Document:

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                                                                    EXHIBIT 4.10

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                                     FORM OF

                    AMENDED AND RESTATED DECLARATION OF TRUST

                                       OF

                          MARATHON FINANCING TRUST ___

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

                       DATED AS OF ________________, 200__

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

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                                TABLE OF CONTENTS

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ARTICLE 1    Definitions....................................................................................2

     SECTION 1.01    Definitions............................................................................2

ARTICLE 2    Trust Indenture Act............................................................................8

     SECTION 2.01    Trust Indenture Act; Application.......................................................8
     SECTION 2.02    Lists of Holders of Preferred Securities...............................................9
     SECTION 2.03    Reports by the Property Trustee........................................................9
     SECTION 2.04    Periodic Reports to the Property Trustee...............................................9
     SECTION 2.05    Evidence of Compliance with Conditions Precedent......................................10
     SECTION 2.06    Events of Default; Waiver.............................................................10
     SECTION 2.07    Disclosure of Information.............................................................12

ARTICLE 3    Organization..................................................................................12

     SECTION 3.01    Name..................................................................................12
     SECTION 3.02    Office................................................................................12
     SECTION 3.03    Issuance of the Securities............................................................12
     SECTION 3.04    Purchase of Debentures................................................................13
     SECTION 3.05    Purpose...............................................................................13
     SECTION 3.06    Authority.............................................................................14
     SECTION 3.07    Title to Property of the Trust........................................................14
     SECTION 3.08    Powers and Duties of the Regular Trustees.............................................14
     SECTION 3.09    Prohibition of Actions by the Trust and the Trustees..................................16
     SECTION 3.10    Powers and Duties of the Property Trustee.............................................18
     SECTION 3.11    Delaware Trustee......................................................................21
     SECTION 3.12    Certain Rights and Duties of the Property Trustee.....................................21
     SECTION 3.13    Registration Statement and Related Matters............................................24
     SECTION 3.14    Filing of Amendments to Certificate of Trust..........................................25
     SECTION 3.15    Execution of Documents by the Regular Trustees........................................25
     SECTION 3.16    Trustees Not Responsible for Recitals or Issuance of Securities.......................26
     SECTION 3.17    Duration of the Trust.................................................................26
     SECTION 3.18    Mergers...............................................................................26
     SECTION 3.19    Property Trustee May File Proofs of Claim.............................................28

ARTICLE 4    Sponsor.......................................................................................29

     SECTION 4.01    Purchase of Common Securities by the Sponsor..........................................29
     SECTION 4.02    Expenses..............................................................................29
     SECTION 4.03    Holder of the Common Securities.......................................................30

ARTICLE 5    Trustees......................................................................................30

     SECTION 5.01    Number of Trustees; Qualifications....................................................30
     SECTION 5.02    Appointment, Removal and Resignation of the Trustees..................................32
     SECTION 5.03    Vacancies among the Trustees..........................................................33
</Table>

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     SECTION 5.04    Effect of Vacancies...................................................................33
     SECTION 5.05    Meetings..............................................................................33
     SECTION 5.06    Delegation of Power...................................................................34
     SECTION 5.07    Merger, Conversion, Consolidation or Succession to Business...........................34

ARTICLE 6    Distributions.................................................................................35

     SECTION 6.01    Distributions.........................................................................35

ARTICLE 7    Issuance of the Securities....................................................................35

     SECTION 7.01    General Provisions Regarding the Securities...........................................35

ARTICLE 8    Dissolution of the Trust......................................................................36

     SECTION 8.01    Dissolution of the Trust..............................................................36

ARTICLE 9    Transfer of Interests.........................................................................37

     SECTION 9.01    Transfer of Securities................................................................37
     SECTION 9.02    Transfer of Certificates..............................................................37
     SECTION 9.03    Deemed Security Holders...............................................................38
     SECTION 9.04    Book-Entry Interests..................................................................38
     SECTION 9.05    Notices to Holders of Certificates....................................................39
     SECTION 9.06    Appointment of Successor Clearing Agency..............................................39
     SECTION 9.07    Definitive Preferred Security Certificates............................................39
     SECTION 9.08    Mutilated, Destroyed, Lost or Stolen Certificates.....................................40

ARTICLE 10   Limitation of Liability; Indemnification......................................................40

     SECTION 10.01   Exculpation...........................................................................40
     SECTION 10.02   Indemnification.......................................................................41
     SECTION 10.03   Outside Business......................................................................41

ARTICLE 11   Accounting....................................................................................41

     SECTION 11.01   Fiscal Year...........................................................................41
     SECTION 11.02   Certain Accounting Matters............................................................41
     SECTION 11.03   Banking...............................................................................42
     SECTION 11.04   Withholding...........................................................................42

ARTICLE 12   Amendments and Meetings.......................................................................43

     SECTION 12.01   Amendments............................................................................43
     SECTION 12.02   Meetings of the Holders of Securities; Action by Written Consent......................44

ARTICLE 13   Representations of the Property Trustee and the Delaware Trustee..............................45

     SECTION 13.01   Representations and Warranties of the Property Trustee................................45
     SECTION 13.02   Representations and Warranties of the Delaware Trustee................................46

ARTICLE 14   Miscellaneous.................................................................................47

     SECTION 14.01   Notices...............................................................................47
     SECTION 14.02   Undertaking for Costs.................................................................48
     SECTION 14.03   Governing Law.........................................................................48
</Table>

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     SECTION 14.04   Headings..............................................................................48
     SECTION 14.05   Partial Enforceability................................................................49
     SECTION 14.06   Counterparts..........................................................................49
     SECTION 14.07   Intention of the Parties..............................................................49
     SECTION 14.08   Successors and Assigns................................................................49
     SECTION 14.09   No Recourse...........................................................................49
</Table>

EXHIBIT A:           CERTIFICATE OF TRUST
EXHIBIT B:           TERMS OF THE PREFERRED SECURITIES
EXHIBIT C:           TERMS OF THE COMMON SECURITIES

                                       iv
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                    AMENDED AND RESTATED DECLARATION OF TRUST
                                       OF
                          MARATHON FINANCING TRUST ___

     AMENDED AND RESTATED DECLARATION OF TRUST (this "Declaration") dated and
effective as of ________________, 200__ by John T. Mills, an individual, Paul C.
Reinbolt, an individual, and Rick J. Tobias, an individual, as Regular Trustees,
The Bank of New York, a New York banking corporation, as Property Trustee, The
Bank of New York (Delaware), a Delaware banking corporation, as Delaware
Trustee, Marathon Oil Corporation, a Delaware corporation, as trust sponsor, and
by the holders, from time to time, of undivided beneficial interests in the
assets of the Trust (as hereinafter defined) to be issued pursuant to this
Declaration.

     WHEREAS, the Sponsor and certain of the Trustees entered into a Declaration
of Trust dated as of _____________, 200___ (the "Original Declaration") in order
to establish Marathon Financing Trust ___, a statutory trust (the "Trust"),
under the Statutory Trust Act (as hereinafter defined);

     WHEREAS, the Certificate of Trust of the Trust (the "Certificate of Trust")
was filed with the office of the Secretary of State of the State of Delaware on
_____________, 200___;

     WHEREAS, the Trustees and the Sponsor desire to continue the Trust pursuant
to the Statutory Trust Act for the purpose of, as described more fully in
Sections 3.03, 3.04 and 3.05 hereof, (i) issuing and selling Preferred
Securities (as hereinafter defined) representing preferred undivided beneficial
interests in the assets of the Trust for cash and investing the proceeds thereof
in Debentures (as hereinafter defined) of Marathon issued under the Indenture
(as hereinafter defined) to be held as assets of the Trust and (ii) issuing and
selling Common Securities (as hereinafter defined) representing common undivided
beneficial interests in the assets of the Trust to Marathon in exchange for cash
and investing the proceeds thereof in additional Debentures issued under the
Indenture to be held as assets of the Trust:

     NOW, THEREFORE, it being the intention of the parties hereto that the Trust
constitute a statutory trust under the Statutory Trust Act, that the Original
Declaration be amended and restated in its entirety as provided herein and that
this Declaration constitute the governing instrument of such statutory trust,
the Trustees declare that all Debentures referred to in clauses (i) and (ii) of
the previous paragraph purchased by the Trust will be held for the benefit of
the Holders (as hereinafter defined) from time to time, of undivided beneficial
interests in the assets of the Trust issued hereunder, subject to the provisions
of this Declaration.

