Document:

ex4_37.htm

    
      
        

        

      

    

     

    FIRST
SUPPLEMENTAL INDENTURE

     

    between

     

    TRANSOCEAN
INC.

     

    and

     

    WELLS
FARGO BANK, NATIONAL ASSOCIATION,

     

    as
Trustee

     

     

    December
11, 2007

     

     

    
      

      

      
        
           

        

        
           

          
            

          

        

        
          
          

        

      

    

    

    TRANSOCEAN
INC.

    FIRST SUPPLEMENTAL
INDENTURE

    

    THIS
FIRST SUPPLEMENTAL INDENTURE, dated as of December 11, 2007 (the “First
Supplemental Indenture”), between Transocean Inc., a Cayman Islands exempted
company limited by shares (the “Company”), and Wells Fargo Bank, National
Association (the “Trustee”).

     

    W I T N E S S E T H :

    

    WHEREAS,
the Company has heretofore executed and delivered to the Trustee an Indenture,
dated as of December 11, 2007, providing for the issuance from time to time of
one or more series of the Company’s Securities;

     

    WHEREAS,
Sections 2.01 and 9.01(9) of the Indenture provide that the Company and the
Trustee may from time to time enter into one or more indentures supplemental
thereto to establish the form or terms of Securities of a new
series;

     

    WHEREAS,
Section 9.01(6) of the Indenture permits the execution of supplemental
indentures without the consent of any Holders to add to the covenants of the
Company for the benefit of all or any series of Securities;

     

    WHEREAS,
the Company desires to issue 5.25% Senior Notes due March 15, 2013, 6.00% Senior
Notes due March 15, 2018  and 6.80% Senior Notes due March 15, 2038,
each a new series of Securities the issuance of which was authorized by or
pursuant to resolution of the Board of Directors of the Company;

     

    WHEREAS,
the Company, pursuant to the foregoing authority, proposes in and by this First
Supplemental Indenture to supplement and amend the Indenture insofar as it will
apply only to the  Senior Notes in certain respects; and

     

    WHEREAS,
all things necessary have been done to make the Senior Notes, when executed by
the Company and authenticated and delivered hereunder and duly issued by the
Company, the valid obligations of the Company, and to make this First
Supplemental Indenture a valid agreement of the Company, in accordance with
their and its terms.

     

    NOW
THEREFORE:

     

    In
consideration of the premises provided for herein, the Company and the Trustee
mutually covenant and agree for the equal and proportionate benefit of all
Holders of the  Senior Notes as follows:

     

    
      
        
           

        

        
           

          
            

          

        

        
          
          

        

      

    

     

    ARTICLE
ONE

     

    THE SENIOR
NOTES

     

    SECTION
101    Designation of Senior Notes;
Establishment of Form.  There shall be a series of Securities
designated “5.25% Senior Notes Due March 15, 2013” of the Company (the
“2013 Notes”), the form of which shall be substantially as set forth in Annex A
hereto; a series of Securities designated “6.00% Senior Notes Due March 15,
2018” of the Company (the “2018 Notes”), the form of which shall be
substantially as set forth in Annex B hereto; and a series of Securities
designated “6.80% Senior Notes Due March 15, 2038” of the Company (the
“2038 Notes”, and together with the 2013 Notes and the  2018 Notes,
the “Senior Notes”), the form of which shall be substantially as set forth in
Annex C hereto, each of which is incorporated into and shall be deemed a part of
this First Supplemental Indenture, in each case with such appropriate
insertions, omissions, substitutions and other variations as are required or
permitted by the Indenture, and which may have such letters, numbers or other
marks of identification and such legends or endorsements placed thereon as may
be required to comply with the rules of any securities exchange or as may,
consistently herewith, be determined by the officers of the Company executing
such Senior Notes, as evidenced by their execution of the Senior
Notes.

     

    All of
the Senior Notes will initially be issued in permanent global form,
substantially in the respective forms set forth in Annex A, Annex B and Annex C
hereto (the “Global Securities”), as Book-Entry Securities.  Each
Global Security shall represent such of the Outstanding Senior Notes as shall be
specified therein and shall provide that it shall represent the aggregate amount
of Outstanding Senior Notes from time to time endorsed thereon and that the
aggregate amount of Outstanding Senior Notes represented thereby may from time
to time be reduced to reflect exchanges and redemptions.  Any
endorsement of a Global Security to reflect the amount, or any increase or
decrease in the amount, of Outstanding Senior Notes represented thereby shall be
made by the Trustee in accordance with written instructions or such other
written form of instructions as is customary for the Depositary, from the
Depositary or its nominee on behalf of any Person having a beneficial interest
in the Global Security.

     

    The
Company initially appoints The Depository Trust Company to act as Depositary
with respect to the Global Securities.

     

    SECTION
102    Amount.  Each series of
the Senior Notes may be issued in unlimited aggregate principal
amount.  The Trustee shall authenticate and deliver Senior Notes for
original issue in an initial aggregate principal amount of up to $500,000,000 of
2013 Notes, up to $1,000,000,000 of 2018 Notes and up to $1,000,000,000 of 2038
Notes upon Company Order without any further action by the Company.

     

    SECTION
103    Interest.  The
Senior Notes of each series shall bear interest at the rate set forth under the
caption “Interest” in the Senior Notes of such series, commencing on the Issue
Date of the Senior Notes.  Interest on the  Senior Notes
shall be payable to the persons in whose name the Senior Notes are registered at
the close of business on the Regular Record Date for such interest
payment.  The date from which interest shall accrue for each Senior
Note shall be December 11, 2007.  The Interest Payment Dates on
which interest on the Senior Notes shall be payable are March 15 and September
15, commencing on March 15, 2008.  The Regular Record Dates for the
interest payable on the Senior Notes on any Interest Payment Date shall be March
1 or September 1, as the case may be, immediately preceding such Interest
Payment Date.

    
       

      SECTION
104    Additional Amounts.    Additional
Amounts with respect to the Senior Notes of each series shall be payable in
accordance with the provisions and in the amounts set forth under the caption
“Tax Additional Amounts” in the Senior Notes of such series and in accordance
with the provisions of the Indenture.

       

    

    
      
        
           

        

        
           

          
            

          

        

        
          
          

        

      

    

     

    SECTION
105    Denominations. 
The
Senior Notes shall be issued in denominations of $1,000 or any integral multiple
thereof.

     

    SECTION
106    Optional
Redemption.  The
Company, at its option, may redeem the Senior Notes of each series in accordance
with the provisions of and at the Redemption Prices set forth under the captions
“Optional Redemption” and “Notice of Redemption” in the Senior Notes of such
series and in accordance with the provisions of the Indenture.

     

    SECTION
107    Sinking
Fund.  There shall be no sinking fund for the retirement of the
Senior Notes.

     

    SECTION
108    Place of
Payment.  The Place of Payment for the Senior Notes and the
place or places where the principal of and interest on the Senior Notes shall be
payable, the Senior Notes may be surrendered for registration of transfer, the
Senior Notes may be surrendered for exchange or redemption and where notices may
be given to the Company in respect of the Senior Notes is at the office or
agency of the Trustee in Fort Worth, Texas; provided that payment of
interest may be made at the option of the Company by check mailed to the address
of the person entitled thereto as such address shall appear in the register of
the Securities or by wire transfer of immediately available funds to the
accounts in the United States specified by the Holder of such Senior
Notes.

     

    SECTION
109    Maturity. The
date on which the principal of the 2013 Notes is payable, unless accelerated
pursuant to the Indenture, shall be March 15, 2013.  The date on
which the principal of the 2018 Notes is payable, unless accelerated pursuant to
the Indenture, shall be March 15, 2018.  The date on which the
principal of the 2038 Notes is payable, unless accelerated pursuant to the
Indenture, shall be March 15, 2038.

     

    SECTION
110    Paying Agent and Registrar.    The
Company initially appoints the Trustee to act as Paying Agent and Registrar with
respect to the Senior Notes.

     

    SECTION
111    No Defeasance.  The
provisions of Section 8.01(b) and Section 8.01(c) of the Indenture do not apply
to the Senior Notes.

     

    SECTION
112    Other Terms of the Senior
Notes.    Without limiting the
foregoing provisions of this Article One, the terms of the 2013 Notes shall be
as set forth in the form of 2013 Notes set forth in Annex A hereto, the terms of
the 2018 Notes shall be as set forth in the form of 2018 Notes set forth in
Annex B hereto, and the terms of the 2038 Notes shall be as set forth in
the form of 2038 Notes set forth in Annex C hereto, and in each case as
provided in the Indenture.

     

    
      
        
           

        

        
           

          
            

          

        

        
          
          

        

      

    

     

    ARTICLE
TWO

     

    AMENDMENTS TO THE
INDENTURE

     

    13 The
amendments contained herein shall apply to the Senior Notes only and not to any
other series of Security issued under the Indenture, and any covenants provided
herein are expressly being included solely for the benefit of the Senior Notes.
These amendments shall be effective for so long as there remain any Senior Notes
Outstanding.

     

    SECTION
201    Definitions.    Section 1.01 of the
Indenture is amended by inserting or restating, as the case may be, in their
appropriate alphabetical position, the following definitions:

     

    “Consolidated
Net Tangible Assets” means the total amount of assets (less applicable reserves
and other properly deductible items) after deducting (1) all current liabilities
(excluding the amount of those which are by their terms extendable or renewable
at the option of the obligor to a date more than 12 months after the date as of
which the amount is being determined) and (2) all goodwill, tradenames,
trademarks, patents, unamortized debt discount and expense and other like
intangible assets, all as set forth on the most recent balance sheet of the
Company and its consolidated Subsidiaries and determined in accordance with
GAAP.

     

    “Funded
Debt” means indebtedness of the Company or a Subsidiary owning Restricted
Property maturing by its terms more than one year after its creation and
indebtedness classified as long-term debt under GAAP, and in each case ranking
at least pari passu with the Securities.

     

    “Lien”
means any mortgage, pledge, lien, encumbrance, charge or security
interest.

     

    “Restricted
Property” means (1) any drilling rig or drillship, or portion thereof, owned or
leased by the Company or any Subsidiary and used for drilling offshore oil and
gas wells, which, in the opinion of the Board of Directors, is of material
importance to the business of the Company and its Subsidiaries taken as a whole,
but no such drilling rig or drillship, or portion thereof, shall be deemed of
material importance if its gross book value (before deducting accumulated
depreciation) is less than 2% of Consolidated Net Tangible Assets, or (2) any
shares of capital stock or indebtedness of any Subsidiary owning any such
drilling rig or drillship.

     

    “Sale and
Leaseback Transaction” means any arrangement with any Person pursuant to which
the Company or any Subsidiary leases any Restricted Property that has been or is
to be sold or transferred by the Company or the Subsidiary to such Person, other
than (1) temporary leases for a term, including renewals at the option of the
lessee, of not more than three years, (2) leases between the Company and a
Subsidiary or between Subsidiaries, (3) leases of a Restricted Property executed
by the time of, or within 12 months after the latest of, the acquisition, the
completion of construction or improvement, or the commencement of commercial
operation of, the Restricted Property, and (4) arrangements pursuant to any
provision of law with an effect similar to the former Section 168(f)(8) of the
Internal Revenue Code of 1954.

     

    
      
        
           

        

        
           

          
            

          

        

        
          
          

        

      

    

     

    “Senior
Notes” shall mean the 5.25% Senior Notes due March 15, 2013 of the Company, the
6.00% Senior Notes due March 15, 2018 of the Company and the 6.80% Senior Notes
due March 15, 2038 of the Company.

     

    “Tax
Additional Amounts” has the meaning specified in Section 2.18.

     

    “Value”
means, with respect to a Sale and Leaseback Transaction, an amount equal to the
present value of the lease payments with respect to the term of the lease
remaining on the date as of which the amount is being determined, without regard
to any renewal or extension options contained in the lease  which are
outstanding on the effective date of such Sale and Leaseback Transaction and
which have the benefit of Section 4.09.

     

    SECTION
202    Tax Additional
Amounts

     

    Article
Two shall be amended by adding the following section:

     

    Section
2.18    Tax Additional
Amounts.

     

    The
Company shall pay any amounts due with respect to the payments on the Senior
Notes without deduction or withholding for any and all present and future
withholding taxes, levies, imposts and charges (each, a “Withholding Tax”)
imposed by or for the account of the Cayman Islands or any other jurisdiction in
which the Company is resident for tax purposes or any political subdivision or
taxing authority of such jurisdiction (the “Taxing Jurisdiction”), unless such
withholding or deduction  is required by law.  If such
deduction or withholding is at any time required, the Company will (subject to
compliance by such Holder with any relevant administrative requirements) pay
each Holder additional amounts (“Tax Additional Amounts”) as will result in such
Holder’s receipt of such amounts as it would have received had no such
withholding or deduction been required.

     

    If the
Taxing Jurisdiction requires the Company to deduct or withhold any Withholding
Tax, the Company will (subject to compliance by a Holder with any relevant
administrative requirements) pay such Tax Additional Amounts in respect of
principal amount, Redemption Price and interest (if any) in accordance with the
terms of the Senior Notes and the Indenture; provided, however, that the foregoing
shall not apply to:

     

    (a)           any
Withholding Tax which would not be payable or due but for the fact that (1) the
Holder of a Senior Note (or a fiduciary, settlor, beneficiary of, member or
shareholder of, such Holder, if such Holder is an estate, trust, partnership or
corporation) is a domiciliary, national or resident of, or engaging in business
or maintaining a permanent establishment or being physically present in, the
Taxing Jurisdiction or otherwise having some present or former connection with
the Taxing Jurisdiction other than the holding or ownership of the Senior Note
or the collection of principal amount, Redemption Price and Interest (if any),
in accordance with the terms of the Senior Note and the Indenture or the
enforcement of the Senior Note or (2) where presentation is required, the
Senior Note was presented more than 30 days after the date such payment
became due or was provided for, whichever is later;

    
      
         

      

      
         

        
          

        

      

      
        
        

      

    

     

    (b)           any
Withholding Tax attributable to any estate, inheritance, gift, sales, transfer,
excise, personal property or similar tax, levy, impost or charge;

     

    (c)           any
Withholding Tax attributable to any tax, levy, impost or charge which is payable
otherwise than by withholding from payment of principal amount, Redemption Price
and interest (if any);

     

    (d)           any
Withholding Tax which would not have been imposed but for the failure to comply
with certification, information, documentation or other reporting requirements
concerning the nationality, residence, identity or connections with the relevant
tax authority of the Holder or beneficial owner of the Senior Note, if this
compliance is required by statute or by regulation as a precondition to relief
or exemption from such Withholding Tax;

     

    (e)           to
the extent a Holder is entitled to a refund or credit in such Taxing
Jurisdiction of amounts required to be withheld by such Taxing Jurisdiction;
or

     

    (f)           any
combination of the instances described in (a) through (e).

     

    With
respect to Section 2.18(e), in the absence of evidence satisfactory to the
Company, the Company may conclusively presume that a Holder of a
Senior Note is entitled to a refund or credit of all amounts required to be
withheld.  The Company shall not be required to pay any Tax Additional
Amounts to any Holder of a Senior Note who is a fiduciary or partnership or
other than the sole beneficial owner of the Senior Note to the extent that a
beneficiary or settlor with respect to such fiduciary, or a member of such
partnership or a beneficial owner thereof, would not have been entitled to the
payment of such Tax Additional Amounts had such beneficiary, settlor, member or
beneficial owner been the Holder of the Senior Note.

     

    SECTION
203    Additional Covenants.    Article Four
of the Indenture shall be amended by adding the following Sections 4.08 and
4.09:

     

    Section
4.08    Limitation on
Liens

     

    The
Company shall not create, assume or suffer to exist any Lien on any Restricted
Property to secure any debt of the Company, any Subsidiary or any other Person,
or permit any Subsidiary so to do, without making effective provision whereby
the Securities then outstanding and having the benefit of this Section 4.08
shall be secured by a Lien equally and ratably with such debt for so long as
such debt shall be so secured, except that the foregoing shall not prevent the
Company or any Subsidiary from creating, assuming or suffering to exist Liens of
the following character:

     

    
      	
               
      

            	
              1.

            	
              any
      Lien existing on the date of issuance of the Senior
  Notes;

            

      
        
           

        

        
           

          
            

          

        

        
          
          

        

      

    

    

    
      	
               
      

            	
              2.

            	
              any
      Lien existing on Restricted Property owned or leased by a Person at the
      time it becomes a Subsidiary;

            

    

     

    
      	
               
      

            	
              3.

            	
              any
      Lien existing on Restricted Property at the time of the acquisition
      thereof by the Company or a
Subsidiary;

            

    

     

    
      	
               
      

            	
              4.

            	
              any
      Lien to secure any debt incurred prior to, at the time of, or within 12
      months after the acquisition of Restricted Property for the purpose of
      financing all or any part of the purchase price thereof and any Lien to
      the extent that it secures debt which is in excess of such purchase price
      and for the payment of which recourse may be had only against such
      Restricted Property;

            

    

     

    
      	
               
      

            	
              5.

            	
              any
      Lien to secure any debt incurred prior to, at the time of, or within 12
      months after the completion of the construction and commencement of
      commercial operation, alteration, repair or improvement of Restricted
      Property for the purpose of financing all or any part of the cost thereof
      and any Lien to the extent that it secures debt which is in excess of such
      cost and for the payment of which recourse may be had only against such
      Restricted Property;

            

    

     

    
      	
               
      

            	
              6.

            	
              any
      Lien securing debt of a Subsidiary owing to the Company or to another
      Subsidiary;

            

    

     

    
      	
               
      

            	
              7.

            	
              any
      Lien in favor of the United States of America or any State thereof or any
      other country, or any agency, instrumentality of political subdivision of
      any of the foregoing, to secure partial, progress, advance or other
      payments or performance pursuant to the provisions of any contract or
      statute, or any Liens securing industrial development, pollution control,
      or similar revenue bonds;

            

    

     

    
      	
               
      

            	
              8.

            	
              Liens
      imposed by law, such as mechanics’, workmen’s, repairmen’s, materialmen’s,
      carriers’, warehousemen’s, vendors’ or other similar Liens arising in the
      ordinary course of business, or governmental (federal, state or municipal)
      Liens arising out of contracts for the sale of products or services by the
      Company or any Subsidiary, or deposits or pledges to obtain the release of
      any of the foregoing;

            

    

     

    
      	
               
      

            	
              9.

            	
              pledges
      or deposits under workmen’s compensation laws or similar legislation and
      Liens of judgments thereunder which are not currently dischargeable, or
      good faith deposits in connection with bids, tenders, contracts (other
      than for the payment of money) or leases to which the Company or any
      Subsidiary is a party, or deposits to secure public or statutory
      obligations of the Company or any Subsidiary, or deposits in connection
      with obtaining or maintaining self-insurance or to obtain the benefits of
      any law, regulation or arrangement pertaining to unemployment insurance,
      old age pensions, social security or similar matters, or deposits of cash
      or obligations of the United States of America to secure surety, appeal or
      customs bonds to which the Company or any Subsidiary is a party, or
      deposits in litigation or other proceedings such as, but not limited to,
      interpleader proceedings;

            

      
        
           

        

        
           

          
            

          

        

        
          
          

        

      

    

    

    
      	
               
      

            	
              10.

            	
              Liens
      created by or resulting from any litigation or other proceeding which is
      being contested in good faith by appropriate proceedings, including Liens
      arising out of judgments or awards against the Company or any Subsidiary
      with respect to which the Company or such Subsidiary is in good faith
      prosecuting an appeal or proceedings for review; or Liens incurred by the
      Company or any Subsidiary for the purpose of obtaining a stay or discharge
      in the course of any litigation or other proceeding to which the Company
      or such Subsidiary is a party;

            

    

     

    
      	
               
      

            	
              11.

            	
              Liens
      for taxes or assessments or governmental charges or levies not yet due or
      delinquent, or which can thereafter be paid without penalty, or which are
      being contested in good faith by appropriate
  proceedings;

            

    

     

    
      	
               
      

            	
              12.

            	
              any
      extension, renewal or replacement (or successive extensions, renewals or
      replacements) in whole or in part of any Lien referred to in clauses (1)
      through (11) above, so long as the principal amount of the debt secured
      thereby does not exceed the principal amount of debt so secured at the
      time of the extension, renewal or replacement (except that, where an
      additional principal amount of debt is incurred to provide funds for the
      completion of a specific project, the additional principal amount, and any
      related financing costs, may be secured by the Lien as well) and the Lien
      is limited to the same property subject to the Lien so extended, renewed
      or replaced (plus improvements on the property);
  and

            

    

     

    
      	
               
      

            	
              13.

            	
              any
      Lien not permitted by clauses (1) through (12) above securing debt that,
      together with the aggregate outstanding principal amount of all other debt
      of the Company and its Subsidiaries secured by Liens which would otherwise
      be prohibited by the foregoing restrictions and the aggregate Value of
      existing Sale and Leaseback Transactions which would be subject to the
      restrictions of Section 4.09 but for this clause (13), does not at any
      time exceed 10% of Consolidated Net Tangible
  Assets.

            

    

     

    Section
4.09    Limitation on Sale and Lease-Back
Transactions

     

    The
Company shall not enter into any Sale and Leaseback Transaction covering any
Restricted Property, nor permit any Subsidiary so to do, unless
either:

     

    
      	
               
      

            	
              1.

            	
              the
      Company or such Subsidiary would be entitled to incur debt, in a principal
      amount at least equal to the Value of such Sale and Leaseback Transaction,
      which is secured by Liens on the property to be leased (without equally
      and ratably securing the outstanding Securities) because such Liens would
      be of such character that no violation of the provisions of Section 4.08
      would result, or

            

    

     

    
      	
               
      

            	
              2.

            	
              the
      Company during the six months immediately following the effective date of
      such Sale and Leaseback Transaction causes to be applied to (A) the
      acquisition of Restricted Property or (B) the voluntary retirement of
      Funded Debt (whether by redemption, defeasance, repurchase, or otherwise)
      an amount equal to the Value of such Sale and Leaseback
      Transaction.

            

      
        
           

        

        
           

          
            

          

        

        
          
          

        

      

    

    

    ARTICLE
THREE

    

    MISCELLANEOUS
PROVISIONS

     

    SECTION
301    Integral Part.

     

    This
First Supplemental Indenture constitutes an integral part of the
Indenture.

     

    SECTION
302    General
Definitions.

     

    For all
purposes of this First Supplemental Indenture:

     

    (a)           capitalized
terms used herein without definition shall have the meanings specified in the
Indenture; and

     

    (b)           the
terms “herein”, “hereof”, “hereunder” and other words of similar import refer to
this First Supplemental Indenture.

     

    SECTION
303    Adoption, Ratification and
Confirmation.

     

    The
Indenture, as supplemented and amended by this First Supplemental Indenture, is
in all respects hereby adopted, ratified and confirmed.

     

    SECTION
304    Counterparts.

     

    This
First Supplemental Indenture may be executed in any number of counterparts, each
of which when so executed shall be deemed an original; and all such counterparts
shall together constitute but one and the same instrument.

     

    SECTION
305    Governing Law.

     

    THIS
FIRST SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK, BUT WITHOUT GIVING EFFECT TO THE
APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THE APPLICATION OF THE
LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

     

    
      
        
           

        

        
           

          
            

          

        

        
          
          

        

      

    

     

    31 IN
WITNESS WHEREOF, the parties hereto have caused this First Supplemental
Indenture to be duly executed as of the day and year first written
above.

     

    
      	 
      	TRANSOCEAN
      INC.
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/ Anil Shah

            
	 
      	 
      	
              Name:  Anil
      Shah

            
	 
      	 
      	
              Title:  Vice
      President and Treasurer

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	WELLS
      FARGO BANK, NATIONAL ASSOCIATION, as Trustee
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/ Patrick T. Giordano

            
	 
      	 
      	
              Name:
      Patrick T. Giordano

            
	 
      	 
      	
              Title:
      Vice President

            

    

    

      
        
           

        

        
           

          
            

          

        

        
          
          

        

      

    

     

    Annex
A

    

    

    [FORM
OF GLOBAL SECURITY]

     

    UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

     

    UNLESS
AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR THE INDIVIDUAL SECURITIES
REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A
WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE
DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE
DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH
SUCCESSOR DEPOSITARY.

     

    5.25%
SENIOR NOTE DUE MARCH 15, 2013

    TRANSOCEAN
INC.

     

    
      	
              Issue
      Date: December 11, 2007

            	
              Maturity:
      March 15, 2038

            
	
              Principal
      Amount: $

            	
              CUSIP:
      893830 AR0

            
	 
      	
              ISIN:
      US893830AR03

            
	
              Registered:  No.
      R-

            	 
      

    

    

    Transocean
Inc., a Cayman Islands exempted company limited by shares (herein called the
“Company”, which term includes any successor corporation under the indenture
hereinafter referred to), for value received, hereby promises to pay to Cede
& Co., or registered assigns, the principal sum of [  ] Dollars
($) on March 15, 2013 and to pay interest thereon and Tax Additional Amounts, if
any, in immediately available funds as specified on the reverse of this
Security.

     

    Payment
of the principal of and interest on and Tax Additional Amounts, if any, with
respect to this Security will be made at the office or agency of the Company
maintained for that purpose in The City of New York, New  York or Fort
Worth, Texas in such coin or currency of the United States of America as at the
time of payment is legal tender for payment of public and private debts; provided, however, that at the option
of the Company, payment of interest and Tax Additional Amounts, if any, may be
made by check
mailed to the address of the Person entitled thereto as such address shall
appear in the register of Securities or by wire transfer of immediately
available funds to the accounts designated by the Holder of this
Security.

     

    
      
        
           

        

        
           

          
            

          

        

        
          
          

        

      

    

     

    Reference
is hereby made to the further provisions of this Security set forth on the
reverse hereof, which further provisions shall for all purposes have the same
effect as if set forth at this place.

     

    Unless
the certificate of authentication hereon has been executed by the Trustee
referred to on the reverse hereof by manual signature, this Security shall not
be entitled to any benefit under the Indenture or be valid or obligatory for any
purpose.

     

    IN
WITNESS WHEREOF, the Company has caused this instrument to be duly
executed.

     

    Dated:

     

    
      	 
      	 
      	
              TRANSOCEAN
      INC.

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By:

            	 
      
	 
      	 
      	
              Name:

            
	 
      	 
      	
              Title:

            

    

    

     

    
      	
              Attest:

            	 
      	 
      
	 
      	 
      	 
      
	
              Assistant
      Secretary

            	 
      	 
      

    

    

      
        
           

        

        
           

          
            

          

        

        
          
          

        

      

    

    

    TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

     

    This is
one of the Securities of the series designated therein referred to in the
within-mentioned Indenture.

     

    
      	 
      	 
      	
              WELLS
      FARGO BANK, NATIONAL ASSOCIATION, as Trustee

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
               

            
	 
      	 
      	
              Authorized
      Signatory

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	
              Date
      of
    Authentication:__________________________________________

            	
               

            

    

    

      
        
           

        

        
           

          
            

          

        

        
          
          

        

      

    

    

    [Reverse
of Security]

    

    TRANSOCEAN
INC.

    

    5.25%
SENIOR NOTE DUE MARCH 15, 2013

    This
Security is one of a duly authorized issue of senior securities of the Company
issued and to be issued in one or more series under an Indenture, dated as of
December 11, 2007, as amended by the First Supplemental Indenture thereto dated
as of December 11, 2007, and the Second Supplemental Indenture thereto dated as
of December 11, 2007 (as so amended, herein called the “Indenture”), between the
Company and Wells Fargo Bank, National Association, as trustee (herein called
the “Trustee”, which term includes any successor trustee under the Indenture),
or their respective predecessors, as applicable, to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of
the Company, the Trustee and the Holders of the Securities and of the terms upon
which the Securities are, and are to be, authenticated and delivered. This
Security is one of the series designated on the face hereof, which is initially
in the aggregate principal amount of $500,000,000.  As used herein,
the term “Securities” means securities of the series designated on the face
hereof except that, where the context requires that such term be construed as
including another series of securities (e.g., where phrases such as
“Securities of each series” or Securities of any series” or similar phrases are
used), the term “Securities” means securities of any series issued or to be
issued under the Indenture.

     

    The
Company may, without the consent of the existing holders of the Securities,
issue additional Securities having the same ranking and the same interest rate,
maturity and other terms as the Securities.  Any additional Securities
having such similar terms, together with the Securities, will constitute a
single series of Securities under the Indenture.

     

    Interest

     

    The rate
at which this Security shall bear interest shall be 5.25% per
annum.  The date from which interest shall accrue for this Security
shall be December 11, 2007.  The Interest Payment Dates on which
interest on this Security shall be payable are March 15 and September 15 of each
year, commencing on March 15, 2008.  The Regular Record Date for the
interest payable on this Security on any Interest Payment Date shall be the
March 1 or September 1, as the case may be, immediately preceding such Interest
Payment Date.  Interest will cease to accrue on this Security upon its
maturity, conversion, purchase by the Company at the option of a holder or
redemption.

     

    Method
of Payment

     

    Payments
in respect of principal of and interest, if any, on the Securities shall be made
by the Company in immediately available funds.

    
      
        
           

        

        
           

          
            

          

        

        
          
          

        

      

    

    

    Optional
Redemption

     

    The
Securities are redeemable, at the option of the Company, at any time prior to
maturity in whole or from time to time in part, on a date fixed by the Company
for such redemption (the “Redemption Date”) and at a price (the “Redemption
Price”) equal to 100% of the principal amount thereof plus accrued and unpaid
interest up to but not including the Redemption Date plus a Make-Whole Premium,
if any is required to be paid. However, if the Redemption Date is after a
Regular Record Date and on or prior to the corresponding Interest Payment Date,
the interest will be paid on the Redemption Date to the person in whose name the
Securities are registered at the close of business on the Regular Record Date
and not included in the Redemption Price. The Redemption Price will never be
less than 100% of the principal amount of the Securities plus accrued and unpaid
interest up to but not including the Redemption Date.

     

    The
amount of the Make-Whole Premium is equal to the excess, if any, of: (i) the sum
of the present values, calculated as of the Redemption Date, of :(A) the
remaining scheduled payments of interest on the Securities to be redeemed that
would be due after the Redemption Date but for such redemption (except that, if
such Redemption Date is not an Interest Payment Date, the amount of the next
succeeding scheduled interest payment will be reduced by the amount of interest
accrued thereon to the Redemption Date); and (B) the principal amount that, but
for the redemption, would have been payable at the Stated Maturity; over (ii)
the aggregate principal amount of the Securities being redeemed.

     

    The
present values of interest and principal payments referred to in clause (i)
above will be determined in accordance with generally accepted principles of
financial analysis. Those present values will be calculated by discounting the
amount of each payment of interest or principal from the date that each payment
would have been payable, but for the redemption, to the Redemption Date on a
semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at
a discount rate equal to the Treasury Rate (as defined below) plus 30 basis
points.

    

    ‘‘Treasury
Rate’’ means, with respect to any Redemption Date, the rate per annum equal to
the semiannual equivalent yield to maturity (computed as of the second Business
Day immediately preceding such Redemption Date) of the Comparable Treasury
Issue, assuming a price for the Comparable Treasury Issue (expressed as a
percentage of its principal amount) equal to the Comparable Treasury Price for
such Redemption Date.

     

    ‘‘Comparable
Treasury Issue’’ means the United States Treasury security selected by an
Independent Investment Banker that would be utilized, at the time of selection
and in accordance with customary financial practice, in pricing new issues of
corporate debt securities of comparable maturity to the remaining term of the
Securities.

    
      
        
           

        

        
           

          
            

          

        

        
          
          

        

      

    

     

    ‘‘Independent
Investment Banker’’ means one of the Reference Treasury Dealers appointed by the
Company.

     

    ‘‘Comparable
Treasury Price’’ means, with respect to any Redemption Date, (1) the average of
the bid and asked prices for the Comparable Treasury Issue (expressed in each
case as a percentage of its principal amount) on the third Business Day
preceding such Redemption Date, as set forth in the daily statistical release
(or any successor release) published by the Federal Reserve Bank of New York and
designated ‘‘H.15(519) Selected Interest Rates’’ or (2) if such release (or any
successor release) is not published or does not contain such prices on such
Business Day, (a) the average of the Reference Treasury Dealer Quotations for
such Redemption Date, after excluding the highest and lowest of such Reference
Treasury Dealer Quotations, or (b) if the Trustee obtains fewer than four such
Reference Treasury Dealer Quotations, the average of all Reference Treasury
Dealer Quotations obtained.

     

    ‘‘Reference
Treasury Dealer’’ means Goldman, Sachs & Co. and Lehman Brothers Inc. and
their successors and two other nationally recognized investment banking firms
that are Primary Treasury Dealers specified from time to time by us, except that
if any of the foregoing ceases to be a primary U.S. Government securities dealer
in New York City (a ‘‘Primary Treasury Dealer’’), the Company is required to
designate as a substitute another nationally recognized investment banking firm
that is a Primary Treasury Dealer.

     

    ‘‘Reference
Treasury Dealer Quotations’’ means, with respect to each Reference Treasury
Dealer and any Redemption Date, the average, as determined by the Trustee, of
the bid and asked prices for the Comparable Treasury Issue (expressed in each
case as a percentage of its principal amount) quoted in writing to the Trustee
by such Reference Treasury Dealer as of 3:30 p.m., New York City time, on the
third Business Day preceding such Redemption Date.

     

    On and
after any Redemption Date, interest will cease to accrue on the Securities
called for redemption.  If less than all of the Securities are to be
redeemed, the Trustee will select the Securities to be redeemed by lot, pro rata
or by any other method the Trustee deems fair and appropriate.

     

    Notice of
redemption will be mailed by first class mail at least 30 days but not more than
60 days before the Redemption Date to each Holder of Securities to be redeemed
at its registered address. Securities in denominations larger than $1,000
Principal Amount may be redeemed in part, but only in whole multiples of $1,000.
On and after the Redemption Date, subject to the deposit with the Paying Agent
of funds sufficient to pay the Redemption Price, interest ceases to accrue on
Securities or portions thereof called for redemption.

     

    The
Securities are not entitled to the benefit of any sinking fund or other
mandatory redemption provisions.

    
      
        
           

        

        
           

          
            

          

        

        
          
          

        

      

    

     

    Tax
Additional Amounts

     

    The
Company shall pay any amounts due with respect to the payments on the Security
without deduction or withholding for any and all present and future withholding
taxes, levies, imposts and charges (each, a “Withholding Tax”) imposed by or for
the account of the Cayman Islands or any other jurisdiction in which the Company
is resident for tax purposes or any political subdivision or taxing authority of
such jurisdiction (the “Taxing Jurisdiction”), unless such withholding or
deduction  is required by law.  If such deduction or
withholding is at any time required, the Company will (subject to compliance by
such Holder with any relevant administrative requirements) pay each Holder such
additional amounts (“Tax Additional Amounts”) as will result in such Holders
receipt of such amounts as it would have received had no such withholding or
deduction been required.

     

    If the
Taxing Jurisdiction requires the Company to deduct or withhold any Withholding
Tax, the Company will (subject to compliance by a Holder with any relevant
administrative requirements) pay such Tax Additional Amounts in respect of
principal amount, Redemption Price and interest (if any) in accordance with the
terms of the Security and the Indenture; provided, however, that the foregoing
shall not apply to:

     

    (a)           any
Withholding Tax which would not be payable or due but for the fact that (1) the
Holder of a Security (or a fiduciary, settlor, beneficiary of, member or
shareholder of, such Holder, if such Holder is an estate, trust, partnership or
corporation) is a domiciliary, national or resident of, or engaging in business
or maintaining a permanent establishment or being physically present in, the
Taxing Jurisdiction or otherwise having some present or former connection with
the Taxing Jurisdiction other than the holding or ownership of the Security or
the collection of principal amount, Redemption Price and Interest (if any), in
accordance with the terms of the Security and the Indenture or the enforcement
of the Security or (2) where presentation is required, the Security was
presented more than 30 days after the date such payment became due or was
provided for, whichever is later;

     

    (b)           any
Withholding Tax attributable to any estate, inheritance, gift, sales, transfer,
excise, personal property or similar tax, levy, impost or charge;

     

    (c)           any
Withholding Tax attributable to any tax, levy, impost or charge which is payable
otherwise than by withholding from payment of principal amount, Redemption Price
and interest (if any);

     

    (d)           any
Withholding Tax which would not have been imposed but for the failure to comply
with certification, information, documentation or other reporting requirements
concerning the nationality, residence, identity or connections with the relevant
tax authority of the Holder or beneficial owner of the Security, if this
compliance is required by statute or by regulation as a precondition to relief
or exemption from such Withholding Tax;

    
      
        
           

        

        
           

          
            

          

        

        
          
          

        

      

    

     

    (e)           to
the extent a Holder is entitled to a refund or credit in such Taxing
Jurisdiction of amounts required to be withheld by such Taxing Jurisdiction;
or

     

    (f)           any
combination of the instances described in (a) through (e).

     

    With
respect to clause (e), above, in the absence of evidence satisfactory to the
Company, the Company may conclusively presume that a Holder of a Security is
entitled to a refund or credit of all amounts required to be
withheld.  The Company shall not be required to pay any Tax Additional
Amounts to any Holder of a Security who is a fiduciary or partnership or other
than the sole beneficial owner of the Security to the extent that a beneficiary
or settlor with respect to such fiduciary, or a member of such partnership or a
beneficial owner thereof, would not have been entitled to the payment of such
Tax Additional Amounts had such beneficiary, settlor, member or beneficial owner
been the Holder of the Security.

     

    Transfer

     

    As
provided in the Indenture and subject to certain limitations therein set forth,
the transfer of this Security is registrable in the register of the Securities,
upon surrender of this Security for registration or transfer at the office or
agency in a Place of Payment for Securities of this series, duly endorsed by, or
accompanied by a written instrument of transfer in form reasonably satisfactory
to the Registrar duly executed by the Holder thereof or his attorney duly
authorized in writing, and thereupon one or more new Securities of this series,
of like tenor and of other authorized denominations and for the same aggregate
principal amount, executed by the Company and authenticated and delivered by the
Trustee, will be issued to the designated transferee or
transferees.

     

    The
Securities of this series are issuable only in registered form without coupons
in denominations of $1,000 and any integral multiple thereof. As provided in the
Indenture and subject to certain limitations set forth therein and on the face
of this Security, Securities of this series are exchangeable for a like
aggregate principal amount of Securities of this series of a different
authorized denomination as requested by the Holder surrendering the
same.

     

    No
service charge shall be made for any such registration of transfer or exchange,
but the Company may require payment of a sum sufficient to cover any tax or
other governmental charge payable in connection therewith.

     

    Prior to
due presentment of this Security for registration of transfer, the Company, the
Trustee or any agent of the Company or the Trustee may treat the Person in whose
name this Security is registered as the owner hereof for all purposes, whether
or not this Security be overdue, and neither the Company, the Trustee nor any
such agent shall be affected by notice to the contrary.

    
      
        
           

        

        
           

          
            

          

        

        
          
          

        

      

    

    

    Amendment,
Supplement and Waiver; Limitation on Suits

     

    The
Indenture permits, with certain exceptions as therein provided, the amendment
thereof and the modification of the rights and obligations of the Company and
the rights of the Holders of the Securities of each series to be affected under
the Indenture at any time by the Company and the Trustee with the consent of the
Holders of at least a majority in principal amount of the then outstanding
Securities of all series affected (acting as one class). The Indenture also
contains provisions permitting the Holders of at least a majority in principal
amount of the then outstanding Securities of any series or of all series (acting
as one class), to waive compliance by the Company with certain existing or past
defaults under the Indenture and their consequences. Any such consent or waiver
by the Holder of this Security shall be conclusive and binding upon such Holder
and upon all future Holders of this Security and of any Security issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not notation of such consent or waiver is made upon this
Security.

     

    Subject
to the right of the Holder of any Securities of this series to institute
proceedings to enforce the Holder’s right to receive payment of the principal
thereof and interest thereon (or repurchase price thereof) and any Tax
Additional Amounts with respect thereto and to receive shares on conversion, no
Holder of the Securities of this series shall have any right to institute any
proceeding, judicial or otherwise, with respect to the Indenture, or for the
appointment of a receiver or trustee, or for any other remedy thereunder,
unless

     

    (1)           such
Holder has previously given written notice to the Trustee of a continuing Event
of Default;

     

    (2)           the
Holders of not less than 25% in principal amount of the then Outstanding
Securities of this series shall have made written request to the Trustee to
pursue the remedy;

     

    (3)           such
Holder or Holders offer to the Trustee indemnity satisfactory to the Trustee
against any loss, liability or expense to be incurred in compliance with such
request;

     

    (4)           the
Trustee for 60 days after its receipt of such request and offer of indemnity has
failed to institute any such proceeding; and

     

    (5)           no
direction inconsistent with such written request has been given to the Trustee
during such 60-day period by the Holders of a majority in principal amount of
the then outstanding Securities of this series;

     

    it being
understood and intended that no one or more of such Holders shall have the right
in any manner whatever by virtue of, or by availing of, any provision of the
Indenture to affect, disturb or prejudice the rights of any other of such
Holders, or to obtain or to seek to obtain priority or preference over any other
of such Holders or to enforce any right under the Indenture, except in the
manner herein provided and for the equal and ratable benefit of all of such
Holders.

    
      
        
           

        

        
           

          
            

          

        

        
          
          

        

      

    

     

    Successor
Corporation

     

    When a
successor Person assumes all the obligations of its predecessor under the
Securities and the Indenture in accordance with the terms and conditions of the
Indenture, the predecessor Person will (except in certain circumstances
specified in the Indenture) be released from those obligations.

     

    Defaults
and Remedies

     

    If an
Event of Default with respect to Securities of this series shall occur and be
continuing, all unpaid Principal Amount plus accrued and unpaid interest through
the acceleration date of the Securities of this series may be declared due and
payable in the manner and with the effect provided in the
Indenture.

     

    No
Recourse Against Others

     

    No
recourse shall be had for the payment of the principal of or the interest, if
any, on this Security, for any claim based hereon, or otherwise in respect
hereof, or based on or in respect of the Indenture or any indenture supplemental
thereto, against any incorporator, shareholder, officer or director, as such,
past, present or future, of the Company or of any successor corporation, whether
by virtue of any constitution, statute or rule of law or by the enforcement of
any assessment of penalty or otherwise, all such liability being, by acceptance
hereof and as part of the consideration for the issue hereof, expressly waived
and released.

     

    Indenture
to Control; Governing Law

     

    In the
case of any conflict between the provisions of this Security and the Indenture,
the provisions of the Indenture shall control.

     

    THE
INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK, BUT WITHOUT GIVING EFFECT TO THE
APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THE APPLICATION OF THE
LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

     

    Definitions

     

    All terms
defined in the Indenture and used in this Security but not specifically defined
herein are used herein as so defined.

    
      
         

      

      
         

        
          

        

      

      
        
        

      

    

     

    Annex
B

    

    [FORM
OF GLOBAL SECURITY]

     

    UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

     

    UNLESS
AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR THE INDIVIDUAL SECURITIES
REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A
WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE
DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE
DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH
SUCCESSOR DEPOSITARY.

     

    6.00%
SENIOR NOTE DUE MARCH 15, 2018

    

    TRANSOCEAN
INC.

     

    
      	
              Issue
      Date: December 11, 2007

            	
              Maturity:
      March 15, 2018

            
	
              Principal
      Amount: $

            	
              CUSIP:
      893830 AS8

            
	 
      	
              ISIN:
      US893830AS85

            
	
              Registered:  No.
      R-

            	 
      

    

    

    Transocean
Inc., a Cayman Islands exempted company limited by shares (herein called the
“Company”, which term includes any successor corporation under the indenture
hereinafter referred to), for value received, hereby promises to pay to Cede
& Co., or registered assigns, the principal sum of [] Dollars ($) on March
15, 2018 and to pay interest thereon and Tax Additional Amounts, if any, in
immediately available funds as specified on the reverse of this
Security.

     

    Payment
of the principal of and interest on and Tax Additional Amounts, if any, with
respect to this Security will be made at the office or agency of the Company
maintained for that purpose in The City of New York, New  York or Fort
Worth, Texas in such coin or currency of the United States of America as at the
time of payment is legal tender for payment of public and private debts; provided, however, that at the option
of the Company, payment of interest and Tax Additional Amounts, if any, may be
made by check mailed to the address of the Person entitled thereto as such
address shall appear in the register of Securities or by wire transfer of
immediately available funds to the accounts designated by the Holder of this
Security.

    
      
         

      

      
         

        
          

        

      

      
        
        

      

    

     

    Reference
is hereby made to the further provisions of this Security set forth on the
reverse hereof, which further provisions shall for all purposes have the same
effect as if set forth at this place.

     

    Unless
the certificate of authentication hereon has been executed by the Trustee
referred to on the reverse hereof by manual signature, this Security shall not
be entitled to any benefit under the Indenture or be valid or obligatory for any
purpose.

     

    IN
WITNESS WHEREOF, the Company has caused this instrument to be duly
executed.

     

    
      	
              Dated:

            	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
              TRANSOCEAN
      INC.

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By:

            	 
      
	 
      	 
      	
              Name:

            
	 
      	 
      	
              Title:

            
	 
      	 
      	 
      
	
              Attest:

            	 
      	 
      
	 	
               

            	 
      	 
      
	
              Assistant

            	 
      	
              Secretary

            

    

    

      
        
           

        

        
           

          
            

          

        

        
          
          

        

      

    

    

    TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

    

    This is
one of the Securities of the series designated therein referred to in the
within-mentioned Indenture.

     

    
      	 
      	
              WELLS
      FARGO BANK, NATIONAL ASSOCIATION, as Trustee

            
	 	 
	 	 
	 
      	
               

            
	 
      	
              Authorized
      Signatory

            
	 
      	 
      
	 
      	 
      
	
              Date
      of Authentication: _____________________

            	 
      

    

    

      
        
           

        

        
           

          
            

          

        

        
          
          

        

      

    

    

    [Reverse
of Security]

    

    TRANSOCEAN
INC.

    

    6.00%
SENIOR NOTES DUE MARCH 15, 2018

    This
Security is one of a duly authorized issue of senior securities of the Company
issued and to be issued in one or more series under an Indenture, dated as of
December 11, 2007, as amended by the First Supplemental Indenture thereto dated
as of December 11, 2007, and the Second Supplemental Indenture thereto dated as
of December 11, 2007 (as so amended, herein called the “Indenture”), between the
Company and Wells Fargo Bank, National Association, as trustee (herein called
the “Trustee”, which term includes any successor trustee under the Indenture),
or their respective predecessors, as applicable, to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of
the Company, the Trustee and the Holders of the Securities and of the terms upon
which the Securities are, and are to be, authenticated and delivered. This
Security is one of the series designated on the face hereof, which is initially
in the aggregate principal amount of $1,000,000,000.  As used herein,
the term “Securities” means securities of the series designated on the face
hereof except that, where the context requires that such term be construed as
including another series of securities (e.g., where phrases such as
“Securities of each series” or Securities of any series” or similar phrases are
used), the term “Securities” means securities of any series issued or to be
issued under the Indenture.

     

    The
Company may, without the consent of the existing holders of the Securities,
issue additional Securities having the same ranking and the same interest rate,
maturity and other terms as the Securities.  Any additional Securities
having such similar terms, together with the Securities, will constitute a
single series of Securities under the Indenture.

     

    Interest

     

    The rate
at which this Security shall bear interest shall be 6.00% per
annum.  The date from which interest shall accrue for this Security
shall be December 11, 2007.  The Interest Payment Dates on which
interest on this Security shall be payable are March 15 and September 15 of each
year, commencing on March 15, 2008.  The Regular Record Date for the
interest payable on this Security on any Interest Payment Date shall be the
March 1 or September 1, as the case may be, immediately preceding such Interest
Payment Date.  Interest will cease to accrue on this Security upon its
maturity, conversion, purchase by the Company at the option of a holder or
redemption.

     

    Method
of Payment

     

    Payments
in respect of principal of and interest, if any, on the Securities shall be made
by the Company in immediately available funds.

    
      
         

      

      
         

        
          

        

      

      
        
        

      

    

     

    Optional
Redemption

     

    1The
Securities are redeemable, at the option of the Company, at any time prior to
maturity in whole or from time to time in part, on a date fixed by the Company
for such redemption (the “Redemption Date”) and at a price (the “Redemption
Price”) equal to 100% of the principal amount thereof plus accrued and unpaid
interest up to but not including the Redemption Date plus a Make-Whole Premium,
if any is required to be paid. However, if the Redemption Date is after a
Regular Record Date and on or prior to the corresponding Interest Payment Date,
the interest will be paid on the Redemption Date to the person in whose name the
Securities are registered at the close of business on the Regular Record Date
and not included in the Redemption Price. The Redemption Price will never be
less than 100% of the principal amount of the Securities plus accrued and unpaid
interest up to but not including the Redemption Date.

     

    The
amount of the Make-Whole Premium is equal to the excess, if any, of: (i) the sum
of the present values, calculated as of the Redemption Date, of :(A) the
remaining scheduled payments of interest on the Securities to be redeemed that
would be due after the Redemption Date but for such redemption (except that, if
such Redemption Date is not an Interest Payment Date, the amount of the next
succeeding scheduled interest payment will be reduced by the amount of interest
accrued thereon to the Redemption Date); and (B) the principal amount that, but
for the redemption, would have been payable at the Stated Maturity; over (ii)
the aggregate principal amount of the Securities being redeemed.

     

    The present values of interest and
principal payments referred to in clause (i) above will be determined in
accordance with generally accepted principles of financial analysis. Those
present values will be calculated by discounting the amount of each payment of
interest or principal from the date that each payment would have been payable,
but for the redemption, to the Redemption Date on a semiannual basis (assuming a
360-day year consisting of twelve 30-day months) at a discount rate equal to the
Treasury Rate (as defined below) plus 35 basis points.

    

    ‘‘Treasury
Rate’’ means, with respect to any Redemption Date, the rate per annum equal to
the semiannual equivalent yield to maturity (computed as of the second Business
Day immediately preceding such Redemption Date) of the Comparable Treasury
Issue, assuming a price for the Comparable Treasury Issue (expressed as a
percentage of its principal amount) equal to the Comparable Treasury Price for
such Redemption Date.

     

    ‘‘Comparable
Treasury Issue’’ means the United States Treasury security selected by an
Independent Investment Banker that would be utilized, at the time of selection
and in accordance with customary financial practice, in pricing new issues of
corporate debt securities of comparable maturity to the remaining term of the
Securities.

     

    ‘‘Independent
Investment Banker’’ means one of the Reference Treasury Dealers appointed by the
Company.

    
      
         

      

      
         

        
          

        

      

      
        
        

      

    

     

    ‘‘Comparable
Treasury Price’’ means, with respect to any Redemption Date, (1) the average of
the bid and asked prices for the Comparable Treasury Issue (expressed in each
case as a percentage of its principal amount) on the third Business Day
preceding such Redemption Date, as set forth in the daily statistical release
(or any successor release) published by the Federal Reserve Bank of New York and
designated ‘‘H.15(519) Selected Interest Rates’’ or (2) if such release (or any
successor release) is not published or does not contain such prices on such
Business Day, (a) the average of the Reference Treasury Dealer Quotations for
such Redemption Date, after excluding the highest and lowest of such Reference
Treasury Dealer Quotations, or (b) if the Trustee obtains fewer than four such
Reference Treasury Dealer Quotations, the average of all Reference Treasury
Dealer Quotations obtained.

     

    ‘‘Reference
Treasury Dealer’’ means Goldman, Sachs & Co. and Lehman Brothers Inc. and
their successors and two other nationally recognized investment banking firms
that are Primary Treasury Dealers specified from time to time by us, except that
if any of the foregoing ceases to be a primary U.S. Government securities dealer
in New York City (a ‘‘Primary Treasury Dealer’’), the Company is required to
designate as a substitute another nationally recognized investment banking firm
that is a Primary Treasury Dealer.

     

    ‘‘Reference
Treasury Dealer Quotations’’ means, with respect to each Reference Treasury
Dealer and any Redemption Date, the average, as determined by the Trustee, of
the bid and asked prices for the Comparable Treasury Issue (expressed in each
case as a percentage of its principal amount) quoted in writing to the Trustee
by such Reference Treasury Dealer as of 3:30 p.m., New York City time, on the
third Business Day preceding such Redemption Date.

     

    On and
after any Redemption Date, interest will cease to accrue on the Securities
called for redemption.  If less than all of the Securities are to be
redeemed, the Trustee will select the Securities to be redeemed by lot, pro rata
or by any other method the Trustee deems fair and appropriate.

     

    Notice of
redemption will be mailed by first class mail at least 30 days but not more than
60 days before the Redemption Date to each Holder of Securities to be redeemed
at its registered address. Securities in denominations larger than $1,000
Principal Amount may be redeemed in part, but only in whole multiples of $1,000.
On and after the Redemption Date, subject to the deposit with the Paying Agent
of funds sufficient to pay the Redemption Price, interest ceases to accrue on
Securities or portions thereof called for redemption.

     

    The
Securities are not entitled to the benefit of any sinking fund or other
mandatory redemption provisions.

    
      
         

      

      
         

        
          

        

      

      
        
        

      

    

     

    Tax
Additional Amounts

     

    The
Company shall pay any amounts due with respect to the payments on the Security
without deduction or withholding for any and all present and future withholding
taxes, levies, imposts and charges (each, a “Withholding Tax”) imposed by or for
the account of the Cayman Islands or any other jurisdiction in which the Company
is resident for tax purposes or any political subdivision or taxing authority of
such jurisdiction (the “Taxing Jurisdiction”), unless such withholding or
deduction  is required by law.  If such deduction or
withholding is at any time required, the Company will (subject to compliance by
such Holder with any relevant administrative requirements) pay each Holder such
additional amounts (“Tax Additional Amounts”) as will result in such Holders
receipt of such amounts as it would have received had no such withholding or
deduction been required.

     

    If the
Taxing Jurisdiction requires the Company to deduct or withhold any Withholding
Tax, the Company will (subject to compliance by a Holder with any relevant
administrative requirements) pay such Tax Additional Amounts in respect of
principal amount, Redemption Price and interest (if any) in accordance with the
terms of the Security and the Indenture; provided, however, that the foregoing
shall not apply to:

     

    (a)           any
Withholding Tax which would not be payable or due but for the fact that (1) the
Holder of a Security (or a fiduciary, settlor, beneficiary of, member or
shareholder of, such Holder, if such Holder is an estate, trust, partnership or
corporation) is a domiciliary, national or resident of, or engaging in business
or maintaining a permanent establishment or being physically present in, the
Taxing Jurisdiction or otherwise having some present or former connection with
the Taxing Jurisdiction other than the holding or ownership of the Security or
the collection of principal amount, Redemption Price and Interest (if any), in
accordance with the terms of the Security and the Indenture or the enforcement
of the Security or (2) where presentation is required, the Security was
presented more than 30 days after the date such payment became due or was
provided for, whichever is later;

     

    (b)           any
Withholding Tax attributable to any estate, inheritance, gift, sales, transfer,
excise, personal property or similar tax, levy, impost or charge;

     

    (c)           any
Withholding Tax attributable to any tax, levy, impost or charge which is payable
otherwise than by withholding from payment of principal amount, Redemption Price
and interest (if any);

     

    (d)           any
Withholding Tax which would not have been imposed but for the failure to comply
with certification, information, documentation or other reporting requirements
concerning the nationality, residence, identity or connections with the relevant
tax authority of the Holder or beneficial owner of the Security, if this
compliance is required by statute or by regulation as a precondition to relief
or exemption from such Withholding Tax;

    
      
         

      

      
         

        
          

        

      

      
        
        

      

    

     

    (e)           to
the extent a Holder is entitled to a refund or credit in such Taxing
Jurisdiction of amounts required to be withheld by such Taxing Jurisdiction;
or

     

    (f)           any
combination of the instances described in (a) through (e).

     

    With
respect to clause (e), above, in the absence of evidence satisfactory to the
Company, the Company may conclusively presume that a Holder of a Security is
entitled to a refund or credit of all amounts required to be
withheld.  The Company shall not be required to pay any Tax Additional
Amounts to any Holder of a Security who is a fiduciary or partnership or other
than the sole beneficial owner of the Security to the extent that a beneficiary
or settlor with respect to such fiduciary, or a member of such partnership or a
beneficial owner thereof, would not have been entitled to the payment of such
Tax Additional Amounts had such beneficiary, settlor, member or beneficial owner
been the Holder of the Security.

     

    Transfer

     

    As
provided in the Indenture and subject to certain limitations therein set forth,
the transfer of this Security is registrable in the register of the Securities,
upon surrender of this Security for registration or transfer at the office or
agency in a Place of Payment for Securities of this series, duly endorsed by, or
accompanied by a written instrument of transfer in form reasonably satisfactory
to the Registrar duly executed by the Holder thereof or his attorney duly
authorized in writing, and thereupon one or more new Securities of this series,
of like tenor and of other authorized denominations and for the same aggregate
principal amount, executed by the Company and authenticated and delivered by the
Trustee, will be issued to the designated transferee or
transferees.

     

    The
Securities of this series are issuable only in registered form without coupons
in denominations of $1,000 and any integral multiple thereof. As provided in the
Indenture and subject to certain limitations set forth therein and on the face
of this Security, Securities of this series are exchangeable for a like
aggregate principal amount of Securities of this series of a different
authorized denomination as requested by the Holder surrendering the
same.

     

    No
service charge shall be made for any such registration of transfer or exchange,
but the Company may require payment of a sum sufficient to cover any tax or
other governmental charge payable in connection therewith.

     

    Prior to
due presentment of this Security for registration of transfer, the Company, the
Trustee or any agent of the Company or the Trustee may treat the Person in whose
name this Security is registered as the owner hereof for all purposes, whether
or not this Security be overdue, and neither the Company, the Trustee nor any
such agent shall be affected by notice to the contrary.

    
      
         

      

      
         

        
          

        

      

      
        
        

      

    

     

    Amendment,
Supplement and Waiver; Limitation on Suits

     

    The
Indenture permits, with certain exceptions as therein provided, the amendment
thereof and the modification of the rights and obligations of the Company and
the rights of the Holders of the Securities of each series to be affected under
the Indenture at any time by the Company and the Trustee with the consent of the
Holders of at least a majority in principal amount of the then outstanding
Securities of all series affected (acting as one class). The Indenture also
contains provisions permitting the Holders of at least a majority in principal
amount of the then outstanding Securities of any series or of all series (acting
as one class), to waive compliance by the Company with certain existing or past
defaults under the Indenture and their consequences. Any such consent or waiver
by the Holder of this Security shall be conclusive and binding upon such Holder
and upon all future Holders of this Security and of any Security issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not notation of such consent or waiver is made upon this
Security.

     

    Subject
to the right of the Holder of any Securities of this series to institute
proceedings to enforce the Holder’s right to receive payment of the principal
thereof and interest thereon (or repurchase price thereof) and any Tax
Additional Amounts with respect thereto and to receive shares on conversion, no
Holder of the Securities of this series shall have any right to institute any
proceeding, judicial or otherwise, with respect to the Indenture, or for the
appointment of a receiver or trustee, or for any other remedy thereunder,
unless

     

    (1)           such
Holder has previously given written notice to the Trustee of a continuing Event
of Default;

     

    (2)           the
Holders of not less than 25% in principal amount of the then Outstanding
Securities of this series shall have made written request to the Trustee to
pursue the remedy;

     

    (3)           such
Holder or Holders offer to the Trustee indemnity satisfactory to the Trustee
against any loss, liability or expense to be incurred in compliance with such
request;

     

    (4)           the
Trustee for 60 days after its receipt of such request and offer of indemnity has
failed to institute any such proceeding; and

     

    (5)           no
direction inconsistent with such written request has been given to the Trustee
during such 60-day period by the Holders of a majority in principal amount of
the then outstanding Securities of this series;

     

    it being
understood and intended that no one or more of such Holders shall have the right
in any manner whatever by virtue of, or by availing of, any provision of the
Indenture to affect, disturb or prejudice the rights of any other of such
Holders, or to obtain or to seek to obtain priority or preference over any other
of such Holders or to enforce any right under the Indenture, except in the
manner herein provided and for the equal and ratable benefit of all of such
Holders.

    
      
         

      

      
         

        
          

        

      

      
        
        

      

    

     

    Successor
Corporation

     

    When a
successor Person assumes all the obligations of its predecessor under the
Securities and the Indenture in accordance with the terms and conditions of the
Indenture, the predecessor Person will (except in certain circumstances
specified in the Indenture) be released from those obligations.

     

    Defaults
and Remedies

     

    If an
Event of Default with respect to Securities of this series shall occur and be
continuing, all unpaid Principal Amount plus accrued and unpaid interest through
the acceleration date of the Securities of this series may be declared due and
payable in the manner and with the effect provided in the
Indenture.

     

    No
Recourse Against Others

     

    No
recourse shall be had for the payment of the principal of or the interest, if
any, on this Security, for any claim based hereon, or otherwise in respect
hereof, or based on or in respect of the Indenture or any indenture supplemental
thereto, against any incorporator, shareholder, officer or director, as such,
past, present or future, of the Company or of any successor corporation, whether
by virtue of any constitution, statute or rule of law or by the enforcement of
any assessment of penalty or otherwise, all such liability being, by acceptance
hereof and as part of the consideration for the issue hereof, expressly waived
and released.

     

    Indenture
to Control; Governing Law

     

    In the
case of any conflict between the provisions of this Security and the Indenture,
the provisions of the Indenture shall control.

     

    THE
INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK, BUT WITHOUT GIVING EFFECT TO THE
APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THE APPLICATION OF THE
LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

     

    Definitions

     

    All terms
defined in the Indenture and used in this Security but not specifically defined
herein are used herein as so defined.

    
      
         

      

      
         

        
          

        

      

      
        
        

      

    

    Annex
C

    

    

    [FORM
OF GLOBAL SECURITY]

    

    144 UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

     

    145 UNLESS
AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR THE INDIVIDUAL SECURITIES
REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A
WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE
DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE
DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH
SUCCESSOR DEPOSITARY.

     

    6.80%
SENIOR NOTE DUE MARCH 15, 2038

    

    TRANSOCEAN
INC.

    

    
      	
              Issue
      Date: December 11, 2007

            	
              Maturity:
      March 15, 2038

            
	
              Principal
      Amount: $

            	
              CUSIP:
      893830 AT6

            
	 
      	
              ISIN:
      US893830AT68

            
	
              Registered:  No.
      R-

            	 
      

    

    

    Transocean
Inc., a Cayman Islands exempted company limited by shares (herein called the
“Company”, which term includes any successor corporation under the indenture
hereinafter referred to), for value received, hereby promises to pay to Cede
& Co., or registered assigns, the principal sum of [] Dollars ($) on March
15, 2038 and to pay interest thereon and Tax Additional Amounts, if any, in
immediately available funds as specified on the reverse of this
Security.

     

    Payment
of the principal of and interest on and Tax Additional Amounts, if any, with
respect to this Security will be made at the office or agency of the Company
maintained for that purpose in The City of New York, New  York or Fort
Worth, Texas in such coin or currency of the United States of America as at the
time of payment is legal tender for payment of public and private debts; provided, however, that at the option
of the Company, payment of interest and Tax Additional Amounts, if any, may be
made by check mailed to the address of the Person entitled thereto as such
address shall appear in the register of Securities or by wire transfer of
immediately available funds to the accounts designated by the Holder of this
Security.

    
      
         

      

      
         

        
          

        

      

      
        
        

      

    

     

    Reference
is hereby made to the further provisions of this Security set forth on the
reverse hereof, which further provisions shall for all purposes have the same
effect as if set forth at this place.

     

    Unless
the certificate of authentication hereon has been executed by the Trustee
referred to on the reverse hereof by manual signature, this Security shall not
be entitled to any benefit under the Indenture or be valid or obligatory for any
purpose.

     

    IN
WITNESS WHEREOF, the Company has caused this instrument to be duly
executed.

     

    
      	
              Dated:

            	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
              TRANSOCEAN
      INC.

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 	
              By:

            	 
      
	 
      	 
      	
              Name:

            
	 
      	 
      	
              Title:

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	
              Attest:

            	 
      	 
      
	 
      	 
      	 
      
	 	 	 
	
              Assistant
      Secretary

            

    

    

      
        
           

        

        
           

          
            

          

        

        
          
          

        

      

    

    TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

    

    This is
one of the Securities of the series designated therein referred to in the
within-mentioned Indenture.

     

    
      	 
      	 
      	
              WELLS
      FARGO BANK, NATIONAL ASSOCIATION, as Trustee

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
              Authorized
      Signatory

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	
              Date
      of Authentication:____________________________________

            	 
      

    

    

      
        
           

        

        
           

          
            

          

        

        
          
          

        

      

    

    

    [Reverse
of Security]

    

    TRANSOCEAN
INC.

    

    6.80%
SENIOR NOTES DUE MARCH 15, 2038

    This
Security is one of a duly authorized issue of senior securities of the Company
issued and to be issued in one or more series under an Indenture, dated as of
December 11, 2007, as amended by the First Supplemental Indenture thereto dated
as of December 11, 2007, and the Second Supplemental Indenture thereto dated as
of December 11, 2007 (as so amended, herein called the “Indenture”), between the
Company and Wells Fargo Bank, National Association, as trustee (herein called
the “Trustee”, which term includes any successor trustee under the Indenture),
or their respective predecessors, as applicable, to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of
the Company, the Trustee and the Holders of the Securities and of the terms upon
which the Securities are, and are to be, authenticated and delivered. This
Security is one of the series designated on the face hereof, which is initially
in the aggregate principal amount of $1,000,000,000.  As used herein,
the term “Securities” means securities of the series designated on the face
hereof except that, where the context requires that such term be construed as
including another series of securities (e.g., where phrases such as
“Securities of each series” or Securities of any series” or similar phrases are
used), the term “Securities” means securities of any series issued or to be
issued under the Indenture.

     

    The
Company may, without the consent of the existing holders of the Securities,
issue additional Securities having the same ranking and the same interest rate,
maturity and other terms as the Securities.  Any additional Securities
having such similar terms, together with the Securities, will constitute a
single series of Securities under the Indenture.

     

    Interest

     

    The rate
at which this Security shall bear interest shall be 6.80% per
annum.  The date from which interest shall accrue for this Security
shall be December 11, 2007.  The Interest Payment Dates on which
interest on this Security shall be payable are March 15 and September 15 of each
year, commencing on March 15, 2008.  The Regular Record Date for the
interest payable on this Security on any Interest Payment Date shall be the
March 1 or September 1, as the case may be, immediately preceding such Interest
Payment Date.  Interest will cease to accrue on this Security upon its
maturity, conversion, purchase by the Company at the option of a holder or
redemption.

     

    Method
of Payment

     

    Payments
in respect of principal of and interest, if any, on the Securities shall be made
by the Company in immediately available funds.

    
      
         

      

      
         

        
          

        

      

      
        
        

      

    

     

    Optional
Redemption

     

    The
Securities are redeemable, at the option of the Company, at any time prior to
maturity in whole or from time to time in part, on a date fixed by the Company
for such redemption (the “Redemption Date”) and at a price (the “Redemption
Price”) equal to 100% of the principal amount thereof plus accrued and unpaid
interest up to but not including the Redemption Date plus a Make-Whole Premium,
if any is required to be paid. However, if the Redemption Date is after a
Regular Record Date and on or prior to the corresponding Interest Payment Date,
the interest will be paid on the Redemption Date to the person in whose name the
Securities are registered at the close of business on the Regular Record Date
and not included in the Redemption Price. The Redemption Price will never be
less than 100% of the principal amount of the Securities plus accrued and unpaid
interest up to but not including the Redemption Date.

     

    The
amount of the Make-Whole Premium is equal to the excess, if any, of: (i) the sum
of the present values, calculated as of the Redemption Date, of :(A) the
remaining scheduled payments of interest on the Securities to be redeemed that
would be due after the Redemption Date but for such redemption (except that, if
such Redemption Date is not an Interest Payment Date, the amount of the next
succeeding scheduled interest payment will be reduced by the amount of interest
accrued thereon to the Redemption Date); and (B) the principal amount that, but
for the redemption, would have been payable at the Stated Maturity; over (ii)
the aggregate principal amount of the Securities being redeemed.

     

    The
present values of interest and principal payments referred to in clause (i)
above will be determined in accordance with generally accepted principles of
financial analysis. Those present values will be calculated by discounting the
amount of each payment of interest or principal from the date that each payment
would have been payable, but for the redemption, to the Redemption Date on a
semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at
a discount rate equal to the Treasury Rate (as defined below) plus 40 basis
points.

    

    ‘‘Treasury
Rate’’ means, with respect to any Redemption Date, the rate per annum equal to
the semiannual equivalent yield to maturity (computed as of the second Business
Day immediately preceding such Redemption Date) of the Comparable Treasury
Issue, assuming a price for the Comparable Treasury Issue (expressed as a
percentage of its principal amount) equal to the Comparable Treasury Price for
such Redemption Date.

     

    ‘‘Comparable
Treasury Issue’’ means the United States Treasury security selected by an
Independent Investment Banker that would be utilized, at the time of selection
and in accordance with customary financial practice, in pricing new issues of
corporate debt securities of comparable maturity to the remaining term of the
Securities.

     

    ‘‘Independent
Investment Banker’’ means one of the Reference Treasury Dealers appointed by the
Company.

    
      
         

      

      
         

        
          

        

      

      
        
        

      

    

     

    ‘‘Comparable
Treasury Price’’ means, with respect to any Redemption Date, (1) the average of
the bid and asked prices for the Comparable Treasury Issue (expressed in each
case as a percentage of its principal amount) on the third Business Day
preceding such Redemption Date, as set forth in the daily statistical release
(or any successor release) published by the Federal Reserve Bank of New York and
designated ‘‘H.15(519) Selected Interest Rates’’ or (2) if such release (or any
successor release) is not published or does not contain such prices on such
Business Day, (a) the average of the Reference Treasury Dealer Quotations for
such Redemption Date, after excluding the highest and lowest of such Reference
Treasury Dealer Quotations, or (b) if the Trustee obtains fewer than four such
Reference Treasury Dealer Quotations, the average of all Reference Treasury
Dealer Quotations obtained.

     

    ‘‘Reference
Treasury Dealer’’ means Goldman, Sachs & Co. and Lehman Brothers Inc. and
their successors and two other nationally recognized investment banking firms
that are Primary Treasury Dealers specified from time to time by us, except that
if any of the foregoing ceases to be a primary U.S. Government securities dealer
in New York City (a ‘‘Primary Treasury Dealer’’), the Company is required to
designate as a substitute another nationally recognized investment banking firm
that is a Primary Treasury Dealer.

     

    ‘‘Reference
Treasury Dealer Quotations’’ means, with respect to each Reference Treasury
Dealer and any Redemption Date, the average, as determined by the Trustee, of
the bid and asked prices for the Comparable Treasury Issue (expressed in each
case as a percentage of its principal amount) quoted in writing to the Trustee
by such Reference Treasury Dealer as of 3:30 p.m., New York City time, on the
third Business Day preceding such Redemption Date.

     

    On and
after any Redemption Date, interest will cease to accrue on the Securities
called for redemption.  If less than all of the Securities are to be
redeemed, the Trustee will select the Securities to be redeemed by lot, pro rata
or by any other method the Trustee deems fair and appropriate.

     

    Notice of
redemption will be mailed by first class mail at least 30 days but not more than
60 days before the Redemption Date to each Holder of Securities to be redeemed
at its registered address. Securities in denominations larger than $1,000
Principal Amount may be redeemed in part, but only in whole multiples of $1,000.
On and after the Redemption Date, subject to the deposit with the Paying Agent
of funds sufficient to pay the Redemption Price, interest ceases to accrue on
Securities or portions thereof called for redemption.

     

    The
Securities are not entitled to the benefit of any sinking fund or other
mandatory redemption provisions.

    
      
         

      

      
         

        
          

        

      

      
        
        

      

    

     

    Tax
Additional Amounts

     

    The
Company shall pay any amounts due with respect to the payments on the Security
without deduction or withholding for any and all present and future withholding
taxes, levies, imposts and charges (each, a “Withholding Tax”) imposed by or for
the account of the Cayman Islands or any other jurisdiction in which the Company
is resident for tax purposes or any political subdivision or taxing authority of
such jurisdiction (the “Taxing Jurisdiction”), unless such withholding or
deduction  is required by law.  If such deduction or
withholding is at any time required, the Company will (subject to compliance by
such Holder with any relevant administrative requirements) pay each Holder such
additional amounts (“Tax Additional Amounts”) as will result in such Holders
receipt of such amounts as it would have received had no such withholding or
deduction been required.

