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                                                                 EXHIBIT 4.01(d)

                              OFFICERS' CERTIFICATE

          David L. Porges, Executive Vice President and Chief Financial Officer,
and Philip G. Elliott, Assistant Treasurer, of Equitable Resources, Inc., a
Pennsylvania corporation (the "Company"), pursuant to Section 301 of the
Indenture (the "Indenture") dated as of July 1, 1996 between the Company and The
Bank of New York (as successor to the Bank of Montreal Trust Company), as
trustee (the "Trustee"), and with respect to the $200,000,000 aggregate
principal amount of 5.15% Notes due 2018 (the "Notes") of the Company,
established by, or pursuant to, resolutions (the "Resolutions") of the Board of
Directors (the "Board") of the Company adopted on January 16, 2003, each hereby
CERTIFIES as follows:

          1. EXAMINATIONS AND CONDITIONS PRECEDENT.

                    a.   Each of the undersigned has read the provisions of the
          Indenture setting forth conditions precedent to the authentication of
          the Notes and the definitions in the Indenture relating thereto.

                    b.   Each of the undersigned has examined the Resolutions of
          the Board adopted prior to the date hereof relating to the
          authorization, issuance, authentication and delivery of the Notes,
          certificates of officers of the Company and corporate records of the
          Company, agreements and other instruments and documents deemed
          necessary as a basis for the opinion hereinafter expressed.

                    c.   In the opinion of each of the undersigned, such
          examination is sufficient to enable him to express an informed opinion
          as to whether or not the conditions precedent referred to above have
          been complied with.

                    d.   Each of the undersigned is of the opinion that, upon
          the giving to the Trustee of the instructions specified in the
          authentication and delivery order of the Company dated the date hereof
          and delivered pursuant to Section 303 of the Indenture, the conditions
          precedent referred to above will have been complied with.

          2. TERMS OF THE NOTES.

          The terms and conditions of the Notes were duly approved and
     authorized by David L. Porges, as a Designated Officer (as defined in the
     Resolutions), on February 20, 2003, in accordance with, or pursuant to, the
     Resolutions. A copy of the Resolutions is attached hereto as Exhibit A. The
     terms and conditions, as such were approved and authorized by David L.
     Porges, as a Designated Officer, are as set forth in the Officer's
     Declaration dated February 20, 2003. A copy of such Officer's Declaration
     is attached hereto as Exhibit B.

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          3. FORM OF THE NOTES.

          Attached as Exhibit A to the Officer's Declaration (attached hereto as
     Exhibit B) is a true and correct copy of a global note representing the
     Notes.

                            [Signature page follows]

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          IN WITNESS WHEREOF, we have hereunto signed our names on this 27th day
of February, 2003.

                                          ------------------------------------
                                          Name:  David L. Porges
                                          Title: Executive Vice President and
                                                  Chief Financial Officer

                                          ------------------------------------
                                          Name:  Philip G. Elliott
                                          Title: Assistant Treasurer

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                                              EXHIBIT A TO OFFICER'S CERTIFICATE

                                   RESOLUTIONS

See attached.

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                                              EXHIBIT B TO OFFICER'S CERTIFICATE

                            EQUITABLE RESOURCES, INC.

                              OFFICER'S DECLARATION

                                February 20, 2003

          WHEREAS, resolutions of the Board of Directors of Equitable Resources,
Inc. (the "Company") duly adopted on January 16, 2003 (the "Resolutions")
authorized and ratified, INTER ALIA, the Designated Officers (as defined
therein) (i) to negotiate the form, terms and provisions of the Notes (as
defined below), (ii) to execute and deliver up to $200,000,000 aggregate
principal amount of the Notes, with an interest rate not to exceed 6.00%, in
accordance with the provisions of the Indenture and this declaration, (iii) to
negotiate the form, terms and provisions of the amendments to the Indenture, if
any, and (iv) to determine and agree to the price at which the Notes shall be
offered, the interest rate to be borne by the Notes and the dates of payment
thereof, the maturity date of the Notes, the redemption prices of the Notes, and
the dates on and after which any such redemption shall be permitted and the
other terms of such redemption, and the discount rate for purposes of
determining additional interest.

          WHEREAS, the terms not defined herein shall have the meanings assigned
to them in the Indenture (the "Indenture") dated as of July 1, 1996 between the
Company and The Bank of New York (as successor to the Bank of Montreal Trust
Company), as trustee (the "Trustee"); and

          WHEREAS, this Designated Officer has been authorized by the
Resolutions to establish the terms of the issuance and sale of the Notes of the
Company in an aggregate principal amount of up to $200,000,000, and to take
other actions in connection therewith as specified in the Resolutions;

          NOW, THEREFORE, BE IT RESOLVED, that pursuant to and in accordance
with the Resolutions, $200,000,000 of aggregate principal amount of Notes of the
Company shall be issued with the following terms:

          (1) The title of the Notes shall be the "5.15% Notes due 2018"
     (referred to herein as the "Notes").

          (2) The aggregate principal amount of the Notes shall initially be
     limited to $200,000,000. The Company may also at any time and from time to
     time, without notice to or consent of the Holders, issue additional Notes
     of the same tenor, coupon and other terms as the Notes offered hereby, so
     that such additional Notes and the Notes offered hereby shall form a single
     series.

          (3) The Notes shall be issued on February 27, 2003 and shall mature on
     March 1, 2018.

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          (4) The Notes shall bear interest at the rate of 5.15% per annum
     calculated on the basis of a 360-day year of twelve 30-day months; interest
     in respect of each of the Notes shall accrue from February 27, 2003, or
     from the most recent Interest Payment Date to which interest has been paid
     or duly provided for until the principal thereof is paid or made available
     for payment; the Interest Payment Dates shall be March 1 and September 1 of
     each year, commencing September 1, 2003; and the Regular Record Date for
     interest payable on any Interest Payment Dates shall be the close of
     business on February 15 or August 15, as the case may be, immediately
     preceding such Interest Payment Date.

          (5) The interest rate on the Notes is subject to increase in certain
     circumstances relating to the registration of the Exchange Notes up to a
     maximum additional interest rate of 0.50% per year.

          (6) Payment of the principal of, premium, if any, and interest on each
     of the Notes shall be payable as provided for in the Indenture.

          (7) The Notes shall be redeemable, at the option of the Company, at
     any time in whole or from time to time in part, upon not less than 30 and
     not more than 60 days' notice mailed to each registered Holder of Notes to
     be redeemed, on any date prior to maturity at a price equal to the greater
     of (i) 100% of the principal amount thereof plus accrued interest to the
     Redemption Date or (ii) the sum of the present values of the remaining
     scheduled payments of principal and interest on the Notes to be redeemed
     (exclusive of interest accrued to the Redemption Date) discounted to the
     Redemption Date on a semiannual basis (assuming a 360-day year consisting
     of twelve 30 day months) at the applicable Treasury Rate plus 20 basis
     points plus accrued and unpaid interest on the principal amount being
     redeemed to the Redemption Date;

          "Treasury Rate" means, with respect to any Redemption Date for the
     securities,

          - the yield, under the heading which represents the average for the
            immediately preceding week, appearing in the most recently published
            statistical release designated "H.15(519)" or any successor
            publication which is published weekly by the Board of Governors of
            the Federal Reserve System and which establishes yields on actively
            traded U.S. Treasury securities adjusted to constant maturity under
            the caption "Treasury Constant Maturities," for the maturity
            corresponding to the Comparable Treasury Issue (if no maturity is
            within three months before or after the remaining life (as defined
            below), yields for the two published maturities most closely
            corresponding to the Comparable Treasury Issue will be determined
            and the Treasury Rate shall be interpolated or extrapolated from
            those yields on a straight line basis, rounding to the nearest
            month); or

          - if the release referred to in the previous bullet (or any successor
            release) is not published during the week preceding the calculation
            date or does not contain the yields referred to above, the rate per
            year equal to the semi-annual equivalent yield to maturity of the
            Comparable Treasury Issue, calculated using

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            a price for the Comparable Treasury Issue (expressed as a percentage
            of its principal amount) equal to the Comparable Treasury Price for
            that Redemption Date.

          The Treasury Rate will be calculated on the third business day
     preceding the Redemption Date.

          "Comparable Treasury Issue" means the U.S. Treasury security selected
     by an Independent Investment Banker as having a maturity comparable to the
     remaining term ("remaining life") of the Notes 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 terms of the Notes.

          "Comparable Treasury Price" means, with respect to any Redemption
     Date:

          - the average of five Reference Treasury Dealer Quotations for such
            Redemption Date, after excluding the highest and lowest Reference
            Treasury Dealer Quotations, or

          - if the Independent Investment Banker is unable to obtain at least
            four such Reference Treasury Dealer Quotations, the average of all
            Reference Treasury Dealer Quotations obtained by the Independent
            Investment Banker.

          "Independent Investment Banker" means either Goldman, Sachs & Co.,
     Lehman Brothers Inc. or Salomon Smith Barney Inc., as specified by the
     Company, or if these firms are unwilling or unable to select the applicable
     Comparable Treasury Issue, an independent investment banking institution of
     national standing appointed by the Company.

          "Reference Treasury Dealer" means (1) Goldman, Sachs & Co., Lehman
     Brothers Inc. and Salomon Smith Barney Inc. (and their respective
     successors), provided, however, that if either of the foregoing shall cease
     to be a primary U.S. government securities dealer (a "Primary Treasury
     Dealer"), the Company will substitute therefore another Primary Treasury
     Dealer and (2) any other Primary Treasury Dealer selected by the Company
     after consultation with the Independent Investment Banker.

          "Reference Treasury Dealer Quotations" means, with respect to each
     Reference Treasury Dealer and any Redemption Date for the Notes, an
     average, as determined by the Independent Investment Banker, of the bid and
     asked prices for the Comparable Treasury issue for the Notes (expressed in
     each case as a percentage of its principal amount) quoted in writing to the
     Independent Investment Banker at 5:00 p.m., New York City time, on the
     third Business Day preceding such Redemption Date.

          In the event of redemption of this Note in part only, a new Note or
     Notes of this series and of like tenor for the unredeemed portion hereof
     will be issued in the name of the Holder hereof upon the cancellation
     hereof.

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          If less than all of the Notes are to be redeemed, the Trustee shall
     select the Notes to be redeemed by such method as the Trustee shall deem
     fair and appropriate.

          (8) The Company shall have no sinking fund or analogous obligations in
     respect of the Notes.

          (9) The Notes shall be issued in denominations of $1,000 or any
     integral multiple of $1,000 in excess of $1,000.

          (10) Principal of, premium, if any, and interest on the Notes shall be
     payable in U.S. dollars.

          (11) The Company shall not elect to have payments of principal of,
     premium, if any, or interest on the Notes made in a currency other than
     that in which the Notes are denominated or designated to be payable; the
     Notes may be satisfied and discharged only as provided in Article 4 of the
     Indenture.

          (12) Amounts of payments of principal of, premium, if any, and
     interest shall not be payable on the Notes with reference to an index,
     formula or other similar method.

          (13) Upon a declaration of acceleration of the Notes, the principal of
     the Notes may be declared due and payable in the manner and with the effect
     provided in the Indenture. Upon (i) payment of the amount of principal so
     declared due and payable, (ii) payment of interest on any overdue principal
     and overdue interest (in each case to the extent that the payment of such
     interest shall be legally enforceable) and (iii) the occurrence of certain
     other events as set forth in the Indenture, all of the Company's
     obligations in respect of the payment of the principal of and interest, if
     any, on the Notes shall terminate.

          (14) Interest on any Note shall be payable to the Person in whose name
     such Note is registered at the close of business on the Regular Record Date
     for such interest, pursuant to Section 307 of the Indenture.

          (15) There are no deletions from, modifications of or additions to the
     Events of Default set forth in Section 501 of the Indenture (except that
     under Section 501(5) $25,000,000 has been changed to $50,000,000), or
     covenants of the Company set forth in Article 10 of the Indenture.

          (16) The global notes representing the Notes shall be dated the date
     of original issuance of the Notes.

          (17) The Security Registrar and Paying Agent shall initially be The
     Bank of New York.

          (18) Initially, there shall be no Exchange Rate Agent.

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          (19) The Notes are exchangeable for a like aggregate principal amount
     of Notes of the same series of like tenor of a different authorized
     denomination, as requested by the Holder surrendering the same.

          (20) The initial price at which the Notes shall be sold to the public
     shall be 99.916% of their aggregate principal amount, and the underwriting
     discount payable to the Initial Purchasers pursuant to the Purchase
     Agreement dated February 20, 2003 among the Company and the Initial
     Purchasers shall be 0.750% of their aggregate principal amount.

          (21) The Notes shall be in substantially the form set forth in Exhibit
     A attached hereto, with such changes and modifications as the Designated
     Officer executing the same shall approve, such approval to be conclusively
     evidenced by such execution, and the Trustee's Certificate of
     Authentication shall be as set forth in the Indenture.

          (22) Each Note will be represented by either a global security
     registered in the name of a nominee of The Depository Trust Company or
     other depository or a certificate issued in definitive form as set forth in
     Annex A, and the transfer and exchange of the Notes shall be subject to the
     provisions set forth in Annex A.

          (23) The terms and conditions of the Notes not otherwise specified
     herein or in the form of each of the Notes shall be as specified in the
     Indenture; PROVIDED, HOWEVER, that, to the extent that any provision herein
     with respect to the Notes is inconsistent with any provision in the
     Indenture, the provisions enumerated herein shall control.

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          IN WITNESS WHEREOF, I have hereunto signed my name on this 20th day of
     February, 2003.