                                        1
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                                    ARTICLE 1
                                   DEFINITIONS

     SECTION 1.01   DEFINITIONS.

     (a) Capitalized terms used in this Declaration but not defined in the
preamble above have the respective meanings assigned to them in this Section
1.01.

     (b) A term defined anywhere in this Declaration has the same meaning
throughout.

     (c) All references to "the Declaration" or "this Declaration" are to this
Amended and Restated Declaration of Trust (including Exhibits A, B and C hereto
(the "Exhibits")) as modified, supplemented or amended from time to time.

     (d) All references in this Declaration to Articles, Sections and Exhibits
are to Articles and Sections of and Exhibits to this Declaration unless
otherwise specified.

     (e) A term defined in the Trust Indenture Act has the same meaning when
used in this Declaration unless otherwise defined in this Declaration or unless
the context otherwise requires.

     (f) A reference to the singular includes the plural and vice versa.

     "AFFILIATE" of any specified Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common
control with such specified Person. For the purposes of this definition,
"control" when used with respect to any specified Person means the power to
direct the management and policies of such Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise;
and the terms "controlling" and "controlled" shall have meanings correlative to
the foregoing.

     "BOOK-ENTRY INTEREST" means a beneficial interest in a Global Certificate
registered in the name of a Clearing Agency or a nominee thereof, ownership and
transfers of which shall be maintained and made through book entries by such
Clearing Agency as described in Section 9.04.

     "BUSINESS DAY" means any day other than a Saturday or Sunday or a day on
which banking institutions in the Borough of Manhattan, The City and State of
New York or Houston, Texas are authorized or required by law or executive order
to close.

     "CERTIFICATE" means a Common Security Certificate or a Preferred Security
Certificate.

     "CERTIFICATE OF TRUST" has the meaning set forth in the recitals above.

     "CLEARING AGENCY" means an organization registered as a "Clearing Agency"
pursuant to Section 17A of the Exchange Act that is acting as depositary for the
Preferred Securities and in whose name or in the name of a nominee of that
organization shall be registered a Global Certificate and which shall undertake
to effect book-entry transfers and pledges of the Preferred Securities.

                                        2
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     "CLEARING AGENCY PARTICIPANT" means a broker, dealer, bank, other financial
institution or other Person for whom from time to time the Clearing Agency
effects book-entry transfers and pledges of securities deposited with the
Clearing Agency.

     "CLOSING DATE" means the Closing Date as specified in the Underwriting
Agreement, which date is also the date of execution and delivery of this
Declaration.

     "CODE" means the Internal Revenue Code of 1986, as amended from time to
time, or any successor legislation. A reference to a specific section (Sec.) of
the Code refers not only to such specific section but also to any corresponding
provision of any U.S. federal tax statute enacted after the date of this
Declaration, as such specific section or corresponding provision is in effect on
the date of application of the provisions of this Declaration containing such
reference.

     "COMMISSION" means the Securities and Exchange Commission.

     "COMMON SECURITIES" has the meaning specified in Section 7.01(b).

     "COMMON SECURITY CERTIFICATE" means a definitive certificate in fully
registered form representing a Common Security substantially in the form of
Annex I to Exhibit C.

     "COVERED PERSON" means (i) any officer, director, shareholder, partner,
member, representative, employee or agent of the Trust or of any of its
Affiliates, (ii) any officer, director, shareholder, employee, representative or
agent of Marathon or of any of its Affiliates and (iii) any Holder from time to
time of the Securities.

     "CREDITOR" has the meaning specified in Section 4.02(c).

     "DEBENTURE TRUSTEE" means ____________________________, a ________________,
as trustee under the Indenture until a successor is appointed thereunder and
thereafter means such successor trustee.

     "DEBENTURES" means the series of _____________ debentures issued by
Marathon under the Indenture to the Property Trustee and entitled the
"____________________________ Debentures due _____."

     "DEFINITIVE PREFERRED SECURITY CERTIFICATES" has the meaning set forth in
Section 9.04.

     "DELAWARE TRUSTEE" means the Trustee meeting the eligibility requirements
set forth in Section 5.01(a)(3).

     "DEPOSITARY AGREEMENT" means the agreement among the Trust, the Property
Trustee and DTC dated as of the Closing Date, as the same may be amended or
supplemented from time to time.

     "DISTRIBUTION" means a distribution payable to Holders of Securities in
accordance with Section 6.01.

                                        3
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     "DTC" means The Depository Trust Company, the initial Clearing Agency.

     "EVENT OF DEFAULT" in respect of the Securities means that an Indenture
Event of Default has occurred and is continuing with respect to the Debentures.

     "EXCHANGE" has the meaning specified in Section 3.13.

     "EXCHANGE ACT" means the Securities Exchange Act of 1934, as amended from
time to time, or any successor legislation.

     "FISCAL YEAR" has the meaning specified in Section 11.01.

     "FOREIGN PERSON" means any person that is not a United States Person.

     "GLOBAL CERTIFICATE" has the meaning set forth in Section 9.04.

     "HOLDER" means a Person in whose name a Certificate representing a Security
is registered, such Person being a beneficial owner within the meaning of the
Statutory Trust Act.

     "HOLDER DIRECT ACTION" has the meaning specified in Section 3.10(e).

     "INDEMNIFIED PERSON" means any Trustee, any Affiliate of any Trustee, any
Paying Agent, any officer, director, shareholder, member, partner, employee,
representative or agent of any Trustee or Paying Agent, or any employee or agent
of the Trust or of any of its Affiliates, including but not limited to any
officer or director of the Sponsor.

     "INDENTURE" means the Indenture dated as of _____________, 200__ between
Marathon and the Debenture Trustee as supplemented by Supplemental Indenture No.
1 thereto dated as of _____________, 200___, pursuant to which the Debentures
are to be issued to the Property Trustee.

     "INDENTURE EVENT OF DEFAULT" means that an event or condition defined as an
"Event of Default" with respect to the Debentures under Section 5.01 of the
Indenture has occurred and is continuing.

     "INVESTMENT COMPANY" means an "investment company" as defined in the
Investment Company Act.

     "INVESTMENT COMPANY ACT" means the Investment Company Act of 1940, as
amended from time to time, or any successor legislation.

     "LEGAL ACTION" has the meaning specified in Section 3.08(g).

     "LIQUIDATION DISTRIBUTION" has the meaning set forth in Exhibits B and C
hereto establishing the terms of the Securities.

     "LIST OF HOLDERS" has the meaning specified in Section 2.02(a).

                                        4
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     "MAJORITY IN LIQUIDATION AMOUNT OF THE SECURITIES" means, except as
otherwise required by the Trust Indenture Act and except as provided in the
penultimate paragraph of Section 5(b) of Exhibit B hereto, Holder(s) of
outstanding Securities voting together as a single class or, as the context may
require, Holder(s) of outstanding Preferred Securities or Common Securities
voting separately as a class, who are the record owners of a relevant class of
Securities whose liquidation amount (including the stated amount that would be
paid on redemption, liquidation or otherwise, plus accumulated and unpaid
Distributions to the date upon which the voting percentages are determined)
represents more than 50% of the liquidation amount of all outstanding Securities
of such class.

     "MARATHON" OR "SPONSOR" means Marathon Oil Corporation, a Delaware
corporation, or any successor entity resulting from any merger, consolidation,
amalgamation or other business combination, in its capacity as sponsor of the
Trust.

     "NASD" has the meaning specified in Section 3.13.

     "NASDAQ" has the meaning specified in Section 3.13.

     "NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATION" has the meaning
specified for purposes of Rule 436(g)(2) under the Securities Act.

     "1933 ACT REGISTRATION STATEMENT" has the meaning specified in Section
3.13.

     "1934 ACT REGISTRATION STATEMENT" has the meaning specified in Section
3.13.

     "OFFICERS' CERTIFICATE" means a certificate signed by the Chairman of the
Board, any Vice Chairman of the Board, the Chief Executive Officer, the
President, the Chief Operating Officer, the Chief Financial Officer or any Vice
President, and by the Treasurer, any Assistant Treasurer, the Secretary or an
Assistant Secretary of the Sponsor, and delivered to the appropriate Trustee.
One of the officers signing an Officers' Certificate given pursuant to Section
2.04 shall be the principal executive, financial or accounting officer of the
Sponsor. Any Officers' Certificate delivered with respect to compliance with a
condition or covenant provided for in this Declaration shall include:

     (a) a statement that each officer signing the such certificate has read the
covenant or condition;

     (b) a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such
certificate are based;

     (c) a statement that, in the opinion of each such officer, he has made such
examination or investigation as is necessary to enable such officer to express
an informed opinion as to whether or not such covenant or condition has been
complied with; and

     (d) a statement as to whether or not, in the opinion of such person, such
condition or covenant has been complied with.

                                        5
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     "OPINION OF COUNSEL" means a written opinion of counsel, who may be
counsel for the Trust or the Sponsor, which may be an employee of the Sponsor
but not an employee of the Trust or the Property Trustee, and who shall be
reasonably acceptable to the Property Trustee. Any Opinion of Counsel
pertaining to U.S. federal income tax matters may rely, inter alia, on
published rulings or other official pronouncements of the Internal Revenue
Service.

     "ORIGINAL DECLARATION" has the meaning set forth in the recitals clause
above.

     ["OVER-ALLOTMENT CLOSING DATE" means the date determined pursuant to the
Underwriting Agreement for the closing of the Over-allotment Option.]

     ["OVER-ALLOTMENT OPTION" means any over-allotment option contained in the
Underwriting Agreement.]

     "PAYING AGENT" has the meaning specified in Section 3.10(i).

     "PAYMENT AMOUNT" has the meaning specified in Section 6.01.

     "PERSON" means a legal person, including any individual, corporation,
estate, partnership, joint venture, association, joint stock company, limited
liability company, trust, unincorporated association, government or any agency
or political subdivision thereof, or any other entity of whatever nature.

     "PREFERRED SECURITIES" has the meaning specified in Section 7.01(b).

     "PREFERRED SECURITIES GUARANTEE" means the Guarantee Agreement, dated as of
___________, 200___ between Marathon and The Bank of New York, a New York
banking corporation, as initial guarantee trustee thereunder, in respect of the
Preferred Securities.

     "PREFERRED SECURITY BENEFICIAL OWNER" means, with respect to a Book-Entry
Interest, a Person who is the beneficial owner of such Book-Entry Interest, as
reflected on the books of the applicable Clearing Agency, or on the books of a
Person maintaining an account with such Clearing Agency (directly as a Clearing
Agency Participant or as an indirect participant, in each case in accordance
with the rules of such Clearing Agency).

     "PREFERRED SECURITY CERTIFICATE" means a definitive certificate in fully
registered form representing a Preferred Security substantially in the form of
Annex I to Exhibit B.

     "PROPERTY ACCOUNT" has the meaning specified in Section 3.10(c)(i).

     "PROPERTY TRUSTEE" means the Trustee meeting the eligibility requirements
set forth in Section 5.01(c) and having the duties set forth for the Property
Trustee herein.

     "QUORUM" means a majority of the Regular Trustees or, if there are only two
Regular Trustees, both such Regular Trustees.

                                        6
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     "REGULAR TRUSTEE" means any Trustee other than the Property Trustee and the
Delaware Trustee.

     "RESIGNATION REQUEST" has the meaning specified in Section 5.02(c).

     "RESPONSIBLE OFFICER" means, when used with respect to the Property
Trustee, any officer within the corporate trust department of the Property
Trustee, including any vice president, assistant vice president, assistant
secretary, assistant treasurer, trust officer or any other officer of the
Property Trustee who customarily performs functions similar to those performed
by the Persons who at the time shall be such officers, respectively, or to whom
any corporate trust matter is referred because of such Person's knowledge of and
familiarity with the particular subject and who, in either case, shall have
direct responsibility for the administration of this Declaration.

     "RULE 3a-7" means Rule 3a-7 under the Investment Company Act or any
successor rule thereunder.

     "SECURITIES" means the Common Securities and the Preferred Securities.

     "SECURITIES ACT" means the Securities Act of 1933, as amended from time to
time, or any successor legislation.

     "SPECIAL EVENT" has the meaning set forth in the terms of the Securities as
set forth in section 4 of Exhibits B and C hereto.

     "STATUTORY TRUST ACT" means Chapter 38 of Title 12 of the Delaware Code, 12
Del. Code Section 3801 et seq., as it may be amended from time to time, or any
successor legislation.

     "SUCCESSOR DELAWARE TRUSTEE" has the meaning specified in Section
5.02(a)(ii).

     "SUCCESSOR ENTITY" has the meaning specified in Section 3.18(b)(i).

     "SUCCESSOR PROPERTY TRUSTEE" has the meaning specified in Section
5.02(a)(i).

     "SUCCESSOR SECURITIES" has the meaning specified in Section 3.18(b)(i)(B).

     "SUPER MAJORITY" has the meaning specified in Section 2.06(a)(ii).

     "SUPPLEMENTAL INDENTURE" means Supplemental Indenture No. 1 dated as of
______________, 200___ between Marathon and the Debenture Trustee, pursuant to
which the Debentures are to be issued.

     "10% IN LIQUIDATION AMOUNT OF THE SECURITIES" means, except as otherwise
required by the Trust Indenture Act and except as provided in the penultimate
paragraph of section 5 of Exhibit B hereto, Holder(s) of outstanding Securities
voting together as a single class or, as the context may require, Holder(s) of
outstanding Preferred Securities or Common Securities, voting separately as a
class, who are the record owners of a relevant class of Securities whose

                                        7
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liquidation amount (including the stated amount that would be paid on
redemption, liquidation or otherwise, plus accumulated and unpaid Distributions
to the date upon which the voting percentages are determined) represents 10% or
more of the liquidation amount of all outstanding Securities of such class.

     "TREASURY REGULATIONS" means the income tax regulations, including
temporary and proposed regulations, promulgated under the Code by the United
States Treasury, as such regulations may be amended from time to time (including
corresponding provisions of succeeding regulations).

     "TRUST" has the meaning set forth in the recitals above.

     "TRUSTEE" or "TRUSTEES" means each Person who has signed this Declaration
as a trustee, so long as such Person shall continue in office in accordance with
the terms hereof, and all other Persons who may from time to time be duly
appointed, qualified and serving as Trustees in accordance with the provisions
hereof, and references herein to a Trustee or the Trustees shall refer to such
Person or Persons solely in their capacity as trustees hereunder.

     "TRUST INDENTURE ACT" means the Trust Indenture Act of 1939, as amended
from time to time, or any successor legislation.

     "UNDERWRITING AGREEMENT" means the Underwriting Agreement dated
_________________, 200___ among the Trust, the Sponsor and the underwriters
named in Schedule I thereto.

     "UNITED STATES PERSON" means a United States person for U.S. federal income
tax purposes.

                                    ARTICLE 2
                               TRUST INDENTURE ACT

     SECTION 2.01   TRUST INDENTURE ACT; APPLICATION.

     (a) This Declaration is subject to the provisions of the Trust Indenture
Act that are required to be part of this Declaration and shall, to the extent
applicable, be governed by such provisions.

     (b) If and to the extent that any provision of this Declaration limits,
qualifies or conflicts with the duties imposed by Sections 310 to 317,
inclusive, of the Trust Indenture Act, such imposed duties shall control.

     (c) The Property Trustee, to the extent permitted by applicable law and/or
the rules and regulations of the Commission, shall be the only Trustee which is
a trustee for the purposes of the Trust Indenture Act.

                                        8
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     (d) The application of the Trust Indenture Act to this Declaration shall
not affect the nature of the Securities as equity securities representing
undivided beneficial interests in the assets of the Trust.

     SECTION 2.02   LISTS OF HOLDERS OF PREFERRED SECURITIES.

     (a) Each of the Sponsor and the Regular Trustees on behalf of the Trust
shall provide the Property Trustee unless the Property Trustee is registrar for
the Securities, (i) on each regular record date for payment of Distributions, a
list, in such form as the Property Trustee may reasonably require, of the names
and addresses of the Holders ("List of Holders") as of such record date, and
(ii) at any other time, within 30 days of receipt by the Trust of a written
request for a List of Holders as of a date no more than 15 days before such List
of Holders is given to the Property Trustee; PROVIDED that in each case neither
the Sponsor nor the Regular Trustees on behalf of the Trust shall be obligated
to provide such List of Holders at any time that the List of Holders does not
differ from the most recent List of Holders given to the Property Trustee by the
Sponsor and the Regular Trustees on behalf of the Trust. The Property Trustee
shall preserve, in as current a form as is reasonably practicable, all
information contained in Lists of Holders given to it or which it receives in
the capacity as Paying Agent (if acting in such capacity) PROVIDED that the
Property Trustee may destroy any List of Holders previously given to it on
receipt of a new List of Holders.

     (b) The Property Trustee shall comply with its obligations under Sections
310(b), 311 and 312(b) of the Trust Indenture Act.

     SECTION 2.03   REPORTS BY THE PROPERTY TRUSTEE.

     Within 60 days after May 15 of each year, commencing May 15, 2003, the
Property Trustee shall deliver to the Holders of the Securities such reports
as are required by Section 313 of the Trust Indenture Act, if any, in the
form, in the manner and at the times provided by Section 313 of the Trust
Indenture Act. The Property Trustee shall also comply with the other
requirements of Section 313 of the Trust Indenture Act. A copy of each such
report shall, at the time of such transmission to Holders, be filed by the
Property Trustee with the Sponsor, with each stock exchange or quotation
system upon which any Preferred Securities are listed or traded (if so listed
or traded) and also with the Commission. The Sponsor agrees to notify the
Property Trustee when any Preferred Securities become listed on any stock
exchange or quotation system and of any delisting thereof.

     SECTION 2.04   PERIODIC REPORTS TO THE PROPERTY TRUSTEE.

     Each of the Sponsor and the Regular Trustees on behalf of the Trust shall
provide to the Property Trustee, the Commission and the Holders of the
Securities, as applicable, such documents, reports and information (if any) as
required by Section 314(a)(1)-(3) of the Trust Indenture Act and the compliance
certificates required by Section 314(a)(4) and (c) of the Trust Indenture Act,
any such certificates to be provided in the form, in the manner and at the times
required by Section 314(a)(4) and (c) of the Trust Indenture Act (PROVIDED that
any certificate to be provided pursuant to Section 314(a)(4) of the Trust
Indenture Act shall be provided within 120 days of the end of each Fiscal Year).
Delivery of such reports, information and documents to the Property

                                        9
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Trustee is for informational purposes only and the Property Trustee's receipt of
such shall not constitute constructive notice of any information contained
therein, including the Sponsor's compliance with any of its covenants hereunder
(as to which the Property Trustee is entitled to rely exclusively on Officers'
Certificates or on certificates provided pursuant to this Section 2.04).

     SECTION 2.05   EVIDENCE OF COMPLIANCE WITH CONDITIONS PRECEDENT.

     Each of the Sponsor and the Regular Trustees on behalf of the Trust shall
provide to the Property Trustee such evidence of compliance with any conditions
precedent provided for in this Declaration which relate to any of the matters
set forth in Section 314(c) of the Trust Indenture Act. Any certificate or
opinion required to be given by an officer pursuant to Section 314(c) may be
given in the form of an Officers' Certificate.

     SECTION 2.06   EVENTS OF DEFAULT; WAIVER.

     (a) The Holders of a Majority in liquidation amount of Preferred Securities
may, by vote, on behalf of the Holders of all of the Preferred Securities, waive
any past Event of Default in respect of the Preferred Securities and its
consequences, PROVIDED that if the underlying Indenture Event of Default:

         (i)   is not waivable under the Indenture, the Event of Default under
     this Declaration shall also not be waivable; or

         (ii)  requires the consent or vote of the holders of greater than a
     majority in aggregate principal amount of the Debentures (a "Super
     Majority") to be waived under the Indenture, the Event of Default under
     this Declaration may only be waived by the vote of the Holders of at least
     the proportion in aggregate liquidation amount of the Preferred Securities
     that the relevant Super Majority represents of the aggregate principal
     amount of the Debentures outstanding.

The foregoing provisions of this Section 2.06(a) shall be in lieu of Section
316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B) of the
Trust Indenture Act is hereby expressly excluded from this Declaration and the
Securities, as permitted by the Trust Indenture Act. Upon such waiver, any such
default shall cease to exist, and any Event of Default with respect to the
Preferred Securities arising therefrom shall be deemed to have been cured, for
every purpose of this Declaration, but no such waiver shall extend to any
subsequent or other default or an Event of Default with respect to the Preferred
Securities or impair any right consequent thereon. Any waiver by the Holders of
the Preferred Securities of an Event of Default with respect to the Preferred
Securities shall also be deemed to constitute a waiver by the Holders of the
Common Securities of any such Event of Default with respect to the Common
Securities for all purposes of this Declaration without any further act, vote or
consent of the Holders of the Common Securities.

     (b) The Holders of a Majority in liquidation amount of the Common
Securities may, by vote, on behalf of the Holders of all of the Common
Securities, waive any past Event of

                                       10
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Default with respect to the Common Securities and its consequences, PROVIDED
that, if the underlying Indenture Event of Default:

         (i)   is not waivable under the Indenture, except where the Holders of
     the Common Securities are deemed to have waived such Event of Default under
     this Declaration as provided above in Section 2.06(a) or below in this
     Section 2.06(b), the Event of Default under this Declaration shall also not
     be waivable; or

         (ii)  requires the consent or vote of a Super Majority to be waived,
     except where the Holders of the Common Securities are deemed to have waived
     such Event of Default under this Declaration as provided above in Section
     2.06(a) or below in this Section 2.06(b), the Event of Default under this
     Declaration may only be waived by the vote of the Holders of at least the
     proportion in aggregate liquidation amount of the Common Securities that
     the relevant Super Majority represents of the aggregate principal amount of
     the Debentures outstanding;

PROVIDED, FURTHER, that the Holders of Common Securities will be deemed to have
waived any such Event of Default and all Events of Defaults with respect to the
Common Securities and their consequences until all Events of Default with
respect to the Preferred Securities have been cured, waived or otherwise
eliminated, and until such Events of Default have been so cured, waived or
otherwise eliminated, the Property Trustee will be deemed to be acting solely on
behalf of the Holders of the Preferred Securities and only the Holders of the
Preferred Securities will have the right to direct the Property Trustee in
accordance with the terms of the Securities. The foregoing provisions of this
Section 2.06(b) shall be in lieu of Sections 316(a)(1)(A) and 316(a)(1)(B) of
the Trust Indenture Act and such Sections 316(a)(1)(A) and 316(a)(1)(B) of the
Trust Indenture Act are hereby expressly excluded from this Declaration and the
Securities, as permitted by the Trust Indenture Act. In the event that any Event
of Default with respect to the Preferred Securities is waived by the Holders of
Preferred Securities as provided in this Declaration, the Holders of Common
Securities agree that such waiver shall also constitute the waiver of such Event
of Default with respect to the Common Securities for all purposes under this
Declaration without any further act, vote or consent of the Holders of the
Common Securities. Subject to the foregoing provisions of this Section 2.06(b),
upon such waiver, any such default shall cease to exist and any Event of Default
with respect to the Common Securities arising therefrom shall be deemed to have
been cured for every purpose of this Declaration, but no such waiver shall
extend to any subsequent or other default or Event of Default with respect to
the Common Securities or impair any right consequent thereon.

     (c) A waiver of an Indenture Event of Default by the Property Trustee, at
the direction of the Holders of Preferred Securities, constitutes a waiver of
the corresponding Event of Default under this Declaration. The foregoing
provisions of this Section 2.06(c) shall be in lieu of Section 316(a)(1)(B) of
the Trust Indenture Act and such Section 316(a)(1)(B) of the Trust Indenture Act
is hereby expressly excluded from this Declaration and the Securities, as
permitted by the Trust Indenture Act.

                                       11
<Page>

     SECTION 2.07   DISCLOSURE OF INFORMATION.

     The disclosure of information as to the names and addresses of the Holders
of the Securities in accordance with Section 312 of the Trust Indenture Act,
regardless of the source from which such information was derived, shall not be
deemed to be a violation of any existing law, or any law hereafter enacted which
does not specifically refer to Section 312 of the Trust Indenture Act, nor shall
the Property Trustee be held accountable by reason of mailing any material
pursuant to a request made under Section 312(b) of the Trust Indenture Act.

                                    ARTICLE 3
                                  ORGANIZATION

     SECTION 3.01   NAME.

     The Trust continued by this Declaration is named "Marathon Financing Trust
___" as such name may be modified from time to time by the Regular Trustees
following written notice to the Holders of the Securities. The Trust's
activities may be conducted under the name of the Trust or any other name deemed
advisable by the Regular Trustees.

     SECTION 3.02   OFFICE.

     The address of the principal office of the Trust is c/o Marathon Oil
Corporation, 5555 San Felipe Road, Houston, Texas 77056-2723. Upon ten days'
written notice to the Holders, the Regular Trustees may change the location of
the Trust's principal office.

     SECTION 3.03   ISSUANCE OF THE SECURITIES.

     On ______________, 200___ the Sponsor, on behalf of the Trust and pursuant
to the Original Declaration, executed and delivered the Underwriting Agreement.
On the Closing Date and contemporaneously with the execution and delivery of
this Declaration, the Regular Trustees, on behalf of the Trust, shall execute
and deliver (i) one or more Global Certificates, registered in the name of the
nominee of the initial Clearing Agency as specified in Section 9.04 for the
benefit of the underwriters named in the Underwriting Agreement, in an aggregate
amount of ____________ Preferred Securities having an aggregate liquidation
amount of $____________, against receipt of the aggregate purchase price of such
Preferred Securities of $____________, and (ii) to the Sponsor, one or more
Common Security Certificates, registered in the name of the Sponsor, in an
aggregate amount of _________ Common Securities having an aggregate liquidation
amount of $___________, against receipt of the aggregate purchase price of such
Common Securities of $___________.

     [In the event of the exercise of the Over-allotment Option, on the
Over-allotment Closing Date, the Regular Trustees, on behalf of the Trust, shall
execute and deliver (i) one or more Global Certificates, registered in the name
of the nominee of the initial Clearing Agency as specified in Section 9.04 for
the benefit of the underwriters named in the Underwriting Agreement, in an
aggregate amount not to exceed _____ Preferred Securities having an aggregate
liquidation amount of $_________, against receipt of the aggregate purchase
price of such Preferred Securities, and (ii) to the Sponsor, one or more Common
Security Certificates,

                                       12
<Page>

registered in the name of the Sponsor, in an aggregate amount not to exceed
_____ Common Securities having an aggregate liquidation amount of not in excess
of $________, against receipt of the aggregate purchase price of such Common
Securities.]

     SECTION 3.04   PURCHASE OF DEBENTURES.

     On the Closing Date and contemporaneously with the execution and delivery
of this Declaration, the Regular Trustees, on behalf of the Trust, shall
purchase from the Sponsor with the proceeds received by the Trust from the sale
of the Securities on such date pursuant to Section 3.03, at a purchase price of
100% of the principal amount thereof, Debentures, registered in the name of the
Property Trustee and having an aggregate principal amount equal to $___________,
and, in satisfaction of the purchase price for such Debentures, the Property
Trustee, on behalf of the Trust, shall deliver or cause to be delivered to the
Sponsor the sum of $___________.

     [In the event of the exercise of the Over-allotment Option, on the
Over-allotment Closing Date, the Regular Trustees, on behalf of the Trust, shall
purchase from the Sponsor with the proceeds received by the Trust from the sale
of Securities on such date pursuant to Section 3.03, at a purchase price of 100%
of the principal amount thereof, Debentures, registered in the name of the
Property Trustee and having an aggregate principal amount not in excess of
$________, in satisfaction of the purchase price for such Debentures, the
Property Trustee, on behalf of the Trust, shall deliver or cause to be delivered
to the Sponsor the aggregate purchase price of such Debentures.]

     SECTION 3.05   PURPOSE.

     The exclusive purposes and functions of the Trust are: (a)(i) to issue and
sell Preferred Securities for cash and use the proceeds of such sales to acquire
from Marathon and hold and dispose of, in accordance with this Declaration,
Debentures issued under the Indenture having an aggregate principal amount equal
to the aggregate liquidation amount of the Preferred Securities so issued and
sold; (ii) to enter into such agreements and arrangements as may be necessary in
connection with the sale of Preferred Securities to the initial purchasers
thereof (including the Underwriting Agreement) and to take all action, and
exercise such discretion, as may be necessary or desirable in connection
therewith and to file such registration statements or make such other filings
under the Securities Act, the Exchange Act or state securities or "Blue Sky"
laws as may be necessary or desirable in connection therewith and the issuance
of the Preferred Securities; and (iii) to issue and sell Common Securities to
Marathon for cash and use the proceeds of such sale to purchase from Marathon,
and hold and dispose of, in accordance with this Declaration, Debentures issued
under the Indenture having an aggregate principal amount equal to the aggregate
liquidation amount of the Common Securities so issued and sold; and (b) except
as otherwise limited herein, to engage in only those other activities necessary
or incidental thereto, including such other activities specifically authorized
in this Declaration. The Trust shall not borrow money, issue debt or reinvest
proceeds derived from investments, mortgage or pledge any of its assets or at
any time while the Securities are outstanding otherwise undertake (or permit to
be undertaken) any activity that would result in or cause the Trust not to be
classified for U.S. federal income tax purposes as a grantor trust.

                                       13
<Page>

     SECTION 3.06   AUTHORITY.

     Subject to the limitations provided in this Declaration and to the specific
duties of the Property Trustee and the Sponsor, the Regular Trustees shall have
exclusive and complete authority to carry out the purposes of the Trust. An
action taken by the Regular Trustees in accordance with their powers shall
constitute the act of and serve to bind the Trust and an action taken by the
Property Trustee on behalf of the Trust in accordance with its powers shall
constitute the act of and serve to bind the Trust. In dealing with the Trustees
acting on behalf of the Trust, no Person shall be required to inquire into the
authority of the Trustees to bind the Trust. Persons dealing with the Trust are
entitled to rely conclusively on the power and authority of the Trustees as set
forth in this Declaration.

     SECTION 3.07   TITLE TO PROPERTY OF THE TRUST.

     Except as provided in Section 3.10 with respect to the Debentures and the
Property Account or unless otherwise provided in this Declaration, legal title
to all assets of the Trust shall be vested in the Trust. The Holders shall not
have legal title to any part of the assets of the Trust, but shall have
undivided beneficial interests in the assets of the Trust.

     SECTION 3.08   POWERS AND DUTIES OF THE REGULAR TRUSTEES.

     Each Regular Trustee shall be a United States Person. The Regular Trustees
shall have the exclusive power, authority and duty to cause the Trust, and shall
cause the Trust, to engage in the following activities:

     (a) to issue Preferred Securities and Common Securities, in each case in
accordance with this Declaration; PROVIDED, HOWEVER, that the Trust may issue no
more than one series of Preferred Securities and no more than one series of
Common Securities; PROVIDED FURTHER, that there shall be no interests in the
Trust other than the Securities and the issuance of Securities shall be limited
to one-time, simultaneous issuances of both Preferred Securities and Common
Securities on the Closing Date [,subject to the issuance of additional Preferred
Securities and Common Securities pursuant to the exercise of any Over-allotment
Option];

     (b) in connection with the issuance of the Preferred Securities, at the
direction of the Sponsor, to effect or cause to be effected the filings, and to
execute or cause to be executed, the documents, set forth in Section 3.13 and,
if directed by the Sponsor, to execute, deliver and perform the Depositary
Agreement on behalf of the Trust;

     (c) to acquire as trust assets Debentures with the proceeds of the sale of
the Preferred Securities and the Common Securities; PROVIDED, HOWEVER, that the
Regular Trustees shall cause legal title to all of the Debentures to be vested
in, and the Debentures to be held of record in the name of, the Property Trustee
for the benefit of the Holders of the Preferred Securities and the Common
Securities;

     (d) if and to the extent that the Sponsor on behalf of the Trust has not
already done so, at the direction of the Sponsor, to cause the Trust to enter
into the Underwriting Agreement and such other agreements and arrangements as
may be necessary or desirable in connection with

                                       14
<Page>

the sale of the Preferred Securities to the initial purchasers thereof and the
consummation thereof, and to take all action, and exercise all discretion, as
may be necessary or desirable in connection with the consummation thereof;

     (e) to give the Sponsor and the Property Trustee prompt written notice of
the occurrence of a Special Event;

     (f) to establish a record date with respect to all actions to be taken
hereunder that require a record date be established, including for the purposes
of Section 316(c) of the Trust Indenture Act and with respect to Distributions,
voting rights, redemptions, and exchanges, and to issue relevant notices to
Holders of the Preferred Securities and Common Securities as to such actions and
applicable record dates;

     (g) to bring or defend, pay, collect, compromise, arbitrate, resort to
legal action or otherwise adjust claims or demands of or against the Trust
("Legal Action"), unless pursuant to Section 3.10, the Property Trustee has the
exclusive power to bring such Legal Action;

     (h) to employ or otherwise engage employees and agents (who may be
designated as officers with titles) and managers, contractors, advisors and
consultants and pay reasonable compensation for such services; PROVIDED that any
Person so employed or engaged is a United States Person;

     (i) to cause the Trust to comply with the Trust's obligations under the
Trust Indenture Act;

     (j) to give the certificate to the Property Trustee required by Section
314(a)(4) of the Trust Indenture Act, which certificate may be executed by any
Regular Trustee;

     (k) to incur expenses which are necessary or incidental to carrying out any
of the purposes of the Trust;

     (l) to act as, or appoint another Person to act as, registrar and transfer
agent for the Securities, the Regular Trustees hereby initially appointing the
Property Trustee for such purposes;

     (m) to take all actions and perform such duties as may be required of the
Regular Trustees pursuant to the terms of the Securities set forth in Exhibits B
and C hereto;

     (n) to take all actions which may be necessary or appropriate for the
preservation and the continuation of the Trust's valid existence, rights,
franchises and privileges as a statutory trust under the laws of the State of
Delaware and of each other jurisdiction in which such existence is necessary to
protect the limited liability of the Holders of the Securities or to enable the
Trust to effect the purposes for which the Trust has been created;

     (o) to take all actions, not inconsistent with this Declaration, the
Certificate of Trust or with applicable law, which the Regular Trustees
determine in their discretion to be necessary

                                       15
<Page>

or desirable in carrying out the purposes of the Trust and the activities of the
Trust as set out in this Section 3.08, including, but not limited to:

         (i)   causing the Trust not to be deemed to be an Investment Company
     required to be registered under the Investment Company Act;

         (ii)  causing the Trust to be classified for U.S. federal income tax
     purposes as a grantor trust; and

         (iii) cooperating with the Sponsor to ensure that the Debentures will
     be treated as indebtedness of the Sponsor for U.S. federal income tax
     purposes;

     (p) to take all actions necessary to cause all applicable tax returns and
tax information reports and forms that are required to be filed with respect to
the Trust to be duly prepared and filed by the Regular Trustees, on behalf of
the Trust, and to comply with any applicable requirements imposed by any taxing
authority on holders of instruments treated as indebtedness for U. S. federal
income tax purposes;

     (q) subject to the requirements of Rule 3a-7 (if the Trust is excluded from
the definition of an Investment Company solely by reason of Rule 3a-7) and
Section 317(b) of the Trust Indenture Act, to appoint, in conjunction with the
Property Trustee, one or more Paying Agents in addition to the Property Trustee;
and

     (r) to execute all documents or instruments, perform all duties and powers
and do all things for and on behalf of the Trust in all matters necessary or
incidental to the foregoing.

     The Regular Trustees must exercise the powers set forth in this Section
3.08 in a manner which is consistent with the purposes and functions of the
Trust set out in Section 3.05, and the Regular Trustees shall not take any
action which is inconsistent with the purposes and functions of the Trust set
forth in Section 3.05.

     Except as provided in this Section 3.08, the Regular Trustees shall have
none of the powers or any of the authority of the Property Trustee set forth in
Section 3.10.

     The Regular Trustees shall take all actions on behalf of the Trust that are
not specifically required by this Declaration to be taken by any other Trustee.

     Any expenses incurred by the Regular Trustees pursuant to this Section 3.08
shall be reimbursed by the Sponsor.

     SECTION 3.09   PROHIBITION OF ACTIONS BY THE TRUST AND THE TRUSTEES.

     The Trust shall not, and the Trustees (including the Property Trustee)
shall cause the Trust not to, engage in any activity other than in connection
with the purposes of the Trust or other than as required or authorized by this
Declaration. In particular, the Trust shall not and the Trustees (including the
Property Trustee) shall not cause the Trust to:

                                       16
<Page>

     (a) invest any proceeds received by the Trust as a result of holding the
Debentures but the Trust shall promptly distribute from the Property Account all
such proceeds to Holders of Securities pursuant to the terms of this Declaration
and of the Securities;

     (b) acquire any assets other than as expressly provided herein;

     (c) possess Trust property for other than a Trust purpose;

     (d) make any loans, other than loans represented by the Debentures;

     (e) possess any power or otherwise act in such a way as to vary the Trust
assets or the terms of the Securities in any way whatsoever, except as otherwise
expressly provided herein;

     (f) issue any securities or other evidences of beneficial ownership of, or
beneficial interests in, the Trust other than the Securities;

     (g) incur any indebtedness for borrowed money;

     (h) (i) direct the time, method and place of conducting any proceeding for
any remedy available to the Debenture Trustee or exercising any trust or power
conferred upon the Debenture Trustee with respect to the Debentures, (ii) waive
any past default that is waivable under Section 5.13 of the Indenture, or (iii)
exercise any right to rescind or annul a declaration of acceleration of the
maturity of the principal of the Debentures, without, in each case, obtaining
the prior approval of the Holders of a Majority in liquidation amount of all
outstanding Securities;

     (i) revoke any action previously authorized or approved by a vote of the
Holders of Preferred Securities except by subsequent vote of such Holders;

     (j) consent to any amendment, modification or termination of the Indenture
or the Debentures, where such consent shall be required, unless in the case of
this clause (j) the Property Trustee shall have received an Opinion of Counsel
experienced in such matters to the effect that such amendment, modification or
termination will not cause more than an insubstantial risk that for U.S. federal
income tax purposes the Trust will not be classified as a grantor trust;

     (k) take or consent to any action that would result in the placement of a
lien, pledge, charge, mortgage or other encumbrance on any of the Trust
property;

     (l) vary the investment (within the meaning of Treasury Regulation Section
301.7701-4(c)) of the Trust or of the Holders of Securities; or

     (m) after the date hereof, enter into any contract or agreement (other than
any depositary agreement or any agreement with any securities exchange or
automated quotation system) that does not expressly provide that the Holders of
Preferred Securities, in their capacities as such, have limited liability (in
accordance with the provisions of the Statutory Trust Act) for the liabilities
and obligations of the Trust, which express provision shall be in

                                       17
<Page>

substantially the following form, "The Holders of the Preferred Securities, in
their capacities as such, shall not be personally liable for any liabilities or
obligations of the Trust arising out of this Agreement, and the parties hereto
hereby agree that the Holders of the Preferred Securities, in their capacities
as such, shall be entitled to the same limitation of personal liability extended
to stockholders of private corporations for profit organized under the General
Corporation Law of the State of Delaware." The failure of the Trust to include
such a provision shall not in and of itself cause the Trust's executing,
delivering and performing such contract or agreement to be ULTRA VIRES.

     SECTION 3.10   POWERS AND DUTIES OF THE PROPERTY TRUSTEE.

     (a) The legal title to the Debentures shall be owned by and held of record
in the name of the Property Trustee in trust for the benefit of the Holders of
the Securities. The right, title and interest of the Property Trustee to the
Debentures shall vest automatically in each Person who may hereafter be
appointed as Property Trustee in accordance with Article 5. Such vesting and
cessation of title shall be effective whether or not conveyancing documents with
regard to the Debentures have been executed and delivered.

     (b) The Property Trustee shall not transfer its right, title and interest
in the Debentures to the Regular Trustees or, if the Property Trustee does not
also act as the Delaware Trustee, the Delaware Trustee.

     (c) The Property Trustee shall:

         (i)   establish and maintain a segregated non-interest bearing bank
     account (the "Property Account") in the name of and under the exclusive
     control of the Property Trustee on behalf of the Holders of the Securities
     and on the receipt of payments of funds made in respect of the Debentures
     held by the Property Trustee, deposit such funds into the Property Account
     and, without any further acts of the Property Trustee or the Regular
     Trustees, promptly make payments to the Holders of the Preferred Securities
     and Common Securities from the Property Account in accordance with Section
     6.01. Funds in the Property Account shall be held uninvested, and without
     liability for interest thereon, until disbursed in accordance with this
     Declaration. The Property Account shall be an account which is maintained
     with a banking institution whose long term unsecured indebtedness is rated
     by a nationally recognized statistical rating organization at least
     investment grade;

         (ii)  engage in such ministerial activities as shall be necessary or
     appropriate to effect promptly the redemption of the Preferred Securities
     and the Common Securities to the extent the Debentures are redeemed or
     mature;

         (iii) upon notice of distribution issued by the Regular Trustees in
     accordance with the terms of the Preferred Securities and the Common
     Securities, engage in such ministerial activities as shall be necessary or
     appropriate to effect promptly pursuant to terms of the Securities the
     distribution of Debentures to Holders of Securities upon the election of
     the Holder of Common Securities to distribute the Debentures to Holders of
     Securities and dissolve the Trust;

                                       18
<Page>

         (iv)  have the legal power to exercise all of the rights, powers and
     privileges of a holder of the Debentures under the Indenture and, if an
     Event of Default occurs and is continuing, the Property Trustee, subject to
     Section 3.10(e), shall for the benefit of the Holders of the Securities,
     enforce its rights as holder of the Debentures under the Indenture, subject
     to the rights of the Holders of the Preferred Securities pursuant to the
     terms of this Declaration, the Statutory Trust Act and the Trust Indenture
     Act; and

         (v)   be a United States Person.

     (d) The Property Trustee shall take all actions and perform such duties as
may be specifically required of the Property Trustee pursuant to the terms of
the Securities set forth in Exhibits B and C hereto.

     (e) If an Event of Default has occurred and is continuing, then the Holders
of a Majority in liquidation amount of the Preferred Securities will have,
subject to Section 3.12(c)(iv), the right to direct the time, method and place
of conducting any proceeding for any remedy available to the Property Trustee or
to direct the exercise of any trust or power conferred upon the Property Trustee
under this Declaration, including the right to direct the Property Trustee to
exercise the remedies available to it as a holder of the Debentures. If the
Property Trustee fails to enforce its rights under the Debentures, a Holder of
Preferred Securities may, to the fullest extent permitted by law, after a period
of 30 days has elapsed since such Holder's written request to the Property
Trustee to enforce such rights, institute a legal proceeding directly against
the Sponsor to enforce the Property Trustee's rights under the Debentures
without first instituting any legal proceeding against the Property Trustee or
any other Person; PROVIDED that, if an Event of Default has occurred and is
continuing and such event is attributed to the failure of the Sponsor to pay the
principal of, or any premium or interest on, the Debentures on the date such
amounts are otherwise payable (or in the case of redemption, on the redemption
date), then a Holder of Preferred Securities may directly institute a proceeding
for enforcement of payment to such Holder of such amounts on the Debentures
having a principal amount equal to the aggregate liquidation amount of the
Preferred Securities of such Holder (a "Holder Direct Action") on or after the
respective due date specified in the Debentures. In connection with such Holder
Direct Action, the Sponsor will be subrogated to the rights of such Holder of
Preferred Securities to the extent of any payment made by the Sponsor to such
Holders of Preferred Securities in such Holder Direct Action. Except as provided
in the preceding sentences, the Holders of Preferred Securities will not be able
to exercise directly any other remedy available to the Holders of the
Debentures.

     (f) All moneys deposited in the Property Account and all Debentures held by
the Property Trustee for the benefit of the Holders of the Securities will not
be subject to any right, charge, security interest, lien or claim of any kind in
favor of, or for the benefit of the Property Trustee or its agents or their
creditors.

     (g) The Property Trustee shall, within 90 days after the occurrence of a
default with respect to the Securities actually known to a Responsible Officer
of the Property Trustee, transmit by mail, first class postage prepaid, to the
holders of the Securities, as their names and addresses appear upon the
register, notice of such default with respect to the Securities known to

                                       19
<Page>

the Property Trustee, unless such default shall have been cured before the
giving of such notice (the term "default" for the purposes of this Section
3.10(g) being hereby defined to be an Indenture Event of Default, not including
any periods of grace provided in the Indenture and irrespective of the giving of
any notice provided therein); PROVIDED that, except in the case of default in
the payment of the principal of, premium or interest on any of the Debentures,
the Property Trustee shall be protected in withholding such notice if and so
long as the board of directors, the executive committee or a trust committee of
directors and/or Responsible Officers of the Property Trustee in good faith
determines that the withholding of such notice is in the interests of the
Holders of the Securities. The Property Trustee shall not be deemed to have
knowledge of any default, except (i) a default in the payment of principal,
premium or interest on the Debentures or (ii) any default as to which the
Property Trustee shall have received written notice or a Responsible Officer
charged with the administration of this Declaration shall have obtained written
notice of such default.

     (h) The Property Trustee shall continue to serve as a Trustee until either:

         (i)   the Trust has been completely liquidated and the proceeds thereof
     distributed to the Holders of Securities pursuant to the terms of the
     Securities; or

         (ii)  a Successor Property Trustee has been appointed and accepted that
     appointment in accordance with Article 5.

     (i) The Property Trustee shall act as paying agent in respect of the Common
Securities and, if the Preferred Securities are not in book-entry only form, the
Preferred Securities and, subject to Section 3.08(q), may authorize one or more
Persons (each, a "Paying Agent") to pay Distributions, redemption payments or
liquidation payments on behalf of the Trust with respect to the Preferred
Securities. Any such Paying Agent shall comply with Section 317(b) of the Trust
Indenture Act. Any Paying Agent may be removed by the Property Trustee, after
consultation with the Regular Trustees, at any time and a successor Paying Agent
or additional Paying Agents may be appointed at any time by the Property
Trustee, subject to Section 3.08(q).

     (j) The Property Trustee shall give prompt written notice to the Holders of
the Securities of any notice received by it from Marathon of its election to
defer payments of interest on the Debentures by extending the interest payment
period with respect thereto.

     (k) Except as provided in this Section 3.10, the Property Trustee shall
have none of the powers or the authority of the Regular Trustees set forth in
Section 3.08.

     (l) The Property Trustee shall exercise the powers, duties and rights set
forth in this Section 3.10 and in Section 3.12 in a manner which is consistent
with the purposes and functions of the Trust set out in Section 3.05, and the
Property Trustee shall not take any action which is inconsistent with the
purposes and functions of the Trust set forth in Section 3.05.

                                       20
<Page>

     SECTION 3.11   DELAWARE TRUSTEE.

     Notwithstanding any other provision of this Declaration, the Delaware
Trustee shall not be entitled to exercise any powers, nor shall the Delaware
Trustee have any of the duties and responsibilities of the Regular Trustees or
the Property Trustee described in this Declaration. The Delaware Trustee shall
be a Trustee for the sole and limited purpose of fulfilling the requirements of
Section 3807(a) of the Statutory Trust Act. No implied covenants or obligations
shall be read into this Declaration against the Delaware Trustee.

     SECTION 3.12   CERTAIN RIGHTS AND DUTIES OF THE PROPERTY TRUSTEE.

     (a) The Property Trustee, before the occurrence of an Event of Default and
after the curing or waiving of all Events of Default that may have occurred,
shall undertake to perform only such duties as are specifically set forth in
this Declaration, and no implied covenants shall be read into this Declaration
against the Property Trustee. In case an Event of Default has occurred (that has
not been cured or waived pursuant to Section 2.06), the Property Trustee shall
exercise such of the rights and powers vested in it by this Declaration, and use
the same degree of care and skill in its exercise thereof, as a prudent person
would exercise or use under the circumstances in the conduct of his own affairs.

     (b) No provision of this Declaration shall be construed to relieve the
Property Trustee from liability for its own negligent action, its own negligent
failure to act or its own willful misconduct, except that:

         (i)   prior to the occurrence of an Event of Default and after the
     curing or waiving of all such Events of Default that may have occurred:

                (A) the duties and obligations of the Property Trustee shall be
         determined solely by the express provisions of this Declaration, and
         the Property Trustee shall not be liable except for the performance of
         such duties and obligations as are specifically set forth in this
         Declaration, and no implied covenants or obligations shall be read into
         this Declaration against the Property Trustee; and

                (B) in the absence of bad faith on the part of the Property
         Trustee, the Property Trustee may conclusively rely, as to the truth of
         the statements and the correctness of the opinions expressed therein,
         upon any certificates or opinions furnished to the Property Trustee and
         conforming to the requirements of this Declaration; PROVIDED, HOWEVER,
         that in the case of any such certificates or opinions that by any
         provision hereof or the Trust Indenture Act are specifically required
         to be furnished to the Property Trustee, the Property Trustee shall be
         under a duty to examine the same to determine whether or not they
         conform to the requirements of this Declaration or the Trust Indenture
         Act, as the case may be;

         (ii)  the Property Trustee shall not be liable for any error of
     judgment made in good faith by a Responsible Officer of the Property
     Trustee, unless it shall be proved that

                                       21
<Page>

     the Property Trustee was negligent in ascertaining the pertinent facts upon
     which such judgment was based;

         (iii) the Property Trustee shall not be liable with respect to any
     action taken or omitted to be taken by it in good faith in accordance with
     the direction of the Holders of not less than a Majority in liquidation
     amount of the Securities relating to the time, method and place of
     conducting any proceeding for any remedy available to the Property Trustee
     hereunder or under the Indenture, or exercising any trust or power
     conferred upon the Property Trustee under this Declaration; and

         (iv)  no provision of this Declaration shall require the Property
     Trustee to expend or risk its own funds or otherwise incur personal
     financial liability in the performance of any of its duties or in the
     exercise of any of its rights or powers, if it shall have reasonable
     grounds for believing that the repayment of such funds or liability is not
     reasonably assured to it under the terms of this Declaration or adequate
     indemnity against such risk or liability is not reasonably assured to it.

     (c) Subject to the provisions of Section 3.12(a) and (b):

         (i)   whenever in the administration of this Declaration, the Property
     Trustee shall deem it desirable that a matter be proved or established
     prior to taking, suffering or omitting any action hereunder, the Property
     Trustee (unless other evidence is herein specifically prescribed) may, in
     the absence of bad faith on its part and, if the Trust is excluded from the
     definition of Investment Company solely by means of Rule 3a-7, subject to
     the requirements of Rule 3a-7, request and rely upon an Officers'
     Certificate which, upon receipt of such request, shall be promptly
     delivered by the Sponsor or the Regular Trustees;

         (ii)  the Property Trustee (A) may consult with counsel (which may be
     counsel to the Sponsor or any of its Affiliates and may include any of its
     employees) selected by it in good faith and with due care and the written
     advice or opinion of such counsel with respect to legal matters shall be
     full and complete authorization and protection in respect of any action
     taken, suffered or omitted by it hereunder in good faith and in reliance
     thereon and in accordance with such advice and opinion and (B) shall have
     the right at any time to seek instructions concerning the administration of
     this Declaration from any court of competent jurisdiction;

         (iii) the Property Trustee may exercise any of the trusts or powers
     hereunder or perform any duties hereunder either directly or by or through
     agents or attorneys, PROVIDED that any such action (other than any
     ministerial action) executed or performed by such an agent or attorney is
     executed or performed by an agent or attorney that is a United States
     Person, and the Property Trustee shall not be responsible for any
     misconduct or negligence on the part of any agent or attorney appointed by
     it in good faith and with due care;

         (iv)  the Property Trustee shall be under no obligation to exercise
     any of the rights or powers vested in it by this Declaration at the request
     or direction of any Holder,

                                       22
<Page>

     unless such Holder shall have offered to the Property Trustee security and
     indemnity reasonably satisfactory to the Property Trustee against the
     costs, expenