required. The date on which the Holder satisfies all such
requirements shall be deemed to be the date on which the applicable Notes shall
have been tendered for conversion.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notes in respect of which a Holder has delivered an
Optional Repurchase Notice or Change in Control Purchase Notice may be converted
only if such notice is withdrawn in accordance with the terms of Section 2.08
or Section 2.09, as the case may be.</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='20',FILE='C:\fc\6642659812_D11642_1822495\7456-1-ke-02.htm',USER='jmsproofassembler',CD='Mar  7 04:27 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In case any Note shall be surrendered for partial
conversion, the Company shall execute and the Trustee shall authenticate and
deliver to, or upon the written order of, the Holder of the Note so
surrendered, without charge to such Holder, a new Note or Notes in authorized
denominations in an aggregate principal amount equal to the portion of the
surrendered Notes not surrendered for conversion.&#160; A Holder may convert fewer than all of such
Holder&#146;s Notes so long as the Notes converted are an integral multiple of
$1,000 principal amount.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon surrender of a Note for conversion by a Holder,
such Holder shall deliver to the Company cash equal to the amount that the
Company is required to deduct and withhold under applicable law in connection
with the conversion; <i>provided, however</i>,
if the Holder does not deliver such cash, the Company may deduct and withhold
from the amount of consideration otherwise deliverable to such Holder the
amount required to be deducted and withheld under applicable law.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon conversion of a Note, a Holder will not receive
any cash payment representing accrued and unpaid interest (including original
issue discount) on such Note, except as specified in the immediately following
paragraph.&#160; Instead, upon a conversion of
Notes, the Company will deliver to the surrendering Holder only the
consideration specified in Section 2.12. Delivery of cash and Common Shares, if
any, upon a conversion of Notes will be deemed to satisfy the Company&#146;s
obligation to pay the principal of the Notes and any accrued and unpaid
interest (including original issue discount) thereon.&#160; Accordingly, upon a conversion of Notes, any
accrued and unpaid interest (including original issue discount) will be deemed
paid in full from cash and then from&#160;
Common Shares, if applicable, rather than such interest being cancelled,
extinguished or forfeited.&#160; In no event
will the Conversion Rate be adjusted to account for accrued and unpaid interest
(including original issue discount) on the Notes.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Holders of Notes at the close of business on a Regular
Record Date for an interest payment will receive payment of interest payable on
the corresponding Interest Payment Date notwithstanding the conversion of such
Notes at any time after the close of business on the applicable Regular Record
Date.&#160; Notes surrendered for conversion
by a Holder after the close of business on any Regular Record Date for an
interest payment and on or prior to the corresponding Interest Payment Date
must be accompanied by payment of an amount equal to the interest that such
Holder is to receive on such Notes on such Interest Payment Date; <i>provided, however</i>, that no such payment shall be required to
be made (1) if such Notes have been called for redemption on a Redemption Date
that is after such Regular Record Date and on or prior to such Interest Payment
Date or (2) with respect to overdue interest (including Additional Interest),
if any overdue interest is due and owing at the time of conversion with respect
to such Notes.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon conversion of a Note, the Company, if it elects
to deliver Net Shares, will pay any documentary, stamp or similar issue or
transfer tax due on the issue of the Net Shares upon such conversion unless the
tax is due because the Holder requests the Net Shares to be issued or delivered
to a Person other than the Holder, in which case the Holder must pay the tax
due prior to the delivery of such Net Shares. Certificates representing Common
Shares will not be issued or delivered unless all taxes and duties, if any,
payable by the Holder have been paid.</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='21',FILE='C:\fc\6642659812_D11642_1822495\7456-1-ke-02.htm',USER='jmsproofassembler',CD='Mar  7 04:27 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A Holder of Notes, as such, shall not be entitled to
any rights of a holder of Common Shares.&#160;
Such Holder shall only acquire such rights upon the delivery by the
Company, at its option, of Net Shares in accordance with the provisions of
Section 2.12 upon a conversion of Notes by a Holder.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If a Holder converts more than one Note at the same
time, the number of Net Shares, if any, issuable upon the conversion shall be
based on the total principal amount of the Notes surrendered for conversion.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company shall, prior to issuance of any Notes
hereunder, and from time to time as may be necessary, reserve out of its
authorized but unissued Common Shares a sufficient number of Common Shares to
permit the conversion of the Notes at the applicable Conversion Rate.&#160; Any Common Shares delivered upon a conversion
of Notes shall be newly issued shares or treasury shares, shall be duly and validly
issued and fully paid and nonassessable and shall be free from preemptive
rights and free of any lien or adverse claim.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company shall endeavor promptly to comply with all
federal and state securities laws regulating the issuance and delivery of Common
Shares, if any, upon a conversion of Notes and shall cause to have listed or
quoted all such Common Shares on each U.S. national securities exchange or over
the counter or other domestic market on which the Common Shares are then listed
or quoted.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as set forth herein, no other payment or
adjustment for interest shall be made upon conversion of Notes.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In no event shall a Holder be entitled to convert
Notes after the close of business on the second Business Day prior to March 15,
2027.</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.14.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Conversion Rate Adjustments</u><b>.</b>&#160;
The Conversion Rate shall be adjusted from time to time as follows:</font></h2>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If the Company issues Common Shares
as a dividend or distribution on Common Shares to all holders of Common Shares,
or if the Company effects a share split or share combination, the Conversion
Rate will be adjusted based on the following formula:</font></h3>

<p style="margin:0pt 0pt 12.0pt 108.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CR1 = CR0 x OS1/OS0</font></p>

<p style="margin:0pt 0pt 12.0pt 108.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">where</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CR0 = </font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Conversion Rate
in effect immediately prior to the adjustment relating to such event</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CR1 = </font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the new Conversion
Rate in effect taking such event into account</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">OS0 = </font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the number of Common
Shares outstanding immediately prior to such event</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">

<!-- SEQ.=1,FOLIO='22',FILE='C:\fc\6642659812_D11642_1822495\7456-1-ke-02.htm',USER='jmsproofassembler',CD='Mar  7 04:27 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">OS1 = </font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the number of Common
Shares outstanding immediately after such event.</p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any adjustment made
pursuant to this clause (a) shall become effective on the date that is
immediately after (x)&nbsp;the date fixed for the determination of shareholders
entitled to receive such dividend or other distribution or (y)&nbsp;the date on
which such split or combination becomes effective, as applicable. If any
dividend or distribution described in this clause (a) is declared but not so
paid or made, the new Conversion Rate shall be readjusted to the Conversion
Rate that would then be in effect if such dividend or distribution had not been
declared.</font></p>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If the Company issues to all holders
of Common Shares any rights, warrants, options or other securities entitling
them for a period of not more than 45 days after the date of issuance thereof
to subscribe for or purchase Common Shares, or if the Company issues to all holders
of Common Shares securities convertible into Common Shares for a period of not
more than 45 days after the date of issuance thereof, in either case at an
exercise price per Common Share or a conversion price per Common Share less
than the Closing Sale Price of the Common Shares on the Business Day
immediately preceding the time of announcement of such issuance, the Conversion
Rate will be adjusted based on the following formula:</font></h3>

<p style="margin:0pt 0pt 12.0pt 108.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CR1 = CR0 x
(OS0+X)/(OS0+Y)</font></p>

<p style="margin:0pt 0pt 12.0pt 108.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">where</font></p>

<p style="margin:0pt 0pt 12.0pt 108.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CR0 = &#160;&#160;&#160; the Conversion Rate in effect immediately
prior to the adjustment relating to such event</font></p>

<p style="margin:0pt 0pt 12.0pt 108.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CR1 = &#160;&#160;&#160; the new Conversion Rate taking such event
into account</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">OS0 = </font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the number of Common
Shares outstanding immediately prior to such event</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">X&#160;&#160;&#160;&#160; =</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the total number of Common Shares
issuable pursuant to such rights, warrants, options, other securities or
convertible securities</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Y&#160;&#160;&#160; = </font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the number of Common Shares equal to
the quotient of (A)&nbsp;the aggregate price payable to exercise such rights,
warrants, options, other securities or convertible securities and (B)&nbsp;the
average of the Closing Sale Prices of the Common Shares for the 10 consecutive
Trading Days prior to the Business Day immediately preceding the date of
announcement for the issuance of such rights, warrants, options, other
securities or convertible securities.</p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For purposes of this
clause (b), in determining whether any rights, warrants, options, other
securities or convertible securities entitle the holders to subscribe for or
purchase, or exercise a conversion right for, Common Shares at less than the
applicable Closing Sale Price of the Common Shares, and in determining the
aggregate exercise or</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&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;">23</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='23',FILE='C:\fc\6642659812_D11642_1822495\7456-1-ke-02.htm',USER='jmsproofassembler',CD='Mar  7 04:27 2007' -->



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


<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">conversion price payable
for such Common Shares, there shall be taken into account any consideration
received by the Company for such rights, warrants, options, other securities or
convertible securities and any amount payable on exercise or conversion thereof,
with the value of such consideration, if other than cash, to be determined by
the Board of Trustees of the Company.&#160; If
any right, warrant, option, other security or convertible security described in
this clause (b) is not exercised or converted prior to the expiration of the
exercisability or convertibility thereof, the new Conversion Rate shall be
readjusted to the Conversion Rate that would then be in effect if such right,
warrant, option, other security or convertible security had not been so issued.</font></p>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If the Company distributes capital
shares, evidences of indebtedness or other assets or property of the Company to
all holders of Common Shares, excluding:</font></h3>

<h4 style="font-weight:normal;margin:0pt 0pt 12.0pt 72.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; dividends, distributions, rights,
warrants, options, other securities or convertible securities referred to in
clause (a) or (b) above,</font></h4>

<h4 style="font-weight:normal;margin:0pt 0pt 12.0pt 72.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; dividends or distributions paid
exclusively in cash, and</font></h4>

<h4 style="font-weight:normal;margin:0pt 0pt 12.0pt 72.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Spin-Offs described below in
this clause (c),</font></h4>

<p style="margin:0pt 0pt 12.0pt 54.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">then the Conversion Rate
will be adjusted based on the following formula:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CR1 =</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>CR0 x SP0/(SP0-FMV)</p>

<p style="margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">where</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CR0 = </font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Conversion Rate
in effect immediately prior to the adjustment relating to such event</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CR1 = </font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the new Conversion
Rate taking such event into account</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SP0 = </font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the average of the
Closing Sale Prices of the Common Shares on the 10 consecutive Trading Days
prior to the Business Day immediately preceding the earlier of the record date
or the ex dividend date for such distribution</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FMV=</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the fair market
value (as determined in good faith by the Board of Trustees of the Company) of
the capital shares, evidences of indebtedness, assets or property distributed
with respect to each outstanding Common Share on the earlier of the record date
or the ex dividend date for such distribution.</p>

<p style="margin:0pt 0pt 12.0pt 54.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An adjustment to
the Conversion Rate made pursuant to the immediately preceding clause shall be
made successively whenever any such distribution is made and shall become
effective on the ex dividend date for such distribution.</font></p>

<p style="margin:0pt 0pt 12.0pt 54.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Company
distributes to all holders of Common Shares capital shares of any class or
series, or similar equity interest, of or relating to a subsidiary or other </font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='24',FILE='C:\fc\6612349564_H10398_1824519\7456-1-ke-03.htm',USER='jmsproofassembler',CD='Mar  7 12:34 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 12.0pt 54.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">business unit of the
Company (a &#147;<b>Spin-Off</b>&#148;), the Conversion
Rate in effect immediately before the close of business on the date fixed for
determination of holders of Common Shares entitled to receive such distribution
will be adjusted based on the following formula:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CR1 =</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>CR0 x
(FMV0+MP0)/MP0</p>

<p style="margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">where</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CR0&#160;&#160; =</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Conversion Rate in effect immediately
prior to the adjustment relating to such event</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CR1&#160;&#160;&#160; =</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the new Conversion Rate taking such event into
account</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FMV0 =</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160; </font>the average of the Closing
Sale Prices of the capital shares or similar equity interest distributed to
holders of Common Shares applicable to one Common Share over the first 10
consecutive Trading Days after the effective date of the Spin-Off</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MP0&#160; = </font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the average of the Closing Sale Prices of the
Common Shares over the first 10 consecutive Trading Days after the effective
date of the Spin-Off.</p>

<p style="margin:0pt 0pt 12.0pt 54.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An adjustment to
the Conversion Rate made pursuant to the immediately preceding clause will
occur on the 10th Trading Day from and including the effective date of the Spin-Off.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If any such
dividend or distribution described in this clause (c) is declared but not paid
or made, the new Conversion Rate shall be readjusted to be the Conversion Rate
that would then be in effect if such dividend or distribution had not been
declared.</font></p>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If the Company pays or makes any cash
dividend or distribution in respect of any of its quarterly fiscal periods
(without regard to when paid) to all holders of Common Shares in an aggregate
amount that, together with other cash dividends or distributions paid or made
in respect of such quarterly fiscal period, exceeds the product of $0.74 (the &#147;<b>Reference Dividend</b>&#148;) multiplied by the
number of Common Shares outstanding on the record date for such distribution,
the Conversion Rate will be adjusted based on the following formula:</font></h3>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CR1 =</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>CR0 x SP0/(SP0-C)</p>

<p style="margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">where</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CR0 =</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Conversion
Rate in effect immediately prior to the adjustment relating to such event</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CR1 =</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the new Conversion
Rate taking such event into account</p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='25',FILE='C:\fc\6612349564_H10398_1824519\7456-1-ke-03.htm',USER='jmsproofassembler',CD='Mar  7 12:34 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SP0 =</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the average of
the Closing Sale Prices of Common Shares on the 10 consecutive Trading Days
prior to the Business Day immediately preceding the earlier of the record date
or the ex dividend date for such distribution</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C&#160;&#160;&#160; =</font><font size="1" 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; </font>the amount in cash per Common
Share that the Company distributes to holders of Common Shares in respect of
such quarterly fiscal period that exceeds the Reference Dividend.</p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An adjustment to
the Conversion Rate made pursuant to this clause (d) shall become effective on
the ex dividend date for such dividend or distribution.&#160; If any dividend or distribution described in
this clause (d) is declared but not so paid or made, the new Conversion Rate
shall be readjusted to the Conversion Rate that would then be in effect if such
dividend or distribution had not been declared.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding
anything to the contrary in this clause (d), if an adjustment to the Conversion
Rate is required to be made as a result of a distribution that is not a quarterly
dividend either in whole or in part, the Reference Dividend shall be deemed to
be zero for purposes of determining the adjustment to the Conversion Rate as a
result of such distribution.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Reference
Dividend shall be subject to adjustment in a manner that is inversely
proportional to adjustments to the Conversion Rate; <i>provided,
however</i>, that no adjustments shall be made to the Reference Dividend
for any adjustment made to the Conversion Rate pursuant to this clause (d).</font></p>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If the Company or any of its
subsidiaries makes a payment in respect of a tender offer or exchange offer for
Common Shares to the extent that the cash and value of any other consideration
included in the payment per Common Shares exceeds the Closing Sale Price of
Common Shares on the Trading Day next succeeding the last date on which tenders
or exchanges may be made pursuant to such tender or exchange offer (the &#147;<b>Expiration Time</b>&#148;), the Conversion Rate will
be adjusted based on the following formula:</font></h3>

<p style="margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CR1 = CR0 x (AC + (SP1 x
OS1))/(SP1 x OS0)</font></p>

<p style="margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">where</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CR0 =</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Conversion
Rate in effect immediately prior to the adjustment relating to such event</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CR1 =</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the new Conversion
Rate taking such event into account</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">AC&#160; =</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the aggregate value of all cash and
any other consideration (as determined by the Board of Trustees of the Company)
paid or payable for Common Shares purchased in such tender or 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;">26</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='26',FILE='C:\fc\6612349564_H10398_1824519\7456-1-ke-03.htm',USER='jmsproofassembler',CD='Mar  7 12:34 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">OS0 =</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the number of
Common Shares outstanding immediately prior to the date such tender or exchange
offer expires</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">OS1 =</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the number of
Common Shares outstanding immediately after such tender or exchange offer
expires (after giving effect to the purchase or exchange of shares pursuant to
such tender or exchange offer)</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 144.0pt;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SP1 =</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the average of
the Closing Sale Prices of Common Shares for the 10 consecutive Trading Days
commencing on the Trading Day next succeeding the date such tender or exchange
offer expires.</p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the application
of the foregoing formula would result in a decrease in the Conversion Rate, no
adjustment to the Conversion Rate will be made.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any adjustment to
the Conversion Rate made pursuant to this clause (e) shall become effective on
the date immediately following the determination of the average of the Closing
Sale Prices of Common Shares for purposes of SP1 above. If the Company or one
of its subsidiaries is obligated to purchase Common Shares pursuant to any such
tender or exchange offer but the Company or such subsidiary is permanently
prevented by applicable law from effecting any such purchase or all such
purchases are rescinded, the new Conversion Rate shall be readjusted to be the
Conversion Rate that would be in effect if such tender or exchange offer had
not been made.</font></p>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Notwithstanding the foregoing, in
the event of an adjustment to the Conversion Rate pursuant to clause (d) or (e)
above, in no event will the Conversion Rate exceed 22.9305 per $1,000 principal
amount of Notes, subject to adjustment pursuant to clauses (a), (b) and (c)
above.</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If the Company has in effect a Rights
Plan while any Notes remain Outstanding, Holders of Notes will receive, upon a
conversion of Notes in respect of which the Company has elected to deliver Net
Shares, in addition to such Net Shares, rights under such Rights Plan unless,
prior to conversion, the rights have expired, terminated or been redeemed or
unless the rights have separated from the Common Shares. If the rights provided
for in a Rights Plan adopted by the Company have separated from the Common
Shares in accordance with the provisions of such Rights Plan so that Holders of
Notes would not be entitled to receive any rights in respect of Common Shares
that the Company elects to deliver as Net Shares upon conversion of Notes, the
Conversion Rate will be adjusted at the time of separation as if the Company
had distributed to all holders of Common Shares capital shares, evidences of
indebtedness or other assets or property pursuant to clause (c) above, subject
to readjustment upon the subsequent expiration, termination or redemption of
the rights. In lieu of any such adjustment, the Company may amend such Rights
Plan to provide that upon a conversion of Notes the Holders will receive, in
addition to Common Shares that the Company elects to deliver as Net Shares upon
such conversion, the rights which would have attached to such Common Shares if
the rights had not become separated from the Common Shares under such Rights
Plan.</font></h3>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='27',FILE='C:\fc\6612349564_H10398_1824519\7456-1-ke-03.htm',USER='jmsproofassembler',CD='Mar  7 12:34 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:9.0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition to the adjustments pursuant to clauses (a)
through (g) above, the Company may increase the Conversion Rate in order to
avoid or diminish any income tax to holders of Common Shares resulting from any
dividend or distribution of capital shares (or rights to acquire Common Shares)
or from any event treated as such for income tax purposes.&#160; The Company may also, from time to time, to
the extent permitted by applicable law, increase the Conversion Rate by any
amount for any period if the Company has determined that such increase would be
in the best interests of the Company.&#160; If
the Company makes such determination, it will be conclusive and the Company
will mail to Holders of the Notes a notice of the increased Conversion Rate and
the period during which it will be in effect at least fifteen (15) days prior
to the date the increased Conversion Rate takes effect in accordance with
applicable law.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding the
foregoing provisions of this Section 2.14, if the Company shall issue rights,
options or warrants entitling the holders thereof to subscribe for or purchase
Common Shares upon the occurrence of a specified event or events (each, a<b> &#147;Trigger Event&#148;</b>), (i) no adjustment of the Conversion Rate
shall be made pursuant to this Section&nbsp;2.14 in respect of rights, options
or warrants issued until the earliest date on which any such Trigger Event
shall occur and&#160; (ii) if any right,
warrant or option described in this paragraph is not exercised prior to the
expiration of the exercisability thereof, the New Conversion Rate shall be
readjusted to the Conversion Rate that would then be in effect if such right,
warrant or option had not been so issued.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If, in connection with
any adjustment to the Conversion Rate as set forth in this Section 2.14 a
Holder shall be deemed for U.S. federal tax purposes to have received a
distribution, the Company may set off any withholding tax it reasonably
believes it is required to collect with respect to any such deemed distribution
against cash payments of interest in accordance with the provisions of Section
2.05 hereof or from cash and Common Shares, if any, otherwise deliverable to a
Holder upon a conversion of Notes in accordance with the provisions of Section
2.12 hereof or a redemption or repurchase of a Note in accordance with the
provisions of Section 2.07, 2.08 or 2.09 hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company will not make
any adjustment to the Conversion Rate if Holders of the Notes are permitted to participate,
on an as-converted basis (assuming for this purpose that the Notes were
convertible solely into Common Shares at the then applicable Conversion Rate),
in the transactions described above.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding anything
to the contrary contained herein, in addition to the other events set forth
herein on account of which no adjustment to the Conversion Rate shall be made,
the applicable Conversion Rate shall not be adjusted for:</font></p>

<h4 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the issuance of any
Common Shares pursuant to any present or future plan providing for the
reinvestment of dividends or interest payable on securities of
the Company and the investment of additional optional amounts in Common Shares
under any plan;</h4>

<h4 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the issuance of any Common Shares or
options or rights to purchase those shares pursuant to, or the repurchase by
the Company of Common Shares pursuant to, any present or future employee,
trustee or consultant benefit plan, employee agreement or </font></h4>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='28',FILE='C:\fc\6612349564_H10398_1824519\7456-1-ke-03.htm',USER='jmsproofassembler',CD='Mar  7 12:34 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">arrangement or program of
the Company or assumed by the Company or any of its subsidiaries;</font></p>

<h4 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the issuance of any Common Shares
pursuant to any option, warrant, right, or exercisable, exchangeable or
convertible security outstanding as of the date the Notes were first issued;</font></h4>

<h4 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; a change in the par value of the
Common Shares;</font></h4>

<h4 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; accumulated and unpaid dividends or
distributions; and</font></h4>

<h4 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; a tender offer solely to holders of
fewer than 100 Common Shares.</font></h4>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No adjustment in the Conversion Price will be required
unless the adjustment would require an increase or decrease of at least 1% of
the Conversion Price. If the adjustment is not made because the adjustment does
not change the Conversion Price by at least 1%, then the adjustment that is not
made will be carried forward and taken into account in any future adjustment.&#160; All required calculations will be made to the
nearest cent or 1/1000th of a share, as the case may be.&#160; Notwithstanding the foregoing, if the Notes
are called for redemption, all adjustments not previously made will be made on the
applicable Redemption Date.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Whenever the Conversion Rate is adjusted as herein
provided, the Company shall, as promptly as reasonably practicable, file with
the Trustee and any Conversion Agent other than the Trustee, an Officers&#146;
Certificate setting forth the Conversion Rate after such adjustment and setting
forth a brief statement of the facts requiring such adjustment, on which the
Trustee may conclusively rely.&#160; Promptly
after delivery of such certificate, the Company shall prepare a notice of such adjustment
of the Conversion Rate setting forth the adjusted Conversion Rate and the date
on which each adjustment becomes effective and shall mail such notice of such
adjustment of the Conversion Rate to the Holders of the Notes within 20
Business Days of the effective date of such adjustment. &#160;Failure to deliver such notice shall not
affect the legality or validity of any such adjustment.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For purposes of this Section 2.14, the number of
Common Shares at any time outstanding shall not include shares held in the
treasury of the Company but shall include shares issuable in respect of scrip
certificates issued in lieu of fractions of Common Shares.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding anything in this Section 2.14 to the
contrary, in no event shall the Conversion Rate be adjusted so that the
Conversion Price would be less than $0.01.</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.15.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Ownership Limit; Withholding</u>.&#160; Notwithstanding any other provision of the
Notes or the this Supplemental Indenture, no Holder of Notes shall be entitled
to convert such Notes for Common Shares to the extent that receipt of such
shares would cause such Holder (together with such Holder&#146;s affiliates) to
exceed any ownership limitations contained in the Declaration of Trust of the
Company as in effect from time to time.</font></h2>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At the Maturity of the principal of the Notes, whether
at Stated Maturity or upon earlier redemption or repurchase of Notes or
otherwise, and as otherwise required by law, the Company </font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='29',FILE='C:\fc\6612349564_H10398_1824519\7456-1-ke-03.htm',USER='jmsproofassembler',CD='Mar  7 12:34 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">may deduct and withhold
from the amount of consideration otherwise deliverable to such Holder the
amount required to be deducted and withheld under applicable law.</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.16.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Merger, Consolidation or Sale</u>.</font></h2>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 801 of the
Indenture is modified for purposes of the Notes, to add the following as clause
(iii):</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;and (iii)&#160; if
as a result of such transaction the Notes become exchangeable into Common
Shares or other securities issued by a third party, such third party shall
assume or fully and unconditionally guarantee all obligations under the Notes
and the Indenture.&#148;</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.17.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Satisfaction and Discharge.</u>&#160; The provisions of Article Fourteen of the
Indenture shall not be applicable to the Notes.&#160;
The Company may satisfy and discharge its obligations under the
Indenture in accordance with the provisions of Article Four by delivering to
the Trustee for cancellation all Outstanding Notes or by depositing with the
Trustee, the Paying Agent or the Conversion Agent, if applicable, after the
Notes have become due and payable, whether on the date of the Stated Maturity
of the principal amount of the Notes, any Redemption Date, Optional Repurchase
Date or Change in Control Purchase Date or upon conversion or otherwise, cash
or Common Shares in accordance with the terms hereof sufficient to pay or
convert all of the Outstanding Notes and paying all other sums payable under
the Notes and the Indenture in respect of the Notes.</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.18.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Events of Default; Waiver of Past
Defaults</u>.</font></h2>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For purposes of this
Supplemental Indenture and the Notes, in addition to the Events of Default set
forth in Section 501 of the Indenture, it shall also constitute an &#147;Event of
Default&#148; if</font></h3>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Company shall fail to provide a
Company Notice after the occurrence of a Change in Control as provided in
Section 2.09 of this Supplemental Indenture; or</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Company shall default in the
delivery when due of the Conversion Value, on the terms set forth herein and in
the Notes, upon exercise of a Holder&#146;s conversion right in accordance with the
terms hereof and of the Notes, and the continuation of such default for 10
days.</font></p>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section 502 of the
Indenture is modified and amended solely for purposes of the Notes to add the
following two paragraphs immediately following the last paragraph of Section
502:</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Notwithstanding
the foregoing provisions, to the extent elected by the Company, the sole remedy
of Holders for an Event of Default relating to the failure to file any
documents or reports that the Company is required to file with the Commission
pursuant to Section&nbsp;13 or 15(d) of the Exchange Act, for any failure to
comply with the requirements of Section&nbsp;314(a)(1) of the Trust Indenture
Act or for any failure to comply with Section&nbsp;703(1) or 1005 of the
Indenture each, a <b>&#147;Special Interest Event </b></font></h3>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='30',FILE='C:\fc\6612349564_H10398_1824519\7456-1-ke-03.htm',USER='jmsproofassembler',CD='Mar  7 12:34 2007' -->
<br clear="all" style="page-break-before:always;">



<h3 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">of Default&#148;</font></b>),
will for the first 365 days after the occurrence of such a Special Interest
Event of Default consist exclusively of the right to receive special interest
on the Notes at an annual rate equal to 0.50% of the outstanding principal
amount of the Notes (the <b>&#147;Special Interest&#148;</b>).
The Company shall pay this Special Interest semi-annually in arrears, with the
first semi- annual payment due on the first Interest Payment Date following the
date on which the Special Interest began to accrue on any of the Notes.&#160; If the Company so elects, the Special
Interest shall accrue on all outstanding Notes from and including the date on
which a Special Interest Event of Default first occurs to but not including the
365<font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">th</font>&#160;day thererafter (or such earlier date on which
the Special Interest Event of Default shall have been cured or waived).&#160; On the 365<font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">th</font>&#160;day after such Special Interest Event of
Default (or earlier, if such Special Interest Event of Default is cured or
waived prior to such 365th day), such Special Interest shall cease to accrue
and, if the Special Interest Event of Default has not been cured or waived
prior to such 365<font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">th</font>&#160;day, the Notes shall be subject to
acceleration as provided above.&#160; The
provisions of this paragraph shall not affect the rights of Holders in the
event of the occurrence of any other Event of Default.&#160; In the event the Company does not elect to
pay the Special Interest upon a Special Interest Event of Default in accordance
with the provisions of this paragraph, the Notes shall be subject to
acceleration as provided above.</h3>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:24.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In order to elect to pay the Special Interest as the
sole remedy during the first 365 days after the occurrence of a Special
Interest Event of Default, the Company must notify all Holders and the Trustee
and Paying Agent of such election on or before the close of business on the
date on which such Special Interest Event of Default occurs.&#148;</font></p>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section 508 of the
Indenture is modified and amended solely for purposes of the Notes to read as
follows:</font></h3>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Notwithstanding any other provision in this
Indenture, the Holder of any Note shall have the right which is absolute and
unconditional to receive payment of the principal of, and (subject to Sections
305 and 307) interest on, and the Conversion Value in respect of, such Note on
the respective due dates expressed in such Note and to institute suit for the
enforcement of any such payment, and such rights shall not be impaired without
the consent of such Holder.&#148;</font></p>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section 513 of the
Indenture is modified and amended solely for purposes of the Notes adding the
following as clause (3):</font></h3>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;or (3) in the delivery of amounts owing upon
conversion of a Note.&#148;</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.19.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Modification</u>.</font></h2>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a) &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Clause (10) of Section 901 of the
Indenture is modified and amended solely in its entirety for purposes of the
Notes to read as follows:</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:40.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;(10) to
supplement any of the provisions of this Indenture to such extent as shall be
necessary to facilitate the discharge of the Notes pursuant to Section 401;
provided </font></h2>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='31',FILE='C:\fc\6612349564_H10398_1824519\7456-1-ke-03.htm',USER='jmsproofassembler',CD='Mar  7 12:34 2007' -->
<br clear="all" style="page-break-before:always;">



<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">that any such action shall not adversely
affect the interests of the Holders of Notes in any material respect; or&#148;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:40.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section 901 of the
Indenture is modified and amended solely for purposes of the Notes to add the
following as clause (11):</font></h2>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;(11) to provide
for conversion rights of Holders of Notes if any reclassification or change of
Common Shares or any consolidation, merger or sale of all or substantially all
of the property or assets of the Company shall occur.&#148;</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:40.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c) Section 902 of the Indenture is modified and amended solely for
purposes of the Notes to add the following as clauses (4) and (5):</font></h2>

<h5 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;(4) make any
change that impairs or adversely affects the rights of a Holder to convert
Notes in accordance with the terms of the Indenture, or</font></h5>

<p style="margin:0pt 0pt 12.0pt 40.5pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5) impair the
right to institute suit for the enforcement of the delivery of the Conversion
Value as required by the Indenture upon the conversion of Notes.&#148;</font></p>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160; Article 10 of the Indenture
is modified and amended solely for purposes of the Notes&#160; to add the following as Section 1009:</font></h3>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;SECTION 1009.
Compliance with Section 314(a)(1) of the TIA.&#160;
The Company shall comply with the provisions of Section&nbsp;314(a)(1)
of the Trust Indenture Act.&#148;</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.20.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Calculations in Respect of the
Notes</u>.<b>&#160;
</b>Except as otherwise specifically stated herein or in the
Notes, all calculations to be made in respect of the Notes shall be the
obligation of the Company.&#160; All
calculations made by the Company or its agent as contemplated pursuant to the
terms hereof and of the Notes shall be made in good faith and be final and
binding on the Company and the Holders absent manifest error.&#160; The Company shall provide a schedule of calculations
to the Trustee, and the Trustee shall be entitled to rely upon the accuracy of
the calculations by the Company without independent verification.&#160; The Trustee shall forward calculations made
by the Company to any Holder of Notes upon written request within 20 Business
Days after the effective date of any adjustment.</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.21.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Authorized Denominations</u>.<b>&#160; </b>The
Notes shall be issued in denominations of $1,000 and integral multiples thereof
and payments of principal, interest (including Additional Interest) and
Additional Amounts, if any, on the Notes shall be made in U.S. dollars.</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.22.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Conversion Agent, Paying Agent and
Securities Registrar</u>.<b>&#160; </b>The Trustee, at its Corporate
Trust Office, is hereby appointed as initial Conversion Agent, Paying Agent and
the Security Registrar for the Notes.&#160;
The Company may appoint and change any other or additional Conversion
Agent, Paying Agent or Security Registrar or approve a change in the office
through which any Conversion Agent, Paying Agent or Security Registrar acts
without notice, other than notice to the Trustee.&#160; The Conversion Agent shall not have any
duties or obligations other than those expressly set forth herein </font></h2>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='32',FILE='C:\fc\6612349564_H10398_1824519\7456-1-ke-03.htm',USER='jmsproofassembler',CD='Mar  7 12:34 2007' -->
<br clear="all" style="page-break-before:always;">



<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">as duties on
its part to be performed.&#160; The rights,
privileges, protections, immunities and benefits given to the Trustee pursuant
to the Indenture, including, without limitation, its right to be indemnified,
are extended to, and shall be enforceable by, the Trustee in each of its
capacities with respect to the Notes.</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.23.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Restrictions on Transfer.</u>&#160; (a) Every Note (and all Notes issued in
exchange therefor or in substitution thereof) that bears or is required under
this Section 2.23(a) to bear the legend set forth in this Section 2.23(a)
(together with any Common Shares issued upon conversion of the Notes, collectively,
the &#147;<b>Restricted Securities</b>&#148;) shall
be subject to the restrictions on transfer set forth in this Section 2.23(a)
(including those set forth in the legend below) unless such restrictions on
transfer shall be waived by written consent of the Company, and the Holder of
each such Restricted Security, by such Holder&#146;s acceptance thereof, agrees to
be bound by all such restrictions on transfer.&#160;
As used in this Section 2.23(a), the term &#147;transfer&#148; means any sale,
pledge, loan, transfer or other disposition whatsoever of any Restricted
Security or any interest therein.</font></h2>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Until the expiration of the holding period applicable
to sales of Restricted Securities under Rule 144(k) under the Securities Act
(or any successor provision), any certificate evidencing a Restricted Security
shall bear a legend in substantially the following form, unless such Restricted
Security has been sold pursuant to a registration statement that has been
declared effective under the Securities Act (and which continues to be
effective at the time of such transfer) or sold pursuant to Rule 144 under the
Securities Act or any similar provision then in force, or unless otherwise
agreed by the Company in writing, with written notice thereof to the Trustee:</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE &#147;SECURITIES ACT&#148;), OR ANY STATE
SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD EXCEPT AS SET FORTH IN THE
FOLLOWING SENTENCE.&#160; BY ITS ACQUISITION
HEREOF, THE HOLDER:</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; REPRESENTS
THAT IT IS A &#147;QUALIFIED INSTITUTIONAL BUYER&#148; (AS DEFINED IN RULE&nbsp;144A
UNDER THE SECURITIES ACT), IS AWARE THAT THE TRANSFER TO IT IS BEING MADE IN
RELIANCE ON RULE 144A UNDER THE SECURITIES ACT AND IS ACQUIRING THIS SECURITY
IN COMPLIANCE WITH RULE&nbsp;144A UNDER THE SECURITIES ACT;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; AGREES
THAT IT WILL NOT, WITHIN TWO YEARS AFTER THE LATER OF THE ORIGINAL ISSUANCE OF
THIS SECURITY AND THE LAST DATE ON WHICH THE COMPANY OR AN AFFILIATE THEREOF
WAS THE OWNER OF THIS SECURITY, RESELL OR OTHERWISE TRANSFER THIS SECURITY OR
THE COMMON SHARES ISSUABLE UPON CONVERSION OF SUCH SECURITY EXCEPT (A) TO THE
COMPANY OR ANY OF ITS SUBSIDIARIES, (B) TO A QUALIFIED INSTITUTIONAL BUYER IN
COMPLIANCE WITH RULE&nbsp;144A UNDER THE SECURITIES ACT, (C) PURSUANT TO THE
EXEMPTION FROM REGISTRATION PROVIDED BY RULE&nbsp;144 UNDER THE SECURITIES ACT
(IF AVAILABLE), OR (D)&nbsp;PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN
DECLARED EFFECTIVE UNDER </font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='33',FILE='C:\fc\6612349564_H10398_1824519\7456-1-ke-03.htm',USER='jmsproofassembler',CD='Mar  7 12:34 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THE SECURITIES ACT AND
WHICH CONTINUES TO BE EFFECTIVE AT THE TIME OF SUCH RESALE OR TRANSFER; AND</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; AGREES
THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED (OTHER
THAN A TRANSFER PURSUANT TO CLAUSE&nbsp;2(C) OR 2(D) ABOVE) A NOTICE
SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND.&#160;
IN CONNECTION WITH ANY TRANSFER OF THIS SECURITY WITHIN TWO YEARS AFTER
THE LATER OF THE ORIGINAL ISSUE DATE OF THIS SECURITY AND THE LAST DATE ON
WHICH THE COMPANY OR AN AFFILIATE THEREOF WAS THE OWNER OF THIS SECURITY, THE
HOLDER MUST CHECK THE APPROPRIATE BOX SET FORTH ON THE REVERSE HEREOF RELATING
TO THE MANNER OF SUCH TRANSFER AND SUBMIT THIS SECURITY TO THE TRUSTEE (OR ANY
SUCCESSOR TRUSTEE, AS APPLICABLE).&#160; IF
THE PROPOSED TRANSFER IS PURSUANT TO CLAUSE 2(C) ABOVE, THE HOLDER MUST, PRIOR
TO SUCH TRANSFER, FURNISH TO THE TRUSTEE (OR ANY SUCCESSOR TRUSTEE, AS
APPLICABLE), SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS THE
COMPANY OR THE TRUSTEE MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH TRANSFER IS
BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO,
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.&#160; THIS LEGEND WILL BE REMOVED UPON THE EARLIER
OF THE TRANSFER OF THIS SECURITY PURSUANT TO CLAUSE 2(C) OR 2(D) ABOVE OR THE
EXPIRATION OF TWO YEARS FROM THE LATER OF THE ORIGINAL ISSUE DATE OF THIS SECURITY
AND THE LAST DATE ON WHICH THE COMPANY OR AN AFFILIATE THEREOF WAS THE OWNER OF
THIS SECURITY.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THE HOLDER OF THIS SECURITY IS ENTITLED TO THE
BENEFITS OF A REGISTRATION RIGHTS AGREEMENT (AS SUCH TERM IS DEFINED IN THE
INDENTURE REFERRED TO ON THE REVERSE HEREOF) AND, BY ITS ACCEPTANCE HEREOF,
AGREES TO BE BOUND BY AND TO COMPLY WITH THE PROVISIONS OF SUCH REGISTRATION
RIGHTS AGREEMENT.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any Notes that are Restricted Securities and as to
which such restrictions on transfer shall have expired in accordance with their
terms or as to conditions for removal of the foregoing legend set forth therein
have been satisfied may, upon surrender of such Note for exchange to the
Securities Registrar in accordance with the provisions of this Section 2.23, be
exchanged for a new Note or Notes, of like tenor and aggregate principal
amount, which shall not bear the restrictive legend required by this Section
2.23(a).&#160; If such Restricted Security
surrendered for exchange is represented by a global Note bearing the legend set
forth in this Section 2.23(a), the principal amount of the legended global Note
shall be reduced by the appropriate principal amount and the principal amount
of a global Note without the legend set forth in this Section 2.23(a) shall be
increased by an equal principal amount.&#160;
If a global Note without the legend set forth in this Section 2.23(a) is
not then Outstanding, the Issuer shall execute and the Trustee shall
authenticate and deliver an unlegended global Note to the Depositary.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the event Rule 144(k) under the Securities Act (or
any successor provision) is amended to shorten the two-year period under
Rule 144(k), then, the references in the restrictive legends set forth above to
&#147;TWO YEARS,&#148; and in the corresponding transfer restrictions described </font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">34</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='34',FILE='C:\fc\6612349564_H10398_1824519\7456-1-ke-03.htm',USER='jmsproofassembler',CD='Mar  7 12:34 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">above, and in the Notes
and the Common Shares will be deemed to refer to such shorter period, from and
after receipt by the Trustee of an Officers&#146; Certificate and an Opinion of
Counsel to that effect.&#160; As soon as
reasonably practicable after the Company knows of the effectiveness of any such
amendment to shorten the two-year period under Rule 144(k), unless such
changes would otherwise be prohibited by, or would otherwise cause a violation
of, the federal securities laws applicable at the time, the Company will
provide to the Trustee an Officers&#146; Certificate and an Opinion of Counsel as to
the effectiveness of such amendment and the effectiveness of such change to the
restrictive legends and transfer restrictions.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160; Any
Restricted Securities, prior to the expiration of the holding period applicable
to sales thereof under Rule 144(k) under the Securities Act (or any successor
provision), purchased or owned by the Company or any Affiliate thereof may not
be resold by the Company or such Affiliate and will be surrendered to the
Trustee for cancellation.&#160; Upon
expiration of the holding period applicable to Restricted Securities under Rule
144(k) under the Securities Act (or any successor provision), the Notes may, to
the extent permitted by applicable law, be reissued or sold or may be
surrendered to the Trustee for cancellation.&#160;
Any Notes surrendered for cancellation may not be reissued or resold and
will be canceled promptly by the Trustee.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160; The Trustee
shall have no obligation or duty to monitor, determine or inquire as to
compliance with any restrictions on transfer imposed under this instrument or
under applicable law with respect to any transfer of any interest in any Note
other than to require delivery of such certificates and other documentation or
evidence as are expressly required by, and to do so if and when expressly
required by, the terms of this instrument, and to examine the same to determine
substantial compliance as to form with the express requirements hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section 2.24.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Rule 144A Information Requirement.</u>&#160; Within the period prior to the expiration of
the holding period applicable to sales thereof under Rule 144(k) under the
Securities Act (or any successor provision), the Company covenants and agrees
that it shall, during any period in which it is not subject to Section 13 or
15(d) under the Exchange Act, make available to any Holder or beneficial owner
of Notes or any Common Shares issued upon conversion thereof which continue to
be Restricted Securities in connection with any sale thereof and any
prospective purchaser of Notes or such Common Shares designated by such Holder
or beneficial owner, the information required pursuant to Rule 144A(d)(4) under
the Securities Act upon the request of any Holder or beneficial owner of the
Notes or such Common Shares, all to the extent required to enable such Holder
or beneficial owner to sell its Notes or Common Shares without registration
under the Securities Act within the limitation of the exemption provided by
Rule 144A.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section 2.25.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Additional Interest Notice.</u>&#160; In the event that the Company is required to
pay Additional Interest to Holders of Notes pursuant to the Registration Rights
Agreement, the Company will provide written notice (&#147;<b>Additional
Interest Notice</b>&#148;) to the Trustee of its obligation to pay Additional
Interest no later than fifteen (15) calendar days prior to the proposed payment
date for Additional Interest, and the Additional Interest Notice shall set
forth the amount of Additional Interest to be paid by the Company on such
payment date.&#160; The Trustee shall not at
any time be under any duty or responsibility to any Holder of Notes to
determine the Additional Interest, or with </font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='35',FILE='C:\fc\6612349564_H10398_1824519\7456-1-ke-03.htm',USER='jmsproofassembler',CD='Mar  7 12:34 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">respect to the
nature, extent or calculation of the amount of Additional Interest when made,
or with respect to the method employed in such calculation of the Additional
Interest.</font></p>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.26.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>The Trustee.</u>&#160; Section 601 of the Indenture is modified for
purposes of the Notes by adding to the first proviso after the words &#147;&#133;any
Additional Amounts or sinking fund installment with respect to any Security of
such series,&#148; the following: &#147;or in the delivery of amounts owing upon
conversion of a Security.&#148;&#160; Section 602
of the Indenture is modified for purposes of the Notes by adding a new clause
(12) which provides: &#147;(12) The Trustee is authorized and directed to execute
and deliver, as Trustee on behalf of the Holders from time to time of the
Notes, a letter to the Massachusetts Attorney General pursuant to Section 49,
Chapter 271 of the General Laws of The Commonwealth of Massachusetts in such
form as may be furnished to the Trustee by the Company and/or the Initial
Purchasers, provided that the Trustee shall have no responsibility for the form
or sufficiency of such letter for any purpose, nor for the performance of any
obligations of the &#147;lender&#148; that may arise under said Section 49, including,
without limitation, under clause (d) of said Section 49, and all such
obligations, if any, shall be the responsibility of the Holders of the Notes.</font></h2>

<h1 align="center" style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE THREE<br>
FORM OF NOTES</font></h1>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Form of Notes</u>.&#160; The Notes and the Trustee&#146;s certificate of
authentication to be borne by such Notes shall be substantially in the form set
forth in Exhibit A hereto. Any of the Notes may have such letters, numbers or
other marks of identification and such notations, legends, endorsements or
changes as the officers executing the same may approve (execution&#160; thereof to be conclusive evidence of such
approval) and as are not inconsistent with the provisions of the Indenture, or
as may be required by the Depositary or by the National Association of
Securities Dealers, Inc. in order for the Notes to be eligible for trading on
The PORTAL</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">SM</font>&#160;Market or as may be required for the Notes to
be tradable on any other market developed for trading of securities pursuant to
Rule 144A or as may be required to comply with any applicable law or with any
rule or regulation made pursuant thereto or with any rule or regulation of any
securities exchange or automated quotation system on which the Notes may be
listed, or to conform to usage, or to indicate any special limitations or
restrictions to which any particular Notes are subject.</h2>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">36</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='36',FILE='C:\fc\6612349564_H10398_1824519\7456-1-ke-03.htm',USER='jmsproofassembler',CD='Mar  7 12:34 2007' -->
<br clear="all" style="page-break-before:always;">



<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE FOUR<br>
EFFECTIVENESS</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;">&nbsp;</font></b></p>

<h1 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Supplemental
Indenture shall be effective for all purposes as of the date and time this
Supplemental Indenture has been executed and delivered by the Company and the
Trustee in accordance with Article Nine of the Indenture. As supplemented
hereby, the Indenture is hereby confirmed as being in full force and effect.</font></h1>

<h1 align="center" style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE FIVE<br>
MISCELLANEOUS</font></h1>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 5.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In the event any provision of this
Supplemental Indenture shall be held invalid or unenforceable by any court of
competent jurisdiction, such holding shall not invalidate or render
unenforceable any other provision hereof or any provision of the Indenture.</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 5.02.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To the extent that any terms of this
Supplemental Indenture or the Notes are inconsistent with the terms of the
Indenture, the terms of this Supplemental Indenture or the Notes shall govern
and supersede such inconsistent terms.</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 5.03.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; This instrument may be executed in
counterparts, each of which shall be deemed an original, but all of which shall
together constitute one and the same instrument.</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 5.04.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; This Supplemental Indenture shall be
governed by and construed in accordance with the laws of The Commonwealth of
Massachusetts.</font></h2>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[signature page
follows]</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">

<!-- SEQ.=1,FOLIO='37',FILE='C:\fc\6612349564_H10398_1824519\7456-1-ke-03.htm',USER='jmsproofassembler',CD='Mar  7 12:34 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN WITNESS WHEREOF, the Company and the Trustee have
caused this Supplemental Indenture to be executed as an instrument under seal
in their respective corporate names as of the date first above written.</font></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="47%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.66%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="52%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:52.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">HOSPITALITY PROPERTIES TRUST</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="47%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="52%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:52.34%;">
  <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="47%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="48%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:48.36%;">
  <p style="margin: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="47%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:48.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: John G.
  Murray</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="47%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:48.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: President</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="47%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="52%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:52.34%;">
  <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="47%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="52%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:52.34%;">
  <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="47%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:52.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">U.S. BANK
  NATIONAL ASSOCIATION,</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="47%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:52.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">as Trustee</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="47%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="52%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:52.34%;">
  <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="47%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="48%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:48.36%;">
  <p style="margin: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="47%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:48.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: James P.
  Freeman</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="47%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:48.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: Vice
  President</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&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;">38</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='38',FILE='C:\fc\6612349564_H10398_1824519\7456-1-ke-03.htm',USER='jmsproofassembler',CD='Mar  7 12:34 2007' -->



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


<p align="right" style="margin:0pt 0pt 12.0pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit A</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT A</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Face of Note)</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[FORM OF NOTE]</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Include only for
Global Notes]</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">UNLESS THIS NOTE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A
NEW YORK CORPORATION (&#147;DTC&#148;), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE &amp;
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC AND ANY PAYMENT IS MADE TO CEDE &amp; CO., OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE, OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &amp; CO., HAS AN INTEREST
HEREIN.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">UNLESS AND UNTIL THIS
NOTE IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM, THIS NOTE
MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE THEREOF OR BY A
NOMINEE THEREOF 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 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Include only for
Notes that are Restricted Securities]</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THIS SECURITY HAS NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &#147;SECURITIES
ACT&#148;), OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD EXCEPT AS
SET FORTH IN THE FOLLOWING SENTENCE.&#160; BY
ITS ACQUISITION HEREOF, THE HOLDER:</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; REPRESENTS THAT IT IS A &#147;QUALIFIED
INSTITUTIONAL BUYER&#148; (AS DEFINED IN RULE&nbsp;144A UNDER THE SECURITIES ACT),
IS AWARE THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A UNDER THE
SECURITIES ACT AND IS PURCHASING THIS SECURITY IN COMPLIANCE WITH
RULE&nbsp;144A UNDER THE SECURITIES ACT;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; AGREES THAT IT WILL NOT, WITHIN TWO
YEARS AFTER THE LATER OF THE ORIGINAL ISSUANCE OF THIS SECURITY AND THE LAST
DATE ON WHICH HOSPITALITY PROPERTIES TRUST (THE &#147;COMPANY&#148;) OR AN AFFILIATE
THEREOF WAS THE OWNER OF THIS SECURITY, RESELL OR OTHERWISE TRANSFER THIS
SECURITY OR THE COMMON SHARES ISSUABLE UPON CONVERSION OF SUCH SECURITY EXCEPT
(A) TO THE COMPANY OR ANY&#160; OF ITS
SUBSIDIARIES, (B) TO A</font></p>


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

<!-- SEQ.=1,FOLIO='A-1',FILE='C:\fc\6643935806_H10398_1822480\7456-1-ke-04.htm',USER='jmsproofassembler',CD='Mar  7 04:39 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">QUALIFIED INSTITUTIONAL
BUYER IN COMPLIANCE WITH RULE&nbsp;144A UNDER THE SECURITIES ACT, (C) PURSUANT
TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE&nbsp;144 UNDER THE
SECURITIES ACT (IF AVAILABLE), OR (D)&nbsp;PURSUANT TO A REGISTRATION STATEMENT
WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT AND WHICH CONTINUES
TO BE EFFECTIVE AT THE TIME OF SUCH RESALE OR TRANSFER; AND</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; AGREES THAT IT WILL DELIVER TO EACH
PERSON TO WHOM THIS SECURITY IS TRANSFERRED (OTHER THAN A TRANSFER PURSUANT TO
CLAUSE&nbsp;2(C) OR 2(D) ABOVE) A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS
LEGEND.&#160; IN CONNECTION WITH ANY TRANSFER
OF THIS SECURITY WITHIN TWO YEARS AFTER THE LATER OF THE ORIGINAL ISSUE DATE OF
THIS SECURITY AND THE LAST DATE ON WHICH THE COMPANY OR AN AFFILIATE THEREOF
WAS THE OWNER OF THIS SECURITY, THE HOLDER MUST CHECK THE APPROPRIATE BOX SET
FORTH ON THE REVERSE HEREOF RELATING TO THE MANNER OF SUCH TRANSFER AND SUBMIT
THIS SECURITY TO THE TRUSTEE (OR ANY SUCCESSOR TRUSTEE, AS APPLICABLE).&#160; IF THE PROPOSED TRANSFER IS PURSUANT TO CLAUSE
2(C) ABOVE, THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO THE TRUSTEE (OR
ANY SUCCESSOR TRUSTEE, AS APPLICABLE), SUCH CERTIFICATIONS, LEGAL OPINIONS OR
OTHER INFORMATION AS THE COMPANY OR THE TRUSTEE MAY REASONABLY REQUIRE TO
CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A
TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT.&#160; THIS LEGEND WILL BE REMOVED UPON
THE EARLIER OF THE TRANSFER OF THIS SECURITY PURSUANT TO CLAUSE 2(C) OR 2(D)
ABOVE OR THE EXPIRATION OF TWO YEARS FROM THE LATER OF THE ORIGINAL ISSUE DATE
OF THIS SECURITY AND THE LAST DATE ON WHICH THE COMPANY OR AN AFFILIATE THEREOF
WAS THE OWNER OF THIS SECURITY.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THE HOLDER OF THIS
SECURITY IS ENTITLED TO THE BENEFITS OF A REGISTRATION RIGHTS AGREEMENT (AS
SUCH TERM IS DEFINED IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF) AND,
BY ITS ACCEPTANCE HEREOF, AGREES TO BE BOUND BY AND TO COMPLY WITH THE
PROVISIONS OF SUCH REGISTRATION RIGHTS AGREEMENT.</font></p>


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

<!-- SEQ.=1,FOLIO='A-2',FILE='C:\fc\6643935806_H10398_1822480\7456-1-ke-04.htm',USER='jmsproofassembler',CD='Mar  7 04:39 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">3.80</font>% Convertible
Senior Note due 2027</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No. &#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;&#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; $</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">HOSPITALITY PROPERTIES
TRUST</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">promises to pay to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;or
registered assigns, the principal sum
of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)
on March 15, 2027, subject to the terms set forth on the reverse of this Note
and the terms of the Indenture referred to therein.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interest Payment Dates:
Each March 15 and September 15 (or if such day is not a Business Day, the next
succeeding Business Day), commencing September 15, 2007.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Record Dates: February 28
and August 31</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Note shall
bear interest as specified on the reverse hereof.&#160; This Note is convertible for the
consideration specified on the reverse hereof.&#160;
This Note is subject to redemption by the Company at its option and to
repurchase by the Company at the option of the Holder as specified on the
reverse hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CUSIP No:<br>
ISIN No:</font></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="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="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;">HOSPITALITY
  PROPERTIES TRUST</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:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="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;">&nbsp;</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: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:3.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.42%;">
  <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="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <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:3.58%;">
  <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:46.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</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: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:3.58%;">
  <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:46.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CERTIFICATE OF
AUTHENTICATION</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated:</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This is one of the
Notes referred to in the within-mentioned Indenture.</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">U.S. BANK NATIONAL
ASSOCIATION</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:13.7pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">as Trustee</font></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="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.34%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->By:</p>
  </td>
  <td width="24%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:24.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="71%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:71.32%;">
  <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:4.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:24.32%;">
  <p style="margin:0pt 0pt .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Authorized
  Signatory</font></p>
  </td>
  <td width="71%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:71.32%;">
  <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:4.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="24%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:24.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="71%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:71.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

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

<!-- SEQ.=1,FOLIO='A-3',FILE='C:\fc\6643935806_H10398_1822480\7456-1-ke-04.htm',USER='jmsproofassembler',CD='Mar  7 04:39 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[THE FOLLOWING CONSTITUTES THE REVERSE OF THE
SECURITY]</font></p>

<p style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">HOSPITALITY PROPERTIES TRUST</font></p>

<p style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">3.80</font>% Convertible
Senior Note due 2027</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Note is one of a
duly authorized issue of notes, debentures, bonds, or other evidences of
indebtedness of the Company (hereinafter called the &#147;Securities&#148;) of the series
hereinafter specified, all issued or to be issued under and pursuant to an
Indenture, dated as of February 25, 1998 (as supplemented by the Supplemental
Indenture, dated as of March 7, 2007, and as further amended or supplemented
from time to time, the &#147;Indenture&#148;), duly executed and delivered by Hospitality
Properties Trust, a Maryland real estate investment trust (the &#147;Company&#148;), to
U.S. Bank National Association, as trustee (the &#147;Trustee,&#148; which term includes
any successor trustee under the Indenture with respect to the series of
Securities of which this Note is a part), and reference is hereby made to the
Indenture, and all modifications and amendments and indentures supplemental
thereto relating to the Notes, for a description of the rights, limitations of
rights, obligations, duties, and immunities thereunder of the Trustee, the
Company, and the Holders of the Notes and the terms upon which the Notes are
authenticated and delivered.&#160; The
Securities may be issued in one or more series, which different series may be
issued in various aggregate principal amounts, may mature at different times,
may accrue interest (if any) at different rates or formulas and may otherwise
vary as provided in the Indenture.&#160; This
Note is one of a series of Securities (the &#147;Notes&#148;) designated as the &#147;3.80% Convertible Senior Notes due
2027&#148; of the Company, initially limited (except as permitted under the
Indenture) in aggregate principal amount to $575,000,000.&#160; The Notes are senior unsecured obligations of
the Company.&#160; Terms used herein without
definition and which are defined in the Indenture have the meanings assigned to
them in the Indenture.</font></p>

<h6 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Interest</u>.
The Notes shall bear interest at the rate of </font>3.80% per annum from March 7, 2007
or from the most recent Interest Payment Date (as defined below) to which
interest has been paid or duly provided for, as the case may be, payable
semi-annually in arrears on March&nbsp;15 and September 15 of each year (each,
an &#147;Interest Payment Date&#148;), commencing on September 15, 2007, until the
principal hereof is paid or duly made available for payment.&#160; Interest payable on each Interest Payment
Date shall equal the amount of interest accrued for the period commencing on
and including the immediately preceding Interest Payment Date in respect of
which interest has been paid or duly provided for (or commencing on and
including March 7, 2007, if no interest has been paid or duly provided for) and
ending on and including the day immediately preceding such Interest Payment
Date.&#160; Interest on the Notes will be
computed on the basis of a 360-day year consisting of twelve 30-day months.</h6>

<h6 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Method of
Payment</u>.&#160; Except as provided in the
Indenture, the Company shall pay interest on the Notes to the Persons who are
Holders of record of Notes at the close of business (whether or not a Business
Day) on the February 28 and August 31 immediately preceding the applicable
Interest Payment Date (each, a &#147;Regular Record Date&#148;).&#160; Holders must surrender Notes to a Paying
Agent and comply with the other terms of the Indenture to collect the principal
amount, Redemption Price, Optional Repurchase Price or Change in Control
Purchase Price of</font></h6>


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

<!-- SEQ.=1,FOLIO='A-4',FILE='C:\fc\6643935806_H10398_1822480\7456-1-ke-04.htm',USER='jmsproofassembler',CD='Mar  7 04:39 2007' -->
<br clear="all" style="page-break-before:always;">



<h6 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the Notes, plus, if applicable, accrued and unpaid interest (including
Additional Interest, if any) payable as herein provided at maturity, upon
redemption at the Company&#146;s option, or in order to preserve the status of the
Company as a real estate investment trust for United States Federal income tax
purposes, or repurchase at the Holder&#146;s option upon a Change in Control.&#160; The Company shall pay, in money of the United
States that at the time of payment is legal tender for payment of public and
private debts, all amounts due in cash with respect to the Notes on the dates
and in the manner provided in this Note and the Indenture.</font></h6>

<h6 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Paying Agent,
Conversion Agent and Security Registrar</u>.&#160;
Initially, the Trustee shall act as Paying Agent, Conversion Agent and
Security Registrar.&#160; The Company hereby
initially designates the Corporate Trust Office of the Trustee as the office to
be maintained by it where this Note may be presented for payment, registration
of transfer or exchange, where notices or demands to or upon the Company in
respect of this Note or the Indenture may be served and where the Notes may be
surrendered for conversion in accordance with the provisions of paragraph 6
hereof and the Indenture.&#160; The Company
may appoint and change any Paying Agent, Conversion Agent, Security Registrar
or co-registrar or approve a change in the office through which any Paying
Agent acts without notice, other than notice to the Trustee.</font></h6>

<h6 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Redemption By
the Company</u>. The Company shall not have the right to redeem any Notes prior
to March 20, 2012, except to preserve the status of the Company as a real
estate investment trust for United States Federal income tax purposes.&#160; If the Company determines it is necessary to
redeem the Notes in order to preserve the status of the Company as a real
estate investment trust, the Company may redeem the Notes then Outstanding, in
whole or in part, at 100% of the principal amount of the Notes to be redeemed
plus unpaid interest (including Additional Interest, if any) accrued thereon to
the Redemption Date.</font></h6>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company shall have
the right to redeem the Notes for cash, in whole or in part at any time or from
time to time, on or after March 20, 2012 at 100% of the principal amount of the
Notes to be redeemed plus unpaid interest (including Additional Interest, if
any) accrued thereon&#160; to, but excluding,
the Redemption Date (the &#147;Redemption Price&#148;).</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notice of redemption at
the option of the Company shall be provided at least 30 days but not more than
60 days before the Redemption Date to each Holder of Notes to be redeemed at
the Holder&#146;s registered address. Notes in denominations larger than $1,000
principal amount may be redeemed in part but only in integral multiples of
$1,000 principal amount.</font></p>

<h6 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Optional Repurchase
Rights; Repurchase At Option Of Holder Upon A Change In Control</u>.</font></h6>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Subject to the terms and conditions
of the Indenture, a Holder shall have the right to require the Company to
repurchase all of its Notes, or any portion of the principal amount thereof
that is equal to $1,000 or an integral multiple thereof, on each of March 20,
2012, March 15, 2017 and March 15, 2022 (each, an &#147;Optional Repurchase Date&#148;)
for cash equal to 100% of the principal amount of the Notes to be repurchased
plus unpaid interest (including Additional Interest, if any) accrued thereon
to, but excluding, such Optional Repurchase Date (the &#147;Optional Repurchase
Price&#148;), upon delivery to the Paying Agent of an Optional Repurchase Notice
containing the information set forth in the Indenture, from the opening of
business on the date</font></p>


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

<!-- SEQ.=1,FOLIO='A-5',FILE='C:\fc\6643935806_H10398_1822480\7456-1-ke-04.htm',USER='jmsproofassembler',CD='Mar  7 04:39 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">that is 30 days
prior to such Optional Repurchase Date until the close of business on the third
Business Day prior to such Optional Repurchase Date and upon compliance with
the other terms of the Indenture.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If a Change in Control occurs prior
to March 20, 2012, a Holder shall have the right, at such Holder&#146;s option and
subject to the terms and conditions of the Indenture, to require the Company to
repurchase all or any of such Holder&#146;s Notes having a principal amount equal to
$1,000 or an integral multiple thereof on the date (the &#147;Change in Control
Purchase Date&#148;) specified by the Company in the Company Notice (which date
shall be no earlier than 15 days and no later than 30 days after the date of such
Company Notice) for cash equal to the 100% of the principal amount of the Notes
to be repurchased plus unpaid interest (including Additional Interest, if any)
accrued thereon to, but excluding, the Change in Control Purchase Date (the &#147;Change
in Control Purchase Price&#148;).</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Holders have the right to withdraw
any Optional Repurchase Notice or Change in Control Purchase Notice, as the
case may be, by delivery to the Paying Agent of a written notice of withdrawal
in accordance with the provisions of the Indenture.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If the Paying Agent holds, in
accordance with the terms of the Indenture, money sufficient to pay the
Optional Repurchase Price or Change in Control Purchase Price of such Notes on
the Optional Repurchase Date or Change in Control Purchase Date, as the case
may be, then, on and after such date, such Notes shall cease to be Outstanding
and interest on such Notes shall cease to accrue on the day prior to such date,
and all other rights of the Holder shall terminate (other than the right to receive
the Optional Repurchase Price or Change in Control Purchase Price upon delivery
or transfer of the Notes).</font></p>

<h6 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Conversion</u>.
The Notes shall be convertible into the consideration specified in the
Indenture at such times, upon compliance with such conditions and upon the
terms set forth in the Indenture.</font></h6>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The initial Conversion
Rate shall be 19.8018 Common Shares per $1,000 principal amount of Notes,
subject to adjustment in certain circumstances as specified in the
Indenture.&#160; Notes tendered for conversion
by a Holder after the close of business on any Regular Record Date for an
interest payment and on or prior to the corresponding Interest Payment Date
must be accompanied by payment of an amount equal to the interest that such
Holder is to receive on such Notes on such Interest Payment Date; <i>provided, however</i>, that no such payment shall be required
(1) if such Notes have been called for redemption on a Redemption Date that is
after such Regular Record Date and on or prior to such Interest Payment Date or
(2) with respect to overdue interest, if any overdue interest is due and owing
at the time of conversion with respect to such Notes.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Conversion Rate
applicable to each Note a notice of conversion in respect of which is received
by the Conversion Agent from and including the Effective Date of a Change in
Control resulting from a transaction described in clauses (1) or (2) of the
definition of Change in Control up to and including the 30th Business Day
following the Effective Date of such Change in Control shall be increased by
the number of Additional Shares specified in the Indenture.</font></p>


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

<!-- SEQ.=1,FOLIO='A-6',FILE='C:\fc\6643935806_H10398_1822480\7456-1-ke-04.htm',USER='jmsproofassembler',CD='Mar  7 04:39 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To convert this Note, the Holder must
(a)&nbsp;complete and manually sign the irrevocable conversion notice set forth
below (or complete and manually sign a facsimile of such notice) and deliver
such notice to the Conversion Agent at the office maintained by the Conversion
Agent for such purpose, (b) if this Note is in certificated form, surrender
such Note to the Conversion Agent, (c)&nbsp;furnish appropriate endorsements
and transfer documents if required by the Conversion Agent, the Company or the
Trustee and (d)&nbsp;pay any transfer or similar tax, if required. The date on
which the Holder satisfies all such requirements shall be deemed to be the date
on which this Note shall have been surrendered for conversion.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Holder has delivered an Optional Repurchase
Notice or a Change in Control Purchase Notice requiring the Company to
repurchase all or a portion of this Note pursuant to paragraph 5 hereof, then
this Note (or portion hereof subject to such Optional Repurchase Notice or
Change in Control Purchase Notice) may be converted only if the Optional
Repurchase Notice or Change in Control Purchase Notice is withdrawn in
accordance with the terms of the Indenture.</font></p>

<h6 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Denominations;
Transfer; Conversion</u>.&#160; This Note is
issuable only in fully registered form, without coupons, in denominations of
$1,000 and integral multiples thereof.&#160;
This Note may be exchanged for a like aggregate principal amount of
Notes of other authorized denominations at the place provided in the Indenture,
in the manner and subject to the limitations provided herein and in the
Indenture, but without the payment of any charge except for any tax or other
governmental charge imposed in connection therewith. Upon due presentment for
registration of transfer of this Note at the place provided in the Indenture,
one or more new Notes of authorized denominations in an equal aggregate
principal amount will be issued to the transferee in exchange therefor, and
bearing such restrictive legends as may be required by the Indenture, but
without payment of any charge except for any tax or other governmental charge
imposed in connection therewith.&#160; In the
event of any redemption in part, the Company shall not be required to: (i)
issue or register the transfer or exchange of any Note during a period
beginning at the opening of business 15 days before any selection of Notes for
redemption and ending at the close of business on the earliest date on which
the relevant notice of redemption is deemed to have been given to all Holders
of Notes to be so redeemed, or (ii)&nbsp;register the transfer or exchange of
any Note so selected for redemption, in whole or in part, except the unredeemed
portion of any Note being redeemed in part.</font></h6>

<h6 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Defaults and Remedies</u>.&#160; In case an Event of Default (as defined in
the Indenture) with respect to the Notes shall have occurred and be continuing,
the principal hereof may be declared, and upon such declaration shall become,
or in certain cases shall become automatically, due and payable, in the manner,
with the effect and subject to the provisions provided in the Indenture.</font></h6>

<h6 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;   <u>Actions of
Holders</u>.&#160; The Indenture contains
provisions permitting the Holders of not less than a majority of the aggregate
principal amount of the outstanding Notes, subject to certain exceptions as
provided in the Indenture, on behalf of the Holders of all such Notes at a
meeting duly called and held as provided in the Indenture, to make, give or
take any request, demand, authorization, direction, notice, consent, waiver or
other action provided in the Indenture to be made, given or taken by the
Holders of the Notes, including without limitation, waiving (a) compliance by
the Company with certain provisions of the Indenture, and (b) certain</font></h6>


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

<!-- SEQ.=1,FOLIO='A-7',FILE='C:\fc\6643935806_H10398_1822480\7456-1-ke-04.htm',USER='jmsproofassembler',CD='Mar  7 04:39 2007' -->
<br clear="all" style="page-break-before:always;">



<h6 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">past defaults under the Indenture and their consequences.&#160; Any resolution passed or decision taken at
any meeting of the Holders of the Notes in accordance with the provisions of
the Indenture shall be conclusive and binding upon such Holders and upon all
future Holders of this Note and other Notes issued upon the registration of
transfer hereof or in exchange heretofore or in lieu hereof.</font></h6>

<h6 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Persons Deemed
Owners</u>.&#160; The Company, the Trustee,
and any agent of the Company or the Trustee may deem and treat the Person in
whose name this Note is registered on the Security Register as its absolute
owner for all purposes.</font></h6>

<h6 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Additional Rights
of Holders</u>.&#160; In addition to the
rights provided to Holders of Notes under the Indenture, Holders shall have all
the rights set forth in the Registration Rights Agreement, dated as of March 7,
2007, among the Company and the Initial Purchasers named therein.</font></h6>

<h6 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Trustee and Agent
Dealings With the Company</u>. The Trustee, Paying Agent, Conversion Agent and
Securities Registrar under the Indenture, each in its individual or any other
capacity, may become the owner or pledgee of Notes and may otherwise deal with
and collect obligations owed to it by the Company or its Affiliates and may
otherwise deal with the Company or its Affiliates with the same rights it would
have if it were not Trustee, Paying Agent, Conversion Agent or Registrar.</font></h6>

<h6 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Calculations in
Respect of the Notes</u>.&#160; Except as
explicitly specified otherwise herein or in the Indenture, all calculations to
be made in respect of the Notes shall be the obligation of the Company.&#160; All calculations made by the Company or its
agent as contemplated pursuant to the terms hereof and of the Indenture shall
be final and binding on the Company and the Holders absent manifest error. The
Company shall provide a schedule of calculations to the Trustee, and the
Trustee shall be entitled to rely upon the accuracy of the calculations by the
Company without independent verification.&#160;
The Trustee shall forward calculations made by the Company to any Holder
of Notes upon written request.</font></h6>

<h6 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Authentication</u>.&#160; This Note shall not be valid until
authenticated by the manual signature of the Trustee or an authenticating
agent.</font></h6>

<h6 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Governing Law</u>.&#160; THE INTERNAL LAW OF THE COMMONWEALTH OF
MASSACHUSETTS SHALL GOVERN AND BE USED TO CONSTRUE THE INDENTURE AND THE NOTES.</font></h6>

<h6 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No Personal
Liability</u>.&#160; THE DECLARATION OF TRUST
OF THE COMPANY, AMENDED AND RESTATED ON AUGUST 21, 1995, A COPY OF WHICH,
TOGETHER WITH ALL AMENDMENTS AND SUPPLEMENTS THERETO (THE &#147;DECLARATION&#148;), 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 COLLECTIVELY AS TRUSTEES, BUT NOT INDIVIDUALLY
OR PERSONALLY, AND THAT NO TRUSTEE, OFFICER, SHAREHOLDER, EMPLOYEE OR AGENT OF
THE COMPANY SHALL BE HELD TO ANY PERSONAL LIABILITY, JOINTLY OR</font></h6>


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

<!-- SEQ.=1,FOLIO='A-8',FILE='C:\fc\6643935806_H10398_1822480\7456-1-ke-04.htm',USER='jmsproofassembler',CD='Mar  7 04:39 2007' -->
<br clear="all" style="page-break-before:always;">



<h6 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SEVERALLY, FOR ANY OBLIGATION OF, OR CLAIM AGAINST, THE COMPANY.&#160; ALL PERSONS DEALING WITH THE COMPANY, IN ANY
WAY, SHALL LOOK ONLY TO THE ASSETS OF THE COMPANY FOR THE PAYMENT OF ANY SUM OR
THE PERFORMANCE OF ANY OBLIGATION.</font></h6>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company will furnish
to any Holder upon written request and without charge a copy of the
Indenture.&#160; Requests may be made to:</font></p>

<p style="margin:0pt 0pt .0001pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Hospitality Properties Trust</font></p>

<p style="margin:0pt 0pt .0001pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">400 Centre Street</font></p>

<p style="margin:0pt 0pt .0001pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Newton, MA&#160; 02458</font></p>

<p style="margin:0pt 0pt .0001pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecopier No.: (617) 964-8389</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention: President</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">or such other address as
the Company may specify pursuant to the Indenture.</font></p>


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

<!-- SEQ.=1,FOLIO='A-9',FILE='C:\fc\6643935806_H10398_1822480\7456-1-ke-04.htm',USER='jmsproofassembler',CD='Mar  7 04:39 2007' -->
<br clear="all" style="page-break-before:always;">



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

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FOR VALUE RECEIVED, the undersigned hereby sell(s),
assign(s) and transfer(s) unto&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nb
sp;&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>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING
NUMBER OF ASSIGNEE</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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

<p style="line-height:9.0pt;margin: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>

<p align="center" style="margin:6.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Please print or Typewrite Name and Address</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Including Postal Zip Code of Assignee)</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the within Note and all
rights thereunder, and hereby irrevocably constitutes and appoints </font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to transfer said Note on the books of the Company,
with full power of substitution in the premises.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with any transfer of the Note prior to
the expiration of the holding period applicable to sales thereof under Rule
144(k) under the Securities Act (or any successor provision) (other than any
transfer pursuant to a registration statement that has been declared effective
under the Securities Act), the undersigned confirms that such Note is being
transferred:</font></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="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.56%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --><font face="Wingdings">o</font></p>
  </td>
  <td width="2%" valign="top" 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="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To Hospitality Properties Trust or any of its
  subsidiaries; or</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="2%" valign="top" 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="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To a &#147;qualified institutional buyer&#148; in compliance
  with Rule 144A under the Securities Act of 1933, as amended; or</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="2%" valign="top" 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="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to and in compliance with Rule 144 under
  the Securities Act of 1933, as amended; or</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="2%" valign="top" 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="94%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:94.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to a registration statement which has been
  declared effective under the Securities Act of 1933, as amended, and which
  continues to be effective at the time of transfer.</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt 72.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Unless one of the boxes is checked, the Trustee
will refuse to register any of the Notes evidenced by this certificate in the
name of any person other than the registered holder thereof</font></i>.</p>


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

<!-- SEQ.=1,FOLIO='A-10',FILE='C:\fc\6643935806_H10398_1822480\7456-1-ke-04.htm',USER='jmsproofassembler',CD='Mar  7 04:39 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated:&#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; .</font></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="39%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:39.7%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->Signature Guaranteed</p>
  </td>
  <td width="12%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.9%;">
  <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:47.38%;">
  <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="39%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:39.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.9%;">
  <p style="margin: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="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:47.38%;">
  <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="39%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:39.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOTICE:
  Signature must be guaranteed by an eligible Guarantor Institution (banks,
  stockbrokers, savings and loan associations and credit unions) with
  membership in an approved signature guarantee medallion program pursuant to
  Securities and Exchange Commission Rule 17Ad-15.</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.9%;">
  <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;padding:0pt .7pt 0pt 0pt;width:47.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOTICE: The signature to this Assignment must
  correspond with the name as written upon the face of the within Note in every
  particular, without alteration or enlargement or any change whatever.</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&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;">A-11</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='A-11',FILE='C:\fc\6643935806_H10398_1822480\7456-1-ke-04.htm',USER='jmsproofassembler',CD='Mar  7 04:39 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;">CONVERSION NOTICE</font></b></p>

<p style="font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To convert this Note as provided in the Indenture,
check the box:&nbsp;&nbsp;&nbsp;</font><font face="Wingdings">o</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To convert only part of this Note, state the principal
amount to be converted (must be $1,000 or an integral multiple of $1,000):&#160; $&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>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If, in the event the Company delivers Net Shares and
you want the stock certificate made out in another Person&#146;s name, fill in the
form below:</font></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="100%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><!-- SET mrlNoTableShading --></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Insert assignee&#146;s soc. sec. or tax I.D. no.)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;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="100%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;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="100%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;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="100%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;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="100%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;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="100%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;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="100%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;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="100%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Print or type assignee&#146;s name, address and zip
  code)</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt 12.0pt 252.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt 252.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></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="45%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.9%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.46%;">
  <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:50.64%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Your Signature:</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:41.38%;">
  <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="top" style="padding:0pt .7pt 0pt 0pt;width:3.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.64%;">
  <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="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>
  </td>
  <td width="41%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:41.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.46%;">
  <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:50.64%;">
  <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="45%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.9%;">
  <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:3.46%;">
  <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:50.64%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Sign exactly as your name appears on the<br>
  other side of this Note)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="45%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.9%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1) Signature
  guaranteed by:</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.46%;">
  <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:50.64%;">
  <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:4.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="41%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:41.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.46%;">
  <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:50.64%;">
  <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="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<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>

<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>

<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>

<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>

<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>

<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>

<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>

<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>

<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>

<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>

<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="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1) Signature must be
guaranteed by an eligible Guarantor Institution (banks, stockbrokers, savings
and loan associations and credit unions) with membership in an approved signature
guarantee medallion program pursuant to Securities and Exchange Commission Rule
17Ad-15. </font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&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;">A-12</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='A-12',FILE='C:\fc\6643935806_H10398_1822480\7456-1-ke-04.htm',USER='jmsproofassembler',CD='Mar  7 04:39 2007' -->


</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>5
<FILENAME>a07-7456_1ex4d2.htm
<DESCRIPTION>EX-4.2
<TEXT>
<html>

<head>







</head>

<body lang="EN-US">

<div>


<p align="right" 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
4.2</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;">REGISTRATION
RIGHTS AGREEMENT</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THIS REGISTRATION RIGHTS AGREEMENT (the <i>&#147;Agreement&#148; </i>) is made and entered into as
of March 7, 2007 among HOSPITALITY PROPERTIES TRUST, a Maryland real estate
investment trust (the <i>&#147;Company&#148;</i>),and
the several initial purchasers (the &#147;<i>Initial
Purchasers</i>&#148;) named in Schedule A to the Purchase Agreement (as
defined below), for whom Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated
is acting as representative (the &#147;<i>Representative</i>&#148;).</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Agreement is made pursuant to the Purchase
Agreement, dated March 2, 2007 (the <i>&#147;Purchase
Agreement&#148;</i>), among the Company, as the issuer of the 3.80%
Convertible Senior Notes Due 2027 (the <i>&#147;Notes&#148;</i>),
and the Initial Purchasers, which provides for, among other things, the sale of
the Notes by the Company to the Initial Purchasers.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In order to induce the Initial Purchasers to enter
into the Purchase Agreement, the Company has agreed to provide to the Initial
Purchasers and their respective direct and indirect transferees the
registration rights set forth in this Agreement.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In consideration of the foregoing, the parties hereto
agree as follows:</font></p>

<h1 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.<i>&#160;&#160;&#160;&#160; </i></font><i>Definitions</i>.&#160; Capitalized terms used herein without
definition shall have the respective meanings ascribed to them in the Purchase
Agreement.&#160; As used in this Agreement,
the following capitalized defined terms shall have the following meanings:</h1>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Advice&#148;</font></i> shall
have the meaning set forth in the last paragraph of Section 3 hereof.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Affiliate&#148;</font></i> has
the same meaning as given to that term in Rule&nbsp;405 under the Securities
Act or any successor rule thereunder.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Automatic Shelf Registration Statement&#148;</font></i>
shall mean a Registration Statement filed by a Well-Known Seasoned Issuer which
shall become effective upon filing thereof pursuant to General Instruction
I.D.&#160; of Form S-3.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Business Day&#148;</font></i>
means any day other than a Saturday, a Sunday, or a day on which banking
institutions in New York, New York are authorized or required by law or
executive order to remain closed.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;</font></i><i><font style="font-style:italic;">Common</font> Shares&#148;</i>
means the common shares of beneficial interest of the Company, par value $0.01
per share, initially issuable upon conversion of the Notes.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Company&#148;</font></i> shall
have the meaning set forth in the preamble to this Agreement and also includes
the Company&#146;s successors and permitted assigns.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Closing </font></i><i><font style="font-style:italic;">Time</font>&#148;</i> shall
mean the Closing Time as defined in the Purchase Agreement.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Effective Date&#148;</font></i> shall mean the
date the initial Shelf Registration Statement becomes effective or, in the case
of designation of an Automatic Shelf Registration Statement as the Shelf Registration
Statement, the date a Prospectus is first made available thereunder for use by
the Holders.</p>


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

<!-- SEQ.=1,FOLIO='',FILE='C:\fc\6614385883_H0015A_1825204\7456-1-kg-01.htm',USER='jmsproofassembler',CD='Mar  7 14:38 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Effectiveness Deadline&#148;</font></i> shall
mean (i) for purposes of Section 2(a)(i) hereof, the 180th day following the
Issue Date, (ii) for purposes of the filing of any post-effective amendment
pursuant to Section 2(a)(iii) hereof, the 60th day after the obligation to make
such filing arises, (iii) for purposes of the filing of any Shelf Registration
Statement pursuant to Section 2(a)(iii) hereof, the 90th day after the
obligation to make such filing arises, and (iv) for purposes of any filing made
pursuant to Section 2(a)(iv) hereof, the twentieth Business Day after the
obligation to make such filing arises.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Effectiveness Period&#148;</font></i>
shall have the meaning set forth in Section&nbsp;2(a)(iv) hereof.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Exchange Act&#148;</font></i>
shall mean the Securities Exchange Act of 1934, as amended from time to time.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Filing Deadline&#148;</font></i> shall mean (i)
for purposes of Section 2(a)(i) hereof, the 90th day following the Issue Date,
(ii) for purposes of Section 2(a)(iii) hereof, the tenth Business Day after the
date of receipt by the Company of the information specified therein (or, if a
Suspension Period is then in effect or initiated within five Business Days
following the date of receipt of such information, the tenth Business Day
following the end of such Suspension Period), and (iii) for purposes of Section
2(a)(iv) hereof, the twentieth Business Day after the cessation of
effectiveness of any Shelf Registration Statement (or, if a Suspension Period
is then in effect or initiated within five Business Days following the date of
receipt of such information, the twentieth Business Day following the end of
such Suspension Period).</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Holder&#148;</font></i> shall
mean each Initial Purchaser, for so long as such Initial Purchaser owns any
Registrable Securities, and each of such Initial Purchaser&#146;s respective
successors, assigns and direct and indirect transferees who become registered
owners of Registrable Securities.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Indenture</i>&#148;
shall mean the Indenture dated as of February 25, 1998, as supplemented by a
supplemental indenture, dated as of the Closing Time, between the Company and
the Trustee, pursuant to which the Notes are being issued, and in accordance
with which the Common Shares may be issued, as the same may be amended, supplemented,
waived or otherwise modified from time to time in accordance with the terms
thereof.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Initial </font></i><i><font style="font-style:italic;">Purchasers</font>&#148;</i>
shall have the meaning set forth in the preamble to this Agreement.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Inspectors&#148;</font></i> shall
have the meaning set forth in Section&nbsp;3(l) hereof.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Issue Date&#148;</font></i> shall
mean March 7, 2007, the date of original issuance of the Notes.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Liquidated </font></i><i><font style="font-style:italic;">Damages</font>&#148;</i>
shall have the meaning set forth in Section&nbsp;2(e) hereof.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Majority </font></i><i><font style="font-style:italic;">Holders</font>&#148;</i>
shall mean the Holders collectively holding a majority of the aggregate principal
amount of outstanding Notes or the number of outstanding Common Shares that are
Registrable Securities, as the context requires.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Notes&#148;</font></i> shall have
the meaning set forth in the preamble to this Agreement.</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">

<!-- SEQ.=1,FOLIO='2',FILE='C:\fc\6614385883_H0015A_1825204\7456-1-kg-01.htm',USER='jmsproofassembler',CD='Mar  7 14:38 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Offering Memorandum&#148; </font></i>shall mean the final offering
memorandum dated March 2, 2007 of the Company in connection with the offering
of the Notes.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Person&#148;</font></i> shall
mean an individual, partnership, corporation, trust or unincorporated
organization, limited liability company, or a government or agency or political
subdivision thereof.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Prospectus&#148;</font></i> shall
mean the prospectus included in a Shelf Registration Statement, including any
preliminary prospectus, any &#147;issuer free writing prospectus,&#148; as such term is
defined in Rule 433 under the Securities Act, and any such prospectus as
amended or supplemented by any prospectus supplement, including a prospectus
supplement with respect to the terms of the offering of any portion of the
Registrable Securities covered by a Shelf Registration Statement, and by all other
amendments and supplements to a prospectus, including post-effective
amendments, and, in each case, including all documents incorporated by
reference therein.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Purchase </font></i><i><font style="font-style:italic;">Agreement</font>&#148;</i>
shall have the meaning set forth in the preamble to this Agreement.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Questionnaire&#148;</font></i> shall have the
meaning set forth in Section 2(a)(ii) hereof.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Records&#148;</font></i> shall
have the meaning set forth in Section&nbsp;3(l) hereof.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Registrable Securities&#148;</font></i>
shall mean the Notes and the Common Shares; <i>provided,
however, </i>that (i)&nbsp;the Notes shall cease to be Registrable
Securities upon the earlier of (1)&nbsp;a Shelf Registration Statement with
respect to such Notes for the resale thereof having been declared effective
under the Securities Act and such Notes having been disposed of pursuant to
such Shelf Registration Statement, (2)&#160;
such Notes have been sold pursuant to Rule 144 under the Securities Act,
(3)&nbsp;such Notes having become eligible to be sold without restriction as
contemplated by Rule&nbsp;144(k) under the Securities Act by a Person who is
not an Affiliate of the Company, or (4)&nbsp;such Notes having ceased to be
outstanding, and (ii)&nbsp;the Common Shares shall cease to be Registrable
Securities upon the earlier of (1)&nbsp;a Shelf Registration Statement with
respect to such Common Shares for the resale thereof having been declared
effective under the Securities Act and such Common Shares having been disposed
of pursuant to such Shelf Registration Statement, (2) such Common Shares have
been sold pursuant to Rule 144 under the Securities Act, (3)&nbsp;such Common
Shares having become eligible to be sold without restriction as contemplated by
Rule 144(k) under the Securities Act by a Person who is not an Affiliate of the
Company, or (4)&nbsp;such Common Shares having ceased to be outstanding.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Registration Expenses&#148;</font></i>
shall mean any and all expenses incident to performance of or compliance by the
Company with this Agreement, including without limitation: (i)&nbsp;all SEC or
National Association of Securities Dealers, Inc. (the <i>&#147;NASD&#148;</i>) registration and filing fees,
including, if applicable, the fees and expenses of any &#147;qualified independent
underwriter&#148; (and its counsel) that is required to be retained by any Holder of
Registrable Securities in accordance with the rules and regulations of the
NASD, (ii)&nbsp;all fees and expenses incurred in connection with compliance
with state securities or blue sky laws (including reasonable fees and
disbursements of one counsel for all underwriters or Holders as a group in
connection with blue sky qualification of any of the Registrable Securities)
and compliance with the rules of the </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> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='3',FILE='C:\fc\6614385883_H0015A_1825204\7456-1-kg-01.htm',USER='jmsproofassembler',CD='Mar  7 14:38 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NASD, (iii)&nbsp;all
expenses of any Persons in printing and distributing any Shelf Registration
Statement, any Prospectus and any amendments or supplements thereto, and, to
the extent consented to in advance by the Company, in preparing or assisting in
preparing, printing and distributing any underwriting agreements, securities
sales agreements and other documents relating to the performance of and
compliance with this Agreement, (iv)&nbsp;all rating agency fees, (v)&nbsp;the
fees and disbursements of one counsel for the Company and of the independent
certified public accountants of the Company, including the expenses of any &#147;cold
comfort&#148; letters required by or incident to the performance of and compliance
with this Agreement, and (vi)&nbsp;the reasonable fees and expenses of any
special experts retained by the Company in connection with the Shelf
Registration Statement.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;SEC&#148;</font></i> shall mean
the Securities and Exchange Commission.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Securities&#148;</font></i> shall
mean the Notes and the Common Shares.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Securities Act&#148;</font></i>
shall mean the Securities Act of 1933, as amended from time to time.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Shelf </font></i><i><font style="font-style:italic;">Registration</font>&#148;</i>
shall mean a registration effected pursuant to Section&nbsp;2(a) hereof.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Shelf </font></i><i><font style="font-style:italic;">Registration</font> Statement&#148;</i>
shall mean a &#147;shelf&#148; registration statement of the Company pursuant to the
provisions of Section&nbsp;2(a) hereof which covers all of the Registrable
Securities on Form S-3 or, if not then available to the Company, on another
appropriate form under Rule&nbsp;415 under the Securities Act, or any similar
rule that may be adopted by the SEC, and all amendments and supplements to such
registration statement, including post-effective amendments, in each case
including the Prospectus contained therein, all exhibits thereto and all
documents incorporated by reference therein.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Suspension Period&#148;</font></i> shall have
the meaning set forth in Section 2(a)(iv).</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Trustee</i>&#148;
shall mean the trustee with respect to the Securities under the Indenture.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Well-Known Seasoned
Issuer&#148;</font></i><b>  </b>shall
have the meaning set forth in Rule 405 under the Securities Act.</p>

<h1 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.<i>&#160;&#160;&#160;&#160; Registration
Under the Securities Act</i>.</font></h1>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i>Shelf Registration</i>.</font></h2>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company shall
file or cause to be filed (or otherwise designate an existing Automatic Shelf
Registration Statement previously filed with the SEC as) a Shelf Registration
Statement providing for the sale by the Holders of all of the Registrable
Securities, as promptly as reasonably practicable but in any event on or prior
to the Filing Deadline.&#160; If the Shelf
Registration Statement is not an Automatic Shelf Registration Statement, the
Company shall use its reasonable best efforts to have such Shelf Registration
Statement declared effective by the SEC as promptly as reasonably practicable
after filing thereof, but in any event on or prior to the Effectiveness
Deadline.&#160; If the Shelf Registration
Statement is an existing Automatic Shelf Registration Statement, the Company
shall use its reasonable best efforts to prepare and file a supplement to the
Prospectus to cover resales of the Registrable Securities by the Holders as </font></h3>


 <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">

<!-- SEQ.=1,FOLIO='4',FILE='C:\fc\6614385883_H0015A_1825204\7456-1-kg-01.htm',USER='jmsproofassembler',CD='Mar  7 14:38 2007' -->
<br clear="all" style="page-break-before:always;">



<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">promptly as
reasonably practicable after filing thereof, but in any event on or prior to
the Effectiveness Deadline.</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Notwithstanding any
other provision hereof, no Holder of Registrable Securities shall be entitled
to include any of its Registrable Securities in any Shelf Registration
Statement pursuant to this Agreement unless and until such Holder agrees in
writing to be bound by all of the provisions of this Agreement applicable to
such Holder and the Holder furnishes to the Company a fully completed notice
and questionnaire in the form attached as Appendix A to the Offering Memorandum
(the <i><font style="font-style:italic;">&#147;</font>Questionnaire&#148;</i>)
and such other information in writing as the Company may reasonably request in
writing for use in connection with the Shelf Registration Statement or
Prospectus included therein and in any application to be filed with or under
state securities laws.&#160; The Company shall
issue a press release through a reputable national newswire service of its
filing (or intention to designate an Automatic Shelf Registration Statement as)
the Shelf Registration Statement and of the anticipated Effective Date
thereof.&#160;&#160; In order to be named as a
selling securityholder in the Prospectus at the time it is first made available
for use, each Holder must furnish the completed Questionnaire and such other
information that the Company may reasonably request in writing, if any, to the
Company in writing no later than the tenth Business Day prior to the
anticipated Effective Date as announced in the press release.&#160; Each Holder as to which any Shelf
Registration is being effected agrees to furnish to the Company all information
with respect to such Holder necessary to make the information previously
furnished to the Company by such Holder not materially misleading.</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; From and after the
Effective Date, upon receipt of a completed Questionnaire and such other
information that the Company may reasonably request in writing, if any, the
Company will use its reasonable best efforts to file as promptly as reasonably
practicable but in any event on or prior to the Filing Deadline either (i) if
then permitted by the Securities Act or the rules and regulations thereunder
(or then-current SEC interpretations thereof), a supplement to the Prospectus
naming such Holder as a selling securityholder and containing such other
information as necessary to permit such Holder to deliver the Prospectus to
purchasers of the Holder&#146;s Securities, or (ii) if it is not then permitted
under the Securities Act or the rules and regulations thereunder (or
then-current SEC interpretations thereof) to name such Holder as a selling
securityholder in a supplement to the Prospectus, a post-effective amendment to
the Shelf Registration Statement or an additional Shelf Registration Statement
as necessary for such Holder to be named as a selling securityholder in the
Prospectus contained therein to permit such Holder to deliver the Prospectus to
purchasers of the Holder&#146;s Securities (subject, in the case of either clause
(i) or clause (ii), to the Company&#146;s right to suspend use of the Shelf
Registration Statement as described in Section 2(a)(iv) hereof).&#160; If a post-effective amendment or additional
Shelf Registration Statement is required to be filed, the Company shall use its
reasonable best efforts to have such post-effective amendment or additional
Shelf Registration Statement declared effective by the SEC as promptly as
practicable after filing thereof, but in any event on or prior to the
Effectiveness Deadline.&#160; The Company
shall not be required to file more than three supplements to the Prospectus,
post-effective amendments or additional Shelf Registration Statements in any
fiscal quarter for all such Holders.</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company agrees
to use its reasonable best efforts to keep the Shelf Registration Statement
continuously effective and the Prospectus usable for resales until there are no
Registrable Securities outstanding (the <i>&#147;Effectiveness
Period&#148;</i>); <i>provided, however</i>,
that </font></h3>


 <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">

<!-- SEQ.=1,FOLIO='5',FILE='C:\fc\6614385883_H0015A_1825204\7456-1-kg-01.htm',USER='jmsproofassembler',CD='Mar  7 14:38 2007' -->
<br clear="all" style="page-break-before:always;">



<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">for
45&nbsp;days or less (whether or not consecutive) in any three-month period,
and for 90 days or less (whether or not consecutive) in any 12-month period,
the Company shall be permitted, by giving written notice to the Holders of
Registrable Securities, to suspend sales thereof if the Shelf Registration
Statement is no longer effective or usable for resales due to circumstances
relating to pending developments, public filings with the SEC and similar
events, or because the Prospectus contains an untrue statement of a material
fact or omits to state a material fact required to be stated therein or
necessary in order to make statements therein not misleading (any period of
suspension hereunder, a <i>&#147;Suspension Period&#148;</i>).&#160; If any Shelf Registration Statement ceases to
be effective or usable for resales by Holders for any reason&#160; (other than by reason of any such Holder&#146;s
failure to provide a Questionnaire, in which case the provisions of Section
2(a)(ii) or 2(a)(iii) hereof shall apply) at any time during the Effectiveness
Period, the Company shall, subject to the proviso contained in the immediately
preceding sentence, use its reasonable best efforts to promptly cause such
Shelf Registration Statement to become effective under the Securities Act, and
in any event shall to the extent required to make such Shelf Registration
Statement effective or usable again, within twenty Business Days of the later
of such cessation of effectiveness or usability or the end of the applicable
Suspension Period, (i) file with the SEC one or more supplements to the
Prospectus, post-effective amendments or reports under the Exchange Act in a
manner reasonably expected to obtain the withdrawal of any order suspending the
effectiveness of such Shelf Registration Statement, or (ii) file with the SEC
an additional Shelf Registration Statement.&#160;
If a post-effective amendment or an additional Shelf Registration
Statement is filed, the Company shall use its reasonable best efforts to (A)
cause such post-effective amendment or Shelf Registration Statement to become
effective under the Securities Act as promptly as practicable after such
filing, but in no event later than the applicable Effectiveness Deadline, and
(B) keep such post-effective amendment or Shelf Registration Statement
continuously effective until the end of the Effectiveness Period.</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If the Shelf
Registration Statement is not an Automatic Shelf Registration Statement, the
Company shall not permit any securities other than (i)&nbsp;the Company&#146;s
issued and outstanding securities currently possessing similar registration
rights and (ii)&nbsp;the Registrable Securities to be included in the Shelf
Registration.&#160; The Company will provide
to each Holder named therein a reasonable number of copies of the Prospectus
that is a part of the Shelf Registration Statement, notify each such Holder of
the Effective Date and take such other actions as are required to permit
unrestricted resales of the Registrable Securities by such Holder.&#160; The Company further agrees to supplement or
amend the Shelf Registration Statement or supplement the Prospectus if and as
required by the rules, regulations or instructions applicable to the
registration form used by the Company for such Shelf Registration Statement or
by the Securities Act or by any other rules and regulations thereunder for
shelf registrations, and the Company agrees to furnish to the Holders of
Registrable Securities copies of any such supplement or amendment promptly
after its being used or filed with the SEC.</font></h3>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Listing</i>.&#160; The Company shall use its reasonable
best efforts to maintain the approval of the Common Shares for listing on the
New York Stock Exchange.</h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i>Expenses</i>.&#160;
The Company shall pay all Registration Expenses in connection with any
Shelf Registration Statement filed pursuant to Section&nbsp;2(a) hereof
(including the reasonable fees and disbursements (not to exceed $10,000) of one
counsel for the Holders of the Registrable Securities in connection with the
review of any Shelf Registration Statement, Prospectus or </font></h2>


 <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">

<!-- SEQ.=1,FOLIO='6',FILE='C:\fc\6614385883_H0015A_1825204\7456-1-kg-01.htm',USER='jmsproofassembler',CD='Mar  7 14:38 2007' -->
<br clear="all" style="page-break-before:always;">



<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">amendment or
supplement thereto in accordance with the provisions of Section 3(a) hereof,
which counsel shall be reasonably satisfactory to the Company).&#160; Except as provided herein, each Holder shall
pay all expenses of its counsel, underwriting discounts and commissions and
transfer taxes, if any, relating to the sale or disposition of such Holder&#146;s
Registrable Securities pursuant to the Shelf Registration Statement.</font></h2>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Effective Shelf Registration Statement.&#160;
</i>If, after the Effective Date the offering of Registrable
Securities pursuant to a Shelf Registration Statement is interfered with by any
stop order, injunction or other order or requirement of the SEC or any other
governmental agency or court, such Shelf Registration Statement will be deemed
not to have been effective during the period of such interference, until the
offering of Registrable Securities pursuant to such Shelf Registration Statement
may legally resume.</h2>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Liquidated Damages.&#160; </i>In
the event that:</h2>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; a Shelf
Registration Statement is not filed with the SEC or designated as such by the
Company on or prior to the Filing Deadline pursuant to Section 2(a)(i), then
liquidated damages (<i>&#147;Liquidated Damages&#148;</i>)
shall accrue on the principal amount of the Securities at a rate equal to 0.25%
per annum for the first 90-day period from the day following such Filing
Deadline, and thereafter at a rate per annum of 0.50% of the principal amount
of the Securities;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (x) a Shelf
Registration Statement is not declared effective by the SEC, or (y) if the
Company shall have designated a previously filed and effective Automatic Shelf
Registration Statement as the Shelf Registration Statement for purposes of this
Agreement, the Company shall not have filed a supplement to the Prospectus to
cover resales of the Registrable Securities by the Holders, in the case of
either (x) or (y), on or prior to the Effectiveness Deadline pursuant to
Section 2(a)(i), then Liquidated Damages shall accrue on the principal amount
of the Securities at a rate equal to 0.25% per annum for the first 90-day
period from the day following such Effectiveness Deadline, and thereafter at a
rate per annum of 0.50% of the principal amount of the Securities;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; following the
Effective Date, (A) the Company fails to make any filing required pursuant to
Section 2(a)(iii) hereof prior to the Filing Deadline applicable thereto, or
(B) in the event such filing is a post-effective amendment or additional Shelf
Registration Statement, such post-effective amendment or Shelf Registration
Statement fails to become effective on or prior to the Effectiveness Deadline
applicable thereto, then Liquidated Damages shall accrue on the principal
amount of the Securities at a rate equal to 0.25% per annum for the first
90-day period from the day following such Filing Deadline or Effectiveness
Deadline, as applicable, and thereafter at a rate per annum of 0.50% of the
principal amount of the Securities;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; following the
Effective Date, a Shelf Registration Statement ceases to be effective (without
being succeeded immediately by an additional Shelf Registration Statement that
is filed and immediately becomes effective) or usable for the offer and sale of
the Registrable Securities, other than in connection with (A) a Suspension
Period or (B) as a result of a requirement to file a post-effective amendment
or supplement to the Prospectus to make changes to the information regarding
selling securityholders or the plan of distribution </font></h3>


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

<!-- SEQ.=1,FOLIO='7',FILE='C:\fc\6614385883_H0015A_1825204\7456-1-kg-01.htm',USER='jmsproofassembler',CD='Mar  7 14:38 2007' -->
<br clear="all" style="page-break-before:always;">



<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">provided for
therein, and the Company does not cure the lapse of effectiveness or usability
within twenty Business Days (or, if a Suspension Period is then in effect,
within twenty Business Days following the expiration of such Suspension
Period), then Liquidated Damages shall accrue on the principal amount of the
Securities at a rate equal to 0.25% per annum for the first 90-day period from
the day following such twentieth Business Day, and thereafter at a rate per
annum of 0.50% of the principal amount of the Securities;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; any Suspension
Period or Periods exceed 45 days in any three-month period or 90 days in any
12-month period, then, commencing with the 46th day in such three-month period
or the 91st day in such 12-month period, as the case may be, then Liquidated
Damages shall accrue on the principal amount of the Securities at a rate equal
to 0.25% per annum for the first 90-day period from the day following the 46th
or 91st day, as the case may be, and thereafter at a rate per annum of 0.50% of
the principal amount of the Securities; or</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; if the Company fails
to name as a selling securityholder any Holder that had complied timely with
its obligations hereunder in a manner to entitle such Holder to be so named in
(A) any Shelf Registration Statement at the time it first becomes effective or
(B) any Prospectus at the later of time of filing thereof or the time the Shelf
Registration Statement of which the Prospectus forms a part becomes effective,
then Liquidated Damages will accrue on the principal amount of Securities held
by such Holder at a rate equal to 0.25% per annum for the first 90-day period
from the day following the effective date of such Shelf Registration Statement
or the time of filing of such Prospectus, as the case may be, and thereafter at
a rate per annum of 0.50% of the principal amount of the Securities held by
such Holder;</font></h3>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">provided, however, </font></i>that&nbsp;in
no event shall Liquidated Damages accrue at a rate per annum exceeding 0.50% of
the principal amount of the Securities; and <i>provided further</i>
that Liquidated Damages on the principal amount of the Securities as a result
thereof shall cease to accrue:</p>

<h4 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:108.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; upon the filing or
designation of a Shelf Registration Statement (in the case of clause (i)
above);</font></h4>

<h4 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:108.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; upon the Effective
Date (in the case of clause (ii) above);</font></h4>

<h4 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:108.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; upon the filing of a
supplement to the Prospectus (in the case of clause (iii)(A) above) or upon the
Effective Date (in the case of clause (iii)(B) above);</font></h4>

<h4 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:108.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; upon such time as
the Shelf Registration Statement which had ceased to remain effective or usable
for resales again becomes effective and usable for resales (in the case of
clause (iv)&nbsp;above);</font></h4>

<h4 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:108.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; upon such time as
the Shelf Registration Statement which had ceased to remain effective or usable
for resales again becomes effective and usable for resales (in the case of
clause (v)&nbsp;above); or</font></h4>

<h4 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:108.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; upon the time such
Holder is permitted to sell its Registrable Securities pursuant to any Shelf
Registration Statement and Prospectus in accordance with applicable law (in the
case of clause (vi) above).</font></h4>


 <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">

<!-- SEQ.=1,FOLIO='8',FILE='C:\fc\6614385883_H0015A_1825204\7456-1-kg-01.htm',USER='jmsproofassembler',CD='Mar  7 14:38 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any amounts of Liquidated Damages due pursuant to this
Section&nbsp;2(e) will be payable in cash on the next succeeding<b>  </b>interest payment date to Holders entitled to receive such
Liquidated Damages on the relevant record dates for the payment of interest.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding any provision in this Agreement, in no
event shall Liquidated Damages accrue to holders of Common Shares issued upon
conversion of Notes.&#160; If any Note ceases
to be outstanding during any period for which Liquidated Damages are accruing,
the Company will prorate the Liquidated Damages payable with respect to such
Note.&#160; Additional Interest shall
represent the sole entitlement of the Holders to money damages relating to the
failure of the Company to file or otherwise designate a Shelf Registration
Statement with the SEC on or prior to the filing deadline.</font></p>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Specific Enforcement.&#160; </i>Without
limiting the remedies available to the Holders, the Company acknowledges that
any failure by it to comply with its obligations under Section&nbsp;2(a) hereof
may result in material irreparable injury to the Holders for which there is no
adequate remedy at law, that it would not be possible to measure damages for
such injuries precisely and that, in the event of any such failure, any Holder
may obtain such relief as may be required to specifically enforce the Company&#146;s
obligations under Section&nbsp;2(a) hereof.</h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i>Certain Representations and Agreements of the Company</i>.&#160; The Company represents and agrees that,
unless it obtains the prior consent of the Holders of a majority of the
Registrable Securities that are registered under the Shelf Registration
Statement at such time or the approval of the counsel for the holders of
Registrable Securities or the consent of the Initial Purchasers in connection
with any underwritten offering of Registrable Securities, and each Holder
represents and agrees that, unless it obtains the prior consent of the Company
and the Initial Purchasers, it will not make any offer relating to the
Registrable Securities that would constitute an &#147;issuer free writing
prospectus,&#148; as defined in Rule 433 (an &#147;Issuer Free Writing Prospectus&#148;), or
that would otherwise constitute a &#147;free writing prospectus,&#148; as defined in Rule
405, required to be filed with the SEC. &#160;The Company represents that any Issuer Free
Writing Prospectus, when taken together with the information in the Shelf
Registration Statement and the Prospectus, will not include any untrue
statement of a material fact or omit to state any material fact necessary in
order to make the statements therein, in light of the circumstances under which
they were made, not misleading.</font></h2>

<h1 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3<i>.&#160;&#160;&#160;&#160; </i></font><i>Registration Procedures.&#160; </i>In
connection with the obligations of the Company with respect to the Shelf
Registration Statement pursuant to Section&nbsp;2(a) hereof, the Company shall
use its reasonable best efforts to:</h1>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; prepare and file
with the SEC or designate a Shelf Registration Statement as prescribed by
Section&nbsp;2(a)(i) hereof within the relevant time period specified in
Section&nbsp;2(a)(i) hereof on the appropriate form under the Securities Act,
which form shall (i)&nbsp;be selected by the Company, (ii) be available for the
sale of the Registrable Securities by the selling Holders thereof, and
(iii)&nbsp;comply as to form in all material respects with the requirements of
the applicable form and include all financial statements required by the SEC to
be filed therewith; the Company shall use its reasonable best efforts to cause
such Shelf Registration Statement to become effective and remain effective and
the Prospectus usable for resales in accordance with Section&nbsp;2 hereof; </font><i>provided, however, </i>that, before filing any Shelf
Registration Statement or </h2>


 <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">

<!-- SEQ.=1,FOLIO='9',FILE='C:\fc\6614385883_H0015A_1825204\7456-1-kg-01.htm',USER='jmsproofassembler',CD='Mar  7 14:38 2007' -->
<br clear="all" style="page-break-before:always;">



<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Prospectus or
any amendments or supplements thereto, the Company shall furnish to and afford
the Representative and its counsel and a single counsel for the Holders of the
Registrable Securities covered by such Shelf Registration Statement a
reasonable opportunity to review copies of all such documents (including copies
of any documents to be incorporated by reference therein and all exhibits
thereto) proposed to be filed; and the Company shall not file any Shelf
Registration Statement or Prospectus or any amendments or supplements thereto
in respect of which the Representative and its counsel and a single counsel for
the Holders must be afforded an opportunity to review prior to the filing of
such document if the Representative, its counsel, the Majority Holders or their
counsel, if any, shall reasonably object in a timely manner;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; prepare and file with
the SEC such amendments and post-effective amendments to the Shelf Registration
Statement as may be necessary to keep such Shelf Registration Statement
effective for the Effectiveness Period, and cause each Prospectus to be
supplemented, if so determined by the Company or requested by the SEC, by any
required prospectus supplement and as so supplemented to be filed pursuant to
Rule&nbsp;424 (or any similar provisions then in force) under the Securities
Act, and comply with the provisions of the Securities Act, the Exchange Act and
the rules and regulations promulgated thereunder applicable to it in all
material respects with respect to the disposition of all securities covered by
a Shelf Registration Statement during the Effectiveness Period in accordance
with the intended method or methods of distribution by the selling Holders
thereof described in this Agreement;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (i) furnish to each
Holder of Registrable Securities included in the Shelf Registration Statement
and to each underwriter of an underwritten offering of Registrable Securities,
if any, without charge, as many copies of each Prospectus, including each
preliminary prospectus, and any amendment or supplement thereto, and such other
documents as such Holder or underwriter may reasonably request, in order to
facilitate the public sale or other disposition of the Registrable Securities
and (ii)&nbsp;subject to the other provisions of this Agreement, consent to the
use of the Prospectus or any amendment or supplement thereto by each of the
selling Holders of Registrable Securities included in the Shelf Registration
Statement in connection with the offering and sale of the Registrable
Securities covered by the Prospectus or any amendment or supplement thereto;</font></h2>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; register or qualify
the Registrable Securities under all applicable state securities or &#147;blue sky&#148;
laws of such jurisdictions by the time the applicable Shelf Registration
Statement has become effective under the Securities Act as any Holder of
Registrable Securities covered by a Shelf Registration Statement and each
underwriter of an underwritten offering of Registrable Securities shall
reasonably request in writing in advance of such date of effectiveness, and do
any and all other acts and things which may be reasonably necessary or
advisable to enable such Holder and underwriter to consummate the disposition
in each such jurisdiction of such Registrable Securities owned by such Holder; </font><i>provided, however, </i>that the Company shall not be required to
(i)&nbsp;qualify as a foreign entity or as a dealer in securities in any
jurisdiction where it would not otherwise be required to qualify but for this
Section&nbsp;3(d), (ii)&nbsp;file any general consent to service of process in
any jurisdiction where it would not otherwise be subject to such service of
process or (iii)&nbsp;subject itself to taxation in any such jurisdiction if it
is not then so subject;</h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; as promptly as
reasonably practicable notify the Representative and each Holder of Registrable
Securities included in the Shelf Registration Statement, its counsel and the </font></h2>


 <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">

<!-- SEQ.=1,FOLIO='10',FILE='C:\fc\6614385883_H0015A_1825204\7456-1-kg-01.htm',USER='jmsproofassembler',CD='Mar  7 14:38 2007' -->
<br clear="all" style="page-break-before:always;">



<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">managing
underwriters, if any, and promptly confirm such notice in writing (i)&nbsp;when
a Shelf Registration Statement has become effective and when any post-effective
amendments thereto become effective (other than the Shelf Registration
Statements and amendments that are automatically effective), (ii)&nbsp;of any
request by the SEC or any state securities authority for amendments and
supplements to a Shelf Registration Statement or Prospectus or for additional
information after the Shelf Registration Statement has become effective,
(iii)&nbsp;of the issuance by the SEC or any state securities authority of any
stop order suspending the effectiveness of a Shelf Registration Statement or
the qualification of the Registrable Securities in any jurisdiction described
in Section&nbsp;3(d) hereof or the initiation of any proceedings for that
purpose, (iv)&nbsp;of the happening of any event or the failure of any event to
occur or the discovery of any facts, during the Effectiveness Period, (x) which
makes any statement made in a Shelf Registration Statement untrue in any
material respect or which causes such Shelf Registration Statement to omit to
state a material fact which is required to be stated therein or which is
necessary in order to make the statements therein not misleading, or (y) which
makes any statement made in a related Prospectus untrue in any material respect
or which causes such Prospectus to omit to state a material fact which is
required to be stated therein or which is necessary in order to make the
statements therein, in the light of the circumstances under which they were
made, not misleading, and (v)&nbsp;of the reasonable determination of the
Company that a post-effective amendment to the Shelf Registration Statement
would be appropriate;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; obtain the
withdrawal of any order suspending the effectiveness of the Shelf Registration
Statement as promptly as reasonably practicable;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; if requested,
furnish to each Holder of Registrable Securities included within the coverage
of a Shelf Registration Statement, without charge, at least one conformed copy
of the Shelf Registration Statement relating to such Shelf Registration and any
post-effective amendment thereto (without documents incorporated therein by
reference or exhibits thereto, unless requested);</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; subject to
applicable restrictions under securities or other laws, cooperate with the
selling Holders of Registrable Securities to facilitate the timely preparation
and delivery of certificates representing Registrable Securities to be sold and
not bearing any restrictive legends and registered in such names as the selling
Holders or the underwriters may reasonably request at least two Business Days
prior to the closing of any sale of Registrable Securities pursuant to the
Shelf Registration Statement;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; as promptly as
reasonably practicable after the occurrence of any event specified in Section
3(e)(ii), 3(e)(iii), 3(e)(v) (subject to the respective grace periods set forth
in Section 2(a)(iv)) or 3(e)(vi) hereof, prepare a supplement or post-effective
amendment to the Shelf Registration Statement or the related Prospectus or any
document incorporated therein by reference or file any other required document
so that, as thereafter delivered to the purchasers of the Registrable
Securities, such Prospectus will not include any untrue statement of a material
fact or omit to state a material fact necessary to make the statements therein,
in the light of the circumstances under which they were made, not misleading;
and the Company shall notify each Holder of Registrable Securities included in
the Shelf Registration Statement to suspend use of the Prospectus as promptly
as reasonably practicable after the occurrence of such an event, and </font></h2>


 <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">

<!-- SEQ.=1,FOLIO='11',FILE='C:\fc\6614385883_H0015A_1825204\7456-1-kg-01.htm',USER='jmsproofassembler',CD='Mar  7 14:38 2007' -->
<br clear="all" style="page-break-before:always;">



<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">each Holder
hereby agrees to suspend use of the Prospectus until the Company has amended or
supplemented the Prospectus to correct such misstatement or omission;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; subject to Section
5 hereof, enter into such agreements (including underwriting agreements) as are
customary in underwritten offerings and take all such other appropriate actions
in connection therewith as are reasonably requested by the Holders collectively
holding at least 25% in aggregate principal amount or number, as the context
requires, of the Registrable Securities in order to expedite or facilitate the
registration or the disposition of the Registrable Securities;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; whether or not an
underwriting agreement is entered into and whether or not the registration is
an underwritten registration, if requested by (x) any Initial Purchaser, in the
case where such Initial Purchaser holds Securities acquired by it as part of
its initial placement and (y)&nbsp;Holders collectively holding at least 25% in
aggregate principal amount or number, as the context requires, of the
Registrable Securities covered thereby: (i)&nbsp;make such representations and
warranties to Holders of such Registrable Securities and the underwriters (if
any), with respect to the business of the Company and its subsidiaries as then
conducted and with respect to the Shelf Registration Statement, Prospectus and
documents, if any, incorporated or deemed to be incorporated by reference
therein, in each case, as are customarily made by issuers to underwriters in
underwritten offerings, and confirm the same if and when requested;
(ii)&nbsp;obtain opinions of counsel to the Company and updates thereof (which
may be in the form of a reliance letter) in form and substance reasonably
satisfactory to the managing underwriters (if any) and the Holders collectively
holding a majority in aggregate principal amount or number, as the context
requires, of the Registrable Securities being sold, addressed to each selling
Holder and the underwriters (if any) covering the matters customarily covered
in opinions requested in underwritten offerings and such other matters as may
be reasonably requested by such underwriters (it being agreed that the matters
to be covered by such opinion may be subject to customary qualifications and
exceptions); (iii)&nbsp;obtain &#147;cold comfort&#148; letters and updates thereof in
form and substance reasonably satisfactory to the managing underwriters from
the independent certified public accountants of the Company (and, if necessary,
any other independent certified public accountants of any business acquired by
the Company for which financial statements and financial data are, or are
required to be, included in the Registration Statement), addressed to each of
the underwriters, such letters to be in customary form and covering matters of
the type customarily covered in &#147;cold comfort&#148; letters in connection with
underwritten offerings and such other matters as reasonably requested by such
underwriters in accordance with Statement on Auditing Standards No.&#160; 72; and (iv)&nbsp;if an underwriting
agreement is entered into, the same shall contain indemnification provisions
and procedures no less favorable than those set forth in Section&nbsp;4 hereof
(or such other provisions and procedures acceptable to Holders collectively
holding a majority in aggregate principal amount or number, as the context
requires, of Registrable Securities covered by such Shelf Registration
Statement and the managing underwriters) customary for such agreements with
respect to all parties to be indemnified pursuant to said Section (including,
without limitation, such underwriters and selling Holders); and in the case of
an underwritten registration, the above requirements shall be satisfied at each
closing under the related underwriting agreement or as and to the extent
required thereunder;</font></h2>


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

<!-- SEQ.=1,FOLIO='12',FILE='C:\fc\6614385883_H0015A_1825204\7456-1-kg-01.htm',USER='jmsproofassembler',CD='Mar  7 14:38 2007' -->



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


<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; make reasonably
available for inspection by any selling Holder of Registrable Securities who
certifies to the Company that it has a current intention to sell Registrable
Securities pursuant to the Shelf Registration, any underwriter participating in
any such disposition of Registrable Securities, if any (to the extent the
Company consents to an underwritten offering), and any attorney, accountant or
other agent retained by any such selling Holder or underwriter (collectively,
the </font><i>&#147;Inspectors&#148;</i>),
at the offices where normally kept, during the Company&#146;s normal business hours,
all financial and other records, pertinent organizational and operational
documents and properties of the Company and its subsidiaries (collectively, the
<i>&#147;Records&#148;</i>) as shall be reasonably
necessary to enable them to exercise any applicable due diligence
responsibilities, and cause the officers, trustees and employees of the Company
and its subsidiaries to supply all relevant information in each case reasonably
requested by any such Inspector in connection with such Shelf Registration
Statement; Records and information which the Company, in good faith, deems to
be confidential and any Records and information which it notifies the
Inspectors are confidential shall not be disclosed to any Inspector except
where (i)&nbsp;the disclosure of such Records or information is necessary to
avoid or correct a material misstatement or omission in such Shelf Registration
Statement, (ii)&nbsp;the release of such Records or information is ordered
pursuant to a subpoena or other order from a court of competent jurisdiction or
is necessary in connection with any action, suit or proceeding or
(iii)&nbsp;such Records or information previously has been made generally
available to the public; each selling Holder of such Registrable Securities
will be required to agree in writing that Records and information obtained by
it as a result of such inspections shall be deemed confidential and shall not
be used by it as the basis for any market transactions in the securities of the
Company unless and until such is made generally available to the public through
no fault of an Inspector or a selling Holder; and each selling Holder of such
Registrable Securities will be required to further agree in writing that it
will, upon learning that disclosure of such Records or information is sought in
a court of competent jurisdiction, or in connection with any action, suit or
proceeding, give notice to the Company and allow the Company at its expense to
undertake appropriate action to prevent disclosure of the Records and
information deemed confidential;</h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(m)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; comply with all
applicable rules and regulations of the SEC so long as any provision of this
Agreement shall be applicable and make generally available to its
securityholders earning statements satisfying the provisions of
Section&nbsp;11(a) of the Securities Act and Rule&nbsp;158 thereunder (or any
similar rule promulgated under the Securities Act) no later than 45&nbsp;days
after the end of any twelve-month period (or 90&nbsp;days after the end of any
twelve-month period if such period is a fiscal year) (i)&nbsp;commencing at the
end of any fiscal quarter in which Registrable Securities are sold to
underwriters in a firm commitment or best efforts underwritten offering and
(ii)&nbsp;if not sold to underwriters in such an offering, commencing on the
first day of the first fiscal quarter of the Company after the Effective Date,
which statements shall cover said twelve-month periods, provided that the
obligations under this Section&nbsp;3(m) shall be satisfied by the timely filing
of quarterly and annual reports on Forms 10-Q and 10-K under the Exchange Act;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(n)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; reasonably cooperate
with each seller of Registrable Securities covered by a Shelf Registration
Statement and each underwriter, if any, participating in the disposition of such
Registrable Securities and its respective counsel in connection with any
filings required to be made with the NASD;</font></h2>


 <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">

<!-- SEQ.=1,FOLIO='13',FILE='C:\fc\66123759924_H10398_1824519\7456-1-kg-02.htm',USER='jmsproofassembler',CD='Mar  7 12:38 2007' -->
<br clear="all" style="page-break-before:always;">



<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(o)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; take all other steps
necessary to effect the registration of the Registrable Securities covered by a
Shelf Registration Statement contemplated hereby; and</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(p)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Company may
require each seller of Registrable Securities as to which any registration is
being effected to furnish to it such information regarding such seller as may
be required by the staff of the SEC to be included in a Shelf Registration
Statement; the Company may exclude from such registration the Registrable
Securities of any seller who unreasonably fails to furnish such information
within a reasonable time after receiving such request; and the Company shall
have no obligation to register under the Securities Act the Registrable
Securities of a seller who so fails to furnish such information.</font></h2>

<p style="margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each Holder agrees that, upon receipt of any notice
from the Company of the occurrence of any event specified in Section 3(e)(ii), 3(e)(iii),
3(e)(v) or 3(e)(vi) hereof, such Holder will forthwith discontinue disposition
of Registrable Securities pursuant to a Shelf Registration Statement until such
Holder&#146;s receipt of the copies of the supplemented or amended Prospectus
contemplated by Section&nbsp;3(i) hereof or until it is advised in writing (the
<i>&#147;Advice&#148;</i>) by the Company that the
use of the applicable Prospectus may be resumed, and, if so directed by the
Company, such Holder will deliver to the Company (at its expense) all copies in
such Holder&#146;s possession, other than permanent file copies then in such Holder&#146;s
possession, of the Prospectus covering such Registrable Securities current at
the time of receipt of such notice.&#160; If
the Company shall give any such notice to suspend the disposition of
Registrable Securities pursuant to a Shelf Registration Statement, the Company
shall use its reasonable best efforts to file and have declared effective (if
an amendment) as soon as reasonably practicable after the resolution of the
related matters an amendment or supplement to the Shelf Registration Statement
and related Prospectus.</font></p>

<h1 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.&#160;&#160;&#160;&#160; </font><i>Indemnification and
Contribution</i>.&#160; (a)&#160;
The Company hereby agrees to indemnify and hold harmless the Initial
Purchasers, each Holder, each underwriter who participates in an offering of
the Registrable Securities, each Person, if any, who controls any of such
parties within the meaning of Section&nbsp;15 of the Securities Act and
Section&nbsp;20 of the Exchange Act and each of their directors and officers,
as follows:</h1>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; against any and all
loss, liability, claim, damage and expense whatsoever, as incurred, arising out
of any untrue statement or alleged untrue statement of a material fact
contained in a Shelf Registration Statement (or any amendment thereto) or the
Prospectus (or any amendment or supplement thereto) or the omission or alleged
omission therefrom of a material fact required to be stated therein, in the
light of the circumstances under which they were made, not misleading;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; against any and all
loss, liability, claim, damage and expense whatsoever, as incurred, to the
extent of the aggregate amount paid in settlement of any litigation, or any
investigation or proceeding by any governmental agency or body, commenced or
threatened, or of any claim whatsoever based upon any such untrue statement or
omission, or any such alleged untrue statement or omission, provided that
(subject to Section 4(d) hereof) such settlement is effected with the written
consent of the Company; and</font></h3>


 <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">

<!-- SEQ.=1,FOLIO='14',FILE='C:\fc\66123759924_H10398_1824519\7456-1-kg-02.htm',USER='jmsproofassembler',CD='Mar  7 12:38 2007' -->
<br clear="all" style="page-break-before:always;">



<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; against any and all
expenses whatsoever, as incurred (including, without limitation, the reasonable
fees and disbursements of counsel chosen by the Initial Purchasers or such
Holder), reasonably incurred in investigating, preparing or defending against
any litigation, or any investigation or proceeding by any governmental agency
or body, commenced or threatened, or any claim whatsoever based upon any such
untrue statement or omission, or any such alleged untrue statement or omission,
to the extent that any such expense is not paid under subparagraph (i)&nbsp;or
(ii)&nbsp;of this Section 4(a);</font></h3>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">provided, however, </font></i>that
this indemnity does not apply to any loss, liability, claim, damage or expense
to the extent arising out of an untrue statement or omission or alleged untrue
statement or omission made in reliance upon and in conformity with written
information furnished in writing to the Company by any Initial Purchaser
through the Representative or by such Holder or underwriter expressly for use
in the Shelf Registration Statement (or any amendment thereto) or any
Prospectus (or any amendment or supplement thereto); <u>provided</u>  <u>further</u>,
<u>however</u>, that no Person shall be entitled to this indemnity to the
extent, and only to the extent, such loss, damage, expense, liability, claim or
action arises out of a disposition, pursuant to a Shelf Registration Statement,
of Registrable Securities by such Person during a Suspension Period, provided
the Company has provided to such person, prior to such disposition, a notice of
such Suspension Period.</p>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Each Initial Purchaser
and each Holder or underwriter, severally and not jointly, agrees to indemnify
and hold harmless the Company, its trustees and officers (including each
officer of the Company who signed the Shelf Registration Statement), and each
Person, if any, who controls the Company within the meaning of Section&nbsp;15
of the Securities Act or Section&nbsp;20 of the Exchange Act against any and
all loss, liability, claim, damage and expense whatsoever described in the
indemnity contained in Section&nbsp;4(a) hereof, as incurred, but only with
respect to (A) untrue statements or omissions, or alleged untrue statements or
omissions, made in the Shelf Registration Statement (or any amendment thereto)
or the Prospectus (or any amendment or supplement thereto) in reliance upon and
in conformity with written information furnished to the Company by any Initial
Purchase through the Representative or by such Holder expressly for use in such
Shelf Registration Statement (or any amendment thereto) or such Prospectus (or
any amendment or supplement thereto), (B) a sale, by such Person, pursuant to a
Shelf Registration Statement, of Registrable Securities during a Suspension
Period, provided that the Company shall have theretofore provided such Person
with a notice of such Suspension Period; or (C) a public sale of Registrable
Securities by such Person without delivery, if required by the Securities Act,
of the most recent applicable Prospectus provided to such Person by the Company
pursuant to Section 3(c); </font><i>provided,
however,</i> that no Holder shall be liable for any claims hereunder in
excess of the amount of net proceeds received by such Holder from the sale of
Registrable Securities.</h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Each indemnified
party shall give notice as promptly as reasonably practicable to each
indemnifying party of any action commenced against it in respect of which
indemnity may be sought hereunder, but failure to so notify an indemnifying
party shall not relieve such indemnifying party from any liability which it may
have under this Section&nbsp;4 to the extent that it is not materially
prejudiced by such failure as a result thereof, and in any event shall not
relieve it from any liability which it may have otherwise than on account of
this indemnity agreement.&#160; The
indemnifying party shall assume the defense thereof, including the employment
of counsel </font></h2>


 <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">

<!-- SEQ.=1,FOLIO='15',FILE='C:\fc\66123759924_H10398_1824519\7456-1-kg-02.htm',USER='jmsproofassembler',CD='Mar  7 12:38 2007' -->
<br clear="all" style="page-break-before:always;">



<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">reasonably
satisfactory to such indemnified parties and payment of all fees and
expenses.&#160; The indemnified parties shall
have the right to employ separate counsel in any such action and participate in
the defense thereof, but the fees and expenses of such counsel shall be at the
expense of the indemnified parties unless (i) the employment of such counsel
shall have been specifically authorized in writing by the indemnifying party,
(ii) the indemnifying party shall have failed to assume the defense and employ
counsel or (iii) the named parties to any such action (including any impleaded
parties) include both the indemnified parties and the indemnifying party and
the indemnified parties shall have been advised by such counsel that there may
be one or more legal defenses available to them which are different from or
additional to those available to the indemnifying party (in which case the
indemnifying party shall not have the right to assume the defense of such
action on behalf of the indemnified parties, it being understood, however, that
the indemnifying party shall not, in connection with any one such action or
separate but substantially similar or related actions in the same jurisdiction
arising out of the same general allegations or circumstances, be liable for the
fees and expenses of more than one separate firm of attorneys (in addition to
any local counsel) for the indemnified parties, which firm shall be designated
in writing by the indemnified parties and that all such fees and expenses shall
be reimbursed as they are incurred).&#160; No
indemnifying party shall, without the prior written consent of the indemnified
parties, settle or compromise or consent to the entry of any judgment with
respect to any litigation, or any investigation or proceeding by any
governmental agency or body, commenced or threatened, or any claim whatsoever
in respect of which indemnification or contribution could be sought under this
Section&nbsp;4 (whether or not the indemnified parties are actual or potential
parties thereto), unless such settlement, compromise or consent
(i)&nbsp;includes an unconditional written release of each indemnified party
from all liability arising out of such litigation, investigation, proceeding or
claim and (ii)&nbsp;does not include a statement as to or an admission of
fault, culpability or a failure to act by or on behalf of any indemnified
party.</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If at any time an
indemnified party shall have validly requested an indemnifying party to
reimburse the indemnified party for fees and expenses of counsel, such
indemnifying party agrees that it shall be liable for any settlement of the
nature contemplated by Section&nbsp;4(a)(ii) effected without its written
consent if (i)&nbsp;such settlement is entered into more than 45&nbsp;days after
receipt by such indemnifying party of the aforesaid request, (ii)&nbsp;such
indemnifying party shall have received notice of the terms of such settlement
at least 30&nbsp;days prior to such settlement being entered into and
(iii)&nbsp;such indemnifying party shall not have reimbursed such indemnified
party in accordance with such request prior to the date of such settlement.</font></h2>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In order to provide
for just and equitable contribution in circumstances in which the indemnity
agreement set forth in this Section&nbsp;4 is for any reason held to be
unenforceable by an indemnified party although applicable in accordance with
its terms, the Company, on the one hand, and the Holders, on the other hand,
shall contribute to the aggregate losses, liabilities, claims, damages and
expenses of the nature contemplated by such indemnity agreement incurred by the
Company and the Holders, as incurred; </font><i>provided,
however, </i>that no Person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled
to contribution from any Person that was not guilty of such fraudulent
misrepresentation.&#160; As between the
Company, on the one hand, and the Holders, on the other hand, such parties
shall contribute to such aggregate losses, liabilities, claims, damages and
expenses of the nature </h2>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='16',FILE='C:\fc\66123759924_H10398_1824519\7456-1-kg-02.htm',USER='jmsproofassembler',CD='Mar  7 12:38 2007' -->
<br clear="all" style="page-break-before:always;">



<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">contemplated
by such indemnity agreement in such proportion as shall be appropriate to
reflect the relative fault of the Company, on the one hand, and the Holders, on
the other hand, with respect to the statements or omissions which resulted in
such loss, liability, claim, damage or expense, or action in respect thereof,
as well as any other relevant equitable considerations.&#160; The relative fault of the Company, on the one
hand, and of the Holders, on the other hand, shall be determined by reference
to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission or alleged omission to state a material fact
relates to information supplied by the Company, on the one hand, or by or on
behalf of the Holders, on the other, and the parties&#146; relative intent,
knowledge, access to information and opportunity to correct or prevent such
statement or omission.&#160; The Company and
the Holders of the Registrable Securities agree that it would not be just and
equitable if contribution pursuant to this Section&nbsp;4 were to be determined
by pro rata allocation or by any other method of allocation that does not take
into account the relevant equitable considerations.&#160; For purposes of this Section&nbsp;4, each
Person, if any, who controls a Holder within the meaning of Section&nbsp;15 of
the Securities Act shall have the same rights to contribution as such Holder,
and each trustee and officer of the Company and each Person, if any, who
controls the Company within the meaning of Section&nbsp;15 of the Securities
Act or Section&nbsp;20 of the Exchange Act shall have the same rights to
contribution as the Company.</font></h2>

<h1 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.&#160;&#160;&#160;&#160; </font><i>Underwritten Registration;
Participation Therein</i>.&#160; Notwithstanding any provision of this
Agreement to the contrary, and subject to Section 2(a)(iii) hereof, (a) in
no event will the method of distribution of the Registrable Securities take the
form of an underwritten offering without the prior written consent of the
Company.&#160; No Holder may participate in an
underwritten registration hereunder unless such Holder (i) agrees to sell such
Holder&#146;s Registrable Securities on the basis provided in the underwriting
arrangements approved by the Persons entitled hereunder to approve such
arrangements and (ii)&nbsp;completes and executes all reasonable questionnaires,
powers of attorney, indemnities, underwriting agreements, lock-up letters and
other documents reasonably required under the terms of such underwriting
arrangements.</h1>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i>Selection of Underwriters.&#160; </i></font>The
Holders of Registrable Securities covered by the Shelf Registration Statement
who desire to do so may sell the Securities covered by such Shelf Registration
in an underwritten offering, subject to the provisions of Sections&nbsp;3(k)
and 5(a) hereof.&#160; In any such
underwritten offering, the underwriter or underwriters and manager or managers
that will administer the offering will be selected by the Holders of a majority
in aggregate principal amount or number, as the context requires, of the
Registrable Securities included in such offering;&nbsp; </font><i>provided, however, </i>that such underwriters and managers must
be reasonably satisfactory to the Company.</h2>

<h1 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.&#160;&#160;&#160;&#160; <i>Miscellaneous</i>.</font></h1>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Rule&nbsp;144 and Rule&nbsp;144A.&#160;
</i>For so long as it is subject to the reporting requirements of
Section&nbsp;13 or 15 of the Exchange Act and any Registrable Securities remain
outstanding, the Company will file the reports required to be filed by it under
the Securities Act and Section&nbsp;13(a) or 15(d) of the Exchange Act and the
rules and regulations adopted by the SEC thereunder; <i>provided,
however,</i> that if the Company ceases to be so required to file such
reports, it will, upon the request of any Holder of Registrable Securities (a)
make publicly available such information as is necessary to permit sales of its
securities pursuant to Rule&nbsp;144 under the Securities Act, </h2>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='17',FILE='C:\fc\66123759924_H10398_1824519\7456-1-kg-02.htm',USER='jmsproofassembler',CD='Mar  7 12:38 2007' -->
<br clear="all" style="page-break-before:always;">



<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;deliver
such information to a prospective purchaser as is necessary to permit sales of
its securities pursuant to Rule&nbsp;144A under the Securities Act, and
(c)&nbsp;take such further action that is reasonable in the circumstances, in
each case, to the extent required from time to time to enable such Holder to
sell its Registrable Securities without registration under the Securities Act
within the limitation of the exemptions provided by (i)&nbsp;Rule&nbsp;144
under the Securities Act, as such rule may be amended from time to time,
(ii)&nbsp;Rule&nbsp;144A under the Securities Act, as such rule may be amended
from time to time, or (iii)&nbsp;any similar rules or regulations hereafter
adopted by the SEC.&#160; Upon the request of
any Holder of Registrable Securities, the Company will deliver to such Holder a
written statement as to whether it has complied with such requirements.</font></h2>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>No Inconsistent Agreements.&#160; </i>The Company has not entered into, and
will not enter into, any agreement which is inconsistent with the rights
granted to the Holders of Registrable Securities in this Agreement or otherwise
conflicts with the provisions hereof.&#160;
The rights granted to the Holders hereunder do not in any way conflict
with and are not inconsistent with the rights granted to the holders of the
Company&#146;s other issued and outstanding securities under any such agreements.</h2>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Amendments and Waivers.&#160; </i>The
provisions of this Agreement, including the provisions of this sentence, may
not be amended, modified or supplemented, and waivers or consents to departures
from the provisions hereof may not be given, without the written consent of the
Company and, unless the Company has obtained the written consent of the Holders
holding at least a majority of the aggregate principal amount of the
Registrable Securities outstanding and affected by such amendment,
modification, supplement, waiver or departure; <i>provided </i>that
no amendment, modification or supplement or waiver or consent to the departure
with respect to the provisions of Section&nbsp;4 hereof shall be effective as
against any Holder of Registrable Securities unless consented to in writing by
such Holder of Registrable Securities and the Company.&#160; Notwithstanding the foregoing sentence,
(i)&nbsp;this Agreement may be amended, without the consent of any Holder of
Registrable Securities, by written agreement signed by the Company and the
Initial Purchasers, to cure any ambiguity, correct or supplement any provision
of this Agreement that may be inconsistent with any other provision of this
Agreement or to make any other provisions with respect to matters or questions
arising under this Agreement which shall not be inconsistent with other
provisions of this Agreement, (ii) this Agreement may be amended, modified or
supplemented, and waivers and consents to departures from the provisions hereof
may be given, by written agreement signed by the Company and the Initial
Purchasers to the extent that any such amendment, modification, supplement,
waiver or consent is, in their reasonable judgment, necessary or appropriate to
comply with applicable law (including any interpretation of the Staff of the
SEC) or any change therein and (iii)&nbsp;to the extent any provision of this
Agreement relates to the Initial Purchasers, such provision may be amended,
modified or supplemented, and waivers or consents to departures from such
provisions may be given, by written agreement signed by the Initial Purchasers
and the Company.</h2>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Notices.&#160; </i>&#160;All notices and other communications provided
for or permitted hereunder shall be made in writing by hand-delivery,
registered first-class mail, telex, telecopier, or any courier guaranteeing
overnight delivery (i)&nbsp;if to a Holder, at the most current address given
by such Holder to the Company by means of a notice given in accordance with the
provisions of this Section&nbsp;6(d), which address initially is, with respect
to the Initial Purchasers, the address of the Representative set forth in the
Purchase Agreement; and (ii)&nbsp;if to the </h2>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='18',FILE='C:\fc\66123759924_H10398_1824519\7456-1-kg-02.htm',USER='jmsproofassembler',CD='Mar  7 12:38 2007' -->
<br clear="all" style="page-break-before:always;">



<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Company,
initially at the Company&#146;s address set forth in the Purchase Agreement and
thereafter at such other address, notice of which is given in accordance with
the provisions of this Section&nbsp;6(d).</font></h2>

<p style="margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All such notices and communications shall be deemed to
have been duly given: at the time delivered by hand, if personally delivered;
five Business Days after being deposited in the mail, postage prepaid, if
mailed; when answered back, if telexed; when receipt is acknowledged, if
telecopied; and on the next Business Day, if timely delivered to an air courier
guaranteeing overnight delivery.</font></p>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Successors and Assigns.&#160; </i>This
Agreement shall inure to the benefit of and be binding upon the successors,
assigns and transferees of the Initial Purchasers, including, without
limitation and without the need for an express assignment, subsequent Holders;&nbsp;
<i>provided, however, </i>that nothing herein
shall be deemed to permit any assignment, transfer or other disposition of
Registrable Securities in violation of the terms of the Purchase Agreement, the
Indenture relating to the Notes or the declaration of trust of the Company or
any of the circumstances described under the captions &#147;Restrictions on
Ownership of Capital Shares&#148; and &#147;Transfer Restrictions&#148; in the Offering
Memorandum.&#160; If any transferee of any
Holder shall acquire Registrable Securities, in any manner, whether by
operation of law or otherwise, such Registrable Securities shall be held
subject to all of the terms of this Agreement, and by taking and holding such
Registrable Securities, such Person shall be conclusively deemed to have agreed
to be bound by and to perform all of the terms and provisions of this Agreement
and such Person shall be entitled to receive the benefits hereof.</h2>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Third Party Beneficiaries.&#160; </i>Each
Holder shall be a third party beneficiary of the agreements made hereunder
between the Company and the Initial Purchasers, and each Initial Purchaser
shall have the right to enforce such agreements directly to the extent it deems
such enforcement necessary or advisable to protect its rights or the rights of
Holders hereunder.</h2>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Counterparts.&#160; </i>This
Agreement may be executed in any number of counterparts and by the parties
hereto in separate counterparts, each of which when so executed shall be deemed
to be an original and all of which taken together shall constitute one and the
same agreement.</h2>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Headings.&#160; </i>The
headings in this Agreement are for convenience of reference only and shall not
limit or otherwise affect the meaning hereof.</h2>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>GOVERNING LAW.&#160; </i>THIS
AGREEMENT SHALL BE DEEMED TO HAVE BEEN MADE IN THE COMMONWEALTH OF MASSACHUSETTS.&#160; THE VALIDITY AND INTERPRETATION OF THIS
AGREEMENT, AND THE TERMS AND CONDITIONS SET FORTH HEREIN, SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS
WITHOUT GIVING EFFECT TO ANY PROVISIONS RELATING TO CONFLICTS OF LAWS.&#160; EACH OF THE PARTIES HERETO AGREES TO SUBMIT
TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE COMMONWEALTH OF
MASSACHUSETTS IN ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO
THIS AGREEMENT OR ANY OF THE MATTERS CONTEMPLATED HEREBY, IRREVOCABLY WAIVES </h2>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='19',FILE='C:\fc\66123759924_H10398_1824519\7456-1-kg-02.htm',USER='jmsproofassembler',CD='Mar  7 12:38 2007' -->
<br clear="all" style="page-break-before:always;">



<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ANY DEFENSE OF
LACK OF PERSONAL JURISDICTION AND IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT
OF ANY SUIT, ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH
COURT.&#160; EACH OF THE PARTIES HERETO
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO UNDER
APPLICABLE LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING
OF VENUE OF SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT AND ANY
CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS
BEEN BROUGHT IN AN INCONVENIENT FORUM.</font></h2>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Severability.&#160; </i>In the
event that any one or more of the provisions contained herein, or the
application thereof in any circumstance, is held invalid, illegal or
unenforceable, the validity, legality and enforceability of any such provision
in every other respect and of the remaining provisions contained herein shall
not be affected or impaired thereby.</h2>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Securities Held by the Company or its Affiliates.&#160; </i>Whenever the consent or approval
of Holders of a specified percentage of Registrable Securities is required
hereunder, Registrable Securities held by the Company or any of its Affiliates
shall not be counted in determining whether such consent or approval was given
by the Holders of such required percentage.</h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i>Termination</i>.&#160; This Agreement and the obligations of the
parties hereunder shall terminate upon the end of the Effectiveness Period,
except for any liabilities or obligations under Section 4 hereof and the
obligations to make payments of and provide for additional interest under
Section 2(e) hereof to the extent such additional interest accrues prior to the
end of the Effectiveness Period and to the extent any overdue additional
interest accrues in accordance with the last paragraph of such Section 2(e),
each of which shall remain in effect in accordance with its terms.</font></h2>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Signature Page
Follows]</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='20',FILE='C:\fc\66123759924_H10398_1824519\7456-1-kg-02.htm',USER='jmsproofassembler',CD='Mar  7 12:38 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 12.0pt;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN WITNESS WHEREOF, the parties have executed this
Agreement as of the date first written above.&#160;
</font></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="41%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:41.68%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.68%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="54%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:54.64%;">
  <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="41%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:41.68%;">
  <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:3.68%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="54%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:54.64%;">
  <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="41%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:41.68%;">
  <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="top" style="padding:0pt .7pt 0pt 0pt;width:3.68%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="54%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:54.64%;">
  <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="41%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:41.68%;">
  <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:3.68%;">
  <p style="margin: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="54%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:54.64%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">HOSPITALITY PROPERTIES TRUST</font></b></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;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="41%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:41.7%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.7%;">
  <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:4.26%;">
  <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:50.34%;">
  <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="41%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:41.7%;">
  <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:3.7%;">
  <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:4.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="50%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:50.34%;">
  <p style="margin: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="41%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:41.7%;">
  <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:3.7%;">
  <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:4.26%;">
  <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:50.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: John G. Murray</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="41%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:41.7%;">
  <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:3.7%;">
  <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:4.26%;">
  <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:50.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: 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>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CONFIRMED AND ACCEPTED, as of the date first above written on behalf of
itself and the Initial Purchasers:</font></p>

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

<p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">MERRILL LYNCH &amp; CO.</font></b></p>

<p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">MERRILL LYNCH, PIERCE, FENNER &amp; SMITH </font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:80.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INCORPORATED</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="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.3%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->By:</p>
  </td>
  <td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Alexander Virtue</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.9%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.28%;">
  <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="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.3%;">
  <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:46.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Alexander Virtue</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.9%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.28%;">
  <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="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.3%;">
  <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:46.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: Director, Investment Banking</font></p>
  </td>
  <td width="21%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:21.9%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.28%;">
  <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;">21</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='21',FILE='C:\fc\66123759924_H10398_1824519\7456-1-kg-02.htm',USER='jmsproofassembler',CD='Mar  7 12:38 2007' -->


</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>6
<FILENAME>a07-7456_1ex8d1.htm
<DESCRIPTION>EX-8.1
<TEXT>
<html>

<head>






</head>

<body lang="EN-US">

<div>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman"><img width="624" height="89" src="g74561kmi001.jpg"></font></p>

<p align="right" style="margin:0pt 0pt 12.0pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit
8.1</font></b></p>

<p style="margin:0pt 0pt 12.0pt 252.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March 7, 2007</font></p>

<p style="margin:0pt 0pt 12.0pt;"><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 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies and Gentlemen:</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><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 8.1 to the Company&#146;s Current Report on Form 8-K to be
filed within one week of the date hereof (the &#147;Form 8-K&#148;) under the Securities
Exchange Act of 1934, as amended.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><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 on Form S-3, File
No. 333-137073, (the &#147;Registration Statement&#148;) under the Securities Act of
1933, as amended (the &#147;Act&#148;), 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.&nbsp; 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.&#160; Specifically, and
without limiting the generality of the foregoing, we have reviewed:&nbsp; (i)
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) the section of Item 1 of the
Company&#146;s Annual Report on Form 10-K for its fiscal year ended December 31,
2006 (the &#147;Form 10-K&#148;) captioned &#147;Federal Income Tax Considerations&#148;; and (iii)
the section of Item 8.01 of the Form 8-K captioned &#147;ERISA Plans, Keogh Plans
and Individual Retirement Accounts&#148;.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><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;).&#160; No assurance can be given that Tax Laws or
ERISA Laws will not change.&#160; In preparing
the discussions with respect to Tax Laws matters and ERISA Laws matters in the
section of Item 1 of the Form 10-K captioned &#147;Federal Income Tax Considerations&#148;
and the section of Item 8.01 of the Form 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.&#160; 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) the information set forth</font></p>

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

<!-- SEQ.=1,FOLIO='',FILE='C:\fc\66123438924_H10398_1824519\7456-1-km.htm',USER='jmsproofassembler',CD='Mar  7 12:34 2007' -->
<br clear="all" style="page-break-before:always;">


<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">in the Form 10-K, the
Form 8-K, and in the documents incorporated therein by reference; and (ii)
representations made to us by officers of the Company or contained in the Form
10-K, the Form 8-K, 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;.&#160; We
have not independently verified such information.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have relied upon, but
not independently verified, the foregoing assumptions.&#160; If any of the foregoing assumptions are
inaccurate or incomplete for any reason, or if the transactions described in
the Form 10-K, the Form 8-K, 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 12.0pt;text-indent:36.0pt;"><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 discussions with respect to Tax
Laws matters and ERISA Laws matters in the section of Item 1 of the Form 10-K
captioned &#147;Federal Income Tax Considerations&#148; and the section of Item 8.01 of
the Form 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 12.0pt;text-indent:36.0pt;"><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.&#160; 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 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><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.&#160; We hereby consent to the filing of a copy of
this opinion as an exhibit to the Form 8-K, which is incorporated by reference
in the Company&#146;s Registration Statement, and to the references to our firm in
the Form 8-K and such Registration Statement.&#160;
In giving such consent, we do not thereby admit that we come within the
category of persons whose consent is required under Section 7 of the Act or
under the rules and regulations of the SEC promulgated thereunder.</font></p>

<p style="margin:0pt 0pt 12.0pt 252.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very truly yours,</font></p>

<p style="margin:0pt 0pt 12.0pt 252.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Sullivan &amp;
Worcester LLP</font></p>

<p style="margin:0pt 0pt 12.0pt 252.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SULLIVAN &amp; WORCESTER
LLP</font></p>

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

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

<!-- SEQ.=1,FOLIO='',FILE='C:\fc\66123438924_H10398_1824519\7456-1-km.htm',USER='jmsproofassembler',CD='Mar  7 12:34 2007' -->


</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>g74561ke02i001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g74561ke02i001.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MP``+"``\`6@!`1$`_\0`'P```04!`0$!`0$```````````$"`P0%!@<("0H+
M_\0`M1```@$#`P($`P4%!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$(
M(T*QP152T?`D,V)R@@D*%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%56
M5UA96F-D969G:&EJ<W1U=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBI
MJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W
M^/GZ_]H`"`$!```_`/9>G)K.L?$6AZG<?9]/UG3[N;!;RX+I)&P.IP#FM&BB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBJM_J>GZ5"L^HWUM91,VQ7N)5
MC4MC.`6(YP#^5.LK^SU*V%S87<%W`20)8)`ZDCKR.*L44V3_`%;?0U0\._\`
M(M:7_P!></\`Z`*Q+_Q7/;Z/>:W;JLL(N#96-OC`EE\WR][-U`W@\#L">21C
M1BT_7K9893K;7DK21_:(I((TC"[AO\O`#+QG[Q;CWYK/M?$$NHZW/I[:A_9>
MHV\Y4:=<1J5F@#C$BD@%BR@X*G`S@@XR:FJ7.K6L_B&=/%$]NFF(D\,<T-N8
ML%2VQOW88KD;1A@?<FMY/$4%MX4MM>U:.2SC>VCFG18GD,)902"%!.!GKCCO
M5FPUNPU.YGM[225WMPIDW02(HW`$?,R@$X(X!K(@OK_Q'K.I6UEJ4NFV>F3B
MW9[>.-I9I=H9N9%90HW`=,Y!YJOX@GU;3+.UFO?$1T^/[>(9)XXX41H6Z,?,
M5MK#&,Y`SGC!&'^&]0U;4WUBV343=V<#QC3]5>%/WQ*Y884!7"G`W*`#GU&:
MV]$U0:MIPN"@26.22"=`20LB,4<#VR#CVJ[--';P23RL%CC4NS'L`,DUQ/B3
M6==3PA'JL33VT-X&>3[/$&ELXC$QC]3N+;`S<XR<8QFM75+[4;3P+?ZEI^K0
M74EO;/<V]XT2N)45=W(4A=QP1D<=\=JW+"5YM.MI9#N=XE9CC&20,URT6OZC
M]FMM?DN2+*YU'[)]BV(56,RF)'#8W;MVUCDD8R,9YHBU_4?LUMK\ER197.H_
M9/L6Q"JQF4Q(X;&[=NVL<DC&1C/-$6OZC]FMM?DN2+*YU'[)]BV(56,RF)'#
M8W;MVUCDD8R,9YKI=7U%-(T:]U.2,R)9P/,R*<%@JDX'Y5:D4O$Z+(T;,I`=
M<97W&01GZ@UR.FZMJ=IJ4VD:Q?R/#>RRQ:=J16)7#J2IC8!0F_C<ORX/((..
M=&PU-=)T:.75M2N[Z64LX/V822!1@'"0Q@[1QDX[\GI4L'BK3KK6K?3;7SI_
MM%L+E)XX':(J3\OSA<8//)(&>.IQ5>^U*^U#Q2?#^G7)LDM[9;F[NE17D^8D
M(B!@5!X))(/&!CG(LBYN-$$SZM?M<V@$:6\@@S,[DMD%8Q\S?=^ZH^G!S+'X
MCTJ6RANXIY)(YI#$BI;R-)O!(8%`NX8P<Y`QCG%95QXG73_$LHN[X-I;::MW
M"D-LSN!NP6^4%F&.<@``'GUKIH9HKF".>%UDBE4.CJ<AE(R"*YFU\07K>-/L
ML[+_`&7>I)%8D`<RPD>9DXSELM@<\1Y'4UH77B[0K.XO()K\>98[#=".-W\D
M-G!8J#@<<GMQG&14T7B+299;J,7@0V<0FF,J-&HC.<.&8`,O!^8$CCK5=_&&
MAQ6]W/)<S1K9())U>TF5T0G`?85W%/\`:`(X/-27/BK1+*6YCN[W[.;6%)Y6
MFB=%",0%(8C#9)`X)YXZU'<>+]'M[6^G$TLGV"W%S*BP/DQG.&7(^9>#\PR!
M@Y/%:.G7T>I:?#>1)+&LJY"RQ/&P_P"`L`?TYZUSVO>+K73/#^MZEIUZ]_-:
M.T0183)';S!/NDHO"Y&26/!.,C@5LZ(ET+1I;C49[V.5M\)N;7R)47'W67"]
M\]5!QCKU->'Q?H4WG$7QC6&)IB\T,D2-&IP75F4!U!(Y4D<CUHA\7:)<1>9#
M=2.IM1=KMMI27A./F4;<MC(R!DC/.*E_MJTOH+1+*XG234HFDM)?L<A&``=S
M97"CD?>QG/%2Z+J3ZG8L\T8CN()7@G0=`Z-@D>QX8>Q%&D_ZS4/^OQO_`$%:
MT**;)_JV^AJAX=_Y%K2_^O.'_P!`%<_#X>CN_#][X3N)I+:>.YENK:=1S@S&
M5)%[':S`$>WN*V]/_P"$B?9%J::?&$(W3VLKL9<?[#(`F>/XF[_6LO6O#^JZ
MY%#9WB:;*D=R)DOLNLUN%?<`B!<%L`+NWCUVGH76_AI[KQ5?ZGK.C:/<12;/
MLLQ;SIH]G`X:,8SUX;@C'/6MS5EOWTV9-,CMWN7&U1<N43!ZDD*W;VK)\,Z+
MJ'AV>XTV);?^PU.ZS'GLTT1."RD;`-I.XCYB1],`-71M6T?6K^_T7['<V^I2
M+--:W4K0^7(%VEE=4;@@+D$>O/:GZY8Z_=QV!LTT^:2"[6YE$\[Q*H7HBX1B
M<Y/S'OVYP&V]G>^&KVX>%K7^PI6,SQO(PDMI&/S",!2&5F.=O!RQQV%6=!TZ
M5-&N%O5>*2_GGG=$<HT8D8D#<IR&"D<@Y!Z59&B6T>E76G12W31W2.K-<74L
M[#<NW@R,Q`]@<5BNNKWG@UM.LX8#J,%H;6ZM9F*!FV;<J^.G=3C!!P<=0-X:
MU"/P;K.EVXLUNM5\XB$2,D%MYJ[2%(4D@<M]T9)/3/&O;R:E8Z?IL$EE#)-\
ML5P(IF*Q@#&Y24&?7!V]\$G`.5'X8O08-,DD@;2;:_-ZC%V,S?.9%CVXP`KD
M'.3D#&!UHC\,7H,&F220-I-M?F]1B[&9OG,BQ[<8`5R#G)R!C`ZT1^&+T&#3
M))(&TFVOS>HQ=C,WSF18]N,`*Y!SDY`Q@=:N>*_"]CXDTB\B>QLI;][62*VN
M+B($Q,0=I#8)`!.>*T-/TC3='BD32].M;-9#EE@B6,,>V<"LN/0[K5="O--U
MZWMH?.G>6-K.X:0QDN75@Q12&4G@CT_"L^X\'7$EOI,EQ;Z9K5Q8VS6\T6H)
MB.4L5/F!MC%6ROH>I%:=KH=S8Z];W=JEG%:+9?9GBC4IY6'+`(H&".2.V,9P
M:;J.BZA%XB77]&DMS</`+>YM;EF2.9`V5(=02K#)YVD$'&.].U.RU_4+&+;)
M:PR^>C36J3NJ/&,[D\T*&R20<[<$+C')-9,/@Z\AT.2P,-JS1WL]S:M!=RVS
M1[W++M=5)0@,1C##CWXF70_$B7C32/8WC'219&:6X='DER26($9`&3V],]\5
M?T^QUS3/`UIIMLEC_:MK:);H7F<P94!0^=F[H`<8Z\9[UD7O@J[BTO3)-(^7
M5;*:.4?:]6N98(R/OX#`@[AE?NKPQ/'0IJ7AWQ+J#^(F^SZ7'_;.GQ6JC[;(
M?*90P)/[KD?O&_[Y'KPZ_P#"^N:Q<W2W7V"U@GTI+,20SO(Z2*=^[!105W<8
MST&>^!8U#PQJ6OI=RZHUI:W+Z;-81?9I&D0^9@EVW*I'*C"C..>3575/#7B7
M4H;MMVEQO<Z.=.,7F2$!B3EM^WH`<XV\]..M2WGAO7=2DO([A-/@ANM%.G;X
M[EY&5R#\V#&!C)(ZYP,]\#>T^74H9+6RNK2#:+8&6:&5B$<<!1E`&&.^0?\`
M9`YKFM3\,^([S3_$]I%#I8_MN<-&S7<G[M/+"$D>5U^13C_://'/:0FX>U4S
MI'#<%?G6-S(JM[$@$C\!7$VWA'7K>[BOW.GW%]_9]Q:7$TES)NG9V4JY8H<#
M@_(.%SQD5/I>C:OHUQH=YJ1TN&ST?26LKF7[8_3Y/G&Z,#&(USDC[Q].;GAF
MWATRVO[YKQ9M+25_[/<?,J6['>=I'4;V*C'543%:/ARTF@M;JYN(S%+?W<ER
M8SG*J2`@.>AV*N1V.:GTG_6:A_U^-_Z"M:%%-DXC8GT-9.CBYE\':;]@GABF
M:R@*231&5!\JYRH92>,]Q_2F_9?%/_09TC_P52__`"11]E\4_P#09TC_`,%4
MO_R11]E\4_\`09TC_P`%4O\`\D4?9?%/_09TC_P52_\`R11]E\4_]!G2/_!5
M+_\`)%'V7Q3_`-!G2/\`P52__)%'V7Q3_P!!G2/_``52_P#R11]E\4_]!G2/
M_!5+_P#)%'V7Q3_T&=(_\%4O_P`D4?9?%/\`T&=(_P#!5+_\D4?9?%/_`$&=
M(_\`!5+_`/)%'V7Q3_T&=(_\%4O_`,D4?9?%/_09TC_P52__`"11]E\4_P#0
M9TC_`,%4O_R11]E\4_\`09TC_P`%4O\`\D4?9?%/_09TC_P52_\`R11]E\4_
M]!G2/_!5+_\`)%'V7Q3_`-!G2/\`P52__)%'V7Q3_P!!G2/_``52_P#R11]E
M\4_]!G2/_!5+_P#)%'V7Q3_T&=(_\%4O_P`D4?9?%/\`T&=(_P#!5+_\D4?9
M?%/_`$&=(_\`!5+_`/)%'V7Q3_T&=(_\%4O_`,D4?9?%/_09TC_P52__`"11
M]E\4_P#09TC_`,%4O_R11]E\4_\`09TC_P`%4O\`\D4?9?%/_09TC_P52_\`
MR11]E\4_]!G2/_!5+_\`)%'V7Q3_`-!G2/\`P52__)%'V7Q3_P!!G2/_``52
M_P#R11]E\4_]!G2/_!5+_P#)%'V7Q3_T&=(_\%4O_P`D4?9?%/\`T&=(_P#!
M5+_\D4?9?%/_`$&=(_\`!5+_`/)%'V7Q3_T&=(_\%4O_`,D4?9?%/_09TC_P
M52__`"11]E\4_P#09TC_`,%4O_R11]E\4_\`09TC_P`%4O\`\D5=T^+58O,_
MM.\L[G./+^S6C0[>N<[I'SV],>_:+1W5Y-1VL&VWK@X/0[5XK2HJ.?F"0#^Z
M?Y5F^$P5\'Z*K`@C3X`0>W[M:UJ***************Y;1[RZM=3\5K<7D]XE
MC.C0B8CY5,"R%0```,L1T],YJKIEU>V,WAJ[N+N>>77%*WD;RLT8<PF4,BG(
M0*5*X7`(;)R>:U=6\5P:/J8L+C3;]WDB+V[QK&4N&&/W:9<$OS]T@=":;XK\
M1RZ#X)O-=%L\4\4(*0S`$H[$*H;:2."PS@_C2Q>'+B*T21-:U%M0^1I9I+EB
MDA!!8>7]Q0<$?*H(]:S+_63;:[/::\]YI6^4IIU]%(WV:1&`X;!VA\Y'SCO\
MI&:J:Y<:5:>.+V#5=>O-/B?38KB%!JDL0\WS)%8H@<`G"I\N"#Z<FND\(7.I
M7?A+3+C6%9;Z2!3-O7:Q/8D=B1@FMFBBBBBBBBBBBBBBBL7PXC)+K&Y2N[4I
M",CJ-J<UM44U^48#T-8?AC58)=+L-/\`L^H17$-I&KB?3YX5!50"-[H%Z^];
MU%%%%%%%%%%%%%%%8>EZ%=V6L:Q>W5]!<PZHZN84MBA3:@0#<7.?E49X&3SQ
MTIFE^%VL+BQ\Z]%Q:Z7&T=A#Y.TQ`C:"S9.Y@N5!`7@G()YHUWPY/KDTC2WT
M2(D7^A#R&+6LV?\`7!@XR?3@8]>3FY)I#:CX>?2=<FCOC-$8YY(XC")!V(7<
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..4444444444444445_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>g74561kmi001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g74561kmi001.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"`!9`G`#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V6BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`IDDJ0QM)*X1%&2S'`%/K(\2P2SZ<ACB,RQ
M2J\D0ZNHZB@"S:ZWIM[-Y-O=QO)V7."?I5H3Q-.T`D4RJ-Q3/('K6=97&D:L
M(Y+=8S)`0P7;M>,_2HK?_D<;O_KU7^=*XS7DD2&-I)&"HHRS'H!3&N[=?*W3
M(/._U?/W_I5;7/\`D!WO_7%OY5DW?W/#?^^G_H%#8(Z6HTN(7F>%9%,D>"R@
M\C-2&L33_P#D:M3_`.N<=,1M,RHA=B`JC))[5#]MM?+BD\]-DQQ&V>&/M2:A
M_P`@ZY_ZY-_*L2WLA>>"K95'[V*(2Q'T9>12&='4:W$+S/"DBM)&`64'E?K5
M*TU6.;1%U*0A5$>Y^>`1U_6LZRE;3=!N=7G7-U='S"#[\*/Y47"QOI*DN[8P
M;:VTX/0^E#2HCJC,`S_=![USVB13Z1J(M+F0L+V/S@3_`,]/XA^M3>)XY9GT
MZ."0QRM<81Q_"<47"QO5%%<0S[_*D5]C;6VGH?2J.CZE)>+);W2>7>6YVRIZ
M^C#V-5-`<1IJTA&0MT[?D*`L2:[XKTGPZ%%],?-<96*,;F(]<=JYZ+XM:.TV
MV2RNXX_[^%/Z`YKSB\N[KQ'XA::>8>==S!%9N`H)PH^@%3ZCI=K;V=VR)<0S
MV5RL#B8@B7.>0,#!XSCGBE<]&.&II)2W9[?IFJ6>L627EC,)87[CJ#Z$=C5R
MO&_AIJD]EXFCL0Y$%ZI#H>FX`D'],5[)33N<=:E[.5@HHHIF(4444`%%%%`!
M1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%
M%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444
M4`%%%%`!1110`4444`%075Y;V81KB41J[;59NF:GJ.>*&=#%,B2*W\+C(-`'
M/^(#8[8+BR>/[?YJ^68"-S<\YQU%27$XTWQ4+FY^2"[@$8D/16!Z&M.WTO3;
M!S-!:PPMTWA<8JS-#%<0F.:-9$/56&0:5AW,G7M2MO[)FMXIDFFN%\N..,AB
M2?I5750MF=!69@@BE4,2<`86M>TTS3K)C+:VL,1_OJ!_.@S:9?OY+26UPR'[
MA(8@T@'+JNGNX1;V!F8X`#C)K)M[NWM?%&I&XGCB#1QXWMC-:PT[3XF#_9($
M*G(;8!@TKVEA<R%W@@E<]20"33`AN+ZTNK&Z2WN8Y6$3$A&!P,4SPY_R+ME_
MUR%6X[&T@W&*VB3<,-M4#(]*9]MT^U9;;[1!$1PL>\#'X4`<[-:2QZI)H2J5
MM;N87`(Z*@Y8?F*MZH9]1UB#3;%HU6T'FREURH/\((K=9(3*L[!-Z@JKGL#2
M1BV1V:/RE>0Y8@C+'WHL%S`U:QUIK=;J2ZMI6M&\U!'$5;CKSFI;Z[COCHEU
M$05DN`>.QQR*VY[B"WC+W$J1ITR[`"H8$L'B5H%@:-&W*4QA3ZT6`JZQITLY
M2]LF\N]@Y0]G'=35/PN6N;74#-&8VEN&WH>JY`R*W?-C_P">B?\`?0IL8@5W
M:+8&<[GVD<GUHZA?0\4A\+R1>,CHMX=I5G>/YMOG``E0I]^!^=:=HTGB=1;Z
MC');ZO82;X)&4J)P#_JCG^+C`/7%>DZOHVDZY$J7T<<AC.4D5]KH?8CD5C/X
M#TRXNH[F^U2_O%C/R+-<<#\1@TK';]84M9;_`-?F<MX#TO4-3\8RZO>021+;
M,Y<.",.>`H'MFO5J9"(T0)&00HQP<U)32L<U6HZDKA1113,@HHHH`****`"B
MBB@`HHHH`****`"BBB@`HHHH`*QS<&SN[AW<3D[F0B3[H_NE>V/6MBJ+7MLC
MR,(694.R254!`/<'N?>DP*.IZ@[JX@<J(WV[D;[W`/\`6IAJCVZNK122D%BI
MSDD`G/Y<?F*T0(A\H">N.*26:*"W>=L%$4L=O/'>@9GQZK=23_9UA@:0XP5D
M)49&>:=?W,DNE121G9)/MV@MM7/7!/859M[JVD=D51%(F"58`'GI4LLD$859
M2@#,%`..IZ"@"I8SB\TYHXY&\Q%V,W<-CL>^/6J*WEU*,R&1//``11@KL^_C
MZ\_E6M+<)!*(DA9Y"N[;&HX'O4+:I:!=W/"[B,<KSC&/7-("NNKW#21PK!&T
MDC#YE8[`"">OKQTHEU>>.`2>7"QD/R*K9VC&<-Z&M&-HL<*$Y.`1CFE*Q%6.
MU"!R<`&F!E3:Q=9D1(HHW`5E5R2<$C/3CO2QZU<2LXCM1UPFXXP<XYJ_;3PW
M,9F2+8C#AF`&X5,%CR6`3)ZD8YH`AFNFAD17*+N1B<GN/2JYU">06WD*LC2#
M+A>0.F<GMP:O$QM]XH=OKCBE3RP<)LS[8IB'T444`%%%%`!1110`4444`%%%
M%`!1110`5'/&LL+*Q(&,\'!J2HKB9;>$R."0,#`[Y.*`(M/C"643Y<LZ*S%F
M)YQ[U3M[R6?57WX\LLT*(&Y7'5B/?'7Z5IQN73.PI['']*B6>!KMX4`,J*"Y
M`Z>@S0!18_\`$K4GS'E+LD0#D$G<0/P']*M21)!IZPRS,=H`W.^W<?<^].^U
MI]G$ZPNRC.>`-N.M.\Y9;19?(=PX!"$#/XYH&8Z3,+&"1IV,ZL`P\WHN[JH_
MB]*FL)IFU4[G.QA)@!]Q/S<;A_#@<5;6^MFBCF$#%"<;MH^0YQC\_2GPWD$E
MRT21E7(8[L#YL'!_7UI`4[B6-+Z00SOYB!FE/F9QP<*%]>]5+>>1IUMYY"D+
M./,*RDJ/EX^?W/45KO=0QS?O(&7D@2%1@D#)]^@J(7]JR&/R#G<!Y>%Y)&1[
M=*`*23R-&)6F<W">6(XRV-P.,G'?//Y5O51^WVS,K"-BHVYDVC";N@-7J$(*
M***8!1110`5B^)-UO'::BF<VDX+8_N'@_P!*VJ@O;9;RSFMGZ2H5_.@#)\23
MO+9PV=H<RW1WJ1_=4;O\*+_53+X66YA.V6Z18T`Z[CP?ZU7\.+)>7/FW*8>P
MB^S#W.>3^6*CLK9VUU=-VXM]/E><>^[[H_#)J2APLC=7L6A+(T=G8PJTP4X,
MC'MGTK1N/#.ERP>7';+`P'R21DAE/KFJTDRZ5XIDEN/E@OHU59#T#+V)K9GN
MH+6!IYI42-1DL33%<YJ[NY9_"U]:W+%I[.587?\`O_,,'\JN7F@Z5!IKW*)]
MD=(]PE1RI!Q]:SIXW?PUJ=^ZE1?3K(BGJ%W`"I-2T=;$6]^%EO+6/!F@D<M@
M?WA]/2D,M7-]>7&EZ;:!C'<:@`'D[JN.3]:O1>'=*B@,7V-'S]YGY8GUS536
M)4#Z9K$/SVT#?.5[(P'/X5MQSPRQ"6.5&C(R&!XIB,'Q!9PV7AV*U3<85N$&
M&;/!;UJQ!I/AT3H8([8R@Y4++DY'MFHO$D\%WHBM$ZR1FYC4D'@_-S5^'3]'
M@F66"WM4D4_*RX!%`=#-U#[,GB1'U50;5H0+<N/D#YYS[UH1:-IFR8PP+Y5R
MH#JC?*WO5F9;.\+VDWE2D#YHVP2,^U9&G1)IOB)]/LY6:V>#S&B+;A&V<<4`
M4M=T73K.;3EM[54$UP$DP3\P]*VXM$TZP\R:UMEBDV,-P)Z8JEXG_P"/C2?^
MOL5N3_ZB3_=/\J`.5T33]"GTF&2]6W,YSNWRX/7TS5G7+*U2+2+2*)?LS70&
MP'@@@TWP_I^E3Z+!)<V]L\K9W,X&>M3>(HHI?[*A4XC:Y"C8<8&#T-+H/J0:
MUIUIHULEYIV;:X610BJYQ)D\C!ZUTJ$E`2,$C)'I7,/9Q:'K27%VIN+24[8Y
MI"6,#>_^-=0I!`(.0>AIB8M%%%,04444`%%%%`!1110`4444`%%%%`!1110`
M4444`%9K6%PJ3V\4L8@G<L2P.Y=WW@.U:58(O9XM2N'9RT:2.-GF9X"Y`V]A
M[TF!9GT8R0E8Y!'(S.Q<#D@GI4PTYO[.N+;<JM.#SDD#(Q4$NK30K\Z0\,H9
ME<E0#^%,&K7212/+'!^[+,<.>5!Q@<=?_K4#)9-&18BENL8W1E&+Y8Y/\0/7
M--72)%89>,H)5DPPR21U.?>I;749)YAYD21Q,7"MNY^7U]*=J5S)`83"PR"7
M<8ZH!S0!)-#/]J%Q;O'DIL99`>><@Y%4VT0R(YD>-I)%&YBG?=N/^%1/J5QY
M,I4DO<,IMPBDE8R/O8[]S^53O>SMH3SC*SH-KG;@@YP3CZ<T`/7372[DF!B=
M9,X#@Y3DGC\ZDL;)K-6W,K,5"[L]<>M49Y(8XI(S=RLJR;8,38,C$`_>[@'-
M3O+/'=*/.+G[$SG!RI88Y`H`7^S96E:3]PH+*QB7.QB,\D?YZ5#8:==);C<5
MCWXWJV<KM8GC\*8S,L++#=2RPA4DE(F^;G.0&[=N*T]-^T?V?$;G/FD9.>H'
M8'WQ0!532G^02>3M0*&VKR^&!Y_*I;/3FMK@R,5;[V".O)[U?HHL(****8!1
M110`4444`%%%%`!1110`4444`%07EO\`:K9H<@;B,Y]B#4]4M6O_`.S-/>],
M>](B#)[)GD_@.:!I7T+,,,<$8CB7:HZ#-4K?37@NS*60CS7DW`'>V[^$^P_H
M*Q5\9W#6IN_[)E$$<@BESG<'.=H`QR/NY_WJ>WC"1=/2_.GN8I&,2J,[_-`R
M5QCID,,^U%R_9R[&VU@[VBVQD&PR%GQ_$N<XJQ<)*T6V'RP>X<<$>E8<_B68
M>'I=5M[:-SD/#$TF"T1.`Q'YG%5K?QA+<W-LL4-J8I3"C-YY#$R#.47'('OB
MBXE"3-1=*N%MH[?S(2B,&4[3F,YS\M26FF-;WOVC,>3NW,H.Z3)SS]*P+;QO
M<S12/)I\*!HA)`1-D',IC^<X^49&<\TVW\5W>G60DO+<W2RS3`20N7"LK_='
M'W0N3GVI%>RF='+974UU)(TD6TJ4BZYC!'7T)JL-$D`QF'R]X;R.=AP,9]<_
MX5#=>)/*T>&\ACA,L\B(B2R;5C#\JSGL,<_C5>3Q7/%J*VS6]NR(T4<I28EW
M9^\:X^91ZT:"4),U%TR=8Q"9D:)MADR#NRN.GUP*TZXV3QGJ40,CZ7;^4(4N
M,BX)/EL^S^[US794(F46MPHHHIDA1110`4444`5[6S2T:=D.?.D,C<=":([1
M([V:Z!^>95!&/3/^-6**`(;JT@O8&AN(UD0]F&:Q[;PG9PW`DEEDN$7[L4G*
MK]*WJ*+`075G#=VQMI4!C./EQQP:EV#9LQ\N,8]J=10!5M=.MK2W>WBC`B<D
ME#TY[5DS>$+1YR\<\L,3')A3[IKH**`*4ND64U@MB85%NI!"`<<563PQI4;J
MZ6J!E.00.E:U%*P[F5JF@6VIR+,'>WG''FQ<,1Z5+I>CV^E(PBR[O]^1A\S?
M6M"BBP7*]W8P7C0M,@8POO0GL:G8!E*GH1@TM%,1C_\`"+:1_P`^B?E5I-(M
M$@MX5C`2V??&/0_Y-7J*`N17-M%=V[P3H'C<8*D46UNEK;I!'PB#"CT%2T4`
M%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`5&((1(T@B0.PPS;1D
M_4U)10!"+.U"A1;Q!0VX#8,`^M*UM`Y!:%&(.X94<'UJ6B@"&:UCFB,94`$Y
MX'OD_G4AC0G)4$XQT[4ZB@!@BC#!PB[E&`<<@>E+L7YOE'S=>.M.HH`@^PVG
MEK&;:$HO13&,"I%BC7&U%&T;1@=!Z4^B@");6W1"B01JI.XJ%&"?6I:**`"B
MBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`IKHLB%'4,K#!!&0:=10`SRH]
MI78N"<D8ZFD\F(``1K@'(&.,U)10!7EL+.>(Q2VL+H5"E6C!!`Z#Z4ATVQ:6
M.4V=N9(@!&_E+E`.@!QQ5FB@+LK_`&"S*%/LL.UEV%?+&"N<X^F:6*RM8(1#
M%;Q)&N<(J``9Z\5/10.[()+&TE1T>UA99``ZF,$,!TSZXI!868ECF%K")(5V
MQOY8R@]`>PJQ10%V0&RM2NTVT1&T+@H.@.0/IFIZ**!!1110`4444`%%%%`!
M1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%
M%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444
M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110
/`4444`%%%%`!1110!__9
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