     

    If the
Taxing Jurisdiction requires the Company to deduct or withhold any Withholding
Tax, the Company will (subject to compliance by a Holder with any relevant
administrative requirements) pay such Tax Additional Amounts in respect of
principal amount, Redemption Price and interest (if any) in accordance with the
terms of the Security and the Indenture; provided, however, that the foregoing
shall not apply to:

     

    (a)           any
Withholding Tax which would not be payable or due but for the fact that (1) the
Holder of a Security (or a fiduciary, settlor, beneficiary of, member or
shareholder of, such Holder, if such Holder is an estate, trust, partnership or
corporation) is a domiciliary, national or resident of, or engaging in business
or maintaining a permanent establishment or being physically present in, the
Taxing Jurisdiction or otherwise having some present or former connection with
the Taxing Jurisdiction other than the holding or ownership of the Security or
the collection of principal amount, Redemption Price and Interest (if any), in
accordance with the terms of the Security and the Indenture or the enforcement
of the Security or (2) where presentation is required, the Security was
presented more than 30 days after the date such payment became due or was
provided for, whichever is later;

     

    (b)           any
Withholding Tax attributable to any estate, inheritance, gift, sales, transfer,
excise, personal property or similar tax, levy, impost or charge;

     

    (c)           any
Withholding Tax attributable to any tax, levy, impost or charge which is payable
otherwise than by withholding from payment of principal amount, Redemption Price
and interest (if any);

     

    (d)           any
Withholding Tax which would not have been imposed but for the failure to comply
with certification, information, documentation or other reporting requirements
concerning the nationality, residence, identity or connections with the relevant
tax authority of the Holder or beneficial owner of the Security, if this
compliance is required by statute or by regulation as a precondition to relief
or exemption from such Withholding Tax;

    
      
         

      

      
         

        
          

        

      

      
        
        

      

    

     

    (e)           to
the extent a Holder is entitled to a refund or credit in such Taxing
Jurisdiction of amounts required to be withheld by such Taxing Jurisdiction;
or

     

    (f)           any
combination of the instances described in (a) through (e).

     

    With
respect to clause (e), above, in the absence of evidence satisfactory to the
Company, the Company may conclusively presume that a Holder of a Security is
entitled to a refund or credit of all amounts required to be
withheld.  The Company shall not be required to pay any Tax Additional
Amounts to any Holder of a Security who is a fiduciary or partnership or other
than the sole beneficial owner of the Security to the extent that a beneficiary
or settlor with respect to such fiduciary, or a member of such partnership or a
beneficial owner thereof, would not have been entitled to the payment of such
Tax Additional Amounts had such beneficiary, settlor, member or beneficial owner
been the Holder of the Security.

     

    Transfer

     

    As
provided in the Indenture and subject to certain limitations therein set forth,
the transfer of this Security is registrable in the register of the Securities,
upon surrender of this Security for registration or transfer at the office or
agency in a Place of Payment for Securities of this series, duly endorsed by, or
accompanied by a written instrument of transfer in form reasonably satisfactory
to the Registrar duly executed by the Holder thereof or his attorney duly
authorized in writing, and thereupon one or more new Securities of this series,
of like tenor and of other authorized denominations and for the same aggregate
principal amount, executed by the Company and authenticated and delivered by the
Trustee, will be issued to the designated transferee or
transferees.

     

    The
Securities of this series are issuable only in registered form without coupons
in denominations of $1,000 and any integral multiple thereof. As provided in the
Indenture and subject to certain limitations set forth therein and on the face
of this Security, Securities of this series are exchangeable for a like
aggregate principal amount of Securities of this series of a different
authorized denomination as requested by the Holder surrendering the
same.

     

    No
service charge shall be made for any such registration of transfer or exchange,
but the Company may require payment of a sum sufficient to cover any tax or
other governmental charge payable in connection therewith.

     

    Prior to
due presentment of this Security for registration of transfer, the Company, the
Trustee or any agent of the Company or the Trustee may treat the Person in whose
name this Security is registered as the owner hereof for all purposes, whether
or not this Security be overdue, and neither the Company, the Trustee nor any
such agent shall be affected by notice to the contrary.

    
      
         

      

      
         

        
          

        

      

      
        
        

      

    

     

    Amendment,
Supplement and Waiver; Limitation on Suits

     

    The
Indenture permits, with certain exceptions as therein provided, the amendment
thereof and the modification of the rights and obligations of the Company and
the rights of the Holders of the Securities of each series to be affected under
the Indenture at any time by the Company and the Trustee with the consent of the
Holders of at least a majority in principal amount of the then outstanding
Securities of all series affected (acting as one class). The Indenture also
contains provisions permitting the Holders of at least a majority in principal
amount of the then outstanding Securities of any series or of all series (acting
as one class), to waive compliance by the Company with certain existing or past
defaults under the Indenture and their consequences. Any such consent or waiver
by the Holder of this Security shall be conclusive and binding upon such Holder
and upon all future Holders of this Security and of any Security issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not notation of such consent or waiver is made upon this
Security.

     

    Subject
to the right of the Holder of any Securities of this series to institute
proceedings to enforce the Holder’s right to receive payment of the principal
thereof and interest thereon (or repurchase price thereof) and any Tax
Additional Amounts with respect thereto and to receive shares on conversion, no
Holder of the Securities of this series shall have any right to institute any
proceeding, judicial or otherwise, with respect to the Indenture, or for the
appointment of a receiver or trustee, or for any other remedy thereunder,
unless

     

    (1)           such
Holder has previously given written notice to the Trustee of a continuing Event
of Default;

     

    (2)           the
Holders of not less than 25% in principal amount of the then Outstanding
Securities of this series shall have made written request to the Trustee to
pursue the remedy;

     

    (3)           such
Holder or Holders offer to the Trustee indemnity satisfactory to the Trustee
against any loss, liability or expense to be incurred in compliance with such
request;

     

    (4)           the
Trustee for 60 days after its receipt of such request and offer of indemnity has
failed to institute any such proceeding; and

     

    (5)           no
direction inconsistent with such written request has been given to the Trustee
during such 60-day period by the Holders of a majority in principal amount of
the then outstanding Securities of this series;

     

    it being
understood and intended that no one or more of such Holders shall have the right
in any manner whatever by virtue of, or by availing of, any provision of the
Indenture to affect, disturb or prejudice the rights of any other of such
Holders, or to obtain or to seek to obtain priority or preference over any other
of such Holders or to enforce any right under the Indenture, except in the
manner herein provided and for the equal and ratable benefit of all of such
Holders.

    
      
         

      

      
         

        
          

        

      

      
        
        

      

    

     

    Successor
Corporation

     

    When a
successor Person assumes all the obligations of its predecessor under the
Securities and the Indenture in accordance with the terms and conditions of the
Indenture, the predecessor Person will (except in certain circumstances
specified in the Indenture) be released from those obligations.

     

    Defaults
and Remedies

     

    If an
Event of Default with respect to Securities of this series shall occur and be
continuing, all unpaid Principal Amount plus accrued and unpaid interest through
the acceleration date of the Securities of this series may be declared due and
payable in the manner and with the effect provided in the
Indenture.

     

    No
Recourse Against Others

     

    No
recourse shall be had for the payment of the principal of or the interest, if
any, on this Security, for any claim based hereon, or otherwise in respect
hereof, or based on or in respect of the Indenture or any indenture supplemental
thereto, against any incorporator, shareholder, officer or director, as such,
past, present or future, of the Company or of any successor corporation, whether
by virtue of any constitution, statute or rule of law or by the enforcement of
any assessment of penalty or otherwise, all such liability being, by acceptance
hereof and as part of the consideration for the issue hereof, expressly waived
and released.

     

    Indenture
to Control; Governing Law

     

    In the
case of any conflict between the provisions of this Security and the Indenture,
the provisions of the Indenture shall control.

     

    THE
INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK, BUT WITHOUT GIVING EFFECT TO THE
APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THE APPLICATION OF THE
LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

     

    Definitions

     

    All terms
defined in the Indenture and used in this Security but not specifically defined
herein are used herein as so defined.Unassociated Document

    
      

    

    

      SECOND
SUPPLEMENTAL INDENTURE

       

      between

       

      TRANSOCEAN
INC.

       

      and

       

      WELLS
FARGO BANK, NATIONAL ASSOCIATION,

       

      as
Trustee

       

      

       

      

       

        
          

        

      

      December 11,
2007

       

       

      
        

        

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      TABLE OF CONTENTS

       

      
        	
                ARTICLE
      ONE

              	 	
                THE
      2037 NOTES

              	
                2

              
	
                SECTION
      101

              	 	
                Designation
      of 2037 Notes; Establishment of Form.

              	
                2

              
	
                SECTION
      102

              	 	
                Amount.

              	
                3

              
	
                SECTION
      103

              	 	
                Interest.

              	
                3

              
	
                SECTION
      104

              	 	
                Additional
      Amounts.

              	
                3

              
	
                SECTION
      105

              	 	
                Denominations.

              	
                3

              
	
                SECTION
      106

              	 	
                Place
      of Payment.

              	
                3

              
	
                SECTION
      107

              	 	
                Redemption.

              	
                4

              
	
                SECTION
      108

              	 	
                Conversion.

              	
                4

              
	
                SECTION
      109

              	 	
                Maturity.

              	
                4

              
	
                SECTION
      110

              	 	
                Repurchase.

              	
                4

              
	
                SECTION
      111

              	 	
                Other
      Terms of 2037 Notes.

              	
                4

              
	
                ARTICLE
      TWO

              	 	
                AMENDMENTS
      TO THE INDENTURE

              	
                5

              
	
                SECTION
      201

              	 	
                Definitions.

              	
                5

              
	
                SECTION
      202

              	 	
                Mutilated,
      Destroyed, Lost and Stolen Securities.

              	
                10

              
	
                SECTION
      203

              	 	
                Payment
      of Interest; Interest Rights Preserved.

              	
                10

              
	
                SECTION
      204

              	 	
                Unconditional
      Right of Holders to Receive Principal  and
    Interest.

              	
                11

              
	
                SECTION
      205

              	 	
                Consolidation,
      Merger and Sale; Limitation on Mergers and Consolidations.

              	
                11

              
	
                SECTION
      206

              	 	
                Supplemental
      Indentures Without Consent of Holders.

              	
                11

              
	
                SECTION
      207

              	 	
                Supplemental
      Indenture with Consent of Holder.

              	
                12

              
	
                SECTION
      208

              	 	
                Maintenance
      of Office or Agency.

              	
                12

              
	
                SECTION
      209

              	 	
                Tax
      Additional Amounts.

              	
                12

              
	
                SECTION
      210

              	 	
                Redemption.

              	
                14

              
	
                SECTION
      211

              	 	
                Conversion,
      Repurchase.

              	
                20

              
	
                SECTION
      212

              	 	
                Amendment
      to Events of Default.

              	
                39

              
	
                ARTICLE
      THREE

              	 	
                MISCELLANEOUS
      PROVISIONS

              	
                40

              
	
                SECTION
      301

              	 	
                Integral
      Part.

              	
                40

              
	
                SECTION
      302

              	 	
                General
      Definitions.

              	
                40

              
	
                SECTION
      303

              	 	
                Adoption,
      Ratification and Confirmation.

              	
                40

              
	
                SECTION
      304

              	 	
                Counterparts.

              	
                40

              
	
                SECTION
      305

              	 	
                Governing
      Law.

              	
                40

              

      

      
        
           

        

        
          i 

          
            

          

        

        
           

        

      

      TRANSOCEAN
INC.

       

      SECOND
SUPPLEMENTAL INDENTURE

       

      THIS
SECOND SUPPLEMENTAL INDENTURE, dated as of December 11, 2007 (the “Second
Supplemental Indenture”), between Transocean Inc., a Cayman Islands exempted
company limited by shares (the “Company”), and Wells Fargo Bank, National
Association (the “Trustee”).

       

      W I T N E S S E T H :

       

      WHEREAS,
the Company has heretofore executed and delivered to the Trustee an Indenture,
dated as of December 11, 2007, providing for the issuance from time to time
of one or more series of the Company’s Securities;

       

      WHEREAS,
Sections 2.01 and 9.01(9) of the Indenture provides that the Company and the
Trustee may from time to time enter into one or more indentures supplemental
thereto to establish the form or terms of Securities of a new
series;

       

      WHEREAS,
Section 9.01(6) of the Indenture permit the execution of supplemental indentures
without the consent of any Holders to add to the covenants of the Company for
the benefit of, and to add any additional Events of Default with respect to, all
or any series of Securities;

       

      WHEREAS,
Section 9.01(8) of the Indenture permits the execution of supplemental
indentures without the consent of any Holders to change or eliminate any of the
provisions of the Indenture; provided that such change or
elimination does not adversely affect any outstanding Security of any series
created prior to the execution of such supplemental indenture;

       

      WHEREAS,
the Company desires to issue 1.625% Series A Convertible Senior Notes
due December 15, 2037 (the “Series A 2037 Notes”), 1.50%
Series B Convertible Senior Notes due December 15, 2037 (the
“Series B 2037 Notes”) and 1.50% Series C Convertible
Senior Notes due December 15, 2037 (the “Series C
2037 Notes”, and, together with the Series A 2037 Notes and the
Series B 2037 Notes, the “2037 Notes”), each a new series of
Securities the issuance of which was authorized by or pursuant to resolution of
the Board of Directors of the Company;

       

      WHEREAS,
the Company, pursuant to the foregoing authority, proposes in and by this Second
Supplemental Indenture to supplement and amend the Indenture insofar as it will
apply only to the 2037 Notes in certain respects; and

       

      WHEREAS,
all things necessary have been done to make the 2037 Notes, when executed
by the Company and authenticated and delivered hereunder and duly issued by the
Company, the valid obligations of the Company, and to make this Second
Supplemental Indenture a valid agreement of the Company, in accordance with
their and its terms.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      NOW,
THEREFORE:

       

      In
consideration of the premises provided for herein, the Company and the Trustee
mutually covenant and agree for the equal and proportionate benefit of all
Holders of the 2037 Notes as follows:

       

      ARTICLE
ONE

       

      THE 2037
NOTES

       

      SECTION
101           Designation of 2037 Notes;
Establishment of Form.

       

      There
shall be a series of Securities designated “1.625% Series A
Convertible Notes Due December 15, 2037” of the Company (the
“Series A 2037 Notes”), the form of which shall be substantially as
set forth in Annex A hereto; a series of Securities designated “1.50%
Series B Convertible Notes Due December 15, 2037” of the Company
(the “Series B 2037 Notes”), the form of which shall be substantially
as set forth in Annex B hereto and a series of Securities designated “1.50%
Series C Convertible Notes Due December 15, 2037” of the Company
(the “Series C 2037 Notes”, and together with the Series A
2037 Notes and the Series C 2037 Notes, the “2037 Notes”),
the form of which shall be substantially as set forth in Annex C hereto,
each of which is incorporated into and shall be deemed a part of this Second
Supplemental Indenture, in each case with such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by
the Indenture, and may have such letters, numbers or other marks of
identification and such legends or endorsements placed thereon as may be
required to comply with the rules of any securities exchange or as may,
consistently herewith, be determined by the officers of the Company executing
such 2037 Notes, as evidenced by their execution of the
2037 Notes.

       

      All of
the 2037 Notes will initially be issued in permanent global form,
substantially in the respective form set forth in Annex A, Annex B and
Annex C hereto (the “Global Securities”) as Book-Entry
Securities.  Each Global Security shall represent such of the
Outstanding 2037 Notes as shall be specified therein and shall provide that
it shall represent the aggregate amount of Outstanding 2037 Notes from time
to time endorsed thereon and that the aggregate amount of Outstanding
2037 Notes represented thereby may from time to time be reduced to reflect
exchanges and redemptions.  Any endorsement of a Global Security to
reflect the amount, or any increase or decrease in the amount, of Outstanding
2037 Notes represented thereby shall be made by the Trustee in accordance
with written instructions or such other written form of instructions as is
customary for the Depositary, from the Depositary or its nominee on behalf of
any Person having the beneficial interest in the Global Security.

       

      The
Company initially appoints The Depository Trust Company to act as Depositary
with respect to the Global Securities.

       

      The
Company initially appoints the Trustee to act as Paying Agent and Conversion
Agent with respect to the 2037 Notes.

       

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      SECTION
102           Amount.

       

      Each
series of the 2037 Notes may be issued in unlimited aggregate principal
amount.  The Trustee shall authenticate and deliver 2037 Notes
for original issue in an aggregate Principal Amount of up to $2,200,000,000 of
Series A 2037 Notes, up to $2,200,000,000 of Series B
2037 Notes and up to $2,200,000,000 of Series C 2037 Notes upon
Company Order without any further action by the Company.  Upon Company
Request, the Trustee shall authenticate and deliver additional 2037 Notes of any
series, provided that
such additional 2037 Notes are (i) fungible with the 2037 Notes of such series
then outstanding for U.S. Federal income taxation purposes, or (ii) issued under
a different CUSIP number than the 2037 Notes of such series then
outstanding.

       

      SECTION
103           Interest.

       

      The
2037 Notes of each series shall bear interest at the rate set forth under
the caption “Interest” in the 2037 Notes of such series, commencing on the
Issue Date of the 2037 Notes.  Interest on the 2037 Notes
shall be payable to the persons in whose name the 2037 Notes are registered
at the close of business on the Regular Record Date for such interest
payment.  The date from which interest shall accrue for each
2037 Note shall be December 11, 2007.  The Interest Payment
Dates on which interest on the 2037 Notes shall be payable are June 15 and
December 15, commencing on June 15, 2008.  The Regular Record
Dates for the interest payable on the 2037 Notes on any Interest Payment
Date shall be June 1 or December 1, as the case may be, immediately
preceding such Interest Payment Date.

       

      SECTION
104           Additional
Amounts.

       

      Additional
Amounts with respect to the 2037 Notes of each series shall be payable in
accordance with the provisions and in the amounts set forth under the caption
“Tax Additional Amounts” in the 2037 Notes of such series and in accordance
with the provisions of the Indenture.

       

      SECTION
105           Denominations.

       

      The
2037 Notes shall be in fully registered form without coupons in
denominations of $1,000 of Principal Amount or any integral multiple
thereof.

       

      SECTION
106           Place of
Payment.

       

      The Place
of Payment for the 2037 Notes and the place or places where the principal
of and interest on the 2037 Notes shall be payable, the 2037 Notes may
be surrendered for registration of transfer, the 2037 Notes may be
surrendered for exchange, repurchase, redemption or conversion and where notices
may be given to the Company in respect of the 2037 Notes is at the office
or agency of the Trustee in Fort Worth, Texas; provided that payment of
interest may be made at the option of the Company by check mailed to the address
of the person entitled thereto as such address shall appear in the Security
Register (as defined in the Indenture) or by wire transfer of immediately
available funds to the accounts in the United States specified by the Holder of
such 2037 Notes.

       

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      SECTION
107            Redemption.

       

      (a)           There
shall be no sinking fund for the retirement of the 2037 Notes.

       

      (b)           The
Company, at its option, may redeem the 2037 Notes of each series in
accordance with the provisions of and at the Redemption Prices set forth under
the captions “Optional Redemption” and “Notice of Redemption” in the
2037 Notes of such series and in accordance with the provisions of the
Indenture, including, without limitation, Article Three.

       

      SECTION
108           Conversion.

       

      The
2037 Notes of each series shall be convertible in accordance with the
provisions and at the Conversion Rate set forth under the caption “Conversion”
in the 2037 Notes of such series and in accordance with the provisions of
the Indenture, including, without limitation, Article Eleven.

       

      SECTION
109           Maturity.

       

      The date
on which the principal of the 2037 Notes is payable, unless accelerated
pursuant to the Indenture, shall be December 15, 2037.

       

      SECTION
110           No Defeasance.

       

      Sections
8.01(b) and 8.01(c) of the Indenture shall not apply to any series of the 2037
Notes.

       

      SECTION
111           Repurchase.

       

      (a)           The
2037 Notes of each series shall be repurchased by the Company in accordance
with the provisions and at the Repurchase Prices set forth under the caption
“Repurchase by the Company at the Option of the Holder” in the 2037 Notes
of such series and in accordance with the provisions of the Indenture,
including, without limitation, Article Twelve.

       

      (b)           The
Company, at the option of the Holders thereof, shall purchase the
2037 Notes of each series at the Fundamental Change Purchase Price set
forth under the caption “Purchase of Securities at Option of Holder Upon a
Fundamental Change” in the 2037 Notes of such series and in accordance with
the provisions of the Indenture, including, without limitation, Sections 3.12
through 3.18.  For the avoidance of doubt, such a purchase of the 2037
Notes shall not be deemed a redemption under the provisions of Sections 3.01 to
3.11 of the Indenture.

       

      SECTION
112           Other Terms of
2037 Notes.

       

      Without
limiting the foregoing provisions of this Article One, the terms of the
Series A 2037 Notes shall be as set forth in the form of
Series A 2037 Notes set forth in Annex A hereto, the terms
of the Series B 2037 Notes shall be as set forth in the form of
Series B 2037 Notes set forth in Annex B hereto and the
terms of the Series C 2037 Notes shall be as set forth in the
form of Series C 2037 Notes set forth in Annex C hereto, and
in each case as provided in the Indenture.

       

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

      ARTICLE
TWO

       

      AMENDMENTS
TO THE INDENTURE

       

      The
amendments contained herein shall apply to 2037 Notes only and not to any
other series of Security issued under the Indenture and any covenants provided
herein are expressly being included solely for the benefit of the
2037 Notes. These amendments shall be effective for so long as there remain
any 2037 Notes of any series Outstanding.

       

      SECTION
201           Definitions.

       

      Section
1.01 of the Indenture is amended by inserting or restating, as the case may be,
in their appropriate alphabetical position, the following
definitions:

       

      “Additional
Interest” has the meaning specified in Section 6.01.

       

      “Additional
Shares” has the meaning specified in Section 11.02.

       

      “Bid
Solicitation Agent” means the Trustee or, if so appointed, a Company-appointed
agent that performs calculations as set forth in the form of
Series A 2037 Notes, form of Series B 2037 Notes
and form of Series C 2037 Notes attached hereto as Annex A,
Annex B and Annex C, respectively.

       

      “Capital
Stock” or “capital stock” of any Person means any and all shares, interests,
partnership interests, participations, rights or other equivalents (however
designated) of such Person’s equity interest (however designated) issued by that
Person.

       

      “Company
Notice” shall have the meaning specified in Section 12.02.

       

      “Conversion
Agent” shall be the agent specified in Section 101.

       

      “Conversion
Date” has the meaning specified in Section 11.03.

       

      “Conversion
Obligation” has the meaning specified in Section 11.02.

       

      “Conversion
Period” means (i) with respect to any Conversion Date occurring on or after the
later of (A) the 25th
scheduled Trading Day prior to a redemption date for the 2037 Note surrendered
for conversion and (B) the date on which a notice of redemption has been issued
pursuant to Section 3.12 with respect to a redemption date for the 2037 Note
surrendered for conversion, the 20 consecutive VWAP Trading Day period beginning
on the scheduled Trading Day immediately following such redemption date, (ii)
with respect to any Conversion Date occurring on or after the 25th
scheduled Trading Day prior to the Stated Maturity of the 2037 Note, the 20
consecutive VWAP Trading Day period beginning on, and including, the 22nd
scheduled Trading Day prior to the Stated Maturity of the 2037 Note and
(iii) in all other cases, the 20 consecutive VWAP Trading Day period
beginning on the third VWAP Trading Day after the Conversion Date.

       

      “Conversion
Proceeds” has the meaning specified in Section 11.01.

       

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

      “Conversion
Rate” means 5.9310, subject to adjustment  pursuant to Sections 11.02
and 11.07 hereof;

       

      “Current
Market Price” has the meaning specified in Section 11.07(f).

       

      “Daily
Cash Amount” means $50.00.

       

      “Daily
Conversion Value Amount” means, for each VWAP Trading Day of the Conversion
Period, the amount equal to 1/20th of the
product of (a) the VWA Price on such VWAP Trading Day, and (b) the Conversion
Rate in effect on such VWAP Trading Day.

       

      “Daily
Settlement Amount” for each of the VWAP Trading Days of the relevant Conversion
Period means the sum of:

       

      (A) an
amount of cash equal to the lesser of (1) the Daily Cash Amount and
(2) the Daily Conversion Value Amount relating to such VWAP Trading Day,
and

       

      (B) if
such Daily Conversion Value Amount exceeds the Daily Cash Amount, the Daily
Share Amount for such VWAP Trading Day.

       

      “Daily
Share Amount” means, for each VWAP Trading Day of the Conversion Period, a
number of Ordinary Shares (but in no event less than zero) determined by the
following formula:

       

      
        	
                (

              	
                (VWA
      Price on such VWAP Trading Day  ́
      Conversion Rate) – $1,000

              	
                )

              
	
                VWA
      Price on such VWAP Trading Day x 20

              

      

       

      “Effective
Date” means the date on which a Fundamental Change occurs or becomes
effective.

       

      “Expiration
Date” has the meaning specified in Section 11.07(e).

       

      “Exchange
Act” means the Securities Exchange Act of 1934, as amended, or any successor
statute.

       

      “Ex-dividend
Date” means (i) with respect to any issuance or distribution, the first date on
which the Ordinary Shares trade on the applicable exchange or in the applicable
market, regular way, without the right to receive such issuance or distribution,
(ii) with respect to any subdivision or combination of Ordinary Shares, the
first date on which the Ordinary Shares trade regular way on such exchange or in
such market after the time at which such subdivision or combination thereof
become effective, and (iii) with respect to any tender offer, the first date on
which the Ordinary Shares trade regular way on such exchange or market after the
Expiration Date of such offer.

       

      “Fundamental
Change” has the meaning specified in Section 3.12.

       

      “Fundamental
Change Purchase Date” has the meaning specified in
Section 3.12.

       

      “Fundamental
Change Purchase Notice” has the meaning specified in
Section 3.12.

       

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

      “Fundamental
Change Purchase Price” has the meaning specified in
Section 3.12.

       

      “Global
Securities” has the meaning specified in Section 101.

       

      “Issue
Date” of any 2037 Note means the date on which the 2037 Note was
originally issued or deemed issued as set forth on the face of the
2037 Note.

       

      “Issue
Price” of any 2037 Note means, in connection with the original issuance of
such 2037 Note, the initial issue price at which the 2037 Note is sold
as set forth on the face of the 2037 Note.

       

      “Last
Reported Sale Price” on any date means the closing sale price per Ordinary Share
(or if no closing sale price is reported, the average of the bid and asked
prices or, if more than one in either case, the average of the average bid and
the average asked prices) on that date as reported by the New York Stock
Exchange or, if the Ordinary Shares are not listed on the New York Stock
Exchange, as reported in composite transactions for the principal U.S.
securities exchange on which the Ordinary Shares are traded or, if the Ordinary
Shares are not traded on such an exchange, the market value of an Ordinary Share
as determined by a nationally recognized independent investment banking firm
retained for this purpose by the Company.

       

      “Merger
Agreement” means that certain Agreement and Plan of Merger, dated as of July 21,
2007 among the Company, Transocean Worldwide Inc. and GlobalSantaFe
Corporation.

       

      “Ordinary
Shares” means any stock of any class of the Company (including, without
limitation, the Company’s ordinary shares of a nominal or par value of $0.01 per
share) which has no preference in respect of dividends or of amounts payable in
the event of any voluntary or involuntary liquidation, dissolution or winding up
of the Company and which is not subject to redemption by the
Company.

       

      “Outstanding”,
when used with respect to Securities, means, as of the date of determination,
all Securities theretofore authenticated and delivered under this Indenture,
except:

       

      (i)           Securities
theretofore cancelled by the Trustee or delivered to the Trustee for
cancellation;

       

      (ii)           Securities
for whose payment, repurchase or redemption money or Ordinary Shares in the
necessary amount has been theretofore deposited with the Trustee or any Paying
Agent (other than the Company) in trust or set aside and segregated in trust by
the Company (if the Company shall act as its own Paying Agent) for the Holders
of such Securities; provided that, if such
Securities are to be redeemed, notice of such redemption has been duly given
pursuant to this Indenture or provision therefor satisfactory to the Trustee has
been made;

       

      (iii)           Securities
which have been cancelled pursuant to Section 2.13 or in exchange for or in
lieu of which other Securities have been authenticated and delivered pursuant to
this Indenture, other than any such Securities in respect of which there shall
have been presented to the Trustee proof satisfactory to it that such Securities
are held by a bona fide
purchaser in whose hands such Securities are valid obligations of the Company;
and

       

      
        
           

        

        
          7

          
            

          

        

        
           

        

      

      (iv)           2037 Notes
converted for cash and Ordinary Shares, if any, pursuant to
Article Eleven;

       

      provided, however, that in determining
whether the Holders of the requisite principal amount of the Outstanding
Securities have given any request, demand, authorization, direction, notice,
consent or waiver hereunder, Securities owned by the Company or any other
obligor upon the Securities or any Affiliate of the Company or of such other
obligor shall be disregarded and deemed not to be Outstanding, except that, in
determining whether the Trustee shall be protected in relying upon any such
request, demand, authorization, direction, notice, consent or waiver, only
Securities which the Trustee knows to be so owned shall be so disregarded.
Securities so owned which have been pledged in good faith may be regarded as
Outstanding if the pledgee establishes to the satisfaction of the Trustee the
pledgee’s right so to act with respect to such Securities and that the pledgee
is not the Company or any other obligor upon the Securities or any Affiliate of
the Company or of such other obligor.

       

      “Principal
Amount” of a 2037 Note means the Principal Amount as set forth on the face
of the 2037 Note.

       

      “Reference
Property” has the meaning specified in Section 11.11.

       

      “Reorganization
Event” has the meaning specified in Section 11.11.

       

      “Repurchase
Date” has the meaning specified in Section 12.01.

       

      “Repurchase
Notice” has the meaning specified in Section 12.01.

       

      “Repurchase
Price” has the meaning specified in Section 12.01.

       

      “Securities”
has the meaning stated in the first recital of this Indenture and more
particularly means any Securities authenticated and delivered under this
Indenture, including 2037 Notes.

       

      “Securities
Act” means the Securities Act of 1933, as amended, or any successor
statute.

       

      “Series A 2037 Notes”
has the meaning specified in Section 101.

       

      “Series B 2037 Notes”
has the meaning specified in Section 101.

       

      “Series C 2037 Notes”
has the meaning specified in Section 101.

       

      “Share
Price” means the average of the Last Reported Sale Prices of the Ordinary Shares
over a 10 Trading Day period ending on the Trading Day immediately
preceding the Effective Date; provided, however, that if holders of
Ordinary Shares receive only cash consideration for their Ordinary Shares in
connection with such Fundamental Change, then the Share Price will be the cash
amount paid per Ordinary Share.

       

      “Spin-off”
has the meaning specified in Section 11.07(c).

       

      
        
           

        

        
          8

          
            

          

        

        
           

        

      

      “Spin-off
Valuation Period” has the meaning specified in Section 11.07(c).

       

      “Tax
Additional Amounts” has the meaning specified in Section 2.18.

       

      “Taxing
Jurisdiction” has the meaning specified in Section 2.18.

       

      “Termination
of Trading” has the meaning specified in Section 3.12.

       

      “Trading
Day” means a day during which trading in securities generally occurs on the New
York Stock Exchange or, if the Ordinary Shares are not listed on the New York
Stock Exchange, on the principal other national or regional securities exchange
on which the Ordinary Shares are then listed or, if the Ordinary Shares are not
listed on a national or regional securities exchange, on the National
Association of Securities Dealers Automated Quotation System or, if the Ordinary
Shares are not quoted on the National Association of Securities Dealers
Automated Quotation System, on the principal other market on which the Ordinary
Shares are then traded.

       

      “Trading
Price” has the meaning specified in the form of
Series A 2037 Notes, form of Series B 2037 Notes
and form of Series C 2037 Notes attached hereto as Annex A,
Annex B and Annex C, respectively.

       

      “Trading
Price Condition” has the meaning specified in the form of
Series A 2037 Notes, form of Series B 2037 Notes
and form of Series C 2037 Notes attached hereto as Annex A,
Annex B and Annex C, respectively.

       

      “Triggering
Distribution” has the meaning specified in Section 11.07(d).

       

      “Trigger
Event” has the meaning specified in Section 11.07(c).

       

      “Unissued
Shares” has the meaning specified in Section 3.12(a).

       

      “2037 Notes”
has the meaning specified in Section 101.

       

      “Voting
Stock” means any class or classes of Capital Stock pursuant to which the holders
thereof under ordinary circumstances have the power to vote in the election of
the board of directors, managers or trustees of any Person (or other Persons
performing similar functions), irrespective of whether or not, at the time,
Capital Stock of any other class or classes shall have, or might have, voting
power by reason of the happening of any contingency.

       

      “VWA Price” means, for each of the 20 consecutive VWAP Trading Days
during the Conversion Period, the per share volume-weighted average price of the
Ordinary Shares as displayed under the heading “Bloomberg VWAP”
on  Bloomberg page RIG.N <equity> AQR (or any equivalent
successor page, or, if no such page is available, any other equivalent
publication) in respect of the period from the scheduled open of trading on the
principal securities exchange or trading market for the Ordinary Shares to the
scheduled close of trading on such exchange or market on such VWAP Trading Day
or, if such volume-weighted average price is unavailable, the market value of
one Ordinary Share on such VWAP Trading Day using a volume-weighted method as
determined by a nationally recognized independent investment banking firm
retained for this purpose by the Company.

       

      
        
           

        

        
          9

          
            

          

        

        
           

        

      

      “VWAP
Market Disruption Event” means (1) a failure by the principal securities
exchange or trading market on which the Ordinary Shares are listed or admitted
to trading to open for trading during its regular trading session or (2) the
occurrence or existence prior to 1:00 p.m. on any scheduled Trading Day for
Ordinary Shares for an aggregate one half-hour period of any suspension or
limitation imposed on trading (by reason of movements in price exceeding limits
permitted by the stock exchange or otherwise) in the Ordinary Shares or in any
options contracts or futures contracts relating to the Ordinary
Shares.

       

      “VWAP
Trading Day” means a day during which (1) trading in the Ordinary Shares
generally occurs on the principal securities exchange or trading market on which
the Ordinary Shares are listed or admitted for trading and (2) there is no VWAP
Market Disruption Event.  If the Ordinary Shares are not so listed or
traded, then VWAP Trading Day means a Business Day.

       

      “Withholding
Tax” has the meaning specified in Section 2.18.

       

      SECTION
202           Mutilated, Destroyed, Lost and
Stolen Securities.

       

      The
Indenture shall be amended by replacing the second sentence of Section 2.09 with
the following sentence:

       

      If any
such mutilated, destroyed, lost or stolen Security has become or is about to
become due and payable, or is about to be redeemed or purchased by the Company
upon a Fundamental Change pursuant to Article Three or purchased by the Company
on a Repurchase Date pursuant to Article Twelve, the Company in its discretion
may, instead of issuing a new Security, pay such Security.

       

      SECTION
203           Payment of Interest; Interest Rights
Preserved.

       

      The
Indenture shall be amended by inserting the following paragraph before the final
paragraph in Section 2.14:

       

      In the
case of any 2037 Note or portion thereof which is surrendered for
conversion after the close of business on the Regular Record Date immediately
preceding any Interest Payment Date and prior to the opening of business on such
next succeeding Interest Payment Date, interest whose Stated Maturity is on such
Interest Payment Date shall be payable on such Interest Payment Date
notwithstanding such conversion, and such interest (whether or not punctually
paid or duly provided for) shall be paid to the Person in whose name that
2037 Note is registered at the close of business on such Regular Record
Date; provided, however, that such payment of
interest shall be subject to the payment to the Company by the Holder of such
2037 Note or portion thereof surrendered for conversion (such payment to
accompany such surrender) of an amount equal to the amount of such interest;
provided, further, that
no such payment need be made (1) if the Company has specified a Fundamental
Change Purchase Date following a Fundamental Change that is after the Regular
Record Date and on or prior to the next succeeding Interest Payment Date, (2)
only to the extent of overdue interest, if any overdue interest exists at the
date of conversion with respect to a 2037 Note, (3) if the 2037 Note is
surrendered for conversion after the Regular Record Date immediately preceding
the Stated Maturity of the 2037 Note, or (4) if the 2037 Note is surrendered in
connection with a call for redemption with a Redemption Date that is after the
Regular Record Date and on or prior to the next succeeding Interest Payment
Date. Except as otherwise provided in the immediately preceding sentence, in the
case of any 2037 Note which is converted, interest whose Stated Maturity is
after the date of conversion of such 2037 Note shall not be
payable.

       

      
        
           

        

        
          10

          
            

          

        

        
           

        

      

      SECTION
204           Unconditional Right of Holders to
Receive Principal  and Interest.

       

      Section 6.07
of the Indenture shall be amended by replacing that section with the
following:

       

      Section 6.07.                                Unconditional
Right of Holders to Receive Principal, Interest and Tax Additional
Amounts.

       

      Notwithstanding
any other provision in this Indenture, the Holder of any Security shall have the
right, which is absolute and unconditional, to receive payment of the principal
of and interest on and Tax Additional Amounts, if any, with respect to such
Security on the Stated Maturity or Maturities expressed in such Security (or in
the case of redemption, to receive the Redemption Price on the Redemption Date,
in the case of a repurchase, to receive the Repurchase Price on the Repurchase
Date, or in the case of a Fundamental Change, to receive the Fundamental Change
Purchase Price on the Fundamental Change Purchase Date) and to institute suit
for the enforcement of any such payment on or after such respective dates, and
such rights shall not be impaired without the consent of such
Holder.

       

      SECTION
205           Consolidation, Merger and Sale;
Limitation on Mergers and Consolidations.

       

      (a)           The
Indenture shall be amended by inserting “and shall have provided for conversion
rights in accordance with Section 11.11” at the end of
Section 5.01(1).

       

      (b)           Section
5.01 shall be amended by inserting the following paragraph immediately following
paragraph (1) therein and changing paragraphs (2) and (3) therein to (3) and (4)
therein, respectively:

       

      (2) the
successor (if any) is organized under the laws of the Cayman Islands, Bermuda,
the British Virgin Islands or the United States or any State thereof (including
the District of Columbia);

       

      SECTION
206           Supplemental Indentures Without
Consent of Holders.

       

      Section
9.01 of the Indenture shall be amended by inserting the following
paragraph:

       

      (12)           to
make provision with respect to the conversion rights, if any, to Holders of
2037 Notes pursuant to the requirements of Article Eleven hereof,
provided that no such provisions shall adversely affect the rights of any Holder
of a 2037 Note in any material respect.

       

      
        
           

        

        
          11

          
            

          

        

        
           

        

      

      SECTION
207           Supplemental Indenture with Consent
of Holder.

       

      The
Indenture shall be amended by inserting “, or adversely affect the right to
convert any 2037 Note as provided in Article Eleven, or adversely
affect the right to require the Company to repurchase the 2037 Notes as
provided in Article Twelve.” at the end of
Section 9.02(3).

       

      SECTION
208           Maintenance of Office or
Agency.

       

      The first
paragraph of Section 4.02 of the Indenture is amended by changing the first
paragraph thereof to read in its entirety as follows:

       

      The
Company will maintain in each Place of Payment for any series of Securities an
office or agency (which may be an office of the Trustee, the Registrar or the
Paying Agent) where Securities of that series may be presented or surrendered
for payment, where Securities of that series may be surrendered for registration
of transfer or exchange, where 2037 Notes may be surrendered for conversion
and where notices and demands to or upon the Company in respect of the
Securities of that series and this Indenture may be served.  Unless
otherwise designated by the Company by written notice to the Trustee, such
office or agency shall be the office of the Trustee at 201 Main Street,
Corporate Trust Department, 3rd Floor,
Fort Worth, Texas 76102.  The Company will give prompt written notice
to the Trustee of the location, and any change in the location, of such office
or agency. If at any time the Company shall fail to maintain any such required
office or agency or shall fail to furnish the Trustee with the address thereof,
such presentations, surrenders, notices and demands may be made or served at the
Corporate Trust Office of the Trustee, and the Company hereby appoints the
Trustee as its agent to receive all such presentations, surrenders, notices and
demands.

       

      SECTION
209           Tax Additional
Amounts.

       

      Article
Two shall be amended by adding the following section:

       

      Section
2.18      Tax Additional
Amounts.

       

      The
Company shall pay any amounts due with respect to the payments on the
2037 Notes without deduction or withholding for any and all present and
future withholding taxes, levies, imposts and charges (each, a “Withholding
Tax”) imposed by or for the account of the Cayman Islands or any other
jurisdiction in which the Company is resident for tax purposes or any political
subdivision or taxing authority of such jurisdiction (the “Taxing
Jurisdiction”), unless such withholding or deduction  is required by
law.  If such deduction or withholding is at any time required, the
Company will (subject to compliance by such Holder with any relevant
administrative requirements) pay each Holder such additional amounts (“Tax
Additional Amounts”) as will result in such Holders receipt of such amounts as
it would have received had no such withholding or deduction been
required.

       

      
        
           

        

        
          12

          
            

          

        

        
           

        

      

      If the
Taxing Jurisdiction requires the Company to deduct or withhold any Withholding
Tax, the Company will (subject to compliance by a Holder with any relevant
administrative requirements) pay such Tax Additional Amounts in respect of
principal amount, Redemption Price, Repurchase Price and interest (if any) in
accordance with the terms of the 2037 Notes and the Indenture; provided, however, that the foregoing
shall not apply to:

       

      (a)           any
Withholding Tax which would not be payable or due but for the fact that (1) the
Holder of a 2037 Note (or a fiduciary, settlor, beneficiary of, member or
shareholder of, such Holder, if such Holder is an estate, trust, partnership or
corporation) is a domiciliary, national or resident of, or engaging in business
or maintaining a permanent establishment or being physically present in, the
Taxing Jurisdiction or otherwise having some present or former connection with
the Taxing Jurisdiction other than the holding or ownership of the
2037 Note or the collection of principal amount, Redemption Price,
Repurchase Price and Interest (if any), in accordance with the terms of the
2037 Note and the Indenture or the enforcement of the 2037 Note or (2)
where presentation is required, the 2037 Note was presented more than 30
days after the date such payment became due or was provided for, whichever is
later;

       

      (b)           any
Withholding Tax attributable to any estate, inheritance, gift, sales, transfer,
excise, personal property or similar tax, levy, impost or charge;

       

      (c)           any
Withholding Tax attributable to any tax, levy, impost or charge which is payable
otherwise than by withholding from payment of principal amount, Redemption
Price, Repurchase Price and interest (if any);

       

      (d)           any
Withholding Tax which would not have been imposed but for the failure to comply
with certification, information, documentation or other reporting requirements
concerning the nationality, residence, identity or connections with the relevant
tax authority of the Holder or beneficial owner of the 2037 Note, if this
compliance is required by statute or by regulation as a precondition to relief
or exemption from such Withholding Tax;

       

      (e)           to
the extent a Holder is entitled to a refund or credit in such Taxing
Jurisdiction of amounts required to be withheld by such Taxing Jurisdiction;
or

       

      (f)           any
combination of the instances described in (a) through (e).

       

      
        
           

        

        
          13

          
            

          

        

        
           

        

      

      With
respect to Section 2.18(e), in the absence of evidence satisfactory to the
Company, the Company may conclusively presume that a Holder of a 2037 Note
is entitled to a refund or credit of all amounts required to be
withheld.  The Company shall not be required to pay any Tax Additional
Amounts to any Holder of a 2037 Note who is a fiduciary or partnership or other
than the sole beneficial owner of the 2037 Note to the extent that a
beneficiary or settlor with respect to such fiduciary, or a member of such
partnership or a beneficial owner thereof, would not have been entitled to the
payment of such Tax Additional Amounts had such beneficiary, settlor, member or
beneficial owner been the Holder of the 2037 Note.

       

      SECTION
210           Redemption.

       

      Article
Three shall be amended by inserting the following sections 3.12 through
3.18:

       

      Section
3.12          Purchase of Securities at Option of
the Holder Upon Fundamental Change

       

      (a)           If
at any time that 2037 Notes remain Outstanding there shall occur a
Fundamental Change, 2037 Notes shall be purchased by the Company at the
option of the Holders thereof as of a date selected by the Company that is not
less than 20 and not more than 35 days after the occurrence of the Fundamental
Change (or longer period if required by applicable law) (the “Fundamental Change
Purchase Date”) at a purchase price equal to the Principal Amount plus accrued
and unpaid interest up to but excluding the Fundamental Change Purchase Date
(the “Fundamental Change Purchase Price”), subject to satisfaction by or on
behalf of any Holder of the requirements set forth in subsection (c) of this
Section 3.12; provided
that if the Fundamental Change Purchase Date is after a Regular Record Date and
on or prior to the next succeeding Interest Payment Date, the interest will be
paid on the Interest Payment Date to the holder of record on such Regular Record
Date and will not be included in the Fundamental Change Purchase
Price.

       

      A
“Fundamental Change” shall be deemed to have occurred if any of the following
occurs after the Issue Date:

       

      (i) any
“person” or “group” (as such terms are defined below) (A) becomes the
“beneficial owner” (as defined below), directly or indirectly, of shares of
Voting Stock of the Company representing 50% or more of the total voting power
of all outstanding classes of Voting Stock of the Company or (B) has the
power, directly or indirectly, to elect a majority of the members of the Board
of Directors of the Company; provided, however, that the
rights to designate directors pursuant to the Merger Agreement shall be
disregarded for purposes of this provision;

       

      (ii) the
Company consolidates with, or merges with or into, another person or the Company
sells, assigns, conveys, transfers, leases or otherwise disposes of all or
substantially all of the consolidated assets of the Company, or any person
consolidates with, or merges with or into, the Company, or the Company completes
a scheme of arrangement qualifying as an amalgamation under Cayman Islands law
with another Person;

       

      
        
           

        

        
          14

          
            

          

        

        
           

        

      

      (iii) the
Ordinary Shares, or shares of common stock, American Depository Receipts or
equivalent capital stock in respect of Ordinary Shares into which the
2037 Notes are convertible pursuant to the provisions of
Article Eleven are not listed for trading on the New York Stock Exchange or
the Nasdaq Global Select Market, or any successor to any such market, that may
exist from time to time, for a period of 20 consecutive Trading Days (a
“Termination of Trading”); or

       

      (iv) the
Company is liquidated or dissolved or holders of Ordinary Shares approve any
plan or proposal for the Company’s liquidation or dissolution.

       

      Also,
notwithstanding the foregoing, a consolidation, merger, scheme of arrangement or
disposition of all or substantially all of the consolidated assets of the
Company will not constitute a Fundamental Change (and a change in or acquisition
of beneficial ownership or power to elect a majority of the Board of Directors,
Termination of Trading or liquidation or dissolution, in each case arising out
of such a consolidation, merger, scheme of arrangement or disposition of all or
substantially all of the Company’s consolidated assets, will not constitute a
fundamental change) if (A) the persons that beneficially own Voting Stock
in the Company immediately prior to the relevant transaction beneficially own
shares with a majority of the total voting power of all outstanding Voting Stock
of the surviving or transferee person or the parent entity thereof, (B) the
Ordinary Shares, shares of common stock, American Depositary Receipts or
equivalent capital stock in respect of Ordinary Shares (in the event the Company
is a surviving entity in the transaction) or of such successor or transferee
person or parent entity thereof are listed for trading on the New York
Stock Exchange or the Nasdaq Global Select Market, or any successor to any such
market that may exist from time to time, immediately following such transaction,
and (C) as a result of such transaction, the 2037 Notes are or become
convertible, upon the satisfaction of the conditions for conversion and actual
conversion in accordance with the terms of the 2037 Notes, into such
Ordinary Shares, shares of common stock of the Company or equivalent capital
stock of the Company or such successor or transferee person or parent entity
thereof.

       

      Notwithstanding
the foregoing, it will not constitute a Fundamental Change if at least 90% of
the consideration for the Ordinary Shares (excluding cash payments for
fractional shares) in the transaction or transactions constituting the
Fundamental Change consists of common stock, ordinary shares, American
Depository Receipts or equivalent capital stock traded on the New York Stock
Exchange or the Nasdaq Global Select Market, or any successor to any such
market, or which will be so traded when issued or exchanged in connection with
the Fundamental Change, and as a result of such transaction or transactions the
2037 Notes become convertible, upon the satisfaction of the conditions for
conversion and actual conversion in accordance with the terms of the
2037 Notes, into such common stock, ordinary shares, American Depository
Receipts or equivalent capital stock.

       

      
        
           

        

        
          15

          
            

          

        

        
           

        

      

      For the
purpose of the definition of “Fundamental Change”, (i) “person” and “group” have
the meanings given such terms under Section 13(d) and 14(d) of the Exchange Act
or any successor provision to either of the foregoing, and the term “group”
includes any group acting for the purpose of acquiring, holding or disposing of
securities within the meaning of Rule 13d-5(b)(1) under the Exchange Act (or any
successor provision thereto), (ii) a “beneficial owner” shall be determined in
accordance with Rule 13d-3 under the Exchange Act, as in effect on
December 11, 2007, except that the number of shares of Voting Stock of the
Company shall be deemed to include, in addition to all outstanding shares of
Voting Stock of the Company and Unissued Shares deemed to be held by the
“person” or “group” (as such terms are defined above) or other person with
respect to which the Fundamental Change determination is being made, all
Unissued Shares deemed to be held by all other persons, and (iii) the terms
“beneficially owned” and “beneficially own” shall have meanings correlative to
that of “beneficial owner”. The term “Unissued Shares” means shares of Voting
Stock not outstanding that are subject to options, warrants, rights to purchase
or conversion privileges exercisable within 60 days of the date of determination
of a Fundamental Change.

       

      (b)           Within
15 Business Days after the occurrence of a Fundamental Change described in
subsection (a)(ii) or (a)(iv) of Section 3.12 and, in the case of a
Fundamental Change described in subsection (a)(i) or (a)(iii) of
Section 3.12, no later than the later of (x) one business day
following the Effective Date or (y) two business days following the date on
which officers of the Company first learned of such Fundamental Change following
the Effective Date of such Fundamental Change, the Company shall mail a written
notice of the Fundamental Change to the Trustee and to each Holder. The notice
shall include the form of a Fundamental Change Purchase Notice to be completed
by the Holder and shall state:

       

      (1)           the
date of such Fundamental Change and, briefly, the events causing such
Fundamental Change;

       

      (2)           the
date by which the Fundamental Change Purchase Notice pursuant to this Section
3.12 must be given;

       

      (3)           the
Fundamental Change Purchase Date;

       

      (4)           the
Fundamental Change Purchase Price;

       

      (5)           briefly,
the conversion rights of the 2037 Notes;

       

      (6)           the
name and address of each Paying Agent and Conversion Agent;

       

      (7)           the
Conversion Rate and any adjustments thereto (including the adjustment for any
Additional Shares);

       

      
        
           

        

        
          16

          
            

          

        

        
           

        

      

      (8)           that
2037 Notes as to which a Fundamental Change Purchase Notice has been given
may be converted pursuant to Article Eleven only to the extent that the
Fundamental Change Purchase Notice has been withdrawn in accordance with the
terms of this Indenture;

       

      (9)           the
procedures that the Holder must follow to exercise rights under this
Section 3.12;

       

      (10)         the
procedures for withdrawing a Fundamental Change Purchase Notice, including a
form of notice of withdrawal; and

       

      (11)         that
the Holder must satisfy the requirements set forth in the 2037 Notes in
order to convert the 2037 Notes.

       

      If any of
the 2037 Notes is in the form of a Global Security, then the Company shall
modify such notice to the extent necessary to accord with the procedures of the
Depositary applicable to the repurchase of Global Securities.

       

      (c)           A
Holder may exercise its rights specified in subsection (a) of this Section 3.12
upon delivery of a written notice (which shall be in substantially the form
included as an attachment to the Security and which may be delivered by letter,
overnight courier, hand delivery, facsimile transmission or in any other written
form) of the exercise of such rights (a “Fundamental Change Purchase Notice”) to
any Paying Agent at any time prior to the close of business on the Business Day
next preceding the Fundamental Change Purchase Date.

       

      The
delivery of such 2037 Note to any Paying Agent (together with all necessary
endorsements) at the office of such Paying Agent shall be a condition to the
receipt by the Holder of the Fundamental Change Purchase Price
therefor.

       

      The
Company shall purchase from the Holder thereof, pursuant to this Section 3.12, a
portion of a 2037 Note if the Principal Amount of such portion is $1,000 or
an integral multiple of $1,000.  Provisions of this Indenture that
apply to the purchase of all of a 2037 Note pursuant to Sections 3.12
through 3.18 also apply to the purchase of such portion of such
2037 Note.

       

      Notwithstanding
anything herein to the contrary, any Holder delivering to a Paying Agent the
Fundamental Change Purchase Notice contemplated by this subsection (c) shall
have the right to withdraw such Fundamental Change Purchase Notice in whole or
in a portion thereof that is a Principal Amount of $1,000 or in an integral
multiple thereof at any time prior to the close of business on the Business Day
next preceding the Fundamental Change Purchase Date by delivery of a written
notice of withdrawal to the Paying Agent in accordance with
Section 3.13.

       

      A Paying
Agent shall promptly notify the Company of the receipt by it of any Fundamental
Change Purchase Notice or written withdrawal thereof.

       

      
        
           

        

        
          17

          
            

          

        

        
           

        

      

      Anything
herein to the contrary notwithstanding, in the case of Global Securities, any
Fundamental Change Purchase Notice may be delivered or withdrawn and such
2037 Notes may be surrendered or delivered for purchase in accordance with
the applicable procedures of the Depositary as in effect from time to
time.

       

      Section
3.13              Effect of Fundamental Change
Purchase Notice

       

      Upon
receipt by any Paying Agent of the Fundamental Change Purchase Notice specified
in Section 3.12(c), the Holder of the 2037 Note in respect of which such
Fundamental Change Purchase Notice was given shall (unless such Fundamental
Change Purchase Notice is withdrawn as specified below) thereafter be entitled
to receive the Fundamental Change Purchase Price with respect to such
2037 Note. Such Fundamental Change Purchase Price shall be paid to such
Holder promptly following the later of (a) the Fundamental Change Purchase Date
with respect to such 2037 Note (provided the conditions in Section 3.12(c)
have been satisfied) and (b) the time of delivery of such 2037 Note to a
Paying Agent by the Holder thereof in the manner required by Section 3.12(c).
2037 Notes in respect of which a Fundamental Change Purchase Notice has
been given by the Holder thereof may not be converted into Ordinary Shares on or
after the date of the delivery of such Fundamental Change Purchase Notice unless
such Fundamental Change Purchase Notice has first been validly
withdrawn.

       

      A
Fundamental Change Purchase Notice may be withdrawn by means of a written notice
(which may be delivered by letter, overnight courier, hand delivery, facsimile
transmission or in any other written form and, in the case of Global Securities,
may be delivered electronically or by other means in accordance with the
Depositary’s customary procedures) of withdrawal delivered by the Holder to a
Paying Agent at any time prior to the close of business on the Business Day
immediately preceding the Fundamental Change Purchase Date, specifying the
Principal Amount of the Security or portion thereof (which must be a Principal
Amount of $1,000 or an integral multiple of $1,000 in excess thereof) with
respect to which such notice of withdrawal is being submitted.

       

      Section
3.14              Deposit of Fundamental Change
Purchase Price

       

      On or
before 11:00 a.m. New York City time on the Fundamental Change Purchase
Date, the Company shall deposit with the Trustee or with a Paying Agent (other
than the Company or an Affiliate of the Company) an amount of money (in
immediately available funds if deposited on such Fundamental Change Purchase
Date) sufficient to pay the aggregate Fundamental Change Purchase Price of all
the 2037 Notes or portions thereof that are to be purchased as of such
Fundamental Change Purchase Date. The manner in which the deposit required by
this Section 3.14 is made by the Company shall be at the option of the
Company, provided that
such deposit shall be made in a manner such that the Trustee or a Paying Agent
shall have immediately available funds on the Fundamental Change Purchase
Date.

       

      
        
           

        

        
          18

          
            

          

        

        
           

        

      

      If a
Paying Agent holds, in accordance with the terms hereof, money sufficient to pay
the Fundamental Change Purchase Price of any 2037 Note for which a
Fundamental Change Purchase Notice has been tendered and not withdrawn in
accordance with this Indenture then, on the Fundamental Change Purchase Date,
such 2037 Note will cease to be Outstanding and the rights of the Holder in
respect thereof shall terminate (other than the right to receive the Fundamental
Change Purchase Price as aforesaid). The Company shall publicly announce the
Principal Amount of 2037 Notes purchased as a result of such Fundamental
Change on or as soon as practicable after the Fundamental Change Purchase
Date.

       

      Section
3.15              Securities Purchased In
Part

       

      Any
2037 Note that is to be purchased only in part shall be surrendered at the
office of a Paying Agent and promptly after the Fundamental Change Purchase Date
the Company shall execute and the Trustee shall authenticate and deliver to the
Holder of such 2037 Note, without service charge, a new 2037 Note or
2037 Notes of the same series, of such authorized denomination or
denominations as may be requested by such Holder, in aggregate Principal Amount
equal to, and in exchange for, the portion of the Principal Amount of the
2037 Note so surrendered that is not purchased.

       

      Section
3.16              Compliance With Securities Laws Upon
Purchase of Securities

       

      In
connection with any offer to purchase or purchase of 2037 Notes under
Section 3.12, the Company shall (a) comply with Rule 13e-4 (or any successor to
either such Rule), if applicable, under the Exchange Act, (b) file the related
Schedule TO (or any successor or similar schedule, form or report) if required
under the Exchange Act, and (c) otherwise comply with all federal and state
securities laws in connection with such offer, all so as to permit the rights of
the Holders and obligations of the Company under Sections 3.12 through 3.18 to
be exercised in the time and in the manner specified therein.

       

      Section
3.17              Repayment to the
Company

       

      To the
extent that the aggregate amount of cash deposited by the Company pursuant to
Section 3.14 exceeds the aggregate Fundamental Change Purchase Price together
with interest, if any, thereon of the 2037 Notes or portions thereof that
the Company is obligated to purchase, then promptly after the Fundamental Change
Purchase Date the Trustee or a Paying Agent, as the case may be, shall return
any such excess to the Company.

       

      Section
3.18              No Purchase on Fundamental Change if
Event of Default

       

      
        
           

        

        
          19

          
            

          

        

        
           

        

      

      There
shall be no purchase of any 2037 Notes pursuant to this Article Three if
there has occurred (prior to, on or after, as the case may be, the giving, by
the Holders of such 2037 Notes, of the required Fundamental Change Purchase
Notice) and is continuing an Event of Default (other than a default in the
payment of the Fundamental Change Purchase Price with respect to such
2037 Notes). The Paying Agent will promptly return to the respective
Holders thereof any 2037 Notes (x) with respect to which a Fundamental
Change Purchase Notice has been withdrawn in compliance with this Indenture, or
(y) held by it during the continuance of an Event of Default (other than a
default in the payment of the Fundamental Change Purchase Price with respect to
such 2037 Notes) in which case, upon such return, the Fundamental Change
Purchase Notice with respect thereto shall be deemed to have been
withdrawn.

       

      SECTION
211     Conversion,
Repurchase.

       

      The
Indenture is amended by adding the following Articles  Eleven
and  Twelve to the Indenture:

       

      ARTICLE
ELEVEN

       

      CONVERSION

       

      Section
11.01            Conversion
Privilege

       

      2037
Notes shall be convertible in accordance with their terms and in accordance with
this Article.

       

      A Holder
of a 2037 Note may convert the Principal Amount of such 2037 Note (or
any portion thereof equal to a Principal Amount of $1,000 or any integral
multiple of a Principal Amount of $1,000 in excess thereof) into, for each
$1,000 Principal Amount of 2037 Notes converted, cash and Ordinary Shares,
if any, equal to the sum of the Daily Settlement Amounts (such sum, the
“Conversion Proceeds”) for each of the 20 VWAP Trading Days during the relevant
Conversion Period, at any time during the period set forth under the caption
“Conversion” in the 2037 Notes of such series upon the occurrence of any of
the events set forth under the caption “Conversion” in the 2037 Notes of
each series, in amounts reflecting the Conversion Rate then in effect; provided, however, that the Company
will pay cash in lieu of fractional shares based upon the VWA Price on the last
VWAP Trading Day in the Conversion Period as described in
Section 11.04.

       

      If an
event requiring an adjustment pursuant to Section 11.07 hereof occurs
during the Conversion Period, the Company will make proportional adjustments to
the Daily Settlement Amount for each VWAP Trading Day during the portion of the
Conversion Period preceding the effective date of the adjustment
event.

       

      In case a
2037 Note or portion thereof is called for redemption pursuant to
Article Three, such conversion right shall terminate at the close of
business on the Business Day immediately prior to the earlier of
(a) December 15, 2037 and (b) the date on which such 2037 Note
(or portion thereof) is redeemed (unless the Company shall default in making the
redemption payment when due, in which case the conversion right shall terminate
at the close of business on the date such default is cured and such
2037 Note is redeemed). Provisions of this Indenture that apply to
conversion of all of a 2037 Note also apply to conversion of a portion of a
2037 Note.

       

      
        
           

        

        
          20

          
            

          

        

        
           

        

      

      A
2037 Note in respect of which a Holder has delivered a Repurchase Notice or
Fundamental Change Purchase Notice exercising the option of such Holder to
require the Company to purchase such 2037 Note, may be converted only if
such notice of exercise is withdrawn in accordance with the terms of the
Indenture. A Holder of 2037 Notes entitled to receive any Ordinary Shares
upon conversion of 2037 Notes is not entitled to any rights of a Holder of
Ordinary Shares until such Holder has converted its 2037 Notes to Ordinary
Shares, and only to the extent such 2037 Notes are deemed to have been
converted into Ordinary Shares pursuant to this Article Eleven.

       

      Section
11.02            Conversion Rate

       

      (a)           If
the Effective Date (or anticipated Effective Date in the case of a transaction
described in subsection (a)(ii) of Section 3.12) of a Fundamental Change occurs
on or prior to December 20, 2010 in the case of the Series A
2037 Notes, on or prior to December 20, 2011 in the case of the
Series B 2037 Notes, or on or prior to December 20, 2012 in the
case of the Series C 2037 Notes, and a Holder elects to convert
2037 Notes during the period commencing on such Effective Date (or during
the period commencing 15 days prior to the anticipated Effective Date in the
case of a transaction described in subsection (a)(ii) of Section 3.12) and
ending on the later of (A) the day before the Fundamental Change Repurchase
Date and (B) 30 days following the Effective Date (but in any event prior
to the close of business on the Business Day prior to the Stated Maturity), the
Conversion Rate applicable to each $1,000 Principal Amount of 2037 Notes so
converted shall be increased by an additional number of Ordinary Shares (the
“Additional Shares”) as specified in subsection (ii) below; provided that, in the case of
a transaction described in subsection (a)(ii) of Section 3.12, if a Holder
converts its 2037 Notes on or after the 15th day prior to the anticipated
Effective Date, and such Fundamental Change does not occur, such Holder will not
be entitled to an increased Conversion Rate as described in subsection (ii) of
this Section 11.02. The Company shall give written notice (the “Fundamental
Change Notice”) to all Holders and the Trustee of any such Fundamental Change
and the anticipated Effective Date, if applicable, and issue a press release
providing the same information no later than 15 days prior to the anticipated
Effective Date of a Fundamental Change described in subsection (a)(ii) or
(a)(iv) of Section 3.12 and, in the case of a Fundamental Change described
in subsection (a)(i) or (a)(iii) of Section 3.12, no later than the later
of (x) one business day following the Effective Date or (y) two
business days following the date on which officers of the Company first learned
of such Fundamental Change following the Effective Date of such Fundamental
Change.  If a Fundamental Change does not occur as anticipated, the
Company shall issue a press release and notify Holders who have elected to
convert their 2037 Notes promptly after the Company determines not to increase
the Conversion Rate, and each such Holder may elect to withdraw any election to
convert by a written notice of withdrawal delivered to the Conversion Agent
within ten Business Days after the Company announces that the Fundamental Change
will not occur as anticipated.

       

      
        
           

        

        
          21

          
            

          

        

        
           

        

      

      (b)           The
number of Additional Shares by which the Conversion Rate will be increased shall
be determined by reference to the table attached as Schedule A hereto, based on
the Effective Date and the Share Price; provided, however, that if the actual
Share Price is between two Share Prices in the table or the relevant Effective
Date is between two Effective Dates in the table, the number of Additional
Shares shall be determined by a straight-line interpolation between the number
of Additional Shares set forth for the next higher and next lower Share Prices
and the two Effective Dates, as applicable, based on a 365-day year; and provided further, however,
that  (1) if the Share Price is in excess of $500 per share,
subject to adjustment as described in subsection (c) of this
Section 11.02, no Additional Shares will be added to the Conversion Rate,
and (2) if the Share Price is less than $127.25 per share, subject to
adjustment as described in subsection (c) of this Section 11.02, no
Additional Shares will be added to the Conversion Rate. Notwithstanding the
foregoing, in no event will the Conversion Rate exceed 7.8585 per $1,000
Principal Amount of 2037 Notes, subject to adjustment as described in
Section 11.07.

       

      (c)           The
Share Prices set forth in the first row of each table in Schedule A shall be
adjusted as of any date on which the Conversion Rate is adjusted. The adjusted
Share Prices shall equal the Share Prices applicable immediately prior to such
adjustment, multiplied by a fraction, the numerator of which is the Conversion
Rate in effect immediately prior to the Share Price adjustment and the
denominator of which is the Conversion Rate as so adjusted. The number of
Additional Shares within each table in Schedule A hereto shall be adjusted in
the same manner as the Conversion Rate as set forth in
Section 11.07.

       

      Section
11.03            Conversion
Procedure

       

      To
convert a 2037 Note, a Holder must satisfy the requirements set forth under
the caption “Conversion” in the 2037 Note.  The date on which the
Holder satisfies all of those requirements is the “Conversion
Date.”  The Company shall deliver the Conversion Proceeds to the
Holder through a Conversion Agent on the third Trading Day following the final
VWAP Trading Day of the Conversion Period. Anything herein to the contrary
notwithstanding, in the case of Global Securities, conversion notices may be
delivered and such 2037 Notes may be surrendered for conversion in
accordance with the applicable procedures of the Depositary as in effect from
time to time.  The Person in whose name any Ordinary Shares are
registered shall be deemed to be a shareholder of record on the Conversion Date;
provided, however, that no surrender of
a 2037 Note on any date when the stock transfer books of the Company shall
be closed shall be effective to constitute the Person or Persons entitled to
receive Ordinary Shares upon such conversion as the record holder or holders of
such Ordinary Shares on such date, but such surrender shall be effective to
constitute the Person or Persons entitled to receive such Ordinary Shares as the
record holder or holders thereof for all purposes at the close of business on
the next succeeding day on which such stock transfer books are open; provided, further, that such conversion
shall be at the Conversion Rate in effect on the date that such 2037 Note
shall have been surrendered for conversion, as if the stock transfer books of
the Company had not been closed. Upon conversion of a 2037 Note, such
Person shall no longer be a Holder of such 2037 Note.

       

      
        
           

        

        
          22

          
            

          

        

        
           

        

      

      No
payment or adjustment will be made for dividends on, or other distributions with
respect to, any Ordinary Shares except as provided in this Article Eleven. On
conversion of a 2037 Note, accrued interest with respect to the converted
2037 Note shall not be cancelled, extinguished or forfeited, but rather
shall be deemed to be paid in full to the Holder thereof through delivery of the
Conversion Proceeds in exchange for the 2037 Note being converted pursuant
to the provisions hereof.

       

      Upon
surrender of a 2037 Note that is converted in part, the Company shall
execute, and the Trustee shall authenticate and deliver to the Holder, a new
2037 Note equal in Principal Amount to the Principal Amount of the
unconverted portion of the 2037 Note surrendered.

       

      2037
Notes or portions thereof surrendered for conversion after the close of business
on any Regular Record Date immediately preceding any Interest Payment Date and
prior to the opening of business on such Interest Payment Date shall (unless
such 2037 Notes or portions thereof have been called for redemption on a
Redemption Date within such period) be accompanied by payment to the Company or
its order, in New York Clearing House funds or other funds acceptable to the
Company, of an amount equal to the interest payable on such Interest Payment
Date on the Principal Amount of 2037 Notes or portions thereof being
surrendered for conversion, and such interest payable on such Interest Payment
Date shall be payable to the registered Holder notwithstanding the conversion of
such 2037 Note; provided, however, that no such payment
need be made (1) if the Company has specified a Fundamental Change Purchase Date
following a Fundamental Change that is after the Regular Record Date and on or
prior to the next succeeding Interest Payment Date, (2) only to the extent of
overdue interest, if any overdue interest exists at the date of conversion with
respect to a 2037 Note, (3) if the 2037 Note is surrendered for
conversion after the Regular Record Date immediately preceding the Stated
Maturity of the 2037 Note, or (4) if the 2037 Note is surrendered in
connection with a call for redemption with a Redemption Date that is after the
Regular Record Date and on or prior to the next succeeding Interest Payment
Date. No other payments or adjustments for interest, or any dividends with
respect to any Ordinary Shares, will be made upon conversion.

       

      
        
           

        

        
          23

          
            

          

        

        
           

        

      

      Section
11.04            Fractional
Shares

       

      The
Company will not issue fractional Ordinary Shares upon conversion of
2037 Notes. In lieu thereof, the Company will pay an amount in cash based
upon the VWA Price of the Ordinary Shares on the last VWAP Trading Day in the
Conversion Period.

       

      Section
11.05            Taxes on
Conversion

       

      If a
Holder converts a 2037 Note, the Company shall pay any documentary, stamp
or similar issue or transfer tax due on the issue of any Ordinary Shares upon
such conversion. However, the Holder shall pay any such tax which is due because
the Holder requests the shares to be issued in a name other than the Holder’s
name. The Conversion Agent may refuse to deliver the Ordinary Shares being
issued in a name other than the Holder’s name until the Conversion Agent
receives a sum sufficient to pay any tax which will be due because the shares
are to be issued in a name other than the Holder’s name. Nothing herein shall
preclude any tax withholding required by law or regulation.

       

      Section
11.06            Company to Provide Ordinary
Shares

       

      The
Company shall, prior to the Issue Date, and from time to time as may be
necessary, reserve, out of its authorized but unissued Ordinary Shares, a
sufficient number of Ordinary Shares to permit the delivery of Ordinary Shares
upon conversion of all 2037 Notes. All Ordinary Shares delivered upon
conversion of the 2037 Notes, if any, shall be newly issued shares, shall
be duly authorized, validly issued, fully paid and nonassessable and shall be
free from preemptive rights and free of any lien or adverse claim.

       

      The
Company will endeavor to comply promptly with all federal and state securities
laws regulating the registration of the offer and delivery of Ordinary Shares to
a converting Holder upon conversion of 2037 Notes, if any, and will list or
cause to have quoted such Ordinary Shares on each national securities exchange,
over-the-counter market or such other market on which the Ordinary Shares are
then listed or quoted.

       

      Section
11.07             Adjustment of Conversion
Rate

       

      The Conversion Rate shall be adjusted from time to time by the Company
as follows:

       

      (a)           In
case the Company shall (i) pay a dividend on its Ordinary Shares in Ordinary
Shares, (ii) make a distribution on its Ordinary Shares in Ordinary Shares,
(iii) subdivide its outstanding Ordinary Shares into a greater number of
shares, or (iv) combine its outstanding Ordinary Shares into a smaller
number of shares, the Conversion Rate in effect immediately prior thereto shall
be adjusted based on the following formula:

       

      
        
           

        

        
          24

          
            

          

        

        
           

        

      

       

      
        	
                CR1 = CR0

              	
                x

              	
                OS1

              
	
                OS0

              

      

       

      where

       

      
        	
                CR0

              	
                =

              	
                the Conversion Rate in effect at the
      close of business immediately prior to the Ex-dividend
  Date

              
	
                CR1

              	
                =

              	
                the Conversion Rate in effect on the
      Ex-dividend Date

              
	
                OS0

              	
                =

              	
                the number of Ordinary Shares
      outstanding at the close of business immediately prior to the Ex-dividend
      Date

              
	
                OS1

              	
                =

              	
                the number of Ordinary Shares
      outstanding at the close of business immediately prior to the Ex-dividend
      Date, assuming, for this purpose only, the completion of the event
      immediately prior to the Ex-dividend
Date

              

      

       

      An
adjustment made pursuant to this subsection (a) shall become effective
immediately prior to the opening of business on the Ex-dividend
Date.

       

      (b)           In
case the Company shall issue rights or warrants to all or substantially all
holders of its Ordinary Shares entitling them (for a period expiring not more
than 60 days after such record date) to subscribe for or purchase Ordinary
Shares at a price per share less than the Current Market Price per Ordinary
Share (as determined in accordance with subsection (f) of this
Section 11.07 on the record date for the determination of shareholders
entitled to receive such rights or warrants), the Conversion Rate in effect
immediately prior thereto shall be adjusted based on the following
formula:

       

      
        	
                CR1 = CR0

              	
                x

              	
                OS0 +
X

              
	
                OS0 +
  Y

              

      

      

      where,

       

      
        	
                CR0

              	
                =

              	
                the Conversion Rate in effect at the
      close of business immediately prior to the Ex-dividend
  Date

              
	
                CR1

              	
                =

              	
                the Conversion Rate in effect on the
      Ex-dividend Date

              
	
                OS0

              	
                =

              	
                the number of Ordinary Shares
      outstanding at the close of business immediately prior to the Ex-dividend
      Date

              
	
                X

              	
                =

              	
                the total number of Ordinary Shares
      issuable pursuant to such rights

              
	
                Y

              	
                =

              	
                the number of Ordinary Shares equal to the
      aggregate price payable to exercise such rights divided by the average of
      the Last Reported Sale Prices of the Ordinary Shares for the 10
      consecu­tive Trading Days ending on the Business Day immediately preceding the announcement of
      the issuance of such rights

              

      

      
        
           

        

        
          25

          
            

          

        

        
           

        

      

      Any such
adjustment made pursuant to this subsection (b) shall be made successively
whenever any such rights or warrants are issued, and shall become effective
immediately prior to the opening of business on the Ex-dividend Date. If at the
end of the period during which such rights or warrants are exercisable not all
rights or warrants shall have been exercised, the adjusted Conversion Rate shall
be immediately readjusted to what it would have been based upon the number of
additional Ordinary Shares actually issued.

       

      (c)           In
case the Company shall distribute to all holders of Ordinary Shares any shares
of capital stock (other than dividends or distributions of Ordinary Shares on
Ordinary Shares to which Section 11.07(a) applies), evidences of
indebtedness or other assets (including securities of any Person other than the
Company, but excluding any distribution in connection with any liquidation,
dissolution or winding up and excluding all-cash distributions or any
distributions of any Ordinary Shares, rights or warrants referred to in
Sections 11.07(a) or 11.07(b)), then in each such case the Conversion Rate
shall be adjusted based on the following formula:

       

      
        	
                CR1 = CR0

              	
                x

              	
                SP0

              
	
                SP0 –
  FMV

              

      

       

      where,

       

      
        	
                CR0

              	
                =

              	
                the Conversion Rate in effect at the
      close of business immediately prior to the Ex-dividend
  Date

              
	
                CR1

              	
                =

              	
                the Conversion Rate in effect on the
      Ex-dividend Date

              
	
                SP0

              	
                =

              	
                the Current Market
  Price

              
	
                FMV

              	
                =

              	
                the fair market value (as determined by
      the Board of Directors, whose determination shall be conclusive evidence
      of such fair market value and which shall be evidenced by an Officers’
      Certificate delivered to the Trustee) of the shares of capital stock,
      evidences of indebtedness or other assets distributed with respect to each
      outstanding Ordinary Share on the Ex-dividend Date for such
      distribution

              

      

      
        
           

        

        
          26

          
            

          

        

        
           

        

      

      With
respect to an adjustment pursuant to this subsection (c), where there has been a
payment of a dividend or other distribution on the Ordinary Shares of shares of
capital stock of, or similar equity interests in, a subsidiary or other business
unit of the Company (a “Spin-off”), the Conversion Rate will be adjusted based
on the following formula:

       

      
        	
                CR1 = CR0

              	
                x

              	
                FMV0 + MP0

              
	
                MP0

              

      

      where,

       

      
        	
                CR0

              	
                =

              	
                the Conversion Rate in effect at the
      close of business immediately prior to the end of the Spin-off Valuation
      Period

              
	
                CR1

              	
                =

              	
                the Conversion Rate in effect after the
      end of the Spin-off Valuation Period

              
	
                FMV0

              	
                =

              	
                the average of the sale prices of the
      capital stock or similar equity interest distributed to holders of
      Ordinary Shares applicable to one Ordinary Share over the 10 Trading Days
      commencing on and including the effective date of the spin-off (the
      “Spin-off Valuation Period”); provided that, in the case of any VWAP
      Trading Days within a Conversion Period that fall within such ten Trading
      Day period, in respect of any such VWAP Trading Day, the Spin-Off
      Valuation Period shall be deemed to include only those Trading Days
      falling on or between the effective date of such spin-off and such VWAP
      Trading Day.

              
	
                MP0

              	
                =

              	
                the average of the Last Reported Sale
      Prices of Ordinary Shares over the Spin-off Valuation
    Period

              

      

       

      Any such
adjustment made pursuant to this subsection (c) shall be made successively
whenever any such distribution is made and shall become effective immediately
prior to the opening of business on the Ex-dividend Date, except that any such
adjustment made with respect to a Spin-Off shall become effective immediately
after the end of the Spin-Off Valuation Period.

      
        
           

        

        
          27

          
            

          

        

        
           

        

      

      For the
avoidance of doubt, the adjustment in this Section 11.07(c) does not apply
to any distributions to the extent that the right to convert 2037 Notes has
been changed into the right to convert into Reference Property pursuant to
Section 11.11 in respect of such distribution.

       

      (d)           In
case the Company shall, by dividend or otherwise, at any time distribute (a
“Triggering Distribution”) to all or substantially all holders of its Ordinary
Shares all-cash distributions, excluding any distributions in connection with
any liquidation, dissolution or winding up, the Conversion Rate shall be
adjusted based on the following formula:

       

      
        	
                CR1 = CR0

              	
                x

              	
                
                  SP0

                

              
	
                SP0 -
  C

              

      

      

      where,

       

      
        	
                 
      

              	
                CR0

              	
                =

              	
                the
      Conversion Rate in effect at the close of business immediately prior to
      the Ex-dividend Date

              

      

       

      
        	
                 
      

              	
                CR1

              	
                =

              	
                the
      Conversion Rate in effect on the Ex-dividend
  Date

              

      

       

      
        	
                 
      

              	
                SP0

              	
                =

              	
                the
      Current Market Price

              

      

       

      
        
          	
                   
      

                	
                  C

                	
                  =

                	
                  the
      amount in cash per share the Company distributes to holders of Ordinary
      Shares (and for which no adjustment has been
  made)

                

        

         

      

      Any such
increase shall become effective immediately prior to the opening of business on
the Ex-dividend Date.

       

      For the
avoidance of doubt, the adjustment in this Section 11.07(d) does not apply
to any distributions to the extent that the right to convert 2037 Notes has
been changed into the right to convert into Reference Property pursuant to
section 11.11 in respect of such distribution.

       

      (e)           In
case the Company or any of its Subsidiaries purchases all or any portion of the
Ordinary Shares pursuant to a tender offer, to the extent the cash and value of
any other consideration included in the payment per Ordinary Share exceeds the
Last Reported Sale Price on the Trading Day next succeeding the last date on
which tenders may be made pursuant to such tender offer (the “Expiration Date”),
the Conversion Rate shall be adjusted based on the following
formula:

      
        
           

        

        
          28

          
            

          

        

        
           

        

      

       

      
        	
                CR1 = CR0

              	
                x

              	
                
                  FMV0 + (SP1 x OS1)

                

              
	
                OS0 x SP1

              

      

       

      where,

       

      
        	
                 
      

              	
                CR0

              	
                =

              	
                the
      Conversion Rate in effect on the Expiration
Date

              

      

       

      
        	
                 
      

              	
                CR1

              	
                =

              	
                the
      Conversion Rate in effect immediately after the Expiration
      Date

              

      

       

      
        	
                 
      

              	
                FMV0

              	
                =

              	
                the
      fair market value (as determined by the Board of Directors, whose
      determination shall be conclusive evidence of such fair market value and
      which shall be evidenced by an Officers’ Certificate delivered to the
      Trustee) of the aggregate value of all cash and/or any other consideration
      paid or payable for Ordinary Shares validly tendered or exchanged and not
      withdrawn as of the Expiration Date

              

      

       

      
        	
                 
      

              	
                OS0

              	
                =

              	
                the
      number of Ordinary Shares outstanding immediately prior to the Expiration
      Date

              

      

       

      
        	
                 
      

              	
                OS1

              	
                =

              	
                the
      number of Ordinary Shares outstanding immediately after the Expiration
      Date, excluding any purchased
shares

              

      

       

      
        	
                 
      

              	
                SP1

              	
                =

              	
                the
      average of the Last Reported Sale Price of the Ordinary Shares over the 10
      Trading Days beginning on the Trading Day after the Expiration
      Date

              

      

       

      Any such
increase shall become effective immediately prior to the opening of business on
the Ex-dividend Date.  In the event that the Company is obligated to
purchase shares pursuant to such tender offer, but the Company is permanently
prevented by applicable law from effecting any or all such purchases or any or
all such purchases are rescinded, the Conversion Rate shall again be adjusted to
be the Conversion Rate which would have been in effect based upon the number of
shares actually purchased. If the application of this Section 11.07(e) to
any tender offer would result in a decrease in the Conversion Rate, no
adjustment shall be made for such tender offer under this
Section 11.07(e).

       

      For
purposes of this Section 11.07(e), the term “tender offer” shall mean and
include both tender offers and exchange offers, all references to “purchases” of
shares in tender offers (and all similar references) shall mean and include both
the purchase of shares in tender offers and the acquisition of shares pursuant
to exchange offers, and all references to “tendered shares” (and all similar
references) shall mean and include shares tendered in both tender offers and
exchange offers.

       

      (f)           For
the purpose of any computation under subsections (b), (c), (d) and (e) of this
Section 11.07, the “Current Market Price” of the Ordinary Shares on any day
means the average of the Last Reported Sale Price of the Ordinary Shares for
each of the 10 consecutive Trading Days ending on the earlier of the day in
question and the day before the Ex-dividend Date with respect to the issuance or
distribution requiring such computation.

      
        
           

        

        
          29

          
            

          

        

        
           

        

      

      (g)           In
any case in which this Section 11.07 shall require that an adjustment be
made immediately prior to the opening of business on the Ex-dividend Date, the
Company may elect to defer (but only until five Business Days following the
filing by the Company with the Trustee of the certificate described in
Section 11.09) issuing to the Holder of any 2037 Note converted after
such Ex-dividend Date any Ordinary Shares issuable upon such conversion over and
above any Ordinary Shares issuable upon such conversion only on the basis of the
Conversion Rate prior to adjustment; and, in lieu of the shares the issuance of
which is so deferred, the Company shall issue or cause its transfer agents to
issue due bills or other appropriate evidence prepared by the Company of the
right to receive such shares. If any action in respect of which an adjustment to
the Conversion Rate is required to be made immediately prior to the opening of
business on the Ex-dividend Date therefor is not thereafter made or paid by the
Company for any reason, the Conversion Rate shall be readjusted to the
Conversion Rate which would then be in effect if such action had not
occurred.

       

      Section
11.08             No Adjustment

       

      Notwithstanding
anything herein to the contrary, no adjustment in the Conversion Rate shall be
required unless the adjustment would require an increase or decrease of at least
1% in the Conversion Rate as last adjusted; provided, however, that any adjustments
which by reason of this Section 11.08 are not required to be made shall be
carried forward and taken into account in any subsequent adjustment. In
addition, the Company will make any carry forward adjustments not otherwise
effected (A) upon conversion of the 2037 Notes, (B) upon required purchases
of the 2037 Notes in connection with a Fundamental Change, (C) in
connection with a call for redemption and (D) 25 scheduled Trading Days prior to
the Stated Maturity of the 2037 Notes.  No adjustment to the
Conversion Rate will be made if it results in a Conversion Price that is less
than the par value (if any) of the Ordinary Shares.  No adjustment to
the Conversion Rate will be made if the Holders of the 2037 Notes participate,
as a result of holding the 2037 Notes, in any of the transactions described in
subsection (a), (b), (c), (d) or (e) of Section 11.07 without
conversion.  All calculations under this Article Eleven shall be made
to the nearest cent or to the nearest 1/1000th of a share, as the case may
be.

       

      In the
event that the Company implements a shareholder rights plan, upon conversion of
the 2037 Notes, the Holders will receive, in addition to any Ordinary
Shares issuable upon such conversion, the rights issued under such rights plan
unless, prior to any conversion, the rights plan expires or terminates or the
rights have separated from the Ordinary Shares in accordance with the provisions
of the applicable shareholder rights agreement so that the Holder of the
2037 Notes would not be entitled to receive any rights in respect of
Ordinary Shares issuable upon conversion of the 2037 Notes, in which case
the Conversion Rate will be adjusted at the time of separation pursuant to
Section 11.07(a) as if the Company distributed, to all holders of Ordinary
Shares, shares of the Company’s capital stock, evidences of debt or other assets
issuable upon exercise of the rights as described in subsection (a) or (c) of
Section 11.07, subject to readjustment in the event of the expiration,
termination or redemption of the rights. Any distribution of rights pursuant to
a shareholder rights plan complying with the requirements set forth in the
immediately preceding sentence of this paragraph shall not constitute a
distribution of securities for the purposes of Section 11.07(b) or
Section 11.07(c).

       

      
        
           

        

        
          30

          
            

          

        

        
           

        

      

      Except as
otherwise provided in this Article Eleven, no adjustment need be made for the
issuance or acquisition of Ordinary Shares or any securities convertible into or
exchangeable for Ordinary Shares or that carry the right to purchase any of the
foregoing.  Without limiting the generality of any other provision
hereof, the Conversion Rate shall not be adjusted for:

       

      
        	
                 
      

              	
                ·

              	
                the
      issuance of Ordinary Shares pursuant to any present or future plan
      providing for the reinvestment of distributions or interest payable on
      securities of the Company and the  investment of additional
      optional amounts in Ordinary Shares under any such
  plan;

              

      

       

      
        	
                 
      

              	
                ·

              	
                upon
      the issuance of Ordinary Shares or options or rights to purchase Ordinary
      Shares pursuant to any present or future employee, director or consultant
      benefit plan or program of or assumed by the Company or any of its
      Subsidiaries;

              

      

       

      
        	
                 
      

              	
                ·

              	
                upon
      the issuance of Ordinary Shares pursuant to any option, warrant, right or
      exercisable, exchangeable or convertible
  security;

              

      

       

      
        	
                 
      

              	
                ·

              	
                for
      a change in the par value (or a change to no par value) of Ordinary
      Shares; or

              

      

       

      
        	
                 
      

              	
                ·

              	
                for
      accumulated and unpaid dividends.

              

      

       

      To the
extent that the 2037 Notes become convertible into the right to receive
cash, no adjustment need be made thereafter as to the cash. Interest will not
accrue on the cash.

       

      
        Section
11.09           
Notice of
Adjustment

      

       

      Whenever
the Conversion Rate is adjusted, the Company shall promptly mail to Holders a
notice of the adjustment and file with the Trustee an Officers’ Certificate
specifying the adjusted Conversion Rate, and briefly stating the facts requiring
the adjustment and the manner of computing it.

       

      Section
11.10            Notice of Certain
Transactions

       

      In the
event that:

       

      (1)           the
Company takes any action which would require an adjustment in the Conversion
Rate,

      
        
           

        

        
          31

          
            

          

        

        
           

        

      

      (2)           the
Company takes any action that requires a supplemental indenture pursuant to
Section 11.11, or

       

      (3)           there
is a dissolution or liquidation of the Company,

       

      the
Company shall mail to Holders and file with the Trustee a notice stating the
proposed record or effective date, as the case may be. The Company shall mail
the notice at least fifteen days before such date. Failure to mail such notice
or any defect therein shall not affect the validity of any transaction referred
to in clause (1), (2) or (3) of this Section 11.10.

       

      
        Section
11.11           
Effect of Recapitalization,
Reclassification, Consolidation, Merger or Sale on Conversion
Privilege

      

       

      In the
event that the Company is party to any of the following:  (a) any
reclassification, consolidation, merger or combination, or a scheme of
arrangement under Cayman Islands law; or (b) any sale or conveyance of all or
substantially all of the property and assets of the Company to another Person in
each case under clause (a) or (b) pursuant to which the Ordinary Shares would be
converted into cash, securities or other property, (each, a “Reorganization
Event”), then at the effective time of any such Reorganization Event, the right
to convert a 2037 Note will be changed into the right to convert such 2037 Note
into the kind and amount of shares of stock and other securities and property
(including cash) receivable upon such Reorganization Event by a holder of the
number of Ordinary Shares if such holder had held a number of Ordinary Shares
equal to the Conversion Rate of such 2037 Note in effect immediately prior to
such Reorganization Event (the “Reference Property”), provided that, upon
conversion, such Holder shall receive Reference Property in (A) cash up to the
aggregate principal portion of such 2037 Note and (B) in lieu of the Ordinary
Shares otherwise deliverable, Reference Property. The Company, or such
successor, purchasing or transferee corporation, as the case may be, shall (if
consideration is receivable by holders of the Ordinary Shares in such
Reorganization Event), as a condition precedent to such Reorganization Event,
execute and deliver to the Trustee a supplemental indenture providing that the
Holder of each 2037 Note then outstanding shall have the right to receive such
Reference Property.  Such supplemental indenture shall provide for
adjustments of the Conversion Rate which shall be as nearly equivalent as may be
practicable to the adjustments of the Conversion Rate provided for in this
Article Eleven.  The amount of cash and any Reference Property
Holders receive upon conversion will  be based on the Daily Conversion
Value Amounts of Reference Property and the applicable Conversion Rate as
described in Section 11.01; provided that references in
Section 11.01 to “Ordinary Shares” or “(an) Ordinary Share(s)” shall
instead be deemed references to “a unit of Reference Property composed of the
kind and amount of shares of stock, securities or other property or assets
(including cash or any combination thereof), if any, that a holder of one
Ordinary Share immediately prior to such transaction would have owned or been
entitled to receive” in such Reorganization Event or “units(s) of Reference
Property composed of the kind and amount of shares of stock, securities or other
property or assets (including cash or any combination thereof), if any, that a
holder of one Ordinary Share immediately prior to such transaction would have
owned or been entitled to receive” in such Reorganization Event, as the case may
be.  If, in the case of any such Reorganization Event, the stock or
other securities and property (including cash) receivable thereupon, if any, by
a holder of Ordinary Shares include shares of stock or other securities and
property of a Person other than the successor, purchasing or transferee
corporation, as the case may be, in such Reorganization Event, then such
supplemental indenture shall also be executed by such other Person and shall
contain such additional provisions to protect the interests of the Holders of
the 2037 Notes as the Board of Directors shall reasonably consider
necessary by reason of the foregoing.  The provisions of this
Section 11.11 shall similarly apply to successive Reorganization
Events.

      
        
           

        

        
          32

          
            

          

        

        
           

        

      

      In the
event the Company shall execute a supplemental indenture pursuant to this
Section 11.11, the Company shall promptly file with the Trustee (x) an Officers’
Certificate briefly stating the reasons therefor, the kind or amount of shares
of stock or other securities or property (including cash) receivable by Holders
of the 2037 Notes, if any, upon the conversion of their 2037 Notes
after any such Reorganization Event, any adjustment to be made with respect
thereto and that all conditions precedent have been complied with and (y) an
Opinion of Counsel that all conditions precedent have been complied with, and
shall promptly mail notice thereof to all Holders.

       

      For
purposes of determining the constitution of Reference Property, the type and
amount of consideration that a holder of Ordinary Shares would have been
entitled to in the case of any Reorganization Event that causes the Ordinary
Shares to be converted into the right to receive more than a single type of
consideration (determined based in part upon any form of shareholder election)
will be deemed to be (1) if the holders of a majority of the Ordinary Shares
make an affirmative election, the forms and amount of consideration actually
received with respect to a plurality of the Ordinary Shares held by holders of
Ordinary Shares who make an affirmative election or (2) if the holders of a
majority of the Ordinary Shares do not make an affirmative election, the
weighted average of the types and amount of consideration actually received by
holders of Ordinary Shares.  This Section 11.12 shall not affect the
right of a Holder of 2037 Notes to convert its 2037 Notes in
accordance with the provisions of Article Eleven hereof prior to the
effective date of the applicable Reorganization Event.

       

      Section
11.13                                Trustee’s
Disclaimer

       

      The
Trustee shall have no duty to determine when an adjustment under this Article
Eleven should be made, how it should be made or what such adjustment should be,
but may accept as conclusive evidence of that fact or the correctness of any
such adjustment, and shall be protected in relying upon, an Officers’
Certificate including the Officers’ Certificate with respect thereto which the
Company is obligated to file with the Trustee pursuant to Section 11.09. The
Trustee makes no representation as to the validity or value of any securities or
assets issued upon conversion of 2037 Notes, and the Trustee shall not be
responsible for the Company’s failure to comply with any provisions of this
Article Eleven.

      
        
           

        

        
          33

          
            

          

        

        
           

        

      

      The
Trustee shall not be under any responsibility to determine the correctness of
any provisions contained in any supplemental indenture executed pursuant to
Section 11.11, but may accept as conclusive evidence of the correctness thereof,
and shall be fully protected in relying upon, the Officers’ Certificate with
respect thereto which the Company is obligated to file with the Trustee pursuant
to Section 11.11.

       

      Section
11.14            Voluntary
Increase

       

      The
Company from time to time may to the extent permitted by law and subject to the
applicable rules of the New York Stock Exchange, increase the Conversion Rate by
any amount for any period of time if the period is at least 20
days.  In such event, the Company shall give at least 15 days’ notice
of such increase.

       

      Section
11.15            Increase to Avoid or Diminish Income
Tax

       

      The
Company may make such increases in the Conversion Rate, in addition to those
otherwise required by this Article Eleven, as the Board of Directors considers
to be advisable to avoid or diminish any income tax to holders of Ordinary
Shares, the holders of the 2037 Notes or other rights to purchase Ordinary
Shares resulting from any dividend or distribution of shares (or rights to
acquire shares) or from any event treated as such for income tax
purposes.

       

      ARTICLE
TWELVE

       

      REPURCHASE
OF SECURITIES AT OPTION OF THE HOLDER

       

      Section
12.01            General

       

      The
Company may be required to repurchase 2037 Notes in accordance with their
terms and in accordance with this Article.

       

      2037
Notes shall be purchased by the Company as provided under the paragraph
“Repurchase by the Company at the Option of the Holder” of the Series A 2037
Notes on December 15, 2010, December 14, 2012, December 15, 2017, December 15,
2022, December 15, 2027 and December 15, 2032 (each, a “Series A Repurchase
Date”), in the case of the Series A 2037 Notes, under the paragraph “Repurchase
by the Company at the Option of the Holder” of the Series B 2037 Notes on
December 15, 2011, December 14, 2012, December 15, 2017, December 15, 2022,
December 15, 2027 and December 15, 2032 (each, a “Series B Repurchase Date”), in
the case of the Series B 2037 Notes, and under the paragraph “Repurchase by the
Company at the Option of the Holder” of the Series C 2037 Notes on December 14,
2012, December 15, 2017, December 15, 2022, December 15, 2027 and December 15,
2032 (each, a “Series C Repurchase Date”, and together with the Series A
Repurchase Dates and the Series B Repurchase Dates, each a “Repurchase Date”) in
the case of the Series C 2037 Notes, in each case at the repurchase price
specified therein (the “Repurchase Price”), at the option of the Holder thereof,
upon:

      
        
           

        

        
          34

          
            

          

        

        
           

        

      

      (1)           delivery
to the Paying Agent, by the Holder of a written notice of purchase (a
“Repurchase Notice”) at any time from the opening of business on the date that
is 20 Business Days prior to a Repurchase Date until the close of business on
such Repurchase Date stating:

       

      (A)           the
certificate number of the 2037 Note which the Holder will deliver to be
repurchased, provided,
that if any of the
2037 Notes is in the form of a Global Security, then a beneficial owner of
a 2037 Note shall comply with the procedures of the Depositary applicable
to the repurchase of a Global Security,

       

      (B)           the
portion of the Principal Amount of the 2037 Note which the Holder will
deliver to be repurchased, which portion must be $1,000 or an integral multiple
thereof,

       

      (C)           that
such 2037 Note shall be purchased as of the Repurchase Date pursuant to the
terms and conditions specified under the caption “Repurchase by the Company at
the Option of the Holder” of the 2037 Notes and in this Indenture,
and

       

      (2)           book-entry
transfer or delivery of such 2037 Note to the Paying Agent prior to, on or
after the Repurchase Date (together with all necessary endorsements) at the
offices of the Paying Agent, such delivery being a condition to receipt by the
Holder of the Repurchase Price therefor; provided, however, that such Repurchase
Price shall be so paid pursuant to this Article Twelve only if the
2037 Note so delivered to the Paying Agent shall conform in all respects to
the description thereof in the related Repurchase Notice.

       

      The
Company shall purchase from the Holder thereof, pursuant to this Article Twelve,
a portion of a 2037 Note if the Principal Amount of such portion is $1,000
or an integral multiple of $1,000. Provisions of this Indenture that apply to
the purchase of all of a 2037 Note also apply to the purchase of such
portion of such 2037 Note.

       

      Any
purchase by the Company contemplated pursuant to the provisions of this Article
Twelve shall be consummated by the delivery of the consideration to be received
by the Holder promptly following the later of the Repurchase Date and the time
of book-entry transfer or delivery of the 2037 Note.

       

      Notwithstanding
anything herein to the contrary, any Holder delivering to the Paying Agent the
Repurchase Notice contemplated by this Section 12.01 shall have the right to
withdraw such Repurchase Notice at any time prior to the close of business on
the Repurchase Date by delivery of a written notice of withdrawal to the Paying
Agent in accordance with Section 12.04.

      
        
           

        

        
          35

          
            

          

        

        
           

        

      

      The
Paying Agent shall promptly notify the Company of the receipt by it of any
Repurchase Notice or written notice of withdrawal thereof.

       

      Section
12.02            Notice of the
Company

       

      No later
than 20 Business Days prior to each Repurchase Date, the Company shall send a
notice (a “Company Notice”) to holders of Series A 2037 Notes,
Series B 2037 Notes or Series C 2037 Notes, as applicable,
of the repurchase right, stating, among other things:

       

      (A)           the
Repurchase Price and the Conversion Rate;

       

      (B)           the
name and address of the Paying Agent and the Conversion Agent;

       

      (C)           that
2037 Notes as to which a Repurchase Notice has been given may be converted
pursuant to Article Eleven hereof only if the applicable Repurchase Notice has
been withdrawn in accordance with the terms of this Indenture;

       

      (D)           that
2037 Notes must be surrendered to the Paying Agent to collect
payment;

       

      (E)           that
the Repurchase Price for any 2037 Note as to which a Repurchase Notice has
been given and not withdrawn will be paid promptly following the later of the
Repurchase Date and the time of surrender of such 2037 Note as described in
(D);

       

      (F)           the
procedures the Holder must follow to exercise repurchase rights under this
Article Twelve and a brief description of those rights;

       

      (G)           briefly,
the conversion rights of the 2037 Notes; and

       

      (H)           the
procedures for withdrawing a Repurchase Notice.

       

      At the
Company’s request, the Trustee shall give such Company Notice in the Company’s
name and at the Company’s expense; provided, however, that, in all cases,
the text of such Company Notice shall be prepared by the Company.

       

      Section
12.03            Procedure upon
Repurchase

       

      The
Company shall deposit cash at the time and in the manner as provided in Section
12.05, sufficient to pay the aggregate Repurchase Price of all 2037 Notes
to be purchased on the applicable Repurchase Date pursuant to this Article
Twelve.

      
        
           

        

        
          36

          
            

          

        

        
           

        

      

      Section
12.04            Effect of Repurchase
Notice

       

      Upon
receipt by the Paying Agent of the Repurchase Notice, the Holder of the
2037 Note in respect of which such Repurchase Notice was given shall
(unless such Repurchase Notice is withdrawn as specified in the following two
paragraphs) thereafter be entitled to receive solely the Repurchase Price with
respect to such 2037 Note. Such Repurchase Price shall be paid to such
Holder, subject to receipt of funds by the Paying Agent, promptly following the
later of (x) the Repurchase Date with respect to such 2037 Note (provided
the conditions in Section 12.01 have been satisfied) and (y) the time of
book-entry transfer or delivery of such 2037 Note to the Paying Agent by
the Holder thereof in the manner required by Section
12.01.  2037 Notes in respect of which a Repurchase Notice has
been given by the Holder thereof may not be converted pursuant to Article Eleven
hereof on or after the date of the delivery of such Repurchase Notice unless
such Repurchase Notice has first been validly withdrawn as specified in the
following paragraph.

       

      A
Repurchase Notice may be withdrawn by means of a written notice of withdrawal
delivered to the office of the Paying Agent in accordance with the Repurchase
Notice at any time prior to the close of business on the applicable Repurchase
Date specifying:

       

      (1)           the
certificate number of the 2037 Note in respect of which such notice of
withdrawal is being submitted or if any of the 2037 Notes is in the form of
a Global Security, then a beneficial owner of a 2037 Note shall comply with
the procedures of the Depositary applicable to the withdrawal of a Repurchase
Notice;

       

      (2)           the
Principal Amount of the 2037 Note with respect to which such notice of
withdrawal is being submitted; and

       

      (3)           the
Principal Amount, if any, of such 2037 Note which remains subject to the
original Repurchase Notice and which has been or will be delivered for purchase
by the Company.

       

      There
shall be no purchase of any 2037 Notes pursuant to this Article Twelve if
there has occurred (prior to, on or after, as the case may be, the giving, by
the Holders of such 2037 Notes, of the required Repurchase Notice) and is
continuing an Event of Default (other than a default in the payment of the
Repurchase Price with respect to such 2037 Notes). The Paying Agent will
promptly return to the respective Holders thereof any 2037 Notes (x) with
respect to which a Repurchase Notice has been withdrawn in compliance with this
Indenture, or (y) held by it during the continuance of an Event of Default
(other than a default in the payment of the Repurchase Price with respect to
such 2037 Notes) in which case, upon such return, the Repurchase Notice
with respect thereto shall be deemed to have been withdrawn.

      
        
           

        

        
          37

          
            

          

        

        
           

        

      

      Section
12.05             Deposit of Repurchase
Price

       

      Prior to
11:00 a.m. (New York City time) on the Business Day following the Repurchase
Date, the Company shall deposit with the Trustee or with the Paying Agent an
amount of money (in immediately available funds if deposited on such Business
Day) sufficient to pay the aggregate Repurchase Price of all of the
2037 Notes or portions thereof which are to be purchased as of the
Repurchase Date.  If the Trustee or the Paying Agent holds, in
accordance with the terms hereof at 11:00 a.m. on the Business Day following the
Repurchase Date, cash sufficient to pay the Repurchase Price of any
2037 Notes for which a Repurchase Notice has been tendered and not
withdrawn pursuant to Section 12.04, then, on and after such date, such
2037 Notes will cease to be outstanding and interest, if any, on such
2037 Notes will cease to accrue, whether or not such 2037 Notes are
transferred by book entry or delivered to the Trustee or Paying Agent, and the
rights of the Holders in respect thereof shall terminate (other than the right
to receive the Repurchase Price upon delivery of such 2037 Notes, together
with any necessary endorsement) and the repurchased 2037 Notes shall be
cancelled.

       

      Section
12.06            Securities Repurchased in
Part

       

      Any
2037 Note which is to be purchased only in part shall be surrendered at the
office of the Paying Agent (with, if the Company or the Trustee so requires, due
endorsement by, or a written instrument of transfer in form satisfactory to the
Company or the Trustee duly executed by, the Holder thereof or such Holder’s
attorney duly authorized in writing) and the Company shall execute and the
Trustee shall authenticate and deliver to the Holder of such 2037 Note,
without service charge, a new 2037 Note or 2037 Notes of the same
Series, of any authorized denomination as requested by such Holder in aggregate
Principal Amount equal to, and in exchange for, the portion of the Principal
Amount of the 2037 Note so surrendered which is not purchased.

       

      Section
12.07            Compliance with Securities Laws Upon
Purchase of Securities

       

      In
connection with any offer to purchase or purchase of 2037 Notes under this
Article Twelve (provided that if such offer
or purchase constitutes an “issuer tender offer” for purposes of Rule 13e-4
(which term, as used herein, includes any successor provision thereto) under the
Exchange Act at the time of such offer or purchase), the Company shall (i)
comply with Rule 13e-4 under the Exchange Act and (ii) file the related Schedule
TO (or any successor schedule, form or report) under the Exchange
Act.

       

      Section
12.08            Repayment to the
Company

       

      The
Trustee and the Paying Agent shall return to the Company any cash that remains
unclaimed for two years, subject to applicable unclaimed property law, together
with interest, if any, thereon held by them for the payment of the Repurchase
Price; provided, however, that to the extent
the aggregate amount of cash deposited by the Company pursuant to Section 12.05
exceeds the aggregate Repurchase Price of the 2037 Notes or portions
thereof which the Company is obligated to purchase as of the Repurchase Date,
then promptly after the Business Day following the Repurchase Date the Trustee
shall return any such excess to the Company together with interest, if any,
thereon. After that, Holders entitled to money must look to the Company for
payment as general creditors, unless an applicable abandoned property law
designates another Person.

       

      
        
           

        

        
          38

          
            

          

        

        
           

        

      

      SECTION
212           Amendment to Events of
Default.

       

      (a)           Section
6.01 of the Indenture is amended to delete the existing paragraph (7) thereof
and to add the following paragraphs immediately following paragraph (6)
thereof:

       

      (7)           the
Company’s failure to deliver cash, or, if applicable, Ordinary Shares, upon
conversion of a 2037 Note, and that failure continues for 10
days;

       

      (8)           the
Company’s failure to give notice to the Trustee and each Holder of the
2037 Notes of a Fundamental Change as provided in
Section 11.02.

       

      (b)           Section
6.01 of the Indenture is amended by inserting the following paragraph after the
final paragraph in Section 6.01:

       

      Notwithstanding
anything herein or in the Series 2037 Notes to the contrary, to the
extent elected by the Company, the sole remedy for an Event of Default relating
to the failure to file any documents or reports that the Company is required to
file with the Securities and Exchange Commission (the “SEC”) pursuant to Section
13 or 15(d) of the Exchange Act and for any failure to comply with the
requirements of Section 314(a)(1) of the Trust Indenture Act, will for the first
120 days after the occurrence of such an Event of Default consist exclusively of
the right to receive additional interest on the notes equal to 0.25% of the
Principal Amount of the 2037 Notes (the “Additional
Interest”).  If the Company so elects, such Additional Interest will
be effective with respect to all outstanding 2037 Notes on or before the
date on which such Event of Default first occurs.  On the 120th day
after such Event of Default (if the Event of Default relating to the reporting
obligations is not cured or waived prior to such 120th day), the 2037 Notes
will be subject to acceleration as provided in this Section 6.01 and Section
6.02.  The provisions of the Indenture described in this paragraph
will not affect the rights of Holders of the 2037 Notes in the event of the
occurrence of any Event of Default.  In the event the Company does not
elect to pay the Additional Interest upon an Event of Default in accordance with
this paragraph, the 2037 Notes will be subject to acceleration as provided
in this Section 6.01 and Section 6.02.

      
        
           

        

        
          39

          
            

          

        

        
           

        

      

      ARTICLE
THREE

       

      MISCELLANEOUS
PROVISIONS

       

      SECTION
301           Integral Part.

       

      This
Second Supplemental Indenture constitutes an integral part of the
Indenture.

       

      SECTION
302           General
Definitions.

       

      For all
purposes of this Second Supplemental Indenture:

       

      (a)           capitalized
terms used herein without definition shall have the meanings specified in the
Indenture; and

       

      (b)           the
terms “herein”, “hereof”, “hereunder” and other words of similar import refer to
this Second Supplemental Indenture.

       

      SECTION
303      Adoption, Ratification and
Confirmation.

       

      The
Indenture, as supplemented and amended by this Second Supplemental Indenture, is
in all respects hereby adopted, ratified and confirmed.

       

      SECTION
304           Counterparts.

       

      This
Second Supplemental Indenture may be executed in any number of counterparts,
each of which when so executed shall be deemed an original; and all such
counterparts shall together constitute but one and the same
instrument.

       

      SECTION
305           Governing Law.

       

      THIS
SECOND SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK, BUT WITHOUT GIVING EFFECT TO THE
APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THE APPLICATION OF THE
LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

       

      
        
           

        

        
          40

          
            

          

        

        
           

        

      

      IN
WITNESS WHEREOF, the parties hereto have caused this Second Supplemental
Indenture to be duly executed as of the day and year first written
above.

      

       

      
        	 
      	
                TRANSOCEAN
      INC.

              
	 	 
	 
      	 
      	 
      	 
      
	 
      	
                By:

              	
                /s/ Anil Shah

              
	 
      	 
      	
                Name:

              	
                Anil
      Shah

              
	 
      	 
      	
                Title:

              	
                Vice
      President and Treasurer

              
	 	 	 	 
	 	 	 	 
	 
      	
                WELLS
      FARGO BANK, NATIONAL ASSOCIATION, as Trustee

              
	 	 
	 	 
	 
      	
                By:

              	
                /s/ Patrick T. Giordano

              
	 
      	 
      	
                Name:

              	
                Patrick
      T. Giordano

              
	 
      	 
      	
                Title:

              	
                Vice
      President

              

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      ANNEX
A

       

      [FORM
OF GLOBAL SECURITY]

       

      UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

       

      UNLESS
AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR THE INDIVIDUAL SECURITIES
REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A
WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE
DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE
DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH
SUCCESSOR DEPOSITARY.

       

      

       

      FORM
OF 1.625% SERIES A CONVERTIBLE SENIOR NOTE

       

      DUE
DECEMBER 15, 2037

       

      TRANSOCEAN
INC.

       

      
        	
                Issue
      Date: December 11, 2007

              	
                Maturity:
      December 15, 2037

              
	
                Principal
      Amount: $

              	
                CUSIP:
      893830 AU3

              
	
                Registered:
      No. R-

              	
                ISIN:
      US893830AU32

              

      

       

      Transocean
Inc., a Cayman Islands exempted company limited by shares (herein called the
“Company”, which term includes any successor corporation under the indenture
hereinafter referred to), for value received, hereby promises to pay to Cede
& Co., or registered assigns, the principal sum of [__] Dollars ($) on
December 15, 2037 and to pay interest thereon and Tax Additional Amounts, if
any, in immediately available funds as specified on the other side of this
Security.  This Security is convertible as specified on the reverse of
this Security.

       

      Payment
of the principal of and interest on and Tax Additional Amounts, if any, with
respect to this Security will be made at the office or agency of the Company
maintained for that purpose in The City of New York, New York or Fort Worth,
Texas in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts; provided,
however, that at the option of the Company, payment of interest and Tax
Additional Amounts, if any, may be made by check mailed to the address of the
Person entitled thereto as such address shall appear in the register of
Securities or by wire transfer of immediately available funds to the accounts
designated by the Holder of this Security.

      
        
           

        

        
          A-1

          
            

          

        

        
           

        

      

      Reference
is hereby made to the further provisions of this Security set forth on the
reverse hereof, which further provisions shall for all purposes have the same
effect as if set forth at this place.

       

      Unless
the certificate of authentication hereon has been executed by the Trustee
referred to on the reverse hereof by manual signature, this Security shall not
be entitled to any benefit under the Indenture or be valid or obligatory for any
purpose.

       

      IN
WITNESS WHEREOF, the Company has caused this instrument to be duly
executed.

       

      
        	
                Dated:

              	 
      	 
      	 
      	 
      
	 
      	 
      	
                TRANSOCEAN
      INC.

              
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	
                By:

              	 
      
	 
      	 
      	 
      	
                Name:

              	 
      
	 
      	 
      	 
      	
                Title:

              	 
      
	
                Attest:

              	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                Assistant
      Secretary

              	 
      	 
      	 
      	 
      

      

      
        
           

        

        
          A-2

          
            

          

        

        
           

        

      

      TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

       

      This is
one of the Securities of the series designated therein referred to in the
within-mentioned Indenture.

       

      
        	 
      	 
      	 
      	
                WELLS
      FARGO BANK, NATIONAL

                ASSOCIATION,
      as Trustee

              
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                Authorized
      Signatory

              
	
                Date
      of Authentication: 

              	 
      	 
      	 
      

      

      
        
           

        

        
          A-3

          
            

          

        

        
           

        

      

      [Reverse
of Security]

       

      TRANSOCEAN
INC.

       

      1.625%
SERIES A CONVERTIBLE SENIOR NOTE DUE DECEMBER 15, 2037

       

      This
Security is one of a duly authorized issue of senior securities of the Company
issued and to be issued in one or more series under an Indenture, dated as of
December 11, 2007, as amended by the First Supplemental Indenture thereto dated
as of December 11, 2007, and the Second Supplemental Indenture thereto dated as
of December 11, 2007 (as so amended, herein called the “Indenture”), between the
Company and Wells Fargo Bank, National Association, as trustee (herein called
the “Trustee”, which term includes any successor trustee under the Indenture),
or their respective predecessors, as applicable, to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of
the Company, the Trustee and the Holders of the Securities and of the terms upon
which the Securities are, and are to be, authenticated and delivered. This
Security is one of the series designated on the face hereof, which is initially
in the aggregate principal amount of $2,200,000,000.00. As used herein, the term
“Securities” means securities of the series designated on the face hereof except
that, where the context requires that such term be construed as including
another series of securities (e.g., where phrases such as
“Securities of each series” or “Securities of any series” or similar phrases are
used), the term “Securities” means securities of any series issued or to be
issued under the Indenture.

       

      The
Company may, without the consent of the existing holders of the Securities,
issue additional Securities having the same ranking and the same interest rate,
maturity and other terms as the Securities.  Any additional Securities
having such similar terms, together with the Securities, will constitute a
single series of Securities under the Indenture.

       

      Interest

       

      The rate
at which this Security shall bear interest shall be 1.625% per
annum.  The date from which interest shall accrue for this Security
shall be December 11, 2007.  The Interest Payment Dates on which
interest on this Security shall be payable are June 15 and December 15 of each
year, commencing on June 15, 2008.  The Regular Record Date for the
interest payable on this Security on any Interest Payment Date shall be the June
1 or December 1, as the case may be, immediately preceding such Interest Payment
Date.  Interest will cease to accrue on this Security upon its
maturity, conversion, purchase by the Company at the option of a holder or
redemption.

       

      Method
of Payment

       

      Payments
in respect of principal of and interest, if any, on the Securities shall be made
by the Company in immediately available funds.

      
        
           

        

        
          A-4

          
            

          

        

        
           

        

      

      Optional
Redemption

       

      No
sinking fund is provided for the Securities of this series. After December 20,
2010, the Securities of this series are redeemable as a whole, or from time to
time in part, at any time at the option of the Company at a redemption price
(the “Redemption Price”) equal to the Principal Amount plus accrued and unpaid
interest up to but excluding the Redemption Date. However, if the Redemption
Date is after a Regular Record Date and on or prior to the corresponding
Interest Payment Date, the interest will be paid on the Redemption Date to the
person in whose name the Securities are registered at the close of business on
the Regular Record Date and not included in the Redemption Price.

       

      If the
Company redeems less than all of the outstanding Securities, the Trustee will
select the Securities to be redeemed (i) by lot, (ii) pro rata or (iii) by any
other method the Trustee considers fair and appropriate. If the Trustee selects
a portion of a Holder’s Securities for partial redemption and the Holder
converts a portion of the same Securities, the converted portion will be deemed
to be from the portion selected for redemption.

       

      Notice
of Redemption

       

      Notice of
redemption will be mailed by first-class mail at least 30 days but not more than
60 days before the Redemption Date to each Holder of Securities to be redeemed
at its registered address. Securities in denominations larger than $1,000
Principal Amount may be redeemed in part, but only in whole multiples of $1,000.
On and after the Redemption Date, subject to the deposit with the Paying Agent
of funds sufficient to pay the Redemption Price, interest ceases to accrue on
Securities or portions thereof called for redemption.

       

      Purchase
of Securities at Option of Holder Upon a Fundamental Change

       

      At the
option of the Holder and subject to the terms and conditions of the Indenture,
the Company shall become obligated to purchase all or any part specified by the
Holder (so long as the Principal Amount of such part is $1,000 or an integral
multiple of $1,000 in excess thereof) of the Securities held by such Holder on a
date selected by the Company that is not less than 20 days and not more than 35
days after the occurrence of a Fundamental Change (or a longer period if
required by law), at a Fundamental Change Purchase Price equal to the Principal
Amount plus accrued and unpaid interest up to but excluding the Fundamental
Change Purchase Date. However, if the Fundamental Change Purchase Date is after
a Regular Record Date and on or prior to the corresponding Interest Payment
Date, the interest will be paid on the Interest Payment Date to the person in
whose name the Securities are registered at the close of business on the Regular
Record Date and not included in the Fundamental Change Purchase Price. The
Holder shall have the right to withdraw any Fundamental Change Purchase Notice
(in whole or in a portion thereof that is $1,000 Principal Amount or an integral
multiple of $1,000 in excess thereof) at any time prior to the close of business
on the Business Day prior to the Fundamental Change Purchase Date by delivering
a written notice of withdrawal to the Paying Agent in accordance with the terms
of the Indenture.

       

      Conversion

       

      A Holder
of a Security may convert the Principal Amount of such Security (or any portion
thereof equal to a Principal Amount of $1,000 or any integral multiple of a
Principal Amount of $1,000 in excess thereof) into, for each $1,000 Principal
Amount of Securities converted, cash and Ordinary Shares, if any, equal to the
sum of the Daily Settlement Amounts (such sum, the “Conversion Proceeds”) for
each of the 20 VWAP Trading Days during the relevant Conversion Period, at any
time during the periods described below at the Conversion Rate then in effect;
provided, however, that the Company
will deliver cash in lieu of fractional shares (including, without limitation,
by check or wire transfer) based upon the VWA Price on the last VWAP Trading Day
in the Conversion Period as described in the Indenture. The Securities may be
converted during any period in which one of the following conditions is
satisfied:

       

      
        
          
          

        

        
          A-5

          
            

          

        

        
          
          

        

      

       

      (a) Conversion Based on Ordinary Share
Price. During any calendar quarter commencing at any time after March 31,
2008, and only during such calendar quarter, if the Last Reported Sale Price for
at least 20 Trading Days in the period of 30 consecutive Trading Days ending on
the last Trading Day of the preceding calendar quarter exceeds 130% of the
Conversion Price per share on the last day of such preceding calendar quarter.
The Company will determine at the beginning of each calendar quarter commencing
at any time after March 31, 2008 whether the Securities are convertible as a
result of the price of the Ordinary Shares and shall promptly notify the Trustee
and the Conversion Agent thereof.  Upon determining that the Holders
are entitled to convert their Securities in accordance with this subsection (a),
the Company will promptly (1) issue a press release and use its reasonable
efforts to post such information on its website or otherwise publicly disclose
this information or (2) provide notice to the Holders in a manner contemplated
by the Indenture, including through the facilities of DTC.  “Last
Reported Sale Price” on any date means the closing sale price per Ordinary Share
(or if no closing sale price is reported, the average of the bid and asked
prices or, if more than one in either case, the average of the average bid and
the average asked prices) on that date as reported by the New York Stock
Exchange or, if the Ordinary Shares are not listed on the New York Stock
Exchange, as reported in composite transactions for the principal U.S.
securities exchange on which the Ordinary Shares are traded or, if the Ordinary
Shares are not traded on such an exchange, the market value of an Ordinary Share
as determined by a nationally recognized independent investment banking firm
retained for this purpose by the Company. As referred to in this paragraph,
“Conversion Price” means $1,000 divided by the Conversion Rate.

       

      (b) Conversion Based on Trading
Price. Prior to the Stated Maturity of the Securities, during the five
(5) consecutive Business Days immediately after any five (5) consecutive Trading
Day period (such five (5) consecutive Trading Day period, the “Note Measurement
Period”) in which the average Trading Price (calculated using the Trading Price
for each of the Trading Days in the Note Measurement Period) per $1,000
Principal Amount of the Securities was equal to or less than ninety-eight
percent (98%) of the average Conversion Value during the Note Measurement Period
(the “Trading Price Condition”), as determined following a request by a Holder
of the Securities in accordance with the procedures described below. The Bid
Solicitation Agent shall not have any obligation to determine the Trading Price
unless the Company has requested such determination, and the Company shall have
no obligation to make such request unless a Holder of at least five million
dollars ($5,000,000) in aggregate Principal Amount of the Securities provides
the Company with reasonable evidence that the Trading Price per $1,000 Principal
Amount of the Securities would be equal to or less than ninety-eight percent
(98%) of the Conversion Value. Upon receipt of such evidence, the Company shall
instruct the Bid Solicitation Agent to determine the Trading Price per $1,000
Principal Amount of the Securities for each of the five (5) successive Trading
Days immediately after the Company receives such evidence and on each Trading
Day thereafter until the first Trading Day on which the Trading Price Condition
is no longer satisfied. For purposes of this paragraph, the “Conversion Value”
per $1,000 Principal Amount of Securities, on a given Trading Day, means the
product of the Last Reported Sale Price on such Trading Day and the Conversion
Rate in effect on such Trading Day.  Promptly after the Securities
become convertible into cash and, if applicable, Ordinary Shares in accordance
with this clause (b) and promptly after the Securities become no longer so
convertible in accordance with this clause (b), the Company shall give the
Conversion Agent and the Trustee notice thereof. Upon determining that the
Holders are entitled to convert their Securities in accordance with this
subsection (b), the Company will promptly (1) issue a press release and use its
reasonable efforts to post such information on its website or otherwise publicly
disclose this information or (2) provide notice to the Holders in a manner
contemplated by the Indenture, including through the facilities of
DTC.

      
        
           

        

        
          A-6

          
            

          

        

        
           

        

      

      Except as
described below, the “Trading Price,” as referred to in this subsection (b), of
the Securities on any day means the average secondary market bid quotations
obtained by the Bid Solicitation Agent for $5,000,000 Principal Amount of
Securities at approximately 4:00 p.m., New York City time, on such day from
three independent nationally recognized securities dealers to be selected by the
Company. However, if the Bid Solicitation Agent can reasonably obtain only two
such bids, then the average of the two bids will instead be used, and if the Bid
Solicitation Agent can reasonably obtain only one such bid, then that one bid
will be used.  Even still, if on any given day: (a) the Bid
Solicitation Agent cannot reasonably obtain at least one bid for $5,000,000
Principal Amount of Securities from an independent nationally recognized
securities dealer or (b) in the Company’s reasonable, good faith judgment, the
bid quotation or quotations that the Bid Solicitation Agent has obtained are not
indicative of the secondary market value of the Securities, then the Trading
Price per $1,000 Principal Amount of the Securities will be deemed to be less
than 98% of the Conversion Value on that day.

       

      (c) Conversion Upon Occurrence of
Specified Corporate Transactions.

       

      (i) If
the Company elects to distribute to all holders of Ordinary Shares (A) rights or
warrants entitling them to subscribe for or purchase, for a period expiring
within 60 days after the record date for such distribution, Ordinary Shares at
less than the Last Reported Sale Price for the five (5) consecutive Trading Days
ending on the date immediately preceding the first public announcement of such
distribution, or (B) shares of capital stock, evidence of indebtedness or other
assets (excluding dividends or distributions described in Sections 11.07(a) and
11.07(b) of the Indenture), which distribution pursuant to clause (B), together
with all other distributions within the preceding 12 months (but not including
any distributions made prior to December 5, 2007), has a per share value
exceeding 15% of the Last Reported Sale Price for the five (5) consecutive
Trading Days ending on the date immediately preceding the first public
announcement of the distribution, then the Company must notify the Holders at
least 25 scheduled Trading Days prior to the Ex-dividend Date for such
distribution.  Once the Company has given such notice, Holders may
surrender their Securities for conversion at any time until the earlier of the
close of business on the Business Day prior to the Ex-dividend Date or the day
on which any announcement by the Company that such distribution will not take
place, even if the Securities are not otherwise convertible at that
time.  No adjustment to the ability of Holders to convert will be made
if Holders are entitled to participate in the distribution without
conversion.

       

      
        
           

        

        
          A-7

          
            

          

        

        
           

        

      

      (ii) If
the Company is a party to a Fundamental Change, at any time from or after the
Effective Date (or the date which is 15 days prior to the anticipated effective
date of the transaction described in Section 3.12(a)(ii) of the Indenture) until
the later of (a) the day before the Fundamental Change Purchase Date and (b) 30
days after the actual effective date of such Fundamental Change. After the
Effective Date, settlement of the Conversion Value will be based on the kind and
amount of cash, securities or other assets of the Company or another Person that
a holder of Ordinary Shares received in such transaction; provided that, for the
avoidance of doubt, the Conversion Value will be paid in cash and Reference
Property in accordance with the terms of the Indenture. The Company shall give
written notice to the Holders and the Trustee and the Conversion Agent of any
such Fundamental Change and the anticipated Effective Date, if applicable, and
issue a press release providing the same information no later than 15 days prior
to the anticipated Effective Date, unless such Fundamental Change is a
Fundamental Change described in Section 3.12 (a)(i) or (a)(iii) of the
Indenture in which case the Company shall give such notice no later than the
later of (x) one business day following the Effective Date or (y) two
business days following the date on which officers of the Company first learned
of such Fundamental Change following the Effective Date of such Fundamental
Change.

       

      (iii) If
the Company is party to a combination, merger, recapitalization,
reclassification, binding share exchange or similar transaction or sale or
conveyance of all or substantially all of the Company’s property and assets, in
each case pursuant to which the Ordinary Shares would be converted into cash,
securities or other property that does not also constitute a Fundamental
Change.  In such event, a Holder will have the right to convert the
Securities at any time beginning 15 days prior to the anticipated effective date
of such transaction and ending on the 30th scheduled Trading Day following the
effective date of such transaction.  The Company shall give written
notice to the Holders and the Trustee of any such transaction as promptly as
practicable following the date the Company publicly announces the transaction
but in no event less than 15 days prior to the anticipated effective date of the
transaction.

       

      (d) Conversion upon Notice of
Redemption.  If the Securities have been called for redemption,
at any time prior to the close of business on the Business Day immediately
preceding the Redemption Date.

       

      (e) Conversion During Quarter Prior to
Stated Maturity.  At any time on or after September 15, 2037
until the close of business on the Business Day immediately preceding the Stated
Maturity.

       

      A
Security in respect of which a Holder has delivered a Repurchase Notice
exercising the option of such Holder to require the Company to purchase such
Security may be converted only if such notice of exercise is withdrawn in
accordance with the terms of the Indenture. The initial Conversion Rate is
5.9310 Ordinary Shares per $1,000 Principal Amount, subject to adjustment in
certain events described in the Indenture.

      
        
           

        

        
          A-8

          
            

          

        

        
           

        

      

      Securities
surrendered for conversion after the close of business on any Regular Record
Date immediately preceding any Interest Payment Date and prior to the opening of
business of such Interest Payment Date must be accompanied by payment from the
Holder of an amount equal to the interest thereon that the registered Holder is
to receive from the Company on such Interest Payment Date; provided, however, that no
such payment need be made (1) if the Company has specified a Fundamental Change
Purchase Date following a Fundamental Change that is after the Regular Record
Date and on or prior to the next succeeding Interest Payment Date, (2) only to
the extent of overdue interest, if any overdue interest exists at the date of
conversion with respect to a Security, (3) if the Security is surrendered for
conversion after the Regular Record Date immediately preceding the Stated
Maturity of the Security, or (4) if the Security is surrendered in connection
with a call for redemption with a Redemption Date that is after the Regular
Record Date and on or prior to the next succeeding Interest Payment Date. Except
where Securities surrendered for conversion must be accompanied by payment as
described above, no interest on converted Securities will be payable by the
Company on any Interest Payment Date subsequent to the date of
conversion.

       

      A Holder
may convert a portion of a Security if the Principal Amount of such portion is
$1,000 or an integral multiple of $1,000. No payment or adjustment will be made
for dividends on the Ordinary Shares except as provided in the
Indenture.

       

      To
convert a Security, a Holder must (a) complete and manually sign the conversion
notice set forth below and deliver such notice to a Conversion Agent, (b)
surrender the Security to the Conversion Agent, (c) furnish appropriate
endorsements and transfer documents (including any certification that may be
required under applicable law) if required by the Conversion Agent, and (d) pay
any transfer or similar tax, if required.

       

      Repurchase
by the Company at the Option of the Holder

       

      Subject
to the terms and conditions of the Indenture, the Company shall become obligated
to purchase, at the option of the Holder, the Securities held by such Holder on
December 15, 2010, December 14, 2012, December 15, 2017, December 15, 2022,
December 15, 2027 and December 15, 2032 (each, a “Repurchase Date”), upon
delivery of a Repurchase Notice containing the information set forth in the
Indenture, at any time from the opening of business on the date that is 20
Business Days prior to such Repurchase Date until the close of business on such
Repurchase Date and upon delivery of the Securities to the Paying Agent by the
Holder as set forth in the Indenture.

       

      The “Repurchase Price” shall be equal
to the Principal Amount plus accrued and unpaid interest up to but excluding the
Repurchase Date.  If the Repurchase Date is after a Regular Record
Date and on or prior to the corresponding Interest Payment Date, the interest
will be paid on the Interest Payment Date to the person in whose name the
Securities are registered at the close of business on the Regular Record Date
and not included in the Repurchase Price.

       

      Holders
have the right to withdraw any Repurchase Notice by delivering to the Paying
Agent a written notice of withdrawal prior to the close of business on the
Repurchase Date in accordance with the provisions of the Indenture.

       

      If cash
sufficient to pay the Repurchase Price of all Securities or portions thereof to
be purchased as of the Repurchase Date is deposited with the Paying Agent on the
Business Day following the Repurchase Date, interest ceases to accrue on such
Securities (or portions thereof) on such Repurchase Date, and the Holder thereof
shall have no other rights as such (other than the right to receive the
Repurchase Price upon surrender of such Security).

      
        
           

        

        
          A-9

          
            

          

        

        
           

        

      

      Tax
Additional Amounts

       

      The
Company shall pay any amounts due with respect to the payments on the Security
without deduction or withholding for any and all present and future withholding
taxes, levies, imposts and charges (each, a “Withholding Tax”) imposed by or for
the account of the Cayman Islands or any other jurisdiction in which the Company
is resident for tax purposes or any political subdivision or taxing authority of
such jurisdiction (the “Taxing Jurisdiction”), unless such withholding or
deduction  is required by law.  If such deduction or
withholding is at any time required, the Company will (subject to compliance by
such Holder with any relevant administrative requirements) pay each Holder such
additional amounts (“Tax Additional Amounts”) as will result in such Holders
receipt of such amounts as it would have received had no such withholding or
deduction been required.

       

      If the
Taxing Jurisdiction requires the Company to deduct or withhold any Withholding
Tax, the Company will (subject to compliance by a Holder with any relevant
administrative requirements) pay such Tax Additional Amounts in respect of
principal amount, Redemption Price, Repurchase Price and interest (if any) in
accordance with the terms of the Security and the Indenture; provided, however, that the foregoing
shall not apply to:

       

      (a)           any
Withholding Tax which would not be payable or due but for the fact that (1) the
Holder of a Security (or a fiduciary, settlor, beneficiary of, member or
shareholder of, such Holder, if such Holder is an estate, trust, partnership or
corporation) is a domiciliary, national or resident of, or engaging in business
or maintaining a permanent establishment or being physically present in, the
Taxing Jurisdiction or otherwise having some present or former connection with
the Taxing Jurisdiction other than the holding or ownership of the Security or
the collection of principal amount, Redemption Price, Repurchase Price and
Interest (if any), in accordance with the terms of the Security and the
Indenture or the enforcement of the Security or (2) where presentation is
required, the Security was presented more than 30 days after the date such
payment became due or was provided for, whichever is later;

       

      (b)           any
Withholding Tax attributable to any estate, inheritance, gift, sales, transfer,
excise, personal property or similar tax, levy, impost or charge;

       

      (c)           any
Withholding Tax attributable to any tax, levy, impost or charge which is payable
otherwise than by withholding from payment of principal amount, Redemption
Price, Repurchase Price and interest (if any);

       

      (d)           any
Withholding Tax which would not have been imposed but for the failure to comply
with certification, information, documentation or other reporting requirements
concerning the nationality, residence, identity or connections with the relevant
tax authority of the Holder or beneficial owner of the Security, if this
compliance is required by statute or by regulation as a precondition to relief
or exemption from such Withholding Tax;

       

      (e)           to
the extent a Holder is entitled to a refund or credit in such Taxing
Jurisdiction of amounts required to be withheld by such Taxing Jurisdiction;
or

      
        
           

        

        
          A-10

          
            

          

        

        
           

        

      

      (f)           any
combination of the instances described in (a) through (e).

       

      With
respect to clause (e), above, in the absence of evidence satisfactory to the
Company, the Company may conclusively presume that a Holder of a Security is
entitled to a refund or credit of all amounts required to be
withheld.  The Company shall not be required to pay any Tax Additional
Amounts to any Holder of a Security who is a fiduciary or partnership or other
than the sole beneficial owner of the Security to the extent that a beneficiary
or settlor with respect to such fiduciary, or a member of such partnership or a
beneficial owner thereof, would not have been entitled to the payment of such
Tax Additional Amounts had such beneficiary, settlor, member or beneficial owner
been the Holder of the Security.

       

      Transfer

       

      As
provided in the Indenture and subject to certain limitations therein set forth,
the transfer of this Security is registrable in the register of the Securities,
upon surrender of this Security for registration or transfer at the office or
agency in a Place of Payment for Securities of this series, duly endorsed by, or
accompanied by a written instrument of transfer in form reasonably satisfactory
to the Registrar duly executed by the Holder thereof or his attorney duly
authorized in writing, and thereupon one or more new Securities of this series,
of like tenor and of other authorized denominations and for the same aggregate
principal amount, executed by the Company and authenticated and delivered by the
Trustee, will be issued to the designated transferee or
transferees.

       

      The
Securities of this series are issuable only in registered form without coupons
in denominations of $1,000 and any integral multiple thereof. As provided in the
Indenture and subject to certain limitations set forth therein and on the face
of this Security, Securities of this series are exchangeable for a like
aggregate principal amount of Securities of this series of a different
authorized denomination as requested by the Holder surrendering the
same.

       

      No
service charge shall be made for any such registration of transfer or exchange,
but the Company may require payment of a sum sufficient to cover any tax or
other governmental charge payable in connection therewith.

       

      Prior to
due presentment of this Security for registration of transfer, the Company, the
Trustee or any agent of the Company or the Trustee may treat the Person in whose
name this Security is registered as the owner hereof for all purposes, whether
or not this Security be overdue, and neither the Company, the Trustee nor any
such agent shall be affected by notice to the contrary.

       

      Amendment,
Supplement and Waiver; Limitation on Suits

       

      The
Indenture permits, with certain exceptions as therein provided, the amendment
thereof and the modification of the rights and obligations of the Company and
the rights of the Holders of the Securities of each series to be affected under
the Indenture at any time by the Company and the Trustee with the consent of the
Holders of at least a majority in principal amount of the then outstanding
Securities of all series affected (acting as one class). The Indenture also
contains provisions permitting the Holders of at least a majority in principal
amount of the then outstanding Securities of any series or of all series (acting
as one class), to waive compliance by the Company with certain existing or past
defaults under the Indenture and their consequences. Any such consent or waiver
by the Holder of this Security shall be conclusive and binding upon such Holder
and upon all future Holders of this Security and of any Security issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not notation of such consent or waiver is made upon this
Security.

      
        
           

        

        
          A-11

          
            

          

        

        
           

        

      

      Subject
to the right of the Holder of any Securities of this series to institute
proceedings to enforce the Holder’s right to receive payment of the principal
thereof and interest thereon (or repurchase price thereof) and any Tax
Additional Amounts with respect thereto and to receive shares on conversion, no
Holder of the Securities of this series shall have any right to institute any
proceeding, judicial or otherwise, with respect to the Indenture, or for the
appointment of a receiver or trustee, or for any other remedy thereunder,
unless

       

      (1)           such
Holder has previously given written notice to the Trustee of a continuing Event
of Default;

       

      (2)           the
Holders of not less than 25% in principal amount of the then Outstanding
Securities of this series shall have made written request to the Trustee to
pursue the remedy;

       

      (3)           such
Holder or Holders offer to the Trustee indemnity satisfactory to the Trustee
against any loss, liability or expense to be incurred in compliance with such
request;

       

      (4)           the
Trustee for 60 days after its receipt of such request and offer of indemnity has
failed to institute any such proceeding; and

       

      (5)           no
direction inconsistent with such written request has been given to the Trustee
during such 60-day period by the Holders of a majority in principal amount of
the then outstanding Securities of this series;

       

      it being
understood and intended that no one or more of such Holders shall have the right
in any manner whatever by virtue of, or by availing of, any provision of the
Indenture to affect, disturb or prejudice the rights of any other of such
Holders, or to obtain or to seek to obtain priority or preference over any other
of such Holders or to enforce any right under the Indenture, except in the
manner herein provided and for the equal and ratable benefit of all of such
Holders.

       

      Successor
Corporation

       

      When a
successor Person assumes all the obligations of its predecessor under the
Securities and the Indenture in accordance with the terms and conditions of the
Indenture, the predecessor Person will (except in certain circumstances
specified in the Indenture) be released from those obligations.

       

      Defaults
and Remedies

       

      If an
Event of Default with respect to Securities of this series shall occur and be
continuing, all unpaid Principal Amount plus accrued and unpaid interest through
the acceleration date of the Securities of this series may be declared due and
payable in the manner and with the effect provided in the
Indenture.

      
        
           

        

        
          A-12

          
            

          

        

        
           

        

      

      No
Recourse Against Others

       

      No
recourse shall be had for the payment of the principal of or the interest, if
any, on this Security, for any claim based hereon, or otherwise in respect
hereof, or based on or in respect of the Indenture or any indenture supplemental
thereto, against any incorporator, shareholder, officer or director, as such,
past, present or future, of the Company or of any successor corporation, whether
by virtue of any constitution, statute or rule of law or by the enforcement of
any assessment of penalty or otherwise, all such liability being, by acceptance
hereof and as part of the consideration for the issue hereof, expressly waived
and released.

       

      Indenture
to Control; Governing Law

       

      In the
case of any conflict between the provisions of this Security and the Indenture,
the provisions of the Indenture shall control.

       

      THE
INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK, BUT WITHOUT GIVING EFFECT TO THE
APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THE APPLICATION OF THE
LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

       

      Definitions

       

      All terms
defined in the Indenture and used in this Security but not specifically defined
herein are used herein as so defined.

      
        
           

        

        
          A-13

          
            

          

        

        
           

        

      

      CONVERSION
NOTICE

       

      To
convert this Security into Ordinary Shares of the Company, check box: [
]

       

      To
convert only part of this Security, state the Principal Amount to be
converted

       

      (must be
$1,000 or a multiple of $1,000): $____________.

       

      If you
want the shares registered in another person’s name, fill in the form
below:

       

      
        
           

        

        
          A-14

          
            

          

        

        
           

        

      

      ASSIGNMENT
FORM

       

              To
assign this Security, fill in the form below and have your signature guaranteed:
(I) or (we) assign and transfer this Security to:

       

      ______________________________________________

       

      (Insert
assignee's soc. sec. or tax ID. no.)

       

      ______________________________________________

       

      (Print or
type assignee's name, address and zip code)

       

      and
irrevocably appoint _____________________________________ to transfer this
Security on the books of the Company. The agent may substitute another to act
for him.

       

      Dated:

       

      

       

      Your
Name:

       

      ______________________________________________

       

      (Print
your name exactly as it appears on the face of this Security)

       

      Your
Signature:

       

      ______________________________________________

       

      (Sign
exactly as your name appears on the face of this Security)

       

      SIGNATURE
GUARANTEE*:

       

      * The
signature must be guaranteed by an institution which is a member of one of the
following recognized signature guaranty programs: (i) the Securities Transfer
Agent Medallion Program (STAMP); (ii) the New York Stock Exchange Medallion
Program (MSP); (iii) the Stock Exchange Medallion Program (SEMP); or (iv) such
other guarantee program acceptable to the Trustee.

       

      
        
           

        

        
          A-15

          
            

          

        

        
           

        

      

      OPTION
OF HOLDER TO ELECT PURCHASE ON FUNDAMENTAL CHANGE

       

      If you want to elect to have this
Security purchased, in whole or in part, by the Company pursuant to Section 3.12
of the Indenture, check the following box:  ☐

       

      If you want to have only part of this
Security purchased by the Company pursuant to Section 3.12 of the Indenture,
state the Principal Amount you want to be purchased (must be $1,000 or a
multiple of $1,000): $________________

       

      

       

      Your
Signature:                                                                                                             Date:                                       

       

      (Sign
exactly as your name appears on the other side of this Security)

       

      *Signature guaranteed by:                                                                      
           

       

      By:                                           
                                                      

       

      

        

      
        
          	
                  *

                	
                  The
      signature must be guaranteed by an institution which is a member of one of
      the following recognized signature guaranty programs: (i) the Securities
      Transfer Agent Medallion Program (STAMP); (ii) the New York Stock Exchange
      Medallion Program (MSP); (iii) the Stock Exchange Medallion Program
      (SEMP); or (iv) such other guaranty program acceptable to the
      Trustee.

                

        

      

      
        
           

        

        
          A-16

          
            

          

        

        
           

        

      

      ANNEX
B

       

      [FORM
OF GLOBAL SECURITY]

       

      UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

       

      UNLESS
AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR THE INDIVIDUAL SECURITIES
REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A
WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE
DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE
DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH
SUCCESSOR DEPOSITARY.

       

      

       

      FORM
OF 1.50% SERIES B CONVERTIBLE SENIOR NOTE

       

      DUE
DECEMBER 15, 2037

       

      TRANSOCEAN
INC.

       

      
        	
                Issue
      Date: December 11, 2007

              	
                Maturity:
      December 15, 2037

              
	
                Principal
      Amount: $

              	
                CUSIP:
      893830 AV1

              
	
                Registered:
      No. R-

              	
                ISIN:
      US893830AV15

              

      

       

      Transocean
Inc., a Cayman Islands exempted company limited by shares (herein called the
“Company”, which term includes any successor corporation under the indenture
hereinafter referred to), for value received, hereby promises to pay to Cede
& Co., or registered assigns, the principal sum of [__] Dollars ($) on
December 15, 2037 and to pay interest thereon and Tax Additional Amounts, if
any, in immediately available funds as specified on the other side of this
Security.  This Security is convertible as specified on the reverse of
this Security.

       

      Payment
of the principal of and interest on and Tax Additional Amounts, if any, with
respect to this Security will be made at the office or agency of the Company
maintained for that purpose in The City of New York, New York or Fort Worth,
Texas in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts; provided,
however, that at the option of the Company, payment of interest and Tax
Additional Amounts, if any, may be made by check mailed to the address of the
Person entitled thereto as such address shall appear in the register of
Securities or by wire transfer of immediately available funds to the accounts
designated by the Holder of this Security.

       

      
        
           

        

        
          B-1

          
            

          

        

        
           

        

      

      Reference
is hereby made to the further provisions of this Security set forth on the
reverse hereof, which further provisions shall for all purposes have the same
effect as if set forth at this place.

       

      Unless
the certificate of authentication hereon has been executed by the Trustee
referred to on the reverse hereof by manual signature, this Security shall not
be entitled to any benefit under the Indenture or be valid or obligatory for any
purpose.

       

      IN
WITNESS WHEREOF, the Company has caused this instrument to be duly
executed.

       

      Dated:
December 11, 2007

       

      
        	 
      	 
      	
                TRANSOCEAN
      INC.

              
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	
                By:

              	 
      	 
      
	 
      	 
      	 
      	
                Name:

              	 
      
	 
      	 
      	 
      	
                Title:

              	 
      
	 
      	 
      	 
      	 
      	 
      
	
                Attest:

              	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                Assistant
      Secretary

              	 
      	 
      	 
      	 
      

      

      
        
           

        

        
          B-2

          
            

          

        

        
           

        

      

      TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

       

      This is
one of the Securities of the series designated therein referred to in the
within-mentioned Indenture.

       

      
        	 
      	 
      	 
      	
                WELLS
      FARGO BANK, NATIONAL

                ASSOCIATION,
      as Trustee

              
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                Authorized
      Signatory

              
	
                Date
      of Authentication: 

              	 
      	 
      	 
      

      

      
        
           

        

        
          B-3

          
            

          

        

        
           

        

      

      [Reverse
of Security]

       

      TRANSOCEAN
INC.

       

      1.50%
SERIES B CONVERTIBLE SENIOR NOTE DUE DECEMBER 15, 2037

       

      This
Security is one of a duly authorized issue of senior securities of the Company
issued and to be issued in one or more series under an Indenture, dated as of
December 11, 2007, as amended by the First Supplemental Indenture thereto dated
as of December 11, 2007, and the Second Supplemental Indenture thereto dated as
of December 11, 2007 (as so amended, herein called the “Indenture”), between the
Company and Wells Fargo Bank, National Association, as trustee (herein called
the “Trustee”, which term includes any successor trustee under the Indenture),
or their respective predecessors, as applicable, to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of
the Company, the Trustee and the Holders of the Securities and of the terms upon
which the Securities are, and are to be, authenticated and delivered. This
Security is one of the series designated on the face hereof, which is initially
in the aggregate principal amount of $2,200,000,000.00. As used herein, the term
“Securities” means securities of the series designated on the face hereof except
that, where the context requires that such term be construed as including
another series of securities (e.g., where phrases such as
“Securities of each series” or “Securities of any series” or similar phrases are
used), the term “Securities” means securities of any series issued or to be
issued under the Indenture.

       

      The
Company may, without the consent of the existing holders of the Securities,
issue additional Securities having the same ranking and the same interest rate,
maturity and other terms as the Securities.  Any additional Securities
having such similar terms, together with the Securities, will constitute a
single series of Securities under the Indenture.

       

      Interest

       

      The rate
at which this Security shall bear interest shall be 1.50% per
annum.  The date from which interest shall accrue for this Security
shall be December 11, 2007.  The Interest Payment Dates on which
interest on this Security shall be payable are June 15 and December 15 of each
year, commencing on June 15, 2008.  The Regular Record Date for the
interest payable on this Security on any Interest Payment Date shall be the June
1 or December 1, as the case may be, immediately preceding such Interest Payment
Date.  Interest will cease to accrue on this Security upon its
maturity, conversion, purchase by the Company at the option of a holder or
redemption.

       

      Method
of Payment

       

      Payments
in respect of principal of and interest, if any, on the Securities shall be made
by the Company in immediately available funds.

      
        
           

        

        
          B-4

          
            

          

        

        
           

        

      

      Optional
Redemption

       

      No
sinking fund is provided for the Securities of this series. After December 20,
2011, the Securities of this series are redeemable as a whole, or from time to
time in part, at any time at the option of the Company at a redemption price
(the “Redemption Price”) equal to the Principal Amount plus accrued and unpaid
interest up to but excluding the Redemption Date. However, if the Redemption
Date is after a Regular Record Date and on or prior to the corresponding
Interest Payment Date, the interest will be paid on the Redemption Date to the
person in whose name the Securities are registered at the close of business on
the Regular Record Date and not included in the Redemption Price.

       

      If the
Company redeems less than all of the outstanding Securities, the Trustee will
select the Securities to be redeemed (i) by lot, (ii) pro rata or (iii) by any
other method the Trustee considers fair and appropriate. If the Trustee selects
a portion of a Holder’s Securities for partial redemption and the Holder
converts a portion of the same Securities, the converted portion will be deemed
to be from the portion selected for redemption.

       

      Notice
of Redemption

       

      Notice of
redemption will be mailed by first-class mail at least 30 days but not more than
60 days before the Redemption Date to each Holder of Securities to be redeemed
at its registered address. Securities in denominations larger than $1,000
Principal Amount may be redeemed in part, but only in whole multiples of $1,000.
On and after the Redemption Date, subject to the deposit with the Paying Agent
of funds sufficient to pay the Redemption Price, interest ceases to accrue on
Securities or portions thereof called for redemption.

       

      Purchase
of Securities at Option of Holder Upon a Fundamental Change

       

      At the
option of the Holder and subject to the terms and conditions of the Indenture,
the Company shall become obligated to purchase all or any part specified by the
Holder (so long as the Principal Amount of such part is $1,000 or an integral
multiple of $1,000 in excess thereof) of the Securities held by such Holder on a
date selected by the Company that is not less than 20 days and not more than 35
days after the occurrence of a Fundamental Change (or a longer period if
required by law), at a Fundamental Change Purchase Price equal to the Principal
Amount plus accrued and unpaid interest up to but excluding the Fundamental
Change Purchase Date. However, if the Fundamental Change Purchase Date is after
a Regular Record Date and on or prior to the corresponding Interest Payment
Date, the interest will be paid on the Interest Payment Date to the person in
whose name the Securities are registered at the close of business on the Regular
Record Date and not included in the Fundamental Change Purchase Price. The
Holder shall have the right to withdraw any Fundamental Change Purchase Notice
(in whole or in a portion thereof that is $1,000 Principal Amount or an integral
multiple of $1,000 in excess thereof) at any time prior to the close of business
on the Business Day prior to the Fundamental Change Purchase Date by delivering
a written notice of withdrawal to the Paying Agent in accordance with the terms
of the Indenture.

      
        
           

        

        
          B-5

          
            

          

        

        
           

        

      

      Conversion

       

      A Holder
of a Security may convert the Principal Amount of such Security (or any portion
thereof equal to a Principal Amount of $1,000 or any integral multiple of a
Principal Amount of $1,000 in excess thereof) into, for each $1,000 Principal
Amount of Securities converted, cash and Ordinary Shares, if any, equal to the
sum of the Daily Settlement Amounts (such sum, the “Conversion Proceeds”) for
each of the 20 VWAP Trading Days during the relevant Conversion Period, at any
time during the periods described below at the Conversion Rate then in effect;
provided, however, that the Company
will deliver cash in lieu of fractional shares (including, without limitation,
by check or wire transfer) based upon the VWA Price on the last VWAP Trading Day
in the Conversion Period as described in the Indenture. The Securities may be
converted during any period in which one of the following conditions is
satisfied:

       

      (a) Conversion Based on Ordinary Share
Price. During any calendar quarter commencing at any time after March 31,
2008, and only during such calendar quarter, if the Last Reported Sale Price for
at least 20 Trading Days in the period of 30 consecutive Trading Days ending on
the last Trading Day of the preceding calendar quarter exceeds 130% of the
Conversion Price per share on the last day of such preceding calendar quarter.
The Company will determine at the beginning of each calendar quarter commencing
at any time after March 31, 2008 whether the Securities are convertible as a
result of the price of the Ordinary Shares and shall promptly notify the Trustee
and the Conversion Agent thereof.  Upon determining that the Holders
are entitled to convert their Securities in accordance with this subsection (a),
the Company will promptly (1) issue a press release and use its reasonable
efforts to post such information on its website or otherwise publicly disclose
this information or (2) provide notice to the Holders in a manner contemplated
by the Indenture, including through the facilities of DTC.  “Last
Reported Sale Price” on any date means the closing sale price per Ordinary Share
(or if no closing sale price is reported, the average of the bid and asked
prices or, if more than one in either case, the average of the average bid and
the average asked prices) on that date as reported by the New York Stock
Exchange or, if the Ordinary Shares are not listed on the New York Stock
Exchange, as reported in composite transactions for the principal U.S.
securities exchange on which the Ordinary Shares are traded or, if the Ordinary
Shares are not traded on such an exchange, the market value of an Ordinary Share
as determined by a nationally recognized independent investment banking firm
retained for this purpose by the Company. As referred to in this paragraph,
“Conversion Price” means $1,000 divided by the Conversion Rate.

       

      (b) Conversion Based on Trading
Price. Prior to the Stated Maturity of the Securities, during the five
(5) consecutive Business Days immediately after any five (5) consecutive Trading
Day period (such five (5) consecutive Trading Day period, the “Note Measurement
Period”) in which the average Trading Price (calculated using the Trading Price
for each of the Trading Days in the Note Measurement Period) per $1,000
Principal Amount of the Securities was equal to or less than ninety-eight
percent (98%) of the average Conversion Value during the Note Measurement Period
(the “Trading Price Condition”), as determined following a request by a Holder
of the Securities in accordance with the procedures described below. The Bid
Solicitation Agent shall not have any obligation to determine the Trading Price
unless the Company has requested such determination, and the Company shall have
no obligation to make such request unless a Holder of at least five million
dollars ($5,000,000) in aggregate Principal Amount of the Securities provides
the Company with reasonable evidence that the Trading Price per $1,000 Principal
Amount of the Securities would be equal to or less than ninety-eight percent
(98%) of the Conversion Value. Upon receipt of such evidence, the Company shall
instruct the Bid Solicitation Agent to determine the Trading Price per $1,000
Principal Amount of the Securities for each of the five (5) successive Trading
Days immediately after the Company receives such evidence and on each Trading
Day thereafter until the first Trading Day on which the Trading Price Condition
is no longer satisfied. For purposes of this paragraph, the “Conversion Value”
per $1,000 Principal Amount of Securities, on a given Trading Day, means the
product of the Last Reported Sale Price on such Trading Day and the Conversion
Rate in effect on such Trading Day.  Promptly after the Securities
become convertible into cash and, if applicable, Ordinary Shares in accordance
with this clause (b) and promptly after the Securities become no longer so
convertible in accordance with this clause (b), the Company shall give the
Conversion Agent and the Trustee notice thereof. Upon determining that the
Holders are entitled to convert their Securities in accordance with this
subsection (b), the Company will promptly (1) issue a press release and use its
reasonable efforts to post such information on its website or otherwise publicly
disclose this information or (2) provide notice to the Holders in a manner
contemplated by the Indenture, including through the facilities of
DTC.

      
        
           

        

        
          B-6

          
            

          

        

        
           

        

      

      Except as
described below, the “Trading Price,” as referred to in this subsection (b), of
the Securities on any day means the average secondary market bid quotations
obtained by the Bid Solicitation Agent for $5,000,000 Principal Amount of
Securities at approximately 4:00 p.m., New York City time, on such day from
three independent nationally recognized securities dealers to be selected by the
Company. However, if the Bid Solicitation Agent can reasonably obtain only two
such bids, then the average of the two bids will instead be used, and if the Bid
Solicitation Agent can reasonably obtain only one such bid, then that one bid
will be used.  Even still, if on any given day: (a) the Bid
Solicitation Agent cannot reasonably obtain at least one bid for $5,000,000
Principal Amount of Securities from an independent nationally recognized
securities dealer or (b) in the Company’s reasonable, good faith judgment, the
bid quotation or quotations that the Bid Solicitation Agent has obtained are not
indicative of the secondary market value of the Securities, then the Trading
Price per $1,000 Principal Amount of the Securities will be deemed to be less
than 98% of the Conversion Value on that day.

       

      (c) Conversion Upon Occurrence of
Specified Corporate Transactions.

       

      (i) If
the Company elects to distribute to all holders of Ordinary Shares (A) rights or
warrants entitling them to subscribe for or purchase, for a period expiring
within 60 days after the record date for such distribution, Ordinary Shares at
less than the Last Reported Sale Price for the five (5) consecutive Trading Days
ending on the date immediately preceding the first public announcement of such
distribution, or (B) shares of capital stock, evidence of indebtedness or other
assets (excluding dividends or distributions described in Sections 11.07(a) and
11.07(b) of the Indenture), which distribution pursuant to clause (B), together
with all other distributions within the preceding 12 months (but not including
any distributions made prior to December 5, 2007), has a per share value
exceeding 15% of the Last Reported Sale Price for the five (5) consecutive
Trading Days ending on the date immediately preceding the first public
announcement of the distribution, then the Company must notify the Holders at
least 25 scheduled Trading Days prior to the Ex-dividend Date for such
distribution.  Once the Company has given such notice, Holders may
surrender their Securities for conversion at any time until the earlier of the
close of business on the Business Day prior to the Ex-dividend Date or the day
on which any announcement by the Company that such distribution will not take
place, even if the Securities are not otherwise convertible at that
time.  No adjustment to the ability of Holders to convert will be made
if Holders are entitled to participate in the distribution without
conversion.

      
        
           

        

        
          B-7

          
            

          

        

        
           

        

      

      (ii) If
the Company is a party to a Fundamental Change, at any time from or after the
Effective Date (or the date which is 15 days prior to the anticipated effective
date of the transaction described in Section 3.12(a)(ii) of the Indenture) until
the later of (a) the day before the Fundamental Change Purchase Date and (b) 30
days after the actual effective date of such Fundamental Change. After the
Effective Date, settlement of the Conversion Value will be based on the kind and
amount of cash, securities or other assets of the Company or another Person that
a holder of Ordinary Shares received in such transaction; provided that, for the
avoidance of doubt, the Conversion Value will be paid in cash and Reference
Property in accordance with the terms of the Indenture. The Company shall give
written notice to the Holders and the Trustee and the Conversion Agent of any
such Fundamental Change and the anticipated Effective Date, if applicable, and
issue a press release providing the same information no later than 15 days prior
to the anticipated Effective Date, unless such Fundamental Change is a
Fundamental Change described in Section 3.12 (a)(i) or (a)(iii) of the
Indenture in which case the Company shall give such notice no later than the
later of (x) one business day following the Effective Date or (y) two
business days following the date on which officers of the Company first learned
of such Fundamental Change following the Effective Date of such Fundamental
Change.

       

      (iii) If
the Company is party to a combination, merger, recapitalization,
reclassification, binding share exchange or similar transaction or sale or
conveyance of all or substantially all of the Company’s property and assets, in
each case pursuant to which the Ordinary Shares would be converted into cash,
securities or other property that does not also constitute a Fundamental
Change.  In such event, a Holder will have the right to convert the
Securities at any time beginning 15 days prior to the anticipated effective date
of such transaction and ending on the 30th scheduled Trading Day following the
effective date of such transaction.  The Company shall give written
notice to the Holders and the Trustee of any such transaction as promptly as
practicable following the date the Company publicly announces the transaction
but in no event less than 15 days prior to the anticipated effective date of the
transaction.

       

      (d) Conversion upon Notice of
Redemption.  If the Securities have been called for redemption,
at any time prior to the close of business on the Business Day immediately
preceding the Redemption Date.

       

      (e) Conversion During Quarter Prior to
Stated Maturity.  At any time on or after September 15, 2037
until the close of business on the Business Day immediately preceding the Stated
Maturity.

       

      A
Security in respect of which a Holder has delivered a Repurchase Notice
exercising the option of such Holder to require the Company to purchase such
Security may be converted only if such notice of exercise is withdrawn in
accordance with the terms of the Indenture. The initial Conversion Rate is
5.9310 Ordinary Shares per $1,000 Principal Amount, subject to adjustment in
certain events described in the Indenture.

      
        
           

        

        
          B-8

          
            

          

        

        
           

        

      

      Securities
surrendered for conversion after the close of business on any Regular Record
Date immediately preceding any Interest Payment Date and prior to the opening of
business of such Interest Payment Date must be accompanied by payment from the
Holder of an amount equal to the interest thereon that the registered Holder is
to receive from the Company on such Interest Payment Date; provided, however, that no
such payment need be made (1) if the Company has specified a Fundamental Change
Purchase Date following a Fundamental Change that is after the Regular Record
Date and on or prior to the next succeeding Interest Payment Date, (2) only to
the extent of overdue interest, if any overdue interest exists at the date of
conversion with respect to a Security, (3) if the Security is surrendered for
conversion after the Regular Record Date immediately preceding the Stated
Maturity of the Security, or (4) if the Security is surrendered in connection
with a call for redemption with a Redemption Date that is after the Regular
Record Date and on or prior to the next succeeding Interest Payment Date. Except
where Securities surrendered for conversion must be accompanied by payment as
described above, no interest on converted Securities will be payable by the
Company on any Interest Payment Date subsequent to the date of
conversion.

       

      A Holder
may convert a portion of a Security if the Principal Amount of such portion is
$1,000 or an integral multiple of $1,000. No payment or adjustment will be made
for dividends on the Ordinary Shares except as provided in the
Indenture.

       

      To
convert a Security, a Holder must (a) complete and manually sign the conversion
notice set forth below and deliver such notice to a Conversion Agent, (b)
surrender the Security to the Conversion Agent, (c) furnish appropriate
endorsements and transfer documents (including any certification that may be
required under applicable law) if required by the Conversion Agent, and (d) pay
any transfer or similar tax, if required.

       

      Repurchase
by the Company at the Option of the Holder

       

      Subject
to the terms and conditions of the Indenture, the Company shall become obligated
to purchase, at the option of the Holder, the Securities held by such Holder on
December 15, 2011, December 14, 2012, December 15, 2017, December 15, 2022,
December 15, 2027 and December 15, 2032 (each, a “Repurchase Date”), upon
delivery of a Repurchase Notice containing the information set forth in the
Indenture, at any time from the opening of business on the date that is 20
Business Days prior to such Repurchase Date until the close of business on such
Repurchase Date and upon delivery of the Securities to the Paying Agent by the
Holder as set forth in the Indenture.

       

      The
“Repurchase Price” shall be equal to the Principal Amount plus accrued and
unpaid interest up to but excluding the Repurchase Date.  If the
Repurchase Date is after a Regular Record Date and on or prior to the
corresponding Interest Payment Date, the interest will be paid on the Interest
Payment Date to the person in whose name the Securities are registered at the
close of business on the Regular Record Date and not included in the Repurchase
Price.

       

      Holders
have the right to withdraw any Repurchase Notice by delivering to the Paying
Agent a written notice of withdrawal prior to the close of business on the
Repurchase Date in accordance with the provisions of the
Indenture.

      
        
           

        

        
          B-9

          
            

          

        

        
           

        

      

      If cash
sufficient to pay the Repurchase Price of all Securities or portions thereof to
be purchased as of the Repurchase Date is deposited with the Paying Agent on the
Business Day following the Repurchase Date, interest ceases to accrue on such
Securities (or portions thereof) on such Repurchase Date, and the Holder thereof
shall have no other rights as such (other than the right to receive the
Repurchase Price upon surrender of such Security).

       

      Tax
Additional Amounts

       

      The
Company shall pay any amounts due with respect to the payments on the Security
without deduction or withholding for any and all present and future withholding
taxes, levies, imposts and charges (each, a “Withholding Tax”) imposed by or for
the account of the Cayman Islands or any other jurisdiction in which the Company
is resident for tax purposes or any political subdivision or taxing authority of
such jurisdiction (the “Taxing Jurisdiction”), unless such withholding or
deduction  is required by law.  If such deduction or
withholding is at any time required, the Company will (subject to compliance by
such Holder with any relevant administrative requirements) pay each Holder such
additional amounts (“Tax Additional Amounts”) as will result in such Holders
receipt of such amounts as it would have received had no such withholding or
deduction been required.

       

      If the
Taxing Jurisdiction requires the Company to deduct or withhold any Withholding
Tax, the Company will (subject to compliance by a Holder with any relevant
administrative requirements) pay such Tax Additional Amounts in respect of
principal amount, Redemption Price, Repurchase Price and interest (if any) in
accordance with the terms of the Security and the Indenture; provided, however, that the foregoing
shall not apply to:

       

      (a)           any
Withholding Tax which would not be payable or due but for the fact that (1) the
Holder of a Security (or a fiduciary, settlor, beneficiary of, member or
shareholder of, such Holder, if such Holder is an estate, trust, partnership or
corporation) is a domiciliary, national or resident of, or engaging in business
or maintaining a permanent establishment or being physically present in, the
Taxing Jurisdiction or otherwise having some present or former connection with
the Taxing Jurisdiction other than the holding or ownership of the Security or
the collection of principal amount, Redemption Price, Repurchase Price and
Interest (if any), in accordance with the terms of the Security and the
Indenture or the enforcement of the Security or (2) where presentation is
required, the Security was presented more than 30 days after the date such
payment became due or was provided for, whichever is later;

       

      (b)           any
Withholding Tax attributable to any estate, inheritance, gift, sales, transfer,
excise, personal property or similar tax, levy, impost or charge;

       

      (c)           any
Withholding Tax attributable to any tax, levy, impost or charge which is payable
otherwise than by withholding from payment of principal amount, Redemption
Price, Repurchase Price and interest (if any);

       

      (d)           any
Withholding Tax which would not have been imposed but for the failure to comply
with certification, information, documentation or other reporting requirements
concerning the nationality, residence, identity or connections with the relevant
tax authority of the Holder or beneficial owner of the Security, if this
compliance is required by statute or by regulation as a precondition to relief
or exemption from such Withholding Tax;

       

      (e)           to
the extent a Holder is entitled to a refund or credit in such Taxing
Jurisdiction of amounts required to be withheld by such Taxing Jurisdiction;
or

      
        
           

        

        
          B-10

          
            

          

        

        
           

        

      

      (f)           any
combination of the instances described in (a) through (e).

       

      With
respect to clause (e), above, in the absence of evidence satisfactory to the
Company, the Company may conclusively presume that a Holder of a Security is
entitled to a refund or credit of all amounts required to be
withheld.  The Company shall not be required to pay any Tax Additional
Amounts to any Holder of a Security who is a fiduciary or partnership or other
than the sole beneficial owner of the Security to the extent that a beneficiary
or settlor with respect to such fiduciary, or a member of such partnership or a
beneficial owner thereof, would not have been entitled to the payment of such
Tax Additional Amounts had such beneficiary, settlor, member or beneficial owner
been the Holder of the Security.

       

      Transfer

       

      As
provided in the Indenture and subject to certain limitations therein set forth,
the transfer of this Security is registrable in the register of the Securities,
upon surrender of this Security for registration or transfer at the office or
agency in a Place of Payment for Securities of this series, duly endorsed by, or
accompanied by a written instrument of transfer in form reasonably satisfactory
to the Registrar duly executed by the Holder thereof or his attorney duly
authorized in writing, and thereupon one or more new Securities of this series,
of like tenor and of other authorized denominations and for the same aggregate
principal amount, executed by the Company and authenticated and delivered by the
Trustee, will be issued to the designated transferee or
transferees.

       

      The
Securities of this series are issuable only in registered form without coupons
in denominations of $1,000 and any integral multiple thereof. As provided in the
Indenture and subject to certain limitations set forth therein and on the face
of this Security, Securities of this series are exchangeable for a like
aggregate principal amount of Securities of this series of a different
authorized denomination as requested by the Holder surrendering the
same.

       

      No
service charge shall be made for any such registration of transfer or exchange,
but the Company may require payment of a sum sufficient to cover any tax or
other governmental charge payable in connection therewith.

       

      Prior to
due presentment of this Security for registration of transfer, the Company, the
Trustee or any agent of the Company or the Trustee may treat the Person in whose
name this Security is registered as the owner hereof for all purposes, whether
or not this Security be overdue, and neither the Company, the Trustee nor any
such agent shall be affected by notice to the contrary.

       

      Amendment,
Supplement and Waiver; Limitation on Suits

       

      The
Indenture permits, with certain exceptions as therein provided, the amendment
thereof and the modification of the rights and obligations of the Company and
the rights of the Holders of the Securities of each series to be affected under
the Indenture at any time by the Company and the Trustee with the consent of the
Holders of at least a majority in principal amount of the then outstanding
Securities of all series affected (acting as one class). The Indenture also
contains provisions permitting the Holders of at least a majority in principal
amount of the then outstanding Securities of any series or of all series (acting
as one class), to waive compliance by the Company with certain existing or past
defaults under the Indenture and their consequences. Any such consent or waiver
by the Holder of this Security shall be conclusive and binding upon such Holder
and upon all future Holders of this Security and of any Security issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not notation of such consent or waiver is made upon this
Security.

      
        
           

        

        
          B-11

          
            

          

        

        
           

        

      

      Subject
to the right of the Holder of any Securities of this series to institute
proceedings to enforce the Holder’s right to receive payment of the principal
thereof and interest thereon (or repurchase price thereof) and any Tax
Additional Amounts with respect thereto and to receive shares on conversion, no
Holder of the Securities of this series shall have any right to institute any
proceeding, judicial or otherwise, with respect to the Indenture, or for the
appointment of a receiver or trustee, or for any other remedy thereunder,
unless

       

      (1)           such
Holder has previously given written notice to the Trustee of a continuing Event
of Default;

       

      (2)           the
Holders of not less than 25% in principal amount of the then Outstanding
Securities of this series shall have made written request to the Trustee to
pursue the remedy;

       

      (3)           such
Holder or Holders offer to the Trustee indemnity satisfactory to the Trustee
against any loss, liability or expense to be incurred in compliance with such
request;

       

      (4)           the
Trustee for 60 days after its receipt of such request and offer of indemnity has
failed to institute any such proceeding; and

       

      (5)           no
direction inconsistent with such written request has been given to the Trustee
during such 60-day period by the Holders of a majority in principal amount of
the then outstanding Securities of this series;

       

      it being
understood and intended that no one or more of such Holders shall have the right
in any manner whatever by virtue of, or by availing of, any provision of the
Indenture to affect, disturb or prejudice the rights of any other of such
Holders, or to obtain or to seek to obtain priority or preference over any other
of such Holders or to enforce any right under the Indenture, except in the
manner herein provided and for the equal and ratable benefit of all of such
Holders.

       

      Successor
Corporation

       

      When a
successor Person assumes all the obligations of its predecessor under the
Securities and the Indenture in accordance with the terms and conditions of the
Indenture, the predecessor Person will (except in certain circumstances
specified in the Indenture) be released from those obligations.

       

      Defaults
and Remedies

       

      If an
Event of Default with respect to Securities of this series shall occur and be
continuing, all unpaid Principal Amount plus accrued and unpaid interest through
the acceleration date of the Securities of this series may be declared due and
payable in the manner and with the effect provided in the
Indenture.

       

      
        
           

        

        
          B-12

          
            

          

        

        
           

        

      

      No
Recourse Against Others

       

      No
recourse shall be had for the payment of the principal of or the interest, if
any, on this Security, for any claim based hereon, or otherwise in respect
hereof, or based on or in respect of the Indenture or any indenture supplemental
thereto, against any incorporator, shareholder, officer or director, as such,
past, present or future, of the Company or of any successor corporation, whether
by virtue of any constitution, statute or rule of law or by the enforcement of
any assessment of penalty or otherwise, all such liability being, by acceptance
hereof and as part of the consideration for the issue hereof, expressly waived
and released.

       

      Indenture
to Control; Governing Law

       

      In the
case of any conflict between the provisions of this Security and the Indenture,
the provisions of the Indenture shall control.

       

      THE
INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK, BUT WITHOUT GIVING EFFECT TO THE
APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THE APPLICATION OF THE
LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

       

      Definitions

       

      All terms
defined in the Indenture and used in this Security but not specifically defined
herein are used herein as so defined.

       

      
        
           

        

        
          B-13

          
            

          

        

        
           

        

      

       

      CONVERSION
NOTICE

       

      To
convert this Security into Ordinary Shares of the Company, check box: [
]

       

      To
convert only part of this Security, state the Principal Amount to be
converted

       

      (must be
$1,000 or a multiple of $1,000): $____________.

       

      If you
want the shares registered in another person’s name, fill in the form
below:

       

       

      
        
           

        

        
          B-14

          
            

          

        

        
           

        

      

      ASSIGNMENT
FORM

       

              To
assign this Security, fill in the form below and have your signature guaranteed:
(I) or (we) assign and transfer this Security to:

       

      ______________________________________________

       

      (Insert
assignee's soc. sec. or tax ID. no.)

       

      ______________________________________________

       

      (Print or
type assignee's name, address and zip code)

       

      and
irrevocably appoint _____________________________________ to transfer this
Security on the books of the Company. The agent may substitute another to act
for him.

       

      Dated:

       

      

       

      Your
Name:

       

      ______________________________________________

       

      (Print
your name exactly as it appears on the face of this Security)

       

      Your
Signature:

       

      ______________________________________________

       

      (Sign
exactly as your name appears on the face of this Security)

       

      SIGNATURE
GUARANTEE*:

       

      * The
signature must be guaranteed by an institution which is a member of one of the
following recognized signature guaranty programs: (i) the Securities Transfer
Agent Medallion Program (STAMP); (ii) the New York Stock Exchange Medallion
Program (MSP); (iii) the Stock Exchange Medallion Program (SEMP); or (iv) such
other guarantee program acceptable to the Trustee.

       

      
        
           

        

        
          B-15

          
            

          

        

        
           

        

      

      OPTION
OF HOLDER TO ELECT PURCHASE ON FUNDAMENTAL CHANGE

       

      If you want to elect to have this
Security purchased, in whole or in part, by the Company pursuant to Section 3.12
of the Indenture, check the following box:  ☐

       

      If you want to have only part of this
Security purchased by the Company pursuant to Section 3.12 of the Indenture,
state the Principal Amount you want to be purchased (must be $1,000 or a
multiple of $1,000): $________________

       

      

       

      Your
Signature:                                                                                                             Date:                                     

       

      (Sign
exactly as your name appears on the other side of this Security)

       

      *Signature guaranteed by:                                                                        

       

      By:                                                

       

       

      
        

      
        
          	
                  *

                	
                  The
      signature must be guaranteed by an institution which is a member of one of
      the following recognized signature guaranty programs: (i) the Securities
      Transfer Agent Medallion Program (STAMP); (ii) the New York Stock Exchange
      Medallion Program (MSP); (iii) the Stock Exchange Medallion Program
      (SEMP); or (iv) such other guaranty program acceptable to the
      Trustee.

                

        

      

      
        
           

        

        
          B-16

          
            

          

        

        
           

        

      

      ANNEX
C

       

      [FORM
OF GLOBAL SECURITY]

       

      UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

       

      UNLESS
AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR THE INDIVIDUAL SECURITIES
REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A
WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE
DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE
DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH
SUCCESSOR DEPOSITARY.

       

      

       

      FORM
OF 1.50% SERIES C CONVERTIBLE SENIOR NOTE

       

      DUE
DECEMBER 15, 2037

       

      TRANSOCEAN
INC.

       

      
        	
                Issue
      Date: December 11, 2007

              	
                Maturity:
      December 15, 2037

              
	
                Principal
      Amount: $

              	
                CUSIP:
      893830 AW9

              
	
                Registered:
      No. R-

              	
                ISIN:
      US893830AW97

              

      

       

      Transocean
Inc., a Cayman Islands exempted company limited by shares (herein called the
“Company”, which term includes any successor corporation under the indenture
hereinafter referred to), for value received, hereby promises to pay to Cede
& Co., or registered assigns, the principal sum of [__] Dollars ($) on
December 15, 2037 and to pay interest thereon and Tax Additional Amounts, if
any, in immediately available funds as specified on the other side of this
Security.  This Security is convertible as specified on the reverse of
this Security.

       

      Payment
of the principal of and interest on and Tax Additional Amounts, if any, with
respect to this Security will be made at the office or agency of the Company
maintained for that purpose in The City of New York, New York or Fort Worth,
Texas in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts; provided,
however, that at the option of the Company, payment of interest and Tax
Additional Amounts, if any, may be made by check mailed to the address of the
Person entitled thereto as such address shall appear in the register of
Securities or by wire transfer of immediately available funds to the accounts
designated by the Holder of this Security.

       

      
        
           

        

        
          C-1

          
            

          

        

        
           

        

      

      Reference
is hereby made to the further provisions of this Security set forth on the
reverse hereof, which further provisions shall for all purposes have the same
effect as if set forth at this place.

       

      Unless
the certificate of authentication hereon has been executed by the Trustee
referred to on the reverse hereof by manual signature, this Security shall not
be entitled to any benefit under the Indenture or be valid or obligatory for any
purpose.

       

      IN
WITNESS WHEREOF, the Company has caused this instrument to be duly
executed.

       

      Dated:

       

      
        	 
      	 
      	
                TRANSOCEAN
      INC.

              
	 
      	 
      	 
      	 
      
	 
      	 
      	
                By:

              	 
      
	 
      	 
      	 
      	
                Name:

              
	 
      	 
      	 
      	
                Title:

              
	
                Attest:

              	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
                Assistant
      Secretary

              	 
      	 
      	 
      

      

      
        
           

        

        
          C-2

          
            

          

        

        
           

        

      

      TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

       

      This is
one of the Securities of the series designated therein referred to in the
within-mentioned Indenture.

       

      
        	 
      	 
      	 
      	
                WELLS
      FARGO BANK, NATIONAL

                ASSOCIATION,
      as Trustee

              
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                Authorized
      Signatory

              
	
                Date
      of Authentication: 

              	 
      	 
      	 
      

      

      
        
           

        

        
          C-3

          
            

          

        

        
           

        

      

      [Reverse
of Security]

       

      TRANSOCEAN
INC.

       

      1.50%
SERIES C CONVERTIBLE SENIOR NOTE DUE DECEMBER 15, 2037

       

      This
Security is one of a duly authorized issue of senior securities of the Company
issued and to be issued in one or more series under an Indenture, dated as of
December 11, 2007, as amended by the First Supplemental Indenture thereto dated
as of December 11, 2007, and the Second Supplemental Indenture thereto dated as
of December 11, 2007 (as so amended, herein called the “Indenture”), between the
Company and Wells Fargo Bank, National Association, as trustee (herein called
the “Trustee”, which term includes any successor trustee under the Indenture),
or their respective predecessors, as applicable, to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of
the Company, the Trustee and the Holders of the Securities and of the terms upon
which the Securities are, and are to be, authenticated and delivered. This
Security is one of the series designated on the face hereof, which is initially
in the aggregate principal amount of $2,200,000,000.00. As used herein, the term
“Securities” means securities of the series designated on the face hereof except
that, where the context requires that such term be construed as including
another series of securities (e.g., where phrases such as
“Securities of each series” or “Securities of any series” or similar phrases are
used), the term “Securities” means securities of any series issued or to be
issued under the Indenture.

       

      The
Company may, without the consent of the existing holders of the Securities,
issue additional Securities having the same ranking and the same interest rate,
maturity and other terms as the Securities.  Any additional Securities
having such similar terms, together with the Securities, will constitute a
single series of Securities under the Indenture.

       

      Interest

       

      The rate
at which this Security shall bear interest shall be 1.50% per
annum.  The date from which interest shall accrue for this Security
shall be December 11, 2007.  The Interest Payment Dates on which
interest on this Security shall be payable are June 15 and December 15 of each
year, commencing on June 15, 2008.  The Regular Record Date for the
interest payable on this Security on any Interest Payment Date shall be the June
1 or December 1, as the case may be, immediately preceding such Interest Payment
Date.  Interest will cease to accrue on this Security upon its
maturity, conversion, purchase by the Company at the option of a holder or
redemption.

       

      Method
of Payment

       

      Payments
in respect of principal of and interest, if any, on the Securities shall be made
by the Company in immediately available funds.

      
        
           

        

        
          C-4

          
            

          

        

        
           

        

      

      Optional
Redemption

       

      No
sinking fund is provided for the Securities of this series. After December 20,
2012, the Securities of this series are redeemable as a whole, or from time to
time in part, at any time at the option of the Company at a redemption price
(the “Redemption Price”) equal to the Principal Amount plus accrued and unpaid
interest up to but excluding the Redemption Date. However, if the Redemption
Date is after a Regular Record Date and on or prior to the corresponding
Interest Payment Date, the interest will be paid on the Redemption Date to the
person in whose name the Securities are registered at the close of business on
the Regular Record Date and not included in the Redemption Price.

       

      If the
Company redeems less than all of the outstanding Securities, the Trustee will
select the Securities to be redeemed (i) by lot, (ii) pro rata or (iii) by any
other method the Trustee considers fair and appropriate. If the Trustee selects
a portion of a Holder’s Securities for partial redemption and the Holder
converts a portion of the same Securities, the converted portion will be deemed
to be from the portion selected for redemption.

       

      Notice
of Redemption

       

      Notice of
redemption will be mailed by first-class mail at least 30 days but not more than
60 days before the Redemption Date to each Holder of Securities to be redeemed
at its registered address. Securities in denominations larger than $1,000
Principal Amount may be redeemed in part, but only in whole multiples of $1,000.
On and after the Redemption Date, subject to the deposit with the Paying Agent
of funds sufficient to pay the Redemption Price, interest ceases to accrue on
Securities or portions thereof called for redemption.

       

      Purchase
of Securities at Option of Holder Upon a Fundamental Change

       

      At the
option of the Holder and subject to the terms and conditions of the Indenture,
the Company shall become obligated to purchase all or any part specified by the
Holder (so long as the Principal Amount of such part is $1,000 or an integral
multiple of $1,000 in excess thereof) of the Securities held by such Holder on a
date selected by the Company that is not less than 20 days and not more than 35
days after the occurrence of a Fundamental Change (or a longer period if
required by law), at a Fundamental Change Purchase Price equal to the Principal
Amount plus accrued and unpaid interest up to but excluding the Fundamental
Change Purchase Date. However, if the Fundamental Change Purchase Date is after
a Regular Record Date and on or prior to the corresponding Interest Payment
Date, the interest will be paid on the Interest Payment Date to the person in
whose name the Securities are registered at the close of business on the Regular
Record Date and not included in the Fundamental Change Purchase Price. The
Holder shall have the right to withdraw any Fundamental Change Purchase Notice
(in whole or in a portion thereof that is $1,000 Principal Amount or an integral
multiple of $1,000 in excess thereof) at any time prior to the close of business
on the Business Day prior to the Fundamental Change Purchase Date by delivering
a written notice of withdrawal to the Paying Agent in accordance with the terms
of the Indenture.

       

      Conversion

       

      A Holder
of a Security may convert the Principal Amount of such Security (or any portion
thereof equal to a Principal Amount of $1,000 or any integral multiple of a
Principal Amount of $1,000 in excess thereof) into, for each $1,000 Principal
Amount of Securities converted, cash and Ordinary Shares, if any, equal to the
sum of the Daily Settlement Amounts (such sum, the “Conversion Proceeds”) for
each of the 20 VWAP Trading Days during the relevant Conversion Period, at any
time during the periods described below at the Conversion Rate then in effect;
provided, however, that the Company
will deliver cash in lieu of fractional shares (including, without limitation,
by check or wire transfer) based upon the VWA Price on the last VWAP Trading Day
in the Conversion Period as described in the Indenture. The Securities may be
converted during any period in which one of the following conditions is
satisfied:

       

      
        
           

        

        
          C-5

          
            

          

        

        
           

        

      

      (a) Conversion Based on Ordinary Share
Price. During any calendar quarter commencing at any time after March 31,
2008, and only during such calendar quarter, if the Last Reported Sale Price for
at least 20 Trading Days in the period of 30 consecutive Trading Days ending on
the last Trading Day of the preceding calendar quarter exceeds 130% of the
Conversion Price per share on the last day of such preceding calendar quarter.
The Company will determine at the beginning of each calendar quarter commencing
at any time after March 31, 2008 whether the Securities are convertible as a
result of the price of the Ordinary Shares and shall promptly notify the Trustee
and the Conversion Agent thereof.  Upon determining that the Holders
are entitled to convert their Securities in accordance with this subsection (a),
the Company will promptly (1) issue a press release and use its reasonable
efforts to post such information on its website or otherwise publicly disclose
this information or (2) provide notice to the Holders in a manner contemplated
by the Indenture, including through the facilities of DTC.  “Last
Reported Sale Price” on any date means the closing sale price per Ordinary Share
(or if no closing sale price is reported, the average of the bid and asked
prices or, if more than one in either case, the average of the average bid and
the average asked prices) on that date as reported by the New York Stock
Exchange or, if the Ordinary Shares are not listed on the New York Stock
Exchange, as reported in composite transactions for the principal U.S.
securities exchange on which the Ordinary Shares are traded or, if the Ordinary
Shares are not traded on such an exchange, the market value of an Ordinary Share
as determined by a nationally recognized independent investment banking firm
retained for this purpose by the Company. As referred to in this paragraph,
“Conversion Price” means $1,000 divided by the Conversion Rate.

       

      (b) Conversion Based on Trading
Price. Prior to the Stated Maturity of the Securities, during the five
(5) consecutive Business Days immediately after any five (5) consecutive Trading
Day period (such five (5) consecutive Trading Day period, the “Note Measurement
Period”) in which the average Trading Price (calculated using the Trading Price
for each of the Trading Days in the Note Measurement Period) per $1,000
Principal Amount of the Securities was equal to or less than ninety-eight
percent (98%) of the average Conversion Value during the Note Measurement Period
(the “Trading Price Condition”), as determined following a request by a Holder
of the Securities in accordance with the procedures described below. The Bid
Solicitation Agent shall not have any obligation to determine the Trading Price
unless the Company has requested such determination, and the Company shall have
no obligation to make such request unless a Holder of at least five million
dollars ($5,000,000) in aggregate Principal Amount of the Securities provides
the Company with reasonable evidence that the Trading Price per $1,000 Principal
Amount of the Securities would be equal to or less than ninety-eight percent
(98%) of the Conversion Value. Upon receipt of such evidence, the Company shall
instruct the Bid Solicitation Agent to determine the Trading Price per $1,000
Principal Amount of the Securities for each of the five (5) successive Trading
Days immediately after the Company receives such evidence and on each Trading
Day thereafter until the first Trading Day on which the Trading Price Condition
is no longer satisfied. For purposes of this paragraph, the “Conversion Value”
per $1,000 Principal Amount of Securities, on a given Trading Day, means the
product of the Last Reported Sale Price on such Trading Day and the Conversion
Rate in effect on such Trading Day.  Promptly after the Securities
become convertible into cash and, if applicable, Ordinary Shares in accordance
with this clause (b) and promptly after the Securities become no longer so
convertible in accordance with this clause (b), the Company shall give the
Conversion Agent and the Trustee notice thereof. Upon determining that the
Holders are entitled to convert their Securities in accordance with this
subsection (b), the Company will promptly (1) issue a press release and use its
reasonable efforts to post such information on its website or otherwise publicly
disclose this information or (2) provide notice to the Holders in a manner
contemplated by the Indenture, including through the facilities of
DTC.

       

      
        
           

        

        
          C-6

          
            

          

        

        
           

        

      

      Except as
described below, the “Trading Price,” as referred to in this subsection (b), of
the Securities on any day means the average secondary market bid quotations
obtained by the Bid Solicitation Agent for $5,000,000 Principal Amount of
Securities at approximately 4:00 p.m., New York City time, on such day from
three independent nationally recognized securities dealers to be selected by the
Company. However, if the Bid Solicitation Agent can reasonably obtain only two
such bids, then the average of the two bids will instead be used, and if the Bid
Solicitation Agent can reasonably obtain only one such bid, then that one bid
will be used.  Even still, if on any given day: (a) the Bid
Solicitation Agent cannot reasonably obtain at least one bid for $5,000,000
Principal Amount of Securities from an independent nationally recognized
securities dealer or (b) in the Company’s reasonable, good faith judgment, the
bid quotation or quotations that the Bid Solicitation Agent has obtained are not
indicative of the secondary market value of the Securities, then the Trading
Price per $1,000 Principal Amount of the Securities will be deemed to be less
than 98% of the Conversion Value on that day.

       

      (c) Conversion Upon Occurrence of
Specified Corporate Transactions.

       

      (i) If
the Company elects to distribute to all holders of Ordinary Shares (A) rights or
warrants entitling them to subscribe for or purchase, for a period expiring
within 60 days after the record date for such distribution, Ordinary Shares at
less than the Last Reported Sale Price for the five (5) consecutive Trading Days
ending on the date immediately preceding the first public announcement of such
distribution, or (B) shares of capital stock, evidence of indebtedness or other
assets (excluding dividends or distributions described in Sections 11.07(a) and
11.07(b) of the Indenture), which distribution pursuant to clause (B), together
with all other distributions within the preceding 12 months (but not including
any distributions made prior to December 5, 2007), has a per share value
exceeding 15% of the Last Reported Sale Price for the five (5) consecutive
Trading Days ending on the date immediately preceding the first public
announcement of the distribution, then the Company must notify the Holders at
least 25 scheduled Trading Days prior to the Ex-dividend Date for such
distribution.  Once the Company has given such notice, Holders may
surrender their Securities for conversion at any time until the earlier of the
close of business on the Business Day prior to the Ex-dividend Date or the day
on which any announcement by the Company that such distribution will not take
place, even if the Securities are not otherwise convertible at that
time.  No adjustment to the ability of Holders to convert will be made
if Holders are entitled to participate in the distribution without
conversion.

       

      
        
           

        

        
          C-7

          
            

          

        

        
           

        

      

      (ii) If
the Company is a party to a Fundamental Change, at any time from or after the
Effective Date (or the date which is 15 days prior to the anticipated effective
date of the transaction described in Section 3.12(a)(ii) of the Indenture) until
the later of (a) the day before the Fundamental Change Purchase Date and (b) 30
days after the actual effective date of such Fundamental Change. After the
Effective Date, settlement of the Conversion Value will be based on the kind and
amount of cash, securities or other assets of the Company or another Person that
a holder of Ordinary Shares received in such transaction; provided that, for the
avoidance of doubt, the Conversion Value will be paid in cash and Reference
Property in accordance with the terms of the Indenture. The Company shall give
written notice to the Holders and the Trustee and the Conversion Agent of any
such Fundamental Change and the anticipated Effective Date, if applicable, and
issue a press release providing the same information no later than 15 days prior
to the anticipated Effective Date, unless such Fundamental Change is a
Fundamental Change described in Section 3.12 (a)(i) or (a)(iii) of the
Indenture in which case the Company shall give such notice no later than the
later of (x) one business day following the Effective Date or (y) two
business days following the date on which officers of the Company first learned
of such Fundamental Change following the Effective Date of such Fundamental
Change.

       

      (iii) If
the Company is party to a combination, merger, recapitalization,
reclassification, binding share exchange or similar transaction or sale or
conveyance of all or substantially all of the Company’s property and assets, in
each case pursuant to which the Ordinary Shares would be converted into cash,
securities or other property that does not also constitute a Fundamental
Change.  In such event, a Holder will have the right to convert the
Securities at any time beginning 15 days prior to the anticipated effective date
of such transaction and ending on the 30th scheduled Trading Day following the
effective date of such transaction.  The Company shall give written
notice to the Holders and the Trustee of any such transaction as promptly as
practicable following the date the Company publicly announces the transaction
but in no event less than 15 days prior to the anticipated effective date of the
transaction.

       

      (d) Conversion upon Notice of
Redemption.  If the Securities have been called for redemption,
at any time prior to the close of business on the Business Day immediately
preceding the Redemption Date.

       

      (e) Conversion During Quarter Prior to
Stated Maturity.  At any time on or after September 15, 2037
until the close of business on the Business Day immediately preceding the Stated
Maturity.

       

      A
Security in respect of which a Holder has delivered a Repurchase Notice
exercising the option of such Holder to require the Company to purchase such
Security may be converted only if such notice of exercise is withdrawn in
accordance with the terms of the Indenture. The initial Conversion Rate is
5.9310 Ordinary Shares per $1,000 Principal Amount, subject to adjustment in
certain events described in the Indenture.

       

      
        
           

        

        
          C-8

          
            

          

        

        
           

        

      

      Securities
surrendered for conversion after the close of business on any Regular Record
Date immediately preceding any Interest Payment Date and prior to the opening of
business of such Interest Payment Date must be accompanied by payment from the
Holder of an amount equal to the interest thereon that the registered Holder is
to receive from the Company on such Interest Payment Date; provided, however, that no
such payment need be made (1) if the Company has specified a Fundamental Change
Purchase Date following a Fundamental Change that is after the Regular Record
Date and on or prior to the next succeeding Interest Payment Date, (2) only to
the extent of overdue interest, if any overdue interest exists at the date of
conversion with respect to a Security, (3) if the Security is surrendered for
conversion after the Regular Record Date immediately preceding the Stated
Maturity of the Security, or (4) if the Security is surrendered in connection
with a call for redemption with a Redemption Date that is after the Regular
Record Date and on or prior to the next succeeding Interest Payment Date. Except
where Securities surrendered for conversion must be accompanied by payment as
described above, no interest on converted Securities will be payable by the
Company on any Interest Payment Date subsequent to the date of
conversion.

       

      A Holder
may convert a portion of a Security if the Principal Amount of such portion is
$1,000 or an integral multiple of $1,000. No payment or adjustment will be made
for dividends on the Ordinary Shares except as provided in the
Indenture.

       

      To
convert a Security, a Holder must (a) complete and manually sign the conversion
notice set forth below and deliver such notice to a Conversion Agent, (b)
surrender the Security to the Conversion Agent, (c) furnish appropriate
endorsements and transfer documents (including any certification that may be
required under applicable law) if required by the Conversion Agent, and (d) pay
any transfer or similar tax, if required.

       

      Repurchase
by the Company at the Option of the Holder

       

      Subject
to the terms and conditions of the Indenture, the Company shall become obligated
to purchase, at the option of the Holder, the Securities held by such Holder on
December 14, 2012, December 15, 2017, December 15, 2022, December 15, 2027 and
December 15, 2032 (each, a “Repurchase Date”), upon delivery of a Repurchase
Notice containing the information set forth in the Indenture, at any time from
the opening of business on the date that is 20 Business Days prior to such
Repurchase Date until the close of business on such Repurchase Date and upon
delivery of the Securities to the Paying Agent by the Holder as set forth in the
Indenture.

       

      The
“Repurchase Price” shall be equal to the Principal Amount plus accrued and
unpaid interest up to but excluding the Repurchase Date.  If the
Repurchase Date is after a Regular Record Date and on or prior to the
corresponding Interest Payment Date, the interest will be paid on the Interest
Payment Date to the person in whose name the Securities are registered at the
close of business on the Regular Record Date and not included in the Repurchase
Price.

       

      Holders
have the right to withdraw any Repurchase Notice by delivering to the Paying
Agent a written notice of withdrawal prior to the close of business on the
Repurchase Date in accordance with the provisions of the Indenture.

       

      If cash
sufficient to pay the Repurchase Price of all Securities or portions thereof to
be purchased as of the Repurchase Date is deposited with the Paying Agent on the
Business Day following the Repurchase Date, interest ceases to accrue on such
Securities (or portions thereof) on such Repurchase Date, and the Holder thereof
shall have no other rights as such (other than the right to receive the
Repurchase Price upon surrender of such Security).

       

      
        
           

        

        
          C-9

          
            

          

        

        
           

        

      

      Tax
Additional Amounts

       

      The
Company shall pay any amounts due with respect to the payments on the Security
without deduction or withholding for any and all present and future withholding
taxes, levies, imposts and charges (each, a “Withholding Tax”) imposed by or for
the account of the Cayman Islands or any other jurisdiction in which the Company
is resident for tax purposes or any political subdivision or taxing authority of
such jurisdiction (the “Taxing Jurisdiction”), unless such withholding or
deduction  is required by law.  If such deduction or
withholding is at any time required, the Company will (subject to compliance by
such Holder with any relevant administrative requirements) pay each Holder such
additional amounts (“Tax Additional Amounts”) as will result in such Holders
receipt of such amounts as it would have received had no such withholding or
deduction been required.

       

      If the
Taxing Jurisdiction requires the Company to deduct or withhold any Withholding
Tax, the Company will (subject to compliance by a Holder with any relevant
administrative requirements) pay such Tax Additional Amounts in respect of
principal amount, Redemption Price, Repurchase Price and interest (if any) in
accordance with the terms of the Security and the Indenture; provided, however, that the foregoing
shall not apply to:

       

      (a)           any
Withholding Tax which would not be payable or due but for the fact that (1) the
Holder of a Security (or a fiduciary, settlor, beneficiary of, member or
shareholder of, such Holder, if such Holder is an estate, trust, partnership or
corporation) is a domiciliary, national or resident of, or engaging in business
or maintaining a permanent establishment or being physically present in, the
Taxing Jurisdiction or otherwise having some present or former connection with
the Taxing Jurisdiction other than the holding or ownership of the Security or
the collection of principal amount, Redemption Price, Repurchase Price and
Interest (if any), in accordance with the terms of the Security and the
Indenture or the enforcement of the Security or (2) where presentation is
required, the Security was presented more than 30 days after the date such
payment became due or was provided for, whichever is later;

       

      (b)           any
Withholding Tax attributable to any estate, inheritance, gift, sales, transfer,
excise, personal property or similar tax, levy, impost or charge;

       

      (c)           any
Withholding Tax attributable to any tax, levy, impost or charge which is payable
otherwise than by withholding from payment of principal amount, Redemption
Price, Repurchase Price and interest (if any);

       

      (d)           any
Withholding Tax which would not have been imposed but for the failure to comply
with certification, information, documentation or other reporting requirements
concerning the nationality, residence, identity or connections with the relevant
tax authority of the Holder or beneficial owner of the Security, if this
compliance is required by statute or by regulation as a precondition to relief
or exemption from such Withholding Tax;

       

      (e)           to
the extent a Holder is entitled to a refund or credit in such Taxing
Jurisdiction of amounts required to be withheld by such Taxing Jurisdiction;
or

       

      
        
           

        

        
          C-10

          
            

          

        

        
           

        

      

      (f)           any
combination of the instances described in (a) through (e).

       

      With
respect to clause (e), above, in the absence of evidence satisfactory to the
Company, the Company may conclusively presume that a Holder of a Security is
entitled to a refund or credit of all amounts required to be
withheld.  The Company shall not be required to pay any Tax Additional
Amounts to any Holder of a Security who is a fiduciary or partnership or other
than the sole beneficial owner of the Security to the extent that a beneficiary
or settlor with respect to such fiduciary, or a member of such partnership or a
beneficial owner thereof, would not have been entitled to the payment of such
Tax Additional Amounts had such beneficiary, settlor, member or beneficial owner
been the Holder of the Security.

       

      Transfer

       

      As
provided in the Indenture and subject to certain limitations therein set forth,
the transfer of this Security is registrable in the register of the Securities,
upon surrender of this Security for registration or transfer at the office or
agency in a Place of Payment for Securities of this series, duly endorsed by, or
accompanied by a written instrument of transfer in form reasonably satisfactory
to the Registrar duly executed by the Holder thereof or his attorney duly
authorized in writing, and thereupon one or more new Securities of this series,
of like tenor and of other authorized denominations and for the same aggregate
principal amount, executed by the Company and authenticated and delivered by the
Trustee, will be issued to the designated transferee or
transferees.

       

      The
Securities of this series are issuable only in registered form without coupons
in denominations of $1,000 and any integral multiple thereof. As provided in the
Indenture and subject to certain limitations set forth therein and on the face
of this Security, Securities of this series are exchangeable for a like
aggregate principal amount of Securities of this series of a different
authorized denomination as requested by the Holder surrendering the
same.

       

      No
service charge shall be made for any such registration of transfer or exchange,
but the Company may require payment of a sum sufficient to cover any tax or
other governmental charge payable in connection therewith.

       

      Prior to
due presentment of this Security for registration of transfer, the Company, the
Trustee or any agent of the Company or the Trustee may treat the Person in whose
name this Security is registered as the owner hereof for all purposes, whether
or not this Security be overdue, and neither the Company, the Trustee nor any
such agent shall be affected by notice to the contrary.

       

      Amendment,
Supplement and Waiver; Limitation on Suits

       

      The
Indenture permits, with certain exceptions as therein provided, the amendment
thereof and the modification of the rights and obligations of the Company and
the rights of the Holders of the Securities of each series to be affected under
the Indenture at any time by the Company and the Trustee with the consent of the
Holders of at least a majority in principal amount of the then outstanding
Securities of all series affected (acting as one class). The Indenture also
contains provisions permitting the Holders of at least a majority in principal
amount of the then outstanding Securities of any series or of all series (acting
as one class), to waive compliance by the Company with certain existing or past
defaults under the Indenture and their consequences. Any such consent or waiver
by the Holder of this Security shall be conclusive and binding upon such Holder
and upon all future Holders of this Security and of any Security issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not notation of such consent or waiver is made upon this
Security.

       

      
        
           

        

        
          C-11

          
            

          

        

        
           

        

      

      Subject
to the right of the Holder of any Securities of this series to institute
proceedings to enforce the Holder’s right to receive payment of the principal
thereof and interest thereon (or repurchase price thereof) and any Tax
Additional Amounts with respect thereto and to receive shares on conversion, no
Holder of the Securities of this series shall have any right to institute any
proceeding, judicial or otherwise, with respect to the Indenture, or for the
appointment of a receiver or trustee, or for any other remedy thereunder,
unless

       

      (1)           such
Holder has previously given written notice to the Trustee of a continuing Event
of Default;

       

      (2)           the
Holders of not less than 25% in principal amount of the then Outstanding
Securities of this series shall have made written request to the Trustee to
pursue the remedy;

       

      (3)           such
Holder or Holders offer to the Trustee indemnity satisfactory to the Trustee
against any loss, liability or expense to be incurred in compliance with such
request;

       

      (4)           the
Trustee for 60 days after its receipt of such request and offer of indemnity has
failed to institute any such proceeding; and

       

      (5)           no
direction inconsistent with such written request has been given to the Trustee
during such 60-day period by the Holders of a majority in principal amount of
the then outstanding Securities of this series;

       

      it being
understood and intended that no one or more of such Holders shall have the right
in any manner whatever by virtue of, or by availing of, any provision of the
Indenture to affect, disturb or prejudice the rights of any other of such
Holders, or to obtain or to seek to obtain priority or preference over any other
of such Holders or to enforce any right under the Indenture, except in the
manner herein provided and for the equal and ratable benefit of all of such
Holders.

       

      Successor
Corporation

       

      When a
successor Person assumes all the obligations of its predecessor under the
Securities and the Indenture in accordance with the terms and conditions of the
Indenture, the predecessor Person will (except in certain circumstances
specified in the Indenture) be released from those obligations.

       

      Defaults
and Remedies

       

      If an
Event of Default with respect to Securities of this series shall occur and be
continuing, all unpaid Principal Amount plus accrued and unpaid interest through
the acceleration date of the Securities of this series may be declared due and
payable in the manner and with the effect provided in the
Indenture.

       

      
        
           

        

        
          C-12

          
            

          

        

        
           

        

      

      No
Recourse Against Others

       

      No
recourse shall be had for the payment of the principal of or the interest, if
any, on this Security, for any claim based hereon, or otherwise in respect
hereof, or based on or in respect of the Indenture or any indenture supplemental
thereto, against any incorporator, shareholder, officer or director, as such,
past, present or future, of the Company or of any successor corporation, whether
by virtue of any constitution, statute or rule of law or by the enforcement of
any assessment of penalty or otherwise, all such liability being, by acceptance
hereof and as part of the consideration for the issue hereof, expressly waived
and released.

       

      Indenture
to Control; Governing Law

       

      In the
case of any conflict between the provisions of this Security and the Indenture,
the provisions of the Indenture shall control.

       

      THE
INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK, BUT WITHOUT GIVING EFFECT TO THE
APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THE APPLICATION OF THE
LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

       

      Definitions

       

      All terms
defined in the Indenture and used in this Security but not specifically defined
herein are used herein as so defined.

       

      
        
           

        

        
          C-13

          
            

          

        

        
           

        

      

       

      CONVERSION
NOTICE

       

      To
convert this Security into Ordinary Shares of the Company, check box: [
]

       

      To
convert only part of this Security, state the Principal Amount to be
converted

       

      (must be
$1,000 or a multiple of $1,000): $____________.

       

      If you
want the shares registered in another person’s name, fill in the form
below:

       

      
        
           

        

        
          C-14

          
            

          

        

        
           

        

      

      ASSIGNMENT
FORM

       

      To assign
this Security, fill in the form below and have your signature guaranteed: (I) or
(we) assign and transfer this Security to:

       

      ______________________________________________

       

      (Insert
assignee's soc. sec. or tax ID. no.)

       

      ______________________________________________

       

      (Print or
type assignee's name, address and zip code)

       

      and
irrevocably appoint _____________________________________ to transfer this
Security on the books of the Company. The agent may substitute another to act
for him.

       

      Dated:

       

      

       

      Your
Name:

       

      ______________________________________________

       

      (Print
your name exactly as it appears on the face of this Security)

       

      Your
Signature:

       

      ______________________________________________

       

      (Sign
exactly as your name appears on the face of this Security)

       

      SIGNATURE
GUARANTEE*:

       

      * The
signature must be guaranteed by an institution which is a member of one of the
following recognized signature guaranty programs: (i) the Securities Transfer
Agent Medallion Program (STAMP); (ii) the New York Stock Exchange Medallion
Program (MSP); (iii) the Stock Exchange Medallion Program (SEMP); or (iv) such
other guarantee program acceptable to the Trustee.

      
        
           

        

        
          C-15

          
            

          

        

        
           

        

      

      OPTION
OF HOLDER TO ELECT PURCHASE ON FUNDAMENTAL CHANGE

       

      If you
want to elect to have this Security purchased, in whole or in part, by the
Company pursuant to Section 3.12 of the Indenture, check the following
box:  ☐

       

      If you
want to have only part of this Security purchased by the Company pursuant to
Section 3.12 of the Indenture, state the Principal Amount you want to be
purchased (must be $1,000 or a multiple of $1,000):
$________________

       

      

       

      Your
Signature:                                                                                                             Date:                               

       

      (Sign
exactly as your name appears on the other side of this Security)

       

      *Signature guaranteed by:                                                              

       

      By:                                                          

       

      

        

      
        
          	
                  *

                	
                  The
      signature must be guaranteed by an institution which is a member of one of
      the following recognized signature guaranty programs: (i) the Securities
      Transfer Agent Medallion Program (STAMP); (ii) the New York Stock Exchange
      Medallion Program (MSP); (iii) the Stock Exchange Medallion Program
      (SEMP); or (iv) such other guaranty program acceptable to the
      Trustee.

                

        

      

      
        
           

        

        
          C-16

          
            

          

        

        
           

        

      

      SCHEDULE
A

       

       

      1.625%
SERIES A CONVERTIBLE SENIOR NOTE DUE DECEMBER 15, 2037

       

       

      Share
Price

       

      

       

      
        	
                Effective
      Date

              	 	$	127.25	 	 	$	130.00	 	 	$	135.00	 	 	$	145.00	 	 	$	155.00	 	 	$	168.61	 	 	$	185.00	 	 	$	200.00	 	 	$	250.00	 	 	$	300.00	 	 	$	400.00	 	 	$	500.00	 
	
                December
      11, 2007

              	 	 	1.9275	 	 	 	1.8237	 	 	 	1.6421	 	 	 	1.3371	 	 	 	1.0954	 	 	 	0.8440	 	 	 	0.6276	 	 	 	0.4873	 	 	 	0.2399	 	 	 	0.1435	 	 	 	0.0746	 	 	 	0.0475	 
	
                June
      15, 2008

              	 	 	1.9275	 	 	 	1.8192	 	 	 	1.6283	 	 	 	1.3085	 	 	 	1.0566	 	 	 	0.7971	 	 	 	0.5773	 	 	 	0.4379	 	 	 	0.2029	 	 	 	0.1188	 	 	 	0.0628	 	 	 	0.0408	 
	
                December
      15, 2008

              	 	 	1.9061	 	 	 	1.7854	 	 	 	1.5855	 	 	 	1.2521	 	 	 	0.9916	 	 	 	0.7268	 	 	 	0.5076	 	 	 	0.3727	 	 	 	0.1598	 	 	 	0.0920	 	 	 	0.0503	 	 	 	0.0333	 
	
                June
      15, 2009

              	 	 	1.8697	 	 	 	1.7422	 	 	 	1.5313	 	 	 	1.1809	 	 	 	0.9099	 	 	 	0.6395	 	 	 	0.4231	 	 	 	0.2959	 	 	 	0.1141	 	 	 	0.0657	 	 	 	0.0379	 	 	 	0.0256	 
	
                December
      15, 2009

              	 	 	1.8416	 	 	 	1.7043	 	 	 	1.4770	 	 	 	1.1004	 	 	 	0.8125	 	 	 	0.5331	 	 	 	0.3215	 	 	 	0.2067	 	 	 	0.0689	 	 	 	0.0418	 	 	 	0.0260	 	 	 	0.0178	 
	
                June
      15, 2010

              	 	 	1.8424	 	 	 	1.6900	 	 	 	1.4358	 	 	 	1.0113	 	 	 	0.6896	 	 	 	0.3916	 	 	 	0.1910	 	 	 	0.1014	 	 	 	0.0296	 	 	 	0.0211	 	 	 	0.0139	 	 	 	0.0096	 
	
                December
      20, 2010

              	 	 	1.9275	 	 	 	1.7613	 	 	 	1.4764	 	 	 	0.9656	 	 	 	0.5206	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 

      

       

      

       

      1.50%
SERIES B CONVERTIBLE SENIOR NOTE DUE DECEMBER 15, 2037

       

      Share
Price

       

      

       

      
        	
                Effective
      Date

              	 	$	127.25	 	 	$	130.00	 	 	$	135.00	 	 	$	145.00	 	 	$	155.00	 	 	$	168.61	 	 	$	185.00	 	 	$	200.00	 	 	$	250.00	 	 	$	300.00	 	 	$	400.00	 	 	$	500.00	 
	
                December
      11, 2007

              	 	 	1.9275	 	 	 	1.8326	 	 	 	1.6665	 	 	 	1.3855	 	 	 	1.1601	 	 	 	0.9214	 	 	 	0.7101	 	 	 	0.5684	 	 	 	0.3005	 	 	 	0.1829	 	 	 	0.0902	 	 	 	0.0538	 
	
                June
      15, 2008

              	 	 	1.9275	 	 	 	1.8332	 	 	 	1.6602	 	 	 	1.3683	 	 	 	1.1353	 	 	 	0.8900	 	 	 	0.6752	 	 	 	0.5330	 	 	 	0.2711	 	 	 	0.1616	 	 	 	0.0794	 	 	 	0.0480	 
	
                December
      15, 2008

              	 	 	1.9141	 	 	 	1.8064	 	 	 	1.6275	 	 	 	1.3269	 	 	 	1.0882	 	 	 	0.8392	 	 	 	0.6240	 	 	 	0.4839	 	 	 	0.2348	 	 	 	0.1368	 	 	 	0.0675	 	 	 	0.0414	 
	
                June
      15, 2009

              	 	 	1.8816	 	 	 	1.7698	 	 	 	1.5845	 	 	 	1.2743	 	 	 	1.0298	 	 	 	0.7775	 	 	 	0.5632	 	 	 	0.4267	 	 	 	0.1948	 	 	 	0.1109	 	 	 	0.0555	 	 	 	0.0347	 
	
                December
      15, 2009

              	 	 	1.8508	 	 	 	1.7338	 	 	 	1.5400	 	 	 	1.2170	 	 	 	0.9646	 	 	 	0.7078	 	 	 	0.4946	 	 	 	0.3628	 	 	 	0.1528	 	 	 	0.0851	 	 	 	0.0441	 	 	 	0.0282	 
	
                June
      15, 2010

              	 	 	1.8271	 	 	 	1.7028	 	 	 	1.4973	 	 	 	1.1560	 	 	 	0.8920	 	 	 	0.6283	 	 	 	0.4163	 	 	 	0.2910	 	 	 	0.1095	 	 	 	0.0605	 	 	 	0.0332	 	 	 	0.0217	 
	
                December
      15, 2010

              	 	 	1.8136	 	 	 	1.6788	 	 	 	1.4558	 	 	 	1.0867	 	 	 	0.8045	 	 	 	0.5300	 	 	 	0.3208	 	 	 	0.2063	 	 	 	0.0660	 	 	 	0.0380	 	 	 	0.0227	 	 	 	0.0152	 
	
                June
      15, 2011

              	 	 	1.8257	 	 	 	1.6749	 	 	 	1.4238	 	 	 	1.0052	 	 	 	0.6883	 	 	 	0.3940	 	 	 	0.1939	 	 	 	0.1029	 	 	 	0.0276	 	 	 	0.0190	 	 	 	0.0123	 	 	 	0.0083	 
	
                December
      20, 2011

              	 	 	1.9275	 	 	 	1.7613	 	 	 	1.4764	 	 	 	0.9656	 	 	 	0.5206	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 

      

      
        
           

        

        
          D-1

          
            

          

        

        
           

        

      

      1.50%
SERIES C CONVERTIBLE SENIOR NOTE DUE DECEMBER 15, 2037

       

       

      Share
Price

       

      

       

      
        	
                Effective
      Date

              	 	$	127.25	 	 	$	130.00	 	 	$	135.00	 	 	$	145.00	 	 	$	155.00	 	 	$	168.61	 	 	$	185.00	 	 	$	200.00	 	 	$	250.00	 	 	$	300.00	 	 	$	400.00	 	 	$	500.00	 
	
                December
      11, 2007

              	 	 	1.9275	 	 	 	1.8396	 	 	 	1.6844	 	 	 	1.4205	 	 	 	1.2071	 	 	 	0.9786	 	 	 	0.7729	 	 	 	0.6322	 	 	 	0.3548	 	 	 	0.2239	 	 	 	0.1124	 	 	 	0.0664	 
	
                June
      15, 2008

              	 	 	1.9275	 	 	 	1.8417	 	 	 	1.6810	 	 	 	1.4086	 	 	 	1.1892	 	 	 	0.9553	 	 	 	0.7464	 	 	 	0.6047	 	 	 	0.3306	 	 	 	0.2053	 	 	 	0.1023	 	 	 	0.0608	 
	
                December
      15, 2008

              	 	 	1.9173	 	 	 	1.8182	 	 	 	1.6534	 	 	 	1.3748	 	 	 	1.1514	 	 	 	0.9147	 	 	 	0.7053	 	 	 	0.5650	 	 	 	0.2994	 	 	 	0.1827	 	 	 	0.0905	 	 	 	0.0541	 
	
                June
      15, 2009

              	 	 	1.8878	 	 	 	1.7860	 	 	 	1.6169	 	 	 	1.3320	 	 	 	1.1048	 	 	 	0.8660	 	 	 	0.6571	 	 	 	0.5189	 	 	 	0.2649	 	 	 	0.1585	 	 	 	0.0783	 	 	 	0.0473	 
	
                December
      15, 2009

              	 	 	1.8594	 	 	 	1.7543	 	 	 	1.5798	 	 	 	1.2870	 	 	 	1.0549	 	 	 	0.8132	 	 	 	0.6046	 	 	 	0.4691	 	 	 	0.2284	 	 	 	0.1338	 	 	 	0.0664	 	 	 	0.0407	 
	
                June
      15, 2010

              	 	 	1.8357	 	 	 	1.7262	 	 	 	1.5448	 	 	 	1.2413	 	 	 	1.0026	 	 	 	0.7566	 	 	 	0.5480	 	 	 	0.4154	 	 	 	0.1904	 	 	 	0.1089	 	 	 	0.0548	 	 	 	0.0342	 
	
                December
      15, 2010

              	 	 	1.8160	 	 	 	1.7007	 	 	 	1.5100	 	 	 	1.1925	 	 	 	0.9447	 	 	 	0.6929	 	 	 	0.4842	 	 	 	0.3554	 	 	 	0.1503	 	 	 	0.0841	 	 	 	0.0436	 	 	 	0.0279	 
	
                June
      15, 2011

              	 	 	1.8007	 	 	 	1.6778	 	 	 	1.4748	 	 	 	1.1380	 	 	 	0.8777	 	 	 	0.6181	 	 	 	0.4097	 	 	 	0.2865	 	 	 	0.1083	 	 	 	0.0600	 	 	 	0.0329	 	 	 	0.0215	 
	
                December
      15, 2011

              	 	 	1.7951	 	 	 	1.6614	 	 	 	1.4403	 	 	 	1.0745	 	 	 	0.7952	 	 	 	0.5239	 	 	 	0.3174	 	 	 	0.2043	 	 	 	0.0657	 	 	 	0.0378	 	 	 	0.0226	 	 	 	0.0150	 
	
                June
      15, 2012

              	 	 	1.8158	 	 	 	1.6656	 	 	 	1.4154	 	 	 	0.9987	 	 	 	0.6835	 	 	 	0.3910	 	 	 	0.1925	 	 	 	0.1023	 	 	 	0.0275	 	 	 	0.0188	 	 	 	0.0121	 	 	 	0.0081	 
	
                December
      20, 2012

              	 	 	1.9275	 	 	 	1.7613	 	 	 	1.4764	 	 	 	0.9656	 	 	 	0.5206	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 

      

       

    

     

    D-2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00137-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00137-of-00352.parquet"}]]