                                          ------------------------------------
                                          Name:  David L. Porges
                                          Title: Executive Vice President and
                                                 Chief Financial Officer

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                                                ANNEX A TO OFFICER'S DECLARATION

          (1) The Notes offered and sold in reliance on Rule 144A under the
     Securities Act of 1933, as amended (the "Securities Act"), shall be issued
     initially in the form of one or more Global Notes (the "Rule 144A Global
     Notes") registered in the name of The Depository Trust Company ("DTC") or a
     nominee of DTC.

          (2) The Notes offered and sold in reliance on Regulation S under the
     Securities Act shall be issued initially in the form of one or more Global
     Notes (the "Regulation S Global Notes") registered in the name of DTC or a
     nominee of DTC. Each Regulation S Global Note will be deposited upon
     issuance with, or on behalf of, a custodian for DTC for credit to the
     respective accounts of the purchasers, or to other accounts as they may
     direct, at Euroclear Bank, S.A./N.V., as operator of the Euroclear System
     ("Euroclear"), or at Clearstream Banking, societe anonyme, Luxembourg
     ("Clearstream"). During the 40-day restricted period as defined in
     Regulation S under the Securities Act (the "Restricted Period"), interests
     in the Regulation S Global Note may only be held through Euroclear or
     Clearstream, as direct participants in DTC, unless exchanged for interests
     in the Rule 144A Global Note or the Institutional Accredited Investor
     Global Note, in accordance with the transfer and certification requirements
     described below.

          (3) The initial resale of the Notes shall not be to an institution
     that is an "accredited investor" as defined in Rule 501(a)(1), (2), (3) or
     (7) under the Securities Act ("Institutional Accredited Investors"), who is
     not also a "qualified institutional buyer". The Notes resold to
     Institutional Accredited Investors shall be issued initially in the form of
     one or more Global Notes (the "Institutional Accredited Investor Global
     Notes") registered in the name of DTC or a nominee of DTC.

          (4) Notes exchanged for interests in the Rule 144A Global Note, the
     Regulation S Global Note and the Institutional Accredited Investor Global
     Note pursuant to the Exchange and Registration Rights Agreement will be
     issued in the form of one or more Global Notes (the "Exchange Global
     Notes") registered in the name of DTC or a nominee of DTC.

          (5) The Rule 144A Global Notes, Regulation S Global Notes,
     Institutional Accredited Investor Notes and the Exchange Global Notes are
     referred to as the "Global Notes".

          (6) The following provisions shall apply with respect to any proposed
     transfer of a beneficial interest in a Rule 144A Global Note or an
     Institutional Accredited Investor Global Note or a certificated Note issued
     in exchange therefor prior to the date which is two years after the later
     of the date of its original issue and the last date on which the Company or
     any affiliate of the Company was the owner of such Note (or any predecessor
     thereto) (the "Resale Restriction Termination Date") unless prior to such
     transfer the Notes have been registered under the Securities Act:

          a.    a transfer of a beneficial interest in a Rule 144A Global Note
     or an Institutional Accredited Investor Global Note or a certificated Note
     issued in exchange

                                    Annex A-1
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     therefor to a "qualified institutional buyer" shall be made upon the
     representation of the transferee in the form as set forth in the form of
     assignment on the reverse of the Note that it is purchasing for its own
     account or an account with respect to which it exercises sole investment
     discretion and that it and any such account is a "qualified institutional
     buyer" within the meaning of Rule 144A, is aware that the sale to it is
     being made in reliance on Rule 144A and acknowledges that it has received
     such information regarding the Company as the undersigned has requested
     pursuant to Rule 144A or has determined not to request such information and
     that it is aware that the transferor is relying upon its foregoing
     representations in order to claim the exemption from registration provided
     by Rule 144A;

          b.    a transfer of a beneficial interest in a Rule 144A Global Note
     or an Institutional Accredited Investor Global Note or a certificated Note
     issued in exchange therefor to an Institutional Accredited Investor shall
     be made upon receipt by the Trustee or its agent of a certificate
     substantially in the form set forth in Exhibit B from the proposed
     transferee and, if requested by the Company or the Trustee, the delivery of
     an opinion of counsel, certification and/or other information satisfactory
     to each of them; and

          c.    a transfer of a beneficial interest in a Rule 144A Global Note
     or an Institutional Accredited Investor Global Note or a certificated Note
     issued in exchange therefor to a person that is not a U.S. Person (as
     defined in Rule 902(o) under the Securities Act (a "Non-U.S. Person"))
     shall be made upon receipt by the Trustee or its agent of a certificate
     substantially in the form set forth in Exhibit C from the proposed
     transferor and, if requested by the Company or the Trustee, the delivery of
     an opinion of counsel, certification and/or other information satisfactory
     to each of them.

          (7) After the Resale Restriction Termination Date, interests in the
     Rule 144A Global Note may be transferred without requiring the
     certification set forth in Exhibit B or any additional certification.

          (8) The following provisions shall apply with respect to any proposed
     transfer of a Regulation S Global Note or a beneficial interest therein
     prior to the expiration of the Restricted Period:

          a.    a transfer of a Regulation S Global Note or a beneficial
     interest therein to a "qualified institutional buyer" shall be made upon
     the representation of the transferee, in the form of assignment on the
     reverse of the Note, that it is purchasing the Note for its own account or
     an account with respect to which it exercises sole investment discretion
     and that it and any such account is a "qualified institutional buyer"
     within the meaning of Rule 144A, and is aware that the sale to it is being
     made in reliance on Rule 144A and acknowledges that it has received such
     information regarding the Company as the undersigned has requested pursuant
     to Rule 144A or has determined not to request such information and that it
     is aware that the transferor is relying upon its foregoing representations
     in order to claim the exemption from registration provided by Rule 144A;

                                    Annex A-2
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          b.    a transfer of a Regulation S Global Note or a beneficial
     interest therein to an Institutional Accredited Investor shall be made upon
     receipt by the Trustee or its agent of a certificate substantially in the
     form set forth in Exhibit B from the proposed transferee and, if requested
     by the Company or the Trustee, the delivery of an opinion of counsel,
     certification and/or other information satisfactory to each of them; and

          c.    a transfer of a Regulation S Global Note or a beneficial
     interest therein to a Non-U.S. Person shall be made upon receipt by the
     Trustee or its agent of a certificate substantially in the form set forth
     in Exhibit C hereof from the proposed transferor and, if requested by the
     Company or the Trustee, receipt by the Trustee or its agent of an opinion
     of counsel, certification and/or other information satisfactory to each of
     them.

          (9) After the expiration of the Restricted Period, interests in the
     Regulation S Global Note may be transferred without requiring the
     certifications set forth in Exhibit B, Exhibit C or any additional
     certification.

          (10) a. The Rule 144A Global Note and the Institutional Accredited
     Investor Global Note shall bear the following legend (the "Private
     Placement Legend") on the face thereof:

          "THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
          1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY
          STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR
          PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED,
          PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH
          REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT
          TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE
          HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT
          FOR WHICH IT HAS PURCHASED SECURITIES TO OFFER, SELL OR OTHERWISE
          TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE "RESALE RESTRICTION
          TERMINATION DATE") THAT IS TWO YEARS AFTER THE LATER OF THE ORIGINAL
          ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE COMPANY OR ANY
          AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS SECURITY (OR ANY
          PREDECESSOR OF SUCH SECURITY), ONLY (A) TO THE COMPANY, (B) PURSUANT
          TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE
          SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR
          RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON IT
          REASONABLY BELIEVES IS A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN
          RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT
          OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE
          IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,

                                    Annex A-3
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          (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES
          WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E) TO AN
          INSTITUTIONAL "ACCREDITED INVESTOR" WITHIN THE MEANING OF RULE 501
          (a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS AN
          INSTITUTIONAL ACCREDITED INVESTOR ACQUIRING THE SECURITY FOR ITS OWN
          ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED
          INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES
          OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR
          OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE
          SECURITIES ACT AND THAT, PRIOR TO SUCH TRANSFER, SUCH INSTITUTIONAL
          ACCREDITED INVESTOR FURNISHES TO THE TRUSTEE A SIGNED LETTER
          CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE
          RESTRICTIONS ON TRANSFER OF THIS SECURITY, OR (F) PURSUANT TO ANOTHER
          AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
          SECURITIES ACT, SUBJECT TO THE COMPANY'S AND THE TRUSTEE'S RIGHT PRIOR
          TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR
          (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION
          AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND
          WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE
          RESTRICTION TERMINATION DATE."

          b. The Regulation S Global Note shall bear the following legend (the
     "Regulation S Legend") on the face thereof:

          "THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT
          OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND, ACCORDINGLY, MAY NOT
          BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO OR FOR THE ACCOUNT
          OF BENEFIT OF, U.S. PERSONS EXCEPT AS SET FORTH IN THE FOLLOWING
          SENTENCE. BY ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT IT
          IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S.
          PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN
          ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT ("REGULATION
          S"), (2) BY ITS ACCEPTANCE HEREOF AGREES, ON ITS OWN BEHALF AND ON
          BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED THE
          SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR
          TO THE DATE (THE "RESALE RESTRICTION TERMINATION DATE") THAT IS TWO
          YEARS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST
          DATE ON WHICH THE COMPANY OR ANY AFFILIATE OF THE COMPANY WAS THE
          OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (A)
          TO THE

                                    Annex A-4
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          COMPANY, (B) PURSUANT TO A REGISTRATION STATEMENT HAS BEEN DECLARED
          EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES
          ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES
          ACT, TO A PERSON IT REASONABLY BELIEVES IS A "QUALIFIED INSTITUTIONAL
          BUYER" AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES
          FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL
          BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN
          RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR
          OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE
          SECURITIES ACT, (E) TO AN INSTITUTIONAL "ACCREDITED INVESTOR" WITHIN
          THE MEANING OF RULE 501 (A) (1), (2), (3) OR (7) UNDER THE SECURITIES
          ACT THAT IS AN INSTITUTIONAL ACCREDITED INVESTOR ACQUIRING THE
          SECURITY FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN
          INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL
          AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND NOT
          WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY
          DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT AND THAT, PRIOR TO
          SUCH TRANSFER, SUCH INSTITUTIONAL ACCREDITED INVESTOR FURNISHES TO THE
          TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND
          AGREEMENTS RELATING TO THE RESTRICTIONS ON TRANSFER OF THIS SECURITY,
          OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
          REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY'S AND THE
          TRUSTEE'S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO
          CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF
          COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH
          OF THEM AND IN THE CASE OF THE FOREGOING CLAUSE (E), A CERTIFICATE OF
          TRANSFER IN THE FORM APPEARING ON THE OTHER SIDE OF THIS SECURITY IS
          COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE COMPANY AND THE
          TRUSTEE. THIS LEGEND WILL BE REMOVED AFTER 40 CONSECUTIVE DAYS
          BEGINNING ON AND INCLUDING THE LATER OF (A) THE DAY ON WHICH THE
          SECURITIES ARE OFFERED TO PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED
          IN REGULATION S) AND (B) THE DATE OF THE CLOSING OF THE ORIGINAL
          OFFERING. AS USED HEREIN, THE TERMS "OFFSHORE TRANSACTION," "UNITED
          STATES" AND "U.S. PERSON" HAVE THE MEANINGS GIVEN TO THEM BY
          REGULATION S UNDER THE SECURITIES ACT."

          (11) Upon the transfer, exchange or replacement of the Notes not
     bearing a Private Placement Legend or a Regulation S Legend, the Trustee
     shall deliver Notes that do not bear a Private Placement Legend or a
     Regulation S Legend. Upon the transfer,

                                    Annex A-5
<Page>

     exchange or replacement of the Notes bearing a Private Placement Legend or
     a Regulation S Legend, the Trustee shall deliver only Notes that bear a
     Private Placement Legend or a Regulation S Legend unless (i) such transfer
     exchange or replacement is made on or after (A) a Note is sold pursuant to
     an effective registration statement pursuant to the Exchange and
     Registration Rights Agreement, (B) a Note is exchanged for a Note in the
     exchange offer under an effective registration statement, pursuant to the
     Exchange and Registration Rights Agreement or (C) the Resale Restriction
     Termination Date, in the case of the Restricted Securities Legend, or the
     Restricted Period, in the case of the Regulation S Legend, or (ii) there is
     delivered to the Trustee an Opinion of Counsel to the effect that neither
     such legend nor the related restrictions on transfer are required in order
     to maintain compliance with the provisions of the Securities Act.

          (12) The following shall apply only to Global Notes deposited with the
     Trustee, as custodian for DTC.

          a. Each Global Note initially shall (x) be registered in the name of
     DTC for such Global Security or the nominee of DTC, (y) be delivered to the
     Trustee as custodian for DTC and (z) bear the following legend (the "Global
     Notes Legend") on the face thereof:

          "THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE
          INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A
          DEPOSITORY OR A NOMINEE OF A DEPOSITORY OR A SUCCESSOR DEPOSITORY.
          THIS SECURITY IS NOT EXCHANGEABLE FOR SECURITIES REGISTERED IN THE
          NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE EXCEPT IN
          THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER
          OF THIS SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY
          THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE
          DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY) MAY
          BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
          INDENTURE."

          b. Members of, or participants in, DTC ("Agent Members") shall have no
     rights under these resolutions or the Indenture with respect to any Global
     Note held on their behalf by DTC or by the Trustee as the custodian of DTC
     or under such Global Note, and DTC may be treated by the Company, the
     Trustee and any agent of the Company or the Trustee as the absolute owner
     of such Global Note for all purposes whatsoever. Notwithstanding the
     foregoing, nothing herein shall prevent the Company, the Trustee or any
     agent of the Company or the Trustee from giving effect to any written
     certification, proxy or other authorization furnished by DTC or impair, as
     between DTC and its Agent Members, the operation of customary practices of
     DTC governing the exercise of the rights of a beneficial owner of any
     Global Note.

          c. In connection with any transfer of a portion of the beneficial
     interest in a Global Note pursuant to paragraph (vi) below to beneficial
     owners who are required to

                                    Annex A-6
<Page>

     hold certificated Notes, the Trustee shall reflect on its books and records
     the date and a decrease in the principal amount of such Global Note in an
     amount equal to the principal amount of the beneficial interest in the
     Global Note to be transferred, and the Company shall execute, and the
     Trustee shall authenticate and deliver, one or more certificated Notes of
     like tenor and amount.

          d.    In connection with the transfer of an entire Global Note to
     beneficial owners pursuant to paragraph (vi) below, such Global Note shall
     be deemed to be surrendered to the Trustee for cancellation, and the
     Company shall execute, and the Trustee shall authenticate and deliver, to
     each beneficial owner identified by DTC in exchange for its beneficial
     interest in such Global Note, an equal aggregate principal amount of
     certificated Notes of authorized denominations.

          e.    The registered Holder of a Global Note may grant proxies and
     otherwise authorize any person, including Agent Members and persons that
     may hold interests through Agent Members, to take any action which a Holder
     is entitled to take under these resolutions, the Indenture or the Notes.

          f.    Except as provided below, owners of beneficial interests in
     Global Notes will not be entitled to receive certificated Notes. If
     required to do so pursuant to any applicable law or regulation, beneficial
     owners may obtain certificated Notes in exchange for their beneficial
     interests in a Global Note upon written request in accordance with DTC's
     and the Trustee's procedures. In addition, certificated Notes shall be
     transferred to all beneficial owners in exchange for their beneficial
     interests in a Global Note if (a) DTC notifies the Company that it is
     unwilling or unable to continue as depositary for such Global Security or
     DTC ceases to be a clearing agency registered under the Exchange Act, at a
     time when DTC is required to be so registered in order to act as
     depositary, and in each case a successor depositary is not appointed by the
     Company within 90 days of such notice or, (b) the Company executes and
     delivers to the Trustee an officers' certificate stating that such Global
     Note shall be so exchangeable or (c) an Event of Default has occurred and
     is continuing and the Trustee has received a request from DTC for such
     transfer and exchange.

                                    Annex A-7
<Page>

                                              EXHIBIT A TO OFFICER'S DECLARATION

                               FORM OF GLOBAL NOTE
                                                                CUSIP __________
                        [Insert appropriate legend here]

                            EQUITABLE RESOURCES, INC.

No.____                                          $_____________
                                                 As revised by the
                                                 Schedule of Increases or
                                                 Decreases in Global
                                                 Security attached hereto

Equitable Resources, Inc., a corporation duly organized and existing under the
laws of the Commonwealth of Pennsylvania (herein called the "Company", which
term includes any successor Person under the Indenture hereinafter referred to),
for value received, hereby promises to pay to Cede & Co. or registered assigns,
the principal sum of ______, as revised by the Schedule of Increases or
Decreases in Global Security attached hereto, on ______ and to pay interest
thereon from ______ or from the most recent Interest Payment Date to which
interest has been paid or duly provided for, semi-annually on March 1 and
September 1 in each year, commencing ______ at the rate of ______ per annum,
until the principal hereof is paid or made available for payment. The interest
so payable, and punctually paid or duly provided for, on any Interest Payment
Date will, as provided in such Indenture, be paid to the Person in whose name
this Security (or one or more Predecessor Securities) is registered at the close
of business on the Regular Record Date for such interest, which shall be ______
or ______ (whether or not a Business Day), as the case may be, next preceding
such Interest Payment Date. Any such interest not so punctually paid or duly
provided for will forthwith cease to be payable to the Holder on such Regular
Record Date and may either be paid to the Person in whose name this Security (or
one or more Predecessor Securities) is registered at the close of business on a
Special Record Date for the payment of such Defaulted Interest to be fixed by
the Trustee, notice thereof having been given to Holders of Securities of this
series not less than 10 days prior to such Special Record Date, or be paid at
any time in any other lawful manner not inconsistent with the requirements of
any securities exchange on which the Securities of this series may be listed,
and upon such notice as may be required by such exchange, all as more fully
provided in said Indenture.

Payment of the principal of (and premium, if any) and any such interest on this
Security will be made at the office or agency of the Company maintained for that
purpose in New York, New York 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. 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
under its corporate seal. Dated:

                                              EQUITABLE RESOURCES, INC.

                                               By
                                                 ------------------------------
                                                 Name:
                                                 Title:

Attest:

--------------------------

<Page>

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the ______ described in the within-mentioned Indenture.

                                            THE BANK OF NEW YORK,
                                              as Trustee

                                            By:
                                                -------------------------------
                                                Name:
                                                Title:

<Page>

                               Reverse of Security

This Security is one of a duly authorized issue of securities of the Company
(herein called the "Securities"), issued and to be issued in one or more series
under an Indenture, dated as of July 1, 1996, as modified by the Officer's
Certificate dated February 27, 2003 (as so modified, herein called the
"Indenture"), between the Company and The Bank of New York (as successor to the
Bank of Montreal Trust Company), as Trustee (herein called the "Trustee", which
term includes any successor trustee under the Indenture), to which Indenture and
all indentures supplemental thereto reference is hereby made for a statement of
the respective rights, limitations of rights, duties and immunities thereunder
of the Company, the Trustee and the Holders of the Securities and of the terms
upon which the Securities are, and are to be, authenticated and delivered. This
Security is one of the series designated on the face hereof, initially limited
in aggregate principal amount to $______.

The Securities of this series are subject to redemption upon not less than 30
days' but not more than 60 days' notice by mail at any time and from time to
time, at a Redemption Price equal to the greater of (a) 100% of the principal
amount to be redeemed plus accrued and unpaid interest thereon to the Redemption
Date, or (b) the sum of the present values of the remaining scheduled payments
of principal and interest on the Security to be redeemed (exclusive of interest
accrued to the Redemption Date) discounted to the Redemption Date on a
semiannual basis (assuming a 360-day year consisting of twelve 30 day months) at
the applicable Treasury Rate (as defined below) plus 20 basis points plus
accrued and unpaid interest on the principal amount being redeemed to the
Redemption Date.

For purposes of determining the redemption price, the following definitions are
applicable:

"Treasury Rate" means, with respect to any Redemption Date for the securities,

-    the yield, under the heading which represents the average for the
     immediately preceding week, appearing in the most recently published
     statistical release designated "H.15(519)" or any successor publication
     which is published weekly by the Board of Governors of the Federal Reserve
     System and which establishes yields on actively traded U.S. Treasury
     securities adjusted to constant maturity under the caption "Treasury
     Constant Maturities," for the maturity corresponding to the Comparable
     Treasury Issue (if no maturity is within three months before or after the
     remaining life (as defined below), yields for the two published maturities
     most closely corresponding to the Comparable Treasury Issue will be
     determined and the Treasury Rate shall be interpolated or extrapolated from
     those yields on a straight line basis, rounding to the nearest month); or

-    if the release referred to in the previous bullet (or any successor
     release) is not published during the week preceding the calculation date or
     does not contain the yields referred to above, the rate per year equal to
     the semi-annual equivalent yield to maturity of the Comparable Treasury
     Issue, calculated using a price for the Comparable Treasury Issue
     (expressed as a percentage of its principal amount) equal to the Comparable
     Treasury Price for that Redemption Date.

The Treasury Rate will be calculated on the third business day preceding the
Redemption Date.

"Comparable Treasury Issue" means the U.S. Treasury security selected by an
Independent Investment Banker as having a maturity comparable to the remaining
term ("remaining life") of the Securities that would be utilized, at the time of
selection and in accordance with customary financial practice, in pricing new
issues of corporate debt securities of comparable maturity to the remaining
terms of the Securities.

"Comparable Treasury Price" means, with respect to any Redemption Date:

-    the average of five Reference Treasury Dealer Quotations for such
     Redemption Date, after excluding the highest and lowest Reference Treasury
     Dealer Quotations, or

-    if the Independent Investment Banker is unable to obtain at least four such
     Reference Treasury Dealer Quotations, the average of all Reference Treasury
     Dealer Quotations obtained by the Independent Investment Banker.

<Page>

"Independent Investment Banker" means either Goldman, Sachs & Co., Lehman
Brothers Inc. or Salomon Smith Barney Inc., as specified by the Company, or if
these firms are unwilling or unable to select the applicable Comparable Treasury
Issue, an independent investment banking institution of national standing
appointed by the Company.

"Reference Treasury Dealer" means (1) Goldman, Sachs & Co., Lehman Brothers Inc.
and Salomon Smith Barney Inc. (and their respective successors), provided,
however, that if either of the foregoing shall cease to be a primary U.S.
government securities dealer (a "Primary Treasury Dealer"), the Company will
substitute therefore another Primary Treasury Dealer and (2) any other Primary
Treasury Dealer selected by the Company after consultation with the Independent
Investment Banker.

"Reference Treasury Dealer Quotations" means, with respect to each Reference
Treasury Dealer and any Redemption Date for the Securities, an average, as
determined by the Independent Investment Banker, of the bid and asked prices for
the Comparable Treasury issue for the Securities (expressed in each case as a
percentage of its principal amount) quoted in writing to the Independent
Investment Banker at 5:00 p.m., New York City time, on the third Business Day
preceding such Redemption Date.

In the event of redemption of this Security in part only, a new Security or
Securities of this series and of like tenor for the unredeemed portion hereof
will be issued in the name of the Holder hereof upon the cancellation hereof. If
an Event of Default with respect to Securities of this series shall occur and be
continuing, the principal of the Securities of this series may be declared due
and payable in the manner and with the effect provided in the Indenture.

This Security will be entitled to the benefits of the Registration Rights
Agreement, dated February 27, 2003, by and among Goldman, Sachs & Co., Lehman
Brothers Inc., Salomon Smith Barney Inc., Banc One Capital Markets, Inc.,
Barclays Capital Inc., SunTrust Capital Markets, Inc., BNY Capital Markets,
Inc., and Fifth Third Securities, Inc.,,as initial purchasers, and the Company
(the "Registration Rights Agreement"). In the event of a Registration Default
(as defined in the Registration Rights Agreement), the Company will be obligated
to pay additional interest on the Notes during the period of one or more such
registration defaults in an amount equal to 0.25% per annum during the first 90
day period following such Registration Default, increasing by an additional
0.25% per annum during each subsequent 90 day period up to a maximum of 0.50%
per annum. Following the cure of all Registration Defaults the accrual of such
additional interest will cease. Whenever there is mentioned herein, in any
context, the payment of interest on this Security, such mention shall be deemed
to include mention of the payment of any additional interest to the extent that,
in such context, any such additional interest is, was or would be payable in
respect thereof pursuant to the provisions of this Security, the Indenture and
the Registration Rights Agreement and express mention of the payment of
additional interest (if applicable) in any provisions hereof shall not be
construed as excluding additional interest in those provisions hereof where such
express mention is not made.

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 66 2/3% in principal amount of the Securities at the
time Outstanding of each series to be affected. The Indenture also contains
provisions permitting the Holders of specified percentages in principal amount
of the Securities of each series at the time Outstanding, on behalf of the
Holders of all Securities of such series, to waive compliance by the Company
with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of
this Security shall be conclusive and binding upon such Holder and upon all
future Holders of this Security and of any Security issued upon the registration
of transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent or waiver is made upon this Security. No reference
herein to the Indenture and no provision of this Security or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and
unconditional, to pay the principal of and any premium and interest on this
Security at the times, place and rate, and in the coin or currency, herein
prescribed. As provided in the Indenture and subject to certain limitations
therein set forth, the transfer of this Security is registerable in the Security
Register, upon surrender of this Security for registration of transfer at the
office or agency of the Company in any place where the principal of and any
premium and interest on this Security are payable, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Company and the Security Registrar duly executed by, the Holder hereof or his
attorney duly authorized in writing, and

<Page>

thereupon one or more new Securities of this series and of like tenor, of
authorized denominations and for the same aggregate principal amount, 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 therein set forth,
Securities of this series are exchangeable for a like aggregate principal amount
of Securities of like tenor 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 and any agent of the Company or the Trustee may treat the
Person in whose name this Security is registered as the owner hereof for all
purposes, whether or not this Security be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary. All
terms used in this Security which are defined in the Indenture shall have the
meanings assigned to them in the Indenture.

The Indenture and this Security shall be governed by and construed in accordance
with the laws of the Commonwealth of Pennsylvania, without regard to the
conflicts of law rules of said Commonwealth.

<Page>

                              [FORM OF ASSIGNMENT]

To assign this Security, fill in the form below:

          I or we assign and transfer this Security to

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

          -----------------------------------------------------------------
                  (Insert assignee's soc. sec. or tax I.D. No.)

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

Date:                                  Your Signature:
      -----------------                                ------------------------

Signature Guarantee:
                       -----------------------------------------------------
                           (Signature must be guaranteed)

--------------------------------------------------------------------------------
Sign exactly as your name appears on the other side of this Security.

The signature(s) should be guaranteed by an eligible guarantor institution
(banks, stockbrokers, savings and loan associations and credit unions with
membership in an approved signature guarantee medallion program), pursuant to
S.E.C. Rule 17Ad-15.

THE REMAINDER OF THIS FORM OF ASSIGNMENT SHALL NOT BE INCLUDED IN THE SECURITIES
WHICH HAVE BEEN REGISTERED UNDER THE SECURITIES ACT.

In connection with any transfer or exchange of any of the Securities evidenced
by this certificate occurring prior to the date that is two years after the
later of the date of original issuance of such Securities and the last date, if
any, on which such Securities were owned by the Company or any Affiliate of the
Company, the undersigned confirms that such Securities are being:

CHECK ONE BOX BELOW:

     1  / /     acquired for the undersigned's own account, without transfer; or

     2  / /     transferred to the Company; or

     3  / /     transferred  pursuant to and in compliance  with Rule 144A
                under the Securities Act of 1933, as amended (the "SECURITIES
                ACT"); or

     4  / /     transferred pursuant to an effective  registration  statement
                under the Securities Act; or

     5  / /     transferred  pursuant to and in compliance with Regulation S
                under the Securities Act; or

     6  / /     transferred to an institutional "accredited investor" (as
                defined in Rule 501(a)(1), EQUAL TO (2), (3) or (7) under the
                Securities Act), that has furnished to the Trustee a signed
                letter containing certain representations and agreements that it
                is acquiring this Security for investment and not with a view
                to, or for offer or sale in connection with, any distribution
                (as contemplated in the Securities Act) or fractionalization
                thereof or with any intention of reselling this Security or any
                part thereof, subject to any requirement of

<Page>

                law that the disposition of its property will be at all times
                within its control and subject to its ability to resell this
                Security pursuant to Rule 144A, Regulation S or other exemption
                from registration available under the Securities Act; or

     7  / /     transferred pursuant to another available exemption from
                the registration requirements EQUAL TO of the Securities Act.

Unless one of the boxes is checked, the Trustee will refuse to register any of
the Securities evidenced by this certificate in the name of any person other
than the registered holder thereof; PROVIDED, HOWEVER, that if box (5), (6) or
(7) is checked, the Trustee or the Company may require, prior to registering any
such transfer of the Securities, in their sole discretion, such legal opinions,
certifications and other information as the Trustee or the Company may
reasonably request to confirm that such transfer is being made pursuant to an
exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act, such as the exemption provided by Rule 144
under such Act.

                                                 ---------------------------
                                                 Signature

Signature Guarantee:

--------------------------------                 ---------------------------
(Signature must be guaranteed)                   Signature

--------------------------------------------------------------------------------

The signature(s) should be guaranteed by an eligible guarantor institution
(banks, stockbrokers, savings and loan associations and credit unions with
membership in an approved signature guarantee medallion program), pursuant to
S.E.C. Rule 17Ad-15.

TO BE COMPLETED BY PURCHASER IF (1) OR (3) ABOVE IS CHECKED.

          The undersigned represents and warrants that it is purchasing this
Security for its own account or an account with respect to which it exercises
sole investment discretion and that it and any such account is a "qualified
institutional buyer" within the meaning of Rule 144A under the Securities Act,
and is aware that the sale to it is being made in reliance on Rule 144A and
acknowledges that it has received such information regarding the Company as the
undersigned has requested pursuant to Rule 144A or has determined not to request
such information and that it is aware that the transferor is relying upon the
undersigned's foregoing representations in order to claim the exemption from
registration provided by Rule 144A.

-----------------------------------
Dated:

<Page>

                       [TO BE ATTACHED TO GLOBAL SECURITY]

              SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY

     The following increases or decreases in this Global Note have been made

<Table>
<Caption>
                                                                     Principal Amount of
                    Amount of increase in    Amount of decrease in   this Global Note         Signature of
                    Principal Amount of      Principal Amount of     following each           authorized signatory
Date of Exchange    this Global Note         this Global Note        decrease or increase     of Trustee
----------------    ---------------------    ---------------------   --------------------     --------------------
<S>                 <C>                      <C>                     <C>                      <C>

</Table>

<Page>

                                              EXHIBIT B TO OFFICER'S DECLARATION

             FORM OF CERTIFICATE TO BE DELIVERED IN CONNECTION WITH
                 TRANSFERS TO INSTITUTIONAL ACCREDITED INVESTORS

                                                         [Date]
[Issuer]

[Trustee]

Ladies and Gentlemen:

          This certificate is delivered to request a transfer of $_________
principal amount of the ____% Notes due ____ (the "SECURITIES") of
__________________ (the "COMPANY").

          Upon transfer, the Securities would be registered in the name of the
new beneficial owner as follows:

          Name: ___________________________________

          Address: ________________________________

          Taxpayer ID Number: _____________________

          The undersigned represents and warrants to you that:

          1. We are an institutional "accredited investor" (as defined in Rule
501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as amended (the
"SECURITIES ACT")) purchasing for our own account or for the account of such an
institutional "accredited investor" at least $250,000 principal amount of the
Securities, and we are acquiring the Securities not with a view to, or for offer
or sale in connection with, any distribution in violation of the Securities Act.
We have such knowledge and experience in financial and business matters as to be
capable of evaluating the merits and risk of our investment in the Securities
and we invest in or purchase securities similar to the Securities in the normal
course of our business. We and any accounts for which we are acting are each
able to bear the economic risk of our or its investment.

          2. We understand that the Securities have not been registered under
the Securities Act and, unless so registered, may not be sold except as
permitted in the following sentence. We agree on our own behalf and on behalf of
any investor account for which we are purchasing Securities to offer, sell or
otherwise transfer such Securities prior to the date that is two years after the
later of the date of original issue and the last date on which the Company or

<Page>

any affiliate of the Company was the owner of such Securities (or any
predecessor thereto) (the "RESALE RESTRICTION TERMINATION DATE") only (a) to the
Company, (b) pursuant to a registration statement which has been declared
effective under the Securities Act, (c) in a transaction complying with the
requirements of Rule 144A under the Securities Act, to a person we reasonably
believe is a qualified institutional buyer under Rule 144A (a "QIB") that
purchases for its own account or for the account of a QIB and to whom notice is
given that the transfer is being made in reliance on Rule 144A, (d) pursuant to
offers and sales that occur outside the United States within the meaning of
Regulation S under the Securities Act, (e) to an institutional "accredited
investor" within the meaning of Rule 501(a)(1), (2), (3) or (7) under the
Securities Act that is purchasing for its own account or for the account of such
an institutional "accredited investor," in each case in a minimum principal
amount of Securities of $250,000 or (f) pursuant to any other available
exemption from the registration requirements of the Securities Act, subject in
each of the foregoing cases to any requirement of law that the disposition of
our property or the property of such investor account or accounts be at all
times within our or their control and in compliance with any applicable state
securities laws. The foregoing restrictions on resale will not apply subsequent
to the Resale Restriction Termination Date. If any resale or other transfer of
the Securities is proposed to be made pursuant to clause (e) above prior to the
Resale Restriction Termination Date, the transferor shall deliver a letter from
the transferee substantially in the form of this letter to the Company and the
Trustee, which shall provide, among other things, that the transferee is an
institutional "accredited investor" (within the meaning of Rule 501(a)(1), (2),
(3) or (7) under the Securities Act) and that it is acquiring such Securities
for investment purposes and not for distribution in violation of the Securities
Act. Each purchaser acknowledges that the Company and the Trustee reserve the
right prior to any offer, sale or other transfer prior to the Resale Termination
Date of the Securities pursuant to clauses (d), (e) or (f) above to require the
delivery of an opinion of counsel, certifications and/or other information
satisfactory to the Company and the Trustee.

                                           TRANSFEREE:
                                                      -----------------------

                                           BY:
                                              -------------------------------

                                        2
<Page>

                                              EXHIBIT C TO OFFICER'S DECLARATION

                FORM OF CERTIFICATE TO BE DELIVERED IN CONNECTION
                     WITH TRANSFERS PURSUANT TO REGULATION S

                                                         [Date]

[Issuer]

[Trustee

          Re: ____% Notes due ____ (the "Securities")

Ladies and Gentlemen:

          In connection with our proposed sale of $________ aggregate principal
amount of the Securities, we confirm that such sale has been effected pursuant
to and in accordance with Regulation S under the United States Securities Act of
1933, as amended (the "SECURITIES ACT"), and, accordingly, we represent that:

          the offer of the Securities was not made to a person in the United
States;

         i.   either (i) at the time the buy order was originated, the
     transferee was outside the United States or we and any person acting on our
     behalf reasonably believed that the transferee was outside the United
     States or (ii) the transaction was executed in, on or through the
     facilities of a designated off-shore securities market and neither we nor
     any person acting on our behalf knows that the transaction has been
     pre-arranged with a buyer in the United States;

         ii.  no directed selling efforts have been made in the United States in
     contravention of the requirements of Rule 903(b) or Rule 904(b) of
     Regulation S, as applicable; and

         iii. the transaction is not part of a plan or scheme to evade the
     registration requirements of the Securities Act.

          In addition, if the sale is made during a restricted period and the
provisions of Rule 903(c)(3) or Rule 904(c)(1) of Regulation S are applicable
thereto, we confirm that such sale has been made in accordance with the
applicable provisions of Rule 903(c)(3) or Rule 904(c)(1), as the case may be.

          You and the Company are entitled to rely upon this letter and are
irrevocably authorized to produce this letter or a copy hereof to any interested
party in any administrative or

<Page>

legal proceedings or official inquiry with respect to the matters covered
hereby. Terms used in this certificate have the meanings set forth in
Regulation S.

                                          Very truly yours,

                                          [Name of Transferor]

                                          By:
                                             ------------------------------

-------------------------------
    Authorized Signature<Page>

                                                                    EXHIBIT 4.02

                                                                  EXECUTION COPY

                            EQUITABLE RESOURCES, INC.

                                  $ 200,000,000

                              5.15% Notes due 2018

                               PURCHASE AGREEMENT

                                                               February 20, 2003

Goldman, Sachs & Co.
Lehman Brothers Inc.
Salomon Smith Barney Inc.
 As Representatives of the
 several Initial Purchasers listed
 in Schedule 1 hereto
c/o Lehman Brothers Inc.
Syndicate Registration
745 7th Avenue
New York, New York 10019

Ladies and Gentlemen:

         Equitable Resources, Inc., a Pennsylvania corporation (the "Company"),
proposes to issue and sell to the several Initial Purchasers listed in Schedule
1 hereto (the "Initial Purchasers"), for whom you are acting as representatives
(the "Representatives"), $200,000,000 principal amount of its 5.15% Notes due
2018 (the "Notes"). The Notes will be issued pursuant to an Indenture dated as
of July 1, 1996 between the Company and The Bank of New York, as successor
trustee to the Bank of Montreal Trust Company (the "Trustee").

         The Notes will be sold to the Initial Purchasers without being
registered under the Securities Act of 1933, as amended (the "Securities Act"),
in reliance upon an exemption therefrom. The Company has prepared a preliminary
offering memorandum dated February 20, 2003 (the "Preliminary Offering
Memorandum") and will prepare an offering memorandum dated the date hereof (the
"Offering Memorandum") setting forth information concerning the Company and the
Notes. Copies of the Preliminary Offering Memorandum have been, and copies of
the Offering Memorandum will be, delivered by the Company to the Initial
Purchasers pursuant to the terms of this Agreement. Capitalized terms used but
not defined herein shall have the meanings given to such terms in the Offering
Memorandum. References herein to the Preliminary Offering Memorandum and the
Offering Memorandum shall be deemed to refer to and include any document
incorporated by reference therein.

<Page>

         Holders of the Notes (including the Initial Purchasers and their direct
and indirect transferees) will be entitled to the benefits of a Registration
Rights Agreement, to be dated the Closing Date (as defined below) and
substantially in the form attached hereto as Exhibit A (the "Registration Rights
Agreement"), pursuant to which the Company will agree to file one or more
registration statements with the Securities and Exchange Commission (the
"Commission") providing for the registration under the Securities Act of the
Notes or the Exchange Notes referred to (and as defined) in the Registration
Rights Agreement.

         The Company hereby confirms its agreement with the several Initial
Purchasers concerning the purchase and resale of the Notes, as follows:

         1. PURCHASE AND RESALE OF THE NOTES. (a) The Company agrees to issue
and sell the Notes to the several Initial Purchasers as provided in this
Agreement, and each Initial Purchaser, on the basis of the representations,
warranties and agreements set forth herein and subject to the conditions set
forth herein, agrees, severally and not jointly, to purchase from the Company
the respective principal amount of Notes set forth opposite such Initial
Purchaser's name in Schedule 1 hereto at a price equal to 99.166% of the
principal amount. The Company will not be obligated to deliver any of the Notes
except upon payment for all the Notes to be purchased as provided herein.

         (b) The Company understands that the Initial Purchasers intend to offer
the Notes for resale on the terms set forth in the Offering Memorandum. Each
Initial Purchaser, severally and not jointly, represents, warrants and agrees
that:

               (i)    it is a qualified institutional buyer within the meaning
         of Rule 144A under the Securities Act (a "QIB") and an accredited
         investor within the meaning of Rule 501(a) under the Securities Act;

               (ii)   it has not solicited offers for, or offered or sold, and
         will not solicit offers for, or offer or sell, the Notes by means of
         any form of general solicitation or general advertising within the
         meaning of Rule 502(c) of Regulation D under the Securities Act
         ("Regulation D") or in any manner involving a public offering within
         the meaning of Section 4(2) of the Securities Act; and

               (iii)  it has not solicited offers for, or offered or sold, and
         will not solicit offers for, or offer or sell, the Notes as part of
         their initial offering except:

                      (A) to persons within the United States whom it reasonably
            believes to be QIBs in transactions pursuant to Rule 144A under the
            Securities Act ("Rule 144A") and in connection with each such sale,
            it has taken or will take reasonable steps to ensure that the
            purchaser of the Notes is aware that such sale is being made in
            reliance on Rule 144A; or

                      (B) to persons outside the United States in accordance
            with the restrictions set forth in Annex A hereto.

         (c) Each Initial Purchaser acknowledges and agrees that the Company,
for purposes of the opinions to be delivered to the Initial Purchasers pursuant
to Sections 5(f) and 5(g), counsel

                                        2
<Page>

for the Company and counsel for the Initial Purchasers, respectively, may rely
upon the accuracy of the representations and warranties of the Initial
Purchasers, and compliance by the Initial Purchasers with their agreements,
contained in paragraph (b) above (including Annex A hereto), and each Initial
Purchaser hereby consents to such reliance.

         (d) The Company acknowledges and agrees that the Initial Purchasers may
offer and sell Notes to or through any affiliate of an Initial Purchaser and
that any such affiliate may offer and sell Notes purchased by it to or through
any Initial Purchaser.

         2. PAYMENT AND DELIVERY. (a) Payment for and delivery of the Notes will
be made at the offices of Simpson Thacher & Bartlett at 10:00 A.M., New York
City time, on February 27, 2003, or at such other time or place on the same or
such other date, not later than the fifth business day thereafter, as the
Representatives and the Company may agree upon in writing. The time and date of
such payment and delivery is referred to herein as the "Closing Date".

         (b) Payment for the Notes shall be made by wire transfer in immediately
available funds to the account(s) specified by the Company to the
Representatives against delivery to the nominee of The Depository Trust Company,
for the account of the several Initial Purchasers, of global notes representing
the Notes purchased by the Initial Purchasers (collectively, the "Global
Notes"). The Global Notes will be made available for inspection by the
Representatives not later than 1:00 P.M., New York City time, on the business
day prior to the Closing Date.

         3. REPRESENTATIONS AND WARRANTIES OF THE COMPANY. The Company
represents and warrants to each Initial Purchaser that:

         (a) OFFERING MEMORANDUM. The Offering Memorandum does not, and as of
the Closing Date, will not, contain any untrue statement of a material fact or
omit to state a material fact necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading;
PROVIDED that the Company makes no representation or warranty with respect to
any statements or omissions made in reliance upon and in conformity with
information relating to any Initial Purchaser furnished to the Company in
writing by such Initial Purchaser through the Representatives expressly for use
in the Offering Memorandum.

         (b) INCORPORATED DOCUMENTS. The documents incorporated by reference in
the Preliminary Offering Memorandum and the Offering Memorandum, when filed with
the Commission, conformed or will conform, as the case may be, in all material
respects with the requirements of the Securities Exchange Act of 1934, as
amended (the "Exchange Act") and did not and will not contain an untrue
statement of a material fact or omit to state a material fact required to be
stated therein or necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading.

         (c) FINANCIAL STATEMENTS. The financial statements and the related
notes thereto included or incorporated by reference in the Offering Memorandum
comply in all material respects with the applicable requirements of the
Securities Act and the Exchange Act, as applicable, and present fairly the
financial position of the Company and its subsidiaries as of the dates indicated
and the results of their operations and the changes in their cash flows for the
periods specified; such financial statements have been prepared in conformity
with generally accepted accounting

                                        3
<Page>

principles applied on a consistent basis throughout the periods covered thereby
except as may be expressly stated in the related notes thereto; and the other
financial information included or incorporated by reference in the Offering
Memorandum has been derived from the accounting records of the Company and its
subsidiaries and presents fairly the information shown thereby.

         (d) NO MATERIAL ADVERSE CHANGE. Since the respective dates as of which
information is given in the Offering Memorandum, (i) there has not been any
change in the capital stock or long-term debt of the Company or any of its
subsidiaries, or any material adverse change, or any development involving a
prospective material adverse change, in or affecting the general affairs,
business, prospects, management, financial position, stockholders' equity or
results of operations of the Company and its subsidiaries taken as a whole,
except as otherwise disclosed or contemplated in the Offering Memorandum; and
(ii) except as set forth or contemplated in the Offering Memorandum neither the
Company nor any of its subsidiaries has entered into any transaction or
agreement material to the Company and its subsidiaries taken as a whole other
than in the ordinary course of business.

         (e) ORGANIZATION. The Company has been duly incorporated and is validly
existing as a corporation in good standing under the laws of its jurisdiction of
incorporation, with power and authority (corporate or other) to own its
properties and conduct its business as described in the Offering Memorandum, and
has been duly qualified as a foreign corporation for the transaction of business
and is in good standing under the laws of each other jurisdiction in which it
owns or leases properties, or conducts any business, so as to require such
qualification, other than where the failure to be so qualified or in good
standing would not have a material adverse effect on the Company and its
subsidiaries taken as a whole.

         (f) SUBSIDIARIES. Each of the Company's subsidiaries has been duly
incorporated and is validly existing as a corporation under the laws of its
jurisdiction of incorporation, with power and authority (corporate or other) to
own its properties and conduct its business as described in the Offering
Memorandum, and has been duly qualified as a foreign corporation for the
transaction of business and is in good standing under the laws of each
jurisdiction in which it owns or leases properties or conducts any business so
as to require such qualification, other than where the failure to be so
qualified or in good standing would not have a material adverse effect on the
Company and its subsidiaries taken as a whole; and all the outstanding shares of
capital stock of each subsidiary of the Company have been duly authorized and
validly issued, are fully-paid and non-assessable, and (except in the case of
foreign subsidiaries, for directors' qualifying shares) are owned by the
Company, directly or indirectly, free and clear of all liens, encumbrances,
security interests and claims.

         (g) DUE AUTHORIZATION. This Agreement and the Registration Rights
Agreement have been duly authorized, executed and delivered by the Company.

         (h) THE INDENTURE. The Indenture has been duly authorized, executed and
delivered by the Company and is a valid and binding agreement of the Company,
enforceable in accordance with its terms except as (i) the enforceability
thereof may be limited by bankruptcy, insolvency or similar laws affecting
creditors' rights generally and (ii) rights of acceleration and the availability
of equitable remedies may be limited by equitable principles of general
applicability; and the Indenture (including any amendments and supplements
thereto) will conform on the

                                        4
<Page>

Closing Date with all requirements of the Trust Indenture Act of 1939, as
amended (the "Trust Indenture Act") and the applicable rules and regulations
promulgated thereunder by the Commission applicable to an indenture that is
qualified thereunder.

         (i) THE NOTES. The Notes have been duly authorized and, when executed
and authenticated in accordance with the Indenture and delivered to and duly
paid for by the purchasers thereof, will be entitled to the benefits of the
Indenture and will be valid and binding obligations of the Company, enforceable
in accordance with their terms except as (i) the enforceability thereof may be
limited by bankruptcy, insolvency or similar laws affecting creditors' rights
generally and (ii) rights of acceleration and the availability of equitable
remedies may be limited by equitable principles of general applicability; the
Notes, when executed and authenticated in accordance with the Indenture and
delivered to and duly paid for by the purchasers thereof, will rank PARI PASSU
with all Notes (as defined in the Indenture) issued and to be issued under the
Indenture and all other unsecured debt of the Company which is not expressly
subordinated; and the Notes and the Indenture will conform to the description
thereof in the Offering Memorandum.

         (j) THE EXCHANGE NOTES. On the Closing Date, the Exchange Notes will
have been duly authorized by the Company and, when duly executed and
authenticated in accordance with the Registration Rights Agreement, will be
entitled to the benefits of the Indenture and will be valid and binding
obligations of the Company enforceable against the Company in accordance with
its terms, except as (i) the enforceability thereof may be limited by
bankruptcy, insolvency or similar laws affecting creditors' rights generally and
(ii) rights of acceleration and the availability of equitable remedies may be
limited by equitable principles of general applicability.

         (k) NO VIOLATION OR DEFAULT. Neither the Company nor any of its
subsidiaries is, or with the giving of notice or lapse of time or both would be,
in violation of or in default under, its Restated Articles of Incorporation or
By-Laws or any indenture, mortgage, deed of trust, loan agreement or other
agreement or instrument to which the Company or any of its subsidiaries is a
party or by which it or any of them or any of their respective properties is
bound, except for violations and defaults which individually and in the
aggregate are not material to the Company and its subsidiaries taken as a whole
or to the holders of the Notes; the issue and sale of the Notes and the
performance by the Company of all the provisions of its obligations under the
Notes, the Indenture, this Agreement and the Registration Rights Agreement and
the consummation of the transactions herein and therein contemplated will not
conflict with or result in a breach of any of the terms or provisions of, or
constitute a default under, any indenture, mortgage, deed of trust, loan
agreement or other agreement or instrument to which the Company or any of its
subsidiaries is a party or by which the Company or any of its subsidiaries is
bound or to which any of the property or assets of the Company or any of its
subsidiaries is subject, nor will any such action result in any violation of the
provisions of the Restated Articles of Incorporation or By-Laws of the Company
or any applicable law or statute or any order, rule or regulation of any court
or governmental agency or body having jurisdiction over the Company, its
subsidiaries or any of their respective properties; and no consent, approval,
authorization, order, license, registration or qualification of or with any such
court or governmental agency or body is required for the issue and sale of the
Notes or the consummation by the Company of the transactions contemplated by
this Agreement, the Registration Rights Agreement or the Indenture, except such
consents, approvals, authorizations, orders, licenses, registrations or

                                        5
<Page>

qualifications as may be required under state securities laws in connection with
the purchase and distribution of the Notes by the Initial Purchasers or from the
Pennsylvania Public Utility Commission and the Kentucky Public Service
Commission in connecting with the issuance and sale of the Notes.

         (l) LEGAL PROCEEDINGS. Other than as set forth or contemplated in the
Offering Memorandum, there are no legal or governmental investigations, actions,
suits or proceedings pending or, to the knowledge of the Company, threatened
against or affecting the Company or any of its subsidiaries or any of their
respective properties or to which the Company or any of its subsidiaries is or
may be a party or to which any property of the Company or any of its
subsidiaries or to which the Company or any of its subsidiaries is or may be
subject which, if determined adversely to the Company or any of its
subsidiaries, could individually or in the aggregate reasonably be expected to
have a material adverse effect on the general affairs, business, prospects,
management, financial position, stockholders' equity or results of operations of
the Company and its subsidiaries taken as a whole and, to the best of the
Company's knowledge, no such proceedings are threatened or contemplated by
governmental authorities or threatened by others.

         (m) PROPERTY. The Company and its subsidiaries have good and marketable
title in fee simple to all items of real property and good and defensible title
to all personal property owned by them, in each case free and clear of all
liens, encumbrances and defects except such as are described or referred to in
the Offering Memorandum or such as do not materially affect the value of such
property and do not interfere with the use made or proposed to be made of such
property by the Company and its subsidiaries; and any real property and
buildings held under lease by the Company and its subsidiaries are held by them
under valid, existing and enforceable leases with such exceptions as are not
material and do not interfere with the use made or proposed to be made of such
property and buildings by the Company or its subsidiaries.

         (n) INVESTMENT COMPANY ACT. The Company is not and, after giving effect
to the offering and sale of the Notes, will not be an "investment company" or
entity "controlled" by an "investment company", as such terms are defined in the
Investment Company Act of 1940, as amended (the "Investment Company Act").

         (o) TAXES. Except to the extent that any such failures would not,
individually or in the aggregate, have material adverse effect on the Company
and its subsidiaries taken as a whole, the Company and its subsidiaries have
filed all federal, state, local and foreign tax returns which have been required
to be filed and have paid all taxes shown thereon and all assessments received
by them or any of them to the extent that such taxes have become due and are not
being contested in good faith; and, except as disclosed in the Offering
Memorandum, there is no tax deficiency which has been or might reasonably be
expected to be asserted or threatened against the Company or any of its
subsidiaries.

         (p) CONDUCT OF BUSINESS. Each of the Company and its subsidiaries owns,
possesses or has obtained all licenses, permits, certificates, consents, orders,
approvals and other authorizations from, and has made all declarations and
filings with, all federal, state, local and other governmental authorities
(including foreign regulatory agencies), all self-regulatory organizations and
all courts and other tribunals, domestic or foreign, necessary to own or lease,

                                        6
<Page>

as the case may be, and to operate its properties and to carry on its business
as conducted as of the date hereof, except where the failure to so own or
possess or to have so obtained or made would not, singly or in the aggregate,
have a material adverse effect on the Company and its subsidiaries taken as a
whole, and neither the Company nor any such subsidiary has received any actual
notice of any proceeding, relating to the revocation or modification of any such
license, permit, certificate, consent, order, approval or other authorization,
except as described in the Offering Memorandum; and each of the Company and its
subsidiaries is in compliance with all laws and regulations relating to the
conduct of its business as conducted as of the date hereof, except where the
failure to be in compliance would not, singly or in the aggregate, have a
material adverse effect on the Company and its subsidiaries taken as a whole.;

         (q) ENVIRONMENTAL COMPLIANCE. The Company and its subsidiaries (i) are
in compliance with any and all applicable foreign, federal, state and local laws
and regulations relating to the protection of human health and safety, the
environment or hazardous or toxic substances or wastes, pollutants or
contaminants ("Environmental Laws"), (ii) have received all permits, licenses or
other approvals required of them under applicable Environmental Laws to conduct
their respective businesses, (iii) are in compliance with all terms and
conditions of any such permit, license or approval, except where such
noncompliance with Environmental Laws, failure to receive required permits,
licenses or other approvals or failure to comply with the terms and conditions
of such permits, licenses or approvals would not, singly or in the aggregate,
have a material adverse effect on the Company and its subsidiaries, taken as a
whole, and (iv) are not aware of any administrative or judicial action being
contemplated by governmental authorities relating to Environmental Laws; neither
the Company nor any of its subsidiaries are subject to any consent decree or
compliance or administrative order issued pursuant to, or are the subject of any
pending investigation or litigation under, applicable Environmental Laws except
for such actions, decrees, orders or investigations which do not and are not
reasonably expected to have a material adverse effect on, or cause material
changes to, the general affairs, business, prospects, management, financial
position, stockholders' equity or results of operations of the Company and its
subsidiaries, taken as a whole; and neither the Company nor any of its
subsidiaries is a party to a governmental proceeding arising under any
Environmental Law which involves potential monetary sanctions, exclusive of
interests and costs, of $100,000 or more.

         (r) ENVIRONMENTAL COSTS. In the ordinary course of business, the
Company reviews the effect of Environmental Laws on the business, operations and
properties of the Company and its subsidiaries, in the course of which it
identifies and evaluates associated costs and liabilities (including, without
limitation, any capital or operating expenditures required for clean-up, closure
of properties or compliance with Environmental Laws or any permit, license or
approval, any related constraints on operating activities and any potential
liabilities to third parties); and, on the basis of such review, the Company has
reasonably concluded that such associated costs and liabilities would not,
singly or in the aggregate, have a material adverse effect on the Company and
its subsidiaries, taken as a whole.

         (s) NO LABOR DISPUTES. There are no existing or, to the best knowledge
of the Company, threatened labor disputes with the employees of the Company or
any of its subsidiaries which are likely to have a material adverse effect on
the Company and its subsidiaries taken as a whole.

                                        7
<Page>

         (t) EMPLOYEE BENEFITS. Each employee benefit plan, within the meaning
of Section 3(3) of the Employee Retirement Income Security Act of 1974, as
amended ("ERISA"), that is maintained, administered or contributed to by the
Company or any of its affiliates for employees or former employees of the
Company and its affiliates has been maintained in compliance with its terms and
the requirements of any applicable statutes, orders, rules and regulations,
including but not limited to ERISA and the Internal Revenue Code of 1986, as
amended (the "Code"). No prohibited transaction, within the meaning of Section
406 of ERISA or Section 4975 of the Code has occurred with respect to any such
plan excluding transactions effected pursuant to a statutory or administrative
exemption. For each such plan which is subject to the funding rules of Section
412 of the Code or Section 302 of ERISA no "accumulated funding deficiency" as
defined in Section 412 of the Code has been incurred, whether or not waived, and
the fair market value of the assets of each such plan (excluding for these
purposes accrued but unpaid contributions) exceeded the present value of all
benefits accrued under such plan determined using reasonable actuarial
assumptions.

         (u) RULE 144A ELIGIBILITY. On the Closing Date, the Notes will not be
of the same class as securities listed on a national securities exchange
registered under Section 6 of the Exchange Act or quoted in an automated
inter-dealer quotation system; and each of the Preliminary Offering Memorandum
and the Offering Memorandum, as of its respective date, contains or will contain
all the information that, if requested by a prospective purchaser of the Notes,
would be required to be provided to such prospective purchaser pursuant to Rule
144A(d)(4) under the Securities Act.

         (v) NO INTEGRATION. Neither the Company nor any of its affiliates (as
defined in Rule 501(b) of Regulation D) has, directly or through any agent,
sold, offered for sale, solicited offers to buy or otherwise negotiated in
respect of, any security (as defined in the Securities Act), that is or will be
integrated with the sale of the Notes in a manner that would require
registration of the Notes under the Securities Act.

         (w) NO GENERAL SOLICITATION OR DIRECTED SELLING EFFORTS. Neither of the
Company nor any of its affiliates or any other person acting on its or their
behalf (other than the Initial Purchasers, as to which no representation is
made) has (i) solicited offers for, or offered or sold, the Notes by means of
any form of general solicitation or general advertising within the meaning of
Rule 502(c) of Regulation D or in any manner involving a public offering within
the meaning of Section 4(2) of the Securities Act or (ii) engaged in any
directed selling efforts within the meaning of Regulation S under the Securities
Act ("Regulation S"), and all such persons have complied with the offering
restrictions requirement of Regulation S.

         (x) SECURITIES LAW EXEMPTIONS. Assuming the accuracy of the
representations and warranties of the Initial Purchasers contained in Section
1(b) (including Annex A hereto) and their compliance with their agreements set
forth therein, it is not necessary, in connection with the issuance and sale of
the Notes to the Initial Purchasers and the offer, resale and delivery of the
Notes by the Initial Purchasers in the manner contemplated by this Agreement and
the Offering Memorandum, to register the Notes under the Securities Act or to
qualify the Indenture under the Trust Indenture Act.

                                        8
<Page>

         4. FURTHER AGREEMENTS OF THE COMPANY. The Company covenants and agrees
with each Initial Purchaser that:

         (a) DELIVERY OF COPIES. The Company will deliver to the Initial
Purchasers as many copies of the Preliminary Offering Memorandum and the
Offering Memorandum (including all amendments and supplements thereto) as the
Representatives may reasonably request.

         (b) AMENDMENTS OR SUPPLEMENTS. Before making or distributing any
amendment or supplement to the Offering Memorandum or filing with the Commission
any document that will be incorporated by reference therein, the Company will
furnish to the Representatives and counsel for the Initial Purchasers a copy of
the proposed amendment or supplement or document to be incorporated by reference
therein for review, and will not distribute any such proposed amendment or
supplement or file any such document with the Commission to which the
Representatives reasonably objects.

         (c) NOTICE TO THE REPRESENTATIVES. The Company will advise the
Representatives promptly, and confirm such advice in writing, (i) of the
issuance by any governmental or regulatory authority of any order preventing or
suspending the use of the Preliminary Offering Memorandum or the Offering
Memorandum or the initiation or threatening of any proceeding for that purpose;
(ii) of the occurrence of any event at any time prior to the completion of the
initial offering of the Notes as a result of which the Offering Memorandum as
then amended or supplemented would include any untrue statement of a material
fact or omit to state a material fact necessary in order to make the statements
therein, in the light of the circumstances existing when the Offering Memorandum
is delivered to a purchaser, not misleading; and (iii) of the receipt by the
Company of any notice with respect to any suspension of the qualification of the
Notes for offer and sale in any jurisdiction or the initiation or threatening of
any proceeding for such purpose; and the Company will use their reasonable best
efforts to prevent the issuance of any such order preventing or suspending the
use of the Preliminary Offering Memorandum or the Offering Memorandum or
suspending any such qualification of the Notes and, if any such order is issued,
will obtain as soon as possible the withdrawal thereof.

         (d) ONGOING COMPLIANCE OF THE OFFERING MEMORANDUM. If at any time prior
to the completion of the initial offering of the Notes by the Initial Investors
but no later than the date of the consummation of the Exchange Offer, (i) any
event shall occur or condition shall exist as a result of which the Offering
Memorandum as then amended or supplemented would include any untrue statement of
a material fact or omit to state any material fact necessary in order to make
the statements therein, in the light of the circumstances existing when the
Offering Memorandum is delivered to a purchaser, not misleading or (ii) it is
necessary to amend or supplement the Offering Memorandum to comply with law, the
Company will immediately notify the Initial Purchasers thereof and forthwith
prepare and, subject to paragraph (b) above, file with the Commission any
document to be incorporated by reference therein and furnish to the Initial
Purchasers such amendments or supplements to the Offering Memorandum as may be
necessary so that the statements in the Offering Memorandum as so amended or
supplemented (or including such document to be incorporated by reference
therein) will not, in the light of the circumstances existing when the Offering
Memorandum is delivered to a purchaser, be misleading or so that the Offering
Memorandum will comply with law.

                                        9
<Page>

         (e) BLUE SKY COMPLIANCE. The Company will cooperate with the Initial
Purchasers to qualify the Notes for offer and sale under the securities or Blue
Sky laws of such jurisdictions as the Representatives shall reasonably request
and will continue such qualifications in effect so long as required for the
offering and resale of the Notes; PROVIDED that the Company shall not be
required to (i) qualify as a foreign corporation or other entity or as a dealer
in securities in any such jurisdiction where it would not otherwise be required
to so qualify, (ii) file any general consent to service of process in any such
jurisdiction or (iii) subject itself to taxation in any such jurisdiction if it
is not otherwise so subject.

         (f) CLEAR MARKET. During the period from the date hereof through and
including the Closing Date, the Company will not, without the prior written
consent of the Representatives, offer, sell, contract to sell or otherwise
dispose of any debt securities issued by the Company and having a tenor of more
than one year.

         (g) USE OF PROCEEDS. The Company will apply the net proceeds from the
sale of the Notes as described in the Offering Memorandum under the heading "Use
of Proceeds".

         (h) SUPPLYING INFORMATION. While the Notes remain outstanding and are
"restricted securities" within the meaning of Rule 144(a)(3) under the
Securities Act, the Company will, during any period in which the Company is not
subject to and in compliance with Section 13 or 15(d) of the Exchange Act,
furnish to holders of the Notes and prospective purchasers of the Notes
designated by such holders, upon the request of such holders or such prospective
purchasers, the information required to be delivered pursuant to Rule 144A(d)(4)
under the Securities Act.

         (i) DTC. The Company will assist the Initial Purchasers in arranging
for the Global Notes to be eligible for clearance and settlement through The
Depository Trust Company ("DTC").

         (j) NO RESALES BY THE COMPANY. Until the issuance of the Exchange
Notes, the Company will not, and will not permit any of its affiliates (as
defined in Rule 144 under the Securities Act) to, resell any of the Notes that
have been acquired by any of them, except for Notes purchased by the Company or
any of its affiliates and resold in a transaction registered under the
Securities Act.

         (k) NO INTEGRATION. Neither the Company nor any of its affiliates (as
defined in Rule 501(b) of Regulation D) will, directly or through any agent,
sell, offer for sale, solicit offers to buy or otherwise negotiate in respect
of, any security (as defined in the Securities Act), that is or will be
integrated with the sale of the Notes in a manner that would require
registration of the Notes under the Securities Act.

         (l) NO GENERAL SOLICITATION OR DIRECTED SELLING EFFORTS. Neither the
Company nor any of its affiliates or any other person acting on their behalf
(other than the Initial Purchasers, as to which no covenant is given) will (i)
solicit offers for, or offer or sell, the Notes by means of any form of general
solicitation or general advertising within the meaning of Rule 502(c) of
Regulation D or in any manner involving a public offering within the meaning of
Section 4(2) of

                                       10
<Page>

the Securities Act or (ii) engage in any directed selling efforts within the
meaning of Regulation S, and all such persons will comply with the offering
restrictions requirement of Regulation S.

         (m) NO STABILIZATION. The Company will not take, directly or
indirectly, any action designed to or that could reasonably be expected to cause
or result in any stabilization or manipulation of the price of the Notes.

         (n) FILING OF EXCHANGE ACT DOCUMENTS. The Company will file promptly
all reports and any definitive proxy or information statements required to be
filed by the Company with the Commission pursuant to Section 13(a), 13(c), 14 or
15(d) of the Exchange Act.

         (o) REGISTRATION RIGHTS. The Company will use its reasonable best
efforts to cause the exchange offer to be made in the appropriate form to permit
the Notes to be offered in exchange for Exchange Notes in accordance with the
Registration Rights Agreement and to comply with all applicable federal and
state securities laws in connection with the exchange offer.

         5. CONDITIONS OF INITIAL PURCHASERS' OBLIGATIONS. The obligation of
each Initial Purchaser to purchase Notes on the Closing Date as provided herein
is subject to the performance by the Company of its respective covenants and
other obligations hereunder and to the following additional conditions:

         (a) REPRESENTATIONS AND WARRANTIES. The representations and warranties
of the Company contained herein shall be true and correct on the date hereof and
on and as of the Closing Date; and the statements of the Company and its
officers made in any certificates delivered pursuant to this Agreement shall be
true and correct on and as of the Closing Date.

         (b) NO DOWNGRADE. Subsequent to the execution and delivery of this
Agreement, (i) no downgrading shall have occurred in the rating accorded the
Notes or any other debt securities or preferred stock issued by the Company by
any "nationally recognized statistical rating organization", as such term is
defined by the Commission for purposes of Rule 436(g)(2) under the Securities
Act; and (ii) no such organization shall have publicly announced that it has
under surveillance or review, or has changed its outlook with respect to, its
rating of the Notes or of any other debt securities or preferred stock issued by
the Company (other than an announcement with positive implications of a possible
upgrading).

         (c) NO MATERIAL ADVERSE CHANGE. Subsequent to the execution and
delivery of this Agreement, no event or condition of a type described in Section
3(d) hereof shall have occurred or shall exist, which event or condition is not
described in the Offering Memorandum (excluding any amendment or supplement
thereto or any document filed with the Commission after the date hereof and
incorporated by reference therein) and the effect of which in the judgment of
the Representatives makes it impracticable or inadvisable to proceed with the
offering, sale or delivery of the Notes on the terms and in the manner
contemplated by this Agreement and the Offering Memorandum.

         (d) OFFICER'S CERTIFICATE. The Representatives shall have received on
and as of the Closing Date a certificate of an executive officer of the Company
who has specific knowledge of the Company's financial matters and is
satisfactory to the Representatives (i) confirming that such officer has
carefully reviewed the Offering Memorandum and, to the best knowledge of

                                       11
<Page>

such officer, the representation set forth in Section 3(a) hereof is true and
correct, (ii) confirming that the other representations and warranties of the
Company in this Agreement are true and correct and that the Company has complied
with all agreements and satisfied all conditions on its part to be performed or
satisfied hereunder at or prior to the Closing Date and (iii) to the effect set
forth in paragraphs (a) through (c) above.

         (e) COMFORT LETTERS. On the date of this Agreement and on the Closing
Date, Ernst & Young LLP shall have furnished to the Representatives, at the
request of the Company, letters, dated the respective dates of delivery thereof
and addressed to the Initial Purchasers, in form and substance reasonably
satisfactory to the Representatives, containing statements and information of
the type customarily included in accountants' "comfort letters" to Initial
Purchasers with respect to the financial statements and certain financial
information contained or incorporated by reference in the Offering Memorandum;
provided that the letter delivered on the Closing Date shall use a "cut-off"
date no more than three business days prior to the Closing Date.

         (f) OPINION OF COUNSEL FOR THE COMPANY. Reed Smith LLP, counsel for the
Company, shall have furnished to the Representatives, at the request of the
Company, their written opinion, dated the Closing Date and addressed to the
Initial Purchasers, in form and substance reasonably satisfactory to the
Representatives.

         (g) OPINION OF COUNSEL FOR THE INITIAL PURCHASERS. The Representatives
shall have received on and as of the Closing Date an opinion of Simpson Thacher
& Bartlett, counsel for the Initial Purchasers, with respect to such matters as
the Representatives may reasonably request, and such counsel shall have received
such documents and information as they may reasonably request to enable them to
pass upon such matters.

         (h) NO LEGAL IMPEDIMENT TO ISSUANCE. No action shall have been taken
and no statute, rule, regulation or order shall have been enacted, adopted or
issued by any federal, state or foreign governmental or regulatory authority
that would, as of the Closing Date, prevent the issuance or sale of the Notes
and no injunction or order of any federal, state or foreign court shall have
been issued that would, as of the Closing Date, prevent the issuance or sale of
the Notes.

         (i) GOOD STANDING. The Representatives shall have received on and as of
the Closing Date satisfactory evidence of the good standing of the Company and
its significant subsidiaries in their respective jurisdictions of organization
and their good standing in such other jurisdictions as the Representatives may
reasonably request, in each case in writing or any standard form of
telecommunication, from the appropriate governmental authorities of such
jurisdictions.

         (j) REGISTRATION RIGHTS AGREEMENT. The Initial Purchasers shall have
received a counterpart of the Registration Rights Agreement that shall have been
executed and delivered by a duly authorized officer of the Company.

         (k) DTC. The Notes shall be eligible for clearance and settlement
through DTC, Clearstream Banking and the Euroclear System.

         (l) ADDITIONAL DOCUMENTS. On or prior to the Closing Date, the Company
shall have furnished to the Representatives such further certificates and
documents as the Representatives may reasonably request.

                                       12
<Page>

         All opinions, letters, certificates and evidence mentioned above or
elsewhere in this Agreement shall be deemed to be in compliance with the
provisions hereof only if they are in form and substance reasonably satisfactory
to counsel for the Initial Purchasers.

         6. INDEMNIFICATION AND CONTRIBUTION.

         (a) INDEMNIFICATION OF THE INITIAL PURCHASERS. The Company agrees to
indemnify and hold harmless each Initial Purchaser, its affiliates, directors
and officers and each person, if any, who controls such Initial Purchaser within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act, from and against any and all losses, claims, damages and liabilities
(including, without limitation, legal fees and other expenses incurred in
connection with any suit, action or proceeding or any claim asserted, as such
fees and expenses are incurred), joint or several, that arise out of, or are
based upon, any untrue statement or alleged untrue statement of a material fact
contained in the Preliminary Offering Memorandum or the Offering Memorandum (or
any amendment or supplement thereto), or any omission or alleged omission to
state therein a material fact necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading,
except insofar as such losses, claims, damages or liabilities arise out of, or
are based upon, any untrue statement or omission or alleged untrue statement or
omission made in reliance upon and in conformity with any information relating
to any Initial Purchaser furnished to the Company in writing by such Initial
Purchaser through the Representatives expressly for use therein; PROVIDED, that
with respect to any such untrue statement in or omission from the Preliminary
Offering Memorandum, the indemnity agreement contained in this paragraph (a)
shall not inure to the benefit of any Initial Purchaser to the extent that the
sale to the person asserting any such loss, claim, damage or liability was an
initial resale by such Initial Purchaser and any such loss, claim, damage or
liability of or with respect to such Initial Purchaser results from the fact
that both (i) a copy of the Offering Memorandum (excluding any documents
incorporated by reference therein) was not sent or given to such person at or
prior to the written confirmation of the sale of such Notes to such person and
(ii) the untrue statement in or omission from such Preliminary Offering
Memorandum was corrected in the Offering Memorandum unless, in either case, such
failure to deliver the Offering Memorandum was a result of non-compliance by the
Company with the provisions of Section 4 hereof.

         (b) INDEMNIFICATION OF THE COMPANY. Each Initial Purchaser agrees,
severally and not jointly, to indemnify and hold harmless the Company and each
person, if any, who controls the Company within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act to the same extent as the
indemnity set forth in paragraph (a) above, but only with respect to any losses,
claims, damages or liabilities that arise out of, or are based upon, any untrue
statement or omission or alleged untrue statement or omission made in reliance
upon and in conformity with any information relating to such Initial Purchaser
furnished to the Company in writing by such Initial Purchaser through the
Representatives expressly for use in the Preliminary Offering Memorandum and the
Offering Memorandum (or any amendment or supplement thereto), it being
understood and agreed that the only such information consists of the following
information in the Preliminary Offering Memorandum and the Offering Memorandum:
(i) the first sentence of the third paragraph, (ii) the fourth sentence of the
tenth paragraph and (iii) the first sentence of the twelfth paragraph under the
heading "Plan of Distribution".

                                       13
<Page>

         (c) NOTICE AND PROCEDURES. If any suit, action, proceeding (including
any governmental or regulatory investigation), claim or demand shall be brought
or asserted against any person in respect of which indemnification may be sought
pursuant to either paragraph (a) or (b) above, such person (the "Indemnified
Person") shall promptly notify the person against whom such indemnification may
be sought (the "Indemnifying Person") in writing; PROVIDED that the failure to
notify the Indemnifying Person shall not relieve it from any liability that it
may have under this Section 6 except to the extent that it has been materially
prejudiced (through the forfeiture of substantive rights or defenses) by such
failure; and PROVIDED, FURTHER, that the failure to notify the Indemnifying
Person shall not relieve it from any liability that it may have to an
Indemnified Person otherwise than under this Section 6. If any such proceeding
shall be brought or asserted against an Indemnified Person and it shall have
notified the Indemnifying Person thereof, the Indemnifying Person shall retain
counsel reasonably satisfactory to the Indemnified Person to represent the
Indemnified Person and any others entitled to indemnification pursuant to this
Section 6 that the Indemnifying Person may designate in such proceeding and
shall pay the fees and expenses of such counsel related to such proceeding, as
incurred. In any such proceeding, any Indemnified Person shall have the right to
retain its own counsel, but the fees and expenses of such counsel shall be at
the expense of such Indemnified Person unless (i) the Indemnifying Person and
the Indemnified Person shall have mutually agreed to the contrary; (ii) the
Indemnifying Person has failed within a reasonable time to retain counsel
reasonably satisfactory to the Indemnified Person; (iii) the Indemnified Person
shall have reasonably concluded that there may be legal defenses available to it
that are different from or in addition to those available to the Indemnifying
Person; or (iv) the named parties in any such proceeding (including any
impleaded parties) include both the Indemnifying Person and the Indemnified
Person and representation of both parties by the same counsel would be
inappropriate due to actual or potential differing interests between them. It is
understood and agreed that the Indemnifying Person shall not, in connection with
any proceeding or related proceeding in the same jurisdiction, be liable for the
fees and expenses of more than one separate firm (in addition to any local
counsel) for all Indemnified Persons, and that all such fees and expenses shall
be reimbursed as they are incurred. Any such separate firm for any Initial
Purchaser, its affiliates, directors and officers and any control persons of
such Initial Purchaser shall be designated in writing by the Representatives and
any such separate firm for the Company and any control persons of the Company
shall be designated in writing by the Company. The Indemnifying Person shall not
be liable for any settlement of any proceeding effected without its written
consent, but if settled with such consent or if there be a final judgment for
the plaintiff, the Indemnifying Person agrees to indemnify each Indemnified
Person from and against any loss or liability by reason of such settlement or
judgment. Notwithstanding the foregoing sentence, if at any time an Indemnified
Person shall have requested that an Indemnifying Person reimburse the
Indemnified Person for fees and expenses of counsel as contemplated by this
paragraph, the Indemnifying Person shall be liable for any settlement of any
proceeding effected without its written consent if (i) such settlement is
entered into more than 30 days after receipt by the Indemnifying Person of such
request and (ii) the Indemnifying Person shall not have reimbursed the
Indemnified Person in accordance with such request prior to the date of such
settlement. No Indemnifying Person shall, without the written consent of the
Indemnified Person, effect any settlement of any pending or threatened
proceeding in respect of which any Indemnified Person is or could have been a
party and indemnification could have been sought hereunder by such Indemnified
Person, unless such settlement (x) includes an unconditional release of such
Indemnified Person, in form and

                                       14
<Page>

substance reasonably satisfactory to such Indemnified Person, from all liability
on claims that are the subject matter of such proceeding and (y) does not
include any statement as to or any admission of fault, culpability or a failure
to act by or on behalf of any Indemnified Person.

         (d) CONTRIBUTION. If the indemnification provided for in paragraphs (a)
and (b) above is unavailable to an Indemnified Person or insufficient in respect
of any losses, claims, damages or liabilities referred to therein, then each
Indemnifying Person under such paragraph, in lieu of indemnifying such
Indemnified Person thereunder, shall contribute to the amount paid or payable by
such Indemnified Person as a result of such losses, claims, damages or
liabilities (i) in such proportion as is appropriate to reflect the relative
benefits received by the Company on the one hand and the Initial Purchasers on
the other from the offering of the Notes or (ii) if the allocation provided by
clause (i) is not permitted by applicable law, in such proportion as is
appropriate to reflect not only the relative benefits referred to in clause (i)
but also the relative fault of the Company on the one hand and the Initial
Purchasers on the other in connection with the statements or omissions that
resulted in such losses, claims, damages or liabilities, as well as any other
relevant equitable considerations. The relative benefits received by the Company
on the one hand and the Initial Purchasers on the other shall be deemed to be in
the same respective proportions as the net proceeds (before deducting expenses)
received by the Company from the sale of the Notes and the total discounts and
commissions received by the Initial Purchasers in connection therewith, as
provided in this Agreement, bear to the aggregate offering price of the Notes.
The relative fault of the Company on the one hand and the Initial Purchasers on
the other shall be determined by reference to, among other things, whether the
untrue or alleged untrue statement of a material fact or the omission or alleged
omission to state a material fact relates to information supplied by the Company
or by the Initial Purchasers and the parties' relative intent, knowledge, access
to information and opportunity to correct or prevent such statement or omission.

         (e) LIMITATION ON LIABILITY. The Company and the Initial Purchasers
agree that it would not be just and equitable if contribution pursuant to this
Section 6 were determined by PRO RATA allocation (even if the Initial Purchasers
were treated as one entity for such purpose) or by any other method of
allocation that does not take account of the equitable considerations referred
to in paragraph (d) above. The amount paid or payable by an Indemnified Person
as a result of the losses, claims, damages and liabilities referred to in
paragraph (d) above shall be deemed to include, subject to the limitations set
forth above, any legal or other expenses incurred by such Indemnified Person in
connection with any such action or claim. Notwithstanding the provisions of this
Section 6, in no event shall an Initial Purchaser be required to contribute any
amount in excess of the amount by which the total discounts and commissions
received by such Initial Purchaser with respect to the offering of the Notes
exceeds the amount of any damages that such Initial Purchaser has otherwise been
required to pay by reason of such untrue or alleged untrue statement or omission
or alleged omission. No person guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent
misrepresentation. The Initial Purchasers' obligations to contribute pursuant to
this Section 6 are several in proportion to their respective purchase
obligations hereunder and not joint.

                                       15
<Page>

         (f) NON-EXCLUSIVE REMEDIES. The remedies provided for in this Section 6
are not exclusive and shall not limit any rights or remedies that may otherwise
be available to any Indemnified Person at law or in equity.

         7. TERMINATION. This Agreement may be terminated in the absolute
discretion of the Representatives, by notice to the Company, if after the
execution and delivery of this Agreement and prior to the Closing Date (i)
trading generally shall have been suspended or materially limited on the New
York Stock Exchange or the over-the-counter market; (ii) trading of any
securities issued or guaranteed by the Company shall have been suspended on any
exchange or in any over-the-counter market; (iii) there shall have occurred a
material disruption of securities settlement or clearance services; (iv) a
general moratorium on commercial banking activities shall have been declared by
federal or New York State authorities; or (v) there shall have occurred any
outbreak or escalation of hostilities or any change in financial markets or any
calamity or crisis, either within or outside the United States, that, in the
judgment of the Representatives, is material and adverse and makes it
impracticable or inadvisable to proceed with the offering, sale or delivery of
the Notes on the terms and in the manner contemplated by this Agreement and the
Offering Memorandum.

         8. DEFAULTING INITIAL PURCHASER. (a) If, on the Closing Date, any
Initial Purchaser defaults on its obligation to purchase the Notes that it has
agreed to purchase hereunder, the non-defaulting Initial Purchasers may in their
discretion arrange for the purchase of such Notes by other persons satisfactory
to the Company on the terms contained in this Agreement. If, within 36 hours
after any such default by any Initial Purchaser, the non-defaulting Initial
Purchasers do not arrange for the purchase of such Notes, then the Company shall
be entitled to a further period of 36 hours within which to procure other
persons satisfactory to the non-defaulting Initial Purchasers to purchase such
Notes on such terms. If other persons become obligated or agree to purchase the
Notes of a defaulting Initial Purchaser, either the non-defaulting Initial
Purchasers or the Company may postpone the Closing Date for up to five full
business days in order to effect any changes that in the opinion of counsel for
the Company or counsel for the Initial Purchasers may be necessary in the
Offering Memorandum or in any other document or arrangement, and the Company
agrees to promptly prepare any amendment or supplement to the Offering
Memorandum that effects any such changes. As used in this Agreement, the term
"Initial Purchaser" includes, for all purposes of this Agreement unless the
context otherwise requires, any person not listed in Schedule 1 hereto that,
pursuant to this Section 8, purchases Notes that a defaulting Initial Purchaser
agreed but failed to purchase.

         (b) If, after giving effect to any arrangements for the purchase of the
Notes of a defaulting Initial Purchaser or Initial Purchasers by the
non-defaulting Initial Purchasers and the Company as provided in paragraph (a)
above, the aggregate principal amount of such Notes that remains unpurchased
does not exceed one-eleventh of the aggregate principal amount of all the Notes,
then the Company shall have the right to require each non-defaulting Initial
Purchaser to purchase the principal amount of Notes that such Initial Purchaser
agreed to purchase hereunder plus such Initial Purchaser's PRO RATA share (based
on the principal amount of Notes that such Initial Purchaser agreed to purchase
hereunder) of the Notes of such defaulting Initial Purchaser or Initial
Purchasers for which such arrangements have not been made.

                                       16
<Page>

         (c) If, after giving effect to any arrangements for the purchase of the
Notes of a defaulting Initial Purchaser or Initial Purchasers by the
non-defaulting Initial Purchasers and the Company as provided in paragraph (a)
above, the aggregate principal amount of such Notes that remains unpurchased
exceeds one-eleventh of the aggregate principal amount of all the Notes, or if
the Company shall not exercise the right described in paragraph (b) above, then
this Agreement shall terminate without liability on the part of the
non-defaulting Initial Purchasers. Any termination of this Agreement pursuant to
this Section 8 shall be without liability on the part of the Company, except
that the Company will continue to be liable for the payment of expenses as set
forth in Section 9 hereof and except that the provisions of Section 6 hereof
shall not terminate and shall remain in effect.

         (d) Nothing contained herein shall relieve a defaulting Initial
Purchaser of any liability it may have to the Company or any non-defaulting
Initial Purchaser for damages caused by its default.

         9. PAYMENT OF EXPENSES. (a) Whether or not the transactions
contemplated by this Agreement are consummated or this Agreement is terminated,
the Company agrees to pay or cause to be paid all costs and expenses incident to
the performance of their respective obligations hereunder, including without
limitation, (i) the costs incident to the authorization, issuance, sale,
preparation and delivery of the Notes and any taxes payable in that connection;
(ii) the costs incident to the preparation and printing of the Preliminary
Offering Memorandum and the Offering Memorandum (including any amendment or
supplement thereto) and the distribution thereof; (iii) the costs of reproducing
and distributing each of the documents relating to this offering; (iv) the fees
and expenses of the Company's counsel and independent accountants; (v) the fees
and expenses incurred in connection with the registration or qualification and
determination of eligibility for investment of the Notes under the laws of such
jurisdictions as the Representatives may designate and the preparation, printing
and distribution of a Blue Sky Memorandum (including the related fees and
expenses of counsel for the Initial Purchasers); (vi) any fees charged by rating
agencies for rating the Notes; (vii) the fees and expenses of the Trustee and
any paying agent (including related fees and expenses of any counsel to such
parties); (viii) all expenses and application fees incurred in connection with
the approval of the Notes for book-entry transfer by DTC; and (ix) all expenses
incurred by the Company in connection with any "road show" presentation to
potential investors.

         (b) If (i) this Agreement is terminated pursuant to Section 7, (ii) the
Company for any reason fails to tender the Notes for delivery to the Initial
Purchasers or (iii) the Initial Purchasers decline to purchase the Notes for any
reason permitted under this Agreement, the Company agrees to reimburse the
Initial Purchasers for all out-of-pocket costs and expenses (including the fees
and expenses of their counsel) reasonably incurred by the Initial Purchasers in
connection with this Agreement and the offering contemplated hereby. Otherwise,
the Initial Purchasers shall pay their own expenses, including the fees and
expenses of their counsel.

         10. PERSONS ENTITLED TO BENEFIT OF AGREEMENT. This Agreement shall
inure to the benefit of and be binding upon the parties hereto and their
respective successors and any controlling persons referred to herein, and the
affiliates, officers and directors of each Initial Purchaser referred to in
Section 6 hereof. Nothing in this Agreement is intended or shall be construed to
give any other person any legal or equitable right, remedy or claim under or in
respect of this

                                       17
<Page>

Agreement or any provision contained herein. No purchaser of Notes from any
Initial Purchaser shall be deemed to be a successor merely by reason of such
purchase.

         11. SURVIVAL. The respective indemnities, rights of contribution,
representations, warranties and agreements of the Company and the Initial
Purchasers contained in this Agreement or made by or on behalf of the Company or
the Initial Purchasers pursuant to this Agreement or any certificate delivered
pursuant hereto shall survive the delivery of and payment for the Notes and
shall remain in full force and effect, regardless of any termination of this
Agreement or any investigation made by or on behalf of the Company or the
Initial Purchasers.

         12. CERTAIN DEFINED TERMS. For purposes of this Agreement, (a) except
where otherwise expressly provided, the term "affiliate" has the meaning set
forth in Rule 405 under the Securities Act; (b) the term "business day" means
any day other than a day on which banks are permitted or required to be closed
in New York City; and (c) the term "subsidiary" has the meaning set forth in
Rule 405 under the Securities Act.

         13. MISCELLANEOUS. (a) AUTHORITY OF THE REPRESENTATIVES. Any action by
the Initial Purchasers hereunder may be taken by the Representatives on behalf
of the Initial Purchasers, and any such action taken by the Representatives
shall be binding upon the Initial Purchasers.

         (b) NOTICES. All notices and other communications hereunder shall be in
writing and shall be deemed to have been duly given if mailed or transmitted and
confirmed by any standard form of telecommunication. Notices to the Initial
Purchasers shall be given to the Representatives c/o Lehman Brothers Inc.,
Syndicate Registration, 745 7th Avenue, New York, New York 10019; Attention:
Debt Capital Markets, Power Group (fax 212-526-0943). Notices to the Company
shall be given to them at Equitable Resources, Inc., One Oxford Centre, Suite
3300, Pittsburgh, Pennsylvania 15219 (fax: 412-553-7890); Attention:
Johanna G. O'Loughlin, Senior Vice President, General Counsel and Corporate
Secretary.

         (c) GOVERNING LAW. This Agreement shall be governed by and construed in
accordance with the laws of the State of New York.

         (d) ENTIRE AGREEMENT AND COUNTERPARTS. This Agreement constitutes the
entire agreement of the parties to this Agreement and supersedes all prior
written or oral and all contemporaneous oral agreements, understandings and
negotiations with respect to the subject matter hereof. This Agreement may be
signed in counterparts (which may include counterparts delivered by any standard
form of telecommunication), each of which shall be an original and all of which
together shall constitute one and the same instrument.

         (e) AMENDMENTS OR WAIVERS. No amendment or waiver of any provision of
this Agreement, nor any consent or approval to any departure therefrom, shall in
any event be effective unless the same shall be in writing and signed by the
parties hereto.

         (f) HEADINGS. The headings herein are included for convenience of
reference only and are not intended to be part of, or to affect the meaning or
interpretation of, this Agreement.

         (g) PARTIAL UNENFORCEABILITY. The invalidity or unenforceability of any
Section, paragraph or provision of this Agreement shall not affect the validity
or enforceability of any

                                       18
<Page>

other Section, paragraph or provision hereof. If any Section, paragraph or
provision of this Agreement is for any reason determined to be invalid or
unenforceable, there shall be deemed to be made such minor changes (and only
such minor changes) as are necessary to make it valid and enforceable.

                                       19
<Page>

         If the foregoing is in accordance with your understanding, please
indicate your acceptance of this Agreement by signing in the space provided
below.

                                                Very truly yours,

                                                EQUITABLE RESOURCES, INC.

                                                By
                                                  -----------------------------
                                                  Name:
                                                  Title:

Confirmed and accepted as of the date first above written:

GOLDMAN, SACHS & CO.
LEHMAN BROTHERS INC.
SALOMON SMITH BARNEY INC.

For themselves and on behalf of the several Initial Purchasers listed in
Schedule 1 hereto.

By: Lehman Brothers Inc.

By:
   -----------------------
   Name:
   Title:

                      Signature Page to Purchase Agreement

<Page>

                                                                      SCHEDULE 1

<Table>
<Caption>
         Initial Purchaser                                  Principal Amount
         -----------------                                  ----------------
<S>                                                         <C>
Goldman, Sachs & Co.                                        $ 53,333,333,00
Lehman Brothers Inc.                                        $ 53,333,333,00
Salomon Smith Barney Inc.                                   $ 53,333,334,00
Banc One Capital Markets, Inc.                              $ 10,000,000.00
Barclays Capital Inc.                                       $ 10,000,000.00
SunTrust Capital Markets, Inc.                              $ 10,000,000.00
BNY Capital Markets, Inc.                                   $  5,000,000.00
Fifth Third Securities, Inc.                                $  5,000,000.00
                                                            ---------------
                                             Total          $   200,000,000
</Table>

<Page>

                                                                         ANNEX A

           RESTRICTIONS ON OFFERS AND SALES OUTSIDE THE UNITED STATES

         In connection with offers and sales of Notes outside the United States:

         (a) Each Initial Purchaser acknowledges that the Notes have not been
registered under the Securities Act and may not be offered or sold within the
United States or to, or for the account or benefit of, U.S. persons except
pursuant to an exemption from, or in transactions not subject to, the
registration requirements of the Securities Act.

         (b) Each Initial Purchaser, severally and not jointly, represents,
warrants and agrees that:

               (i)    Such Initial Purchaser has offered and sold the Notes, and
         will offer and sell the Notes, (A) as part of their distribution at any
         time and (B) otherwise until 40 days after the later of the
         commencement of the offering of the Notes and the Closing Date, only in
         accordance with Regulation S under the Securities Act ("Regulation S")
         or Rule 144A or any other available exemption from registration under
         the Securities Act.

               (ii)   None of such Initial Purchaser or any of its affiliates or
         any other person acting on its or their behalf has engaged or will
         engage in any directed selling efforts with respect to the Notes, and
         all such persons have complied and will comply with the offering
         restrictions requirement of Regulation S.

               (iii)  At or prior to the confirmation of sale of any Notes sold
         in reliance on Regulation S, such Initial Purchaser will have sent to
         each distributor, dealer or other person receiving a selling
         concession, fee or other remuneration that purchase Notes from it
         during the distribution compliance period a confirmation or notice to
         substantially the following effect:

               "The Notes covered hereby have not been registered
               under the U.S. Securities Act of 1933, as amended (the
               "Securities Act"), and may not be offered or sold
               within the United States or to, or for the account or
               benefit of, U.S. persons (i) as part of their
               distribution at any time or (ii) otherwise until 40
               days after the later of the commencement of the
               offering of the Notes and the date of original issuance
               of the Notes, except in accordance with Regulation S or
               Rule 144A or any other available exemption from
               registration under the Securities Act. Terms used above
               have the meanings given to them by Regulation S."

               (iv)   Such Initial Purchaser has not and will not enter into any
         contractual arrangement with any distributor with respect to the
         distribution of the Notes, except with its affiliates or with the prior
         written consent of the Company.

                                       A-1
<Page>

Terms used in paragraph (a) and this paragraph (b) and not otherwise defined in
this Agreement have the meanings given to them by Regulation S.

         (c) Each Initial Purchaser, severally and not jointly, represents,
warrants and agrees that:

               (i)    it has not offered or sold and prior to the date six
         months after the Closing Date will not offer or sell any Notes to
         persons in the United Kingdom except to persons whose ordinary
         activities involve them in acquiring, holding, managing or disposing of
         investments (as principal or agent) for the purposes of their
         businesses or otherwise in circumstances which have not resulted and
         will not result in an offer to the public in the United Kingdom within
         the meaning of the United Kingdom Public Offers of Securities
         Regulations 1995 (as amended);

               (ii)   it has only communicated or caused to be communicated and
         will only communicate or cause to be communicated any invitation or
         inducement to engage in investment activity (within the meaning of
         Section 21 of the United Kingdom Financial Services and Markets Act
         2000 (the "FSMA")) received by it in connection with the issue or sale
         of any Notes in circumstances in which Section 21(1) of the FSMA does
         not apply to the Company; and

               (iii)  it has complied and will comply with all applicable
         provisions of the FSMA with respect to anything done by it in relation
         to the Notes in, from or otherwise involving the United Kingdom.

         (d) Each Initial Purchaser acknowledges that no action has been or will
be taken by the Company that would permit a public offering of the Notes, or
possession or distribution of the Preliminary Offering Memorandum, the Offering
Memorandum or any other offering or publicity material relating to the Notes, in
any country or jurisdiction where action for that purpose is required.

                                       A-2
<Page>

                                                                       EXHIBIT A

                      Form of Registration Rights Agreement

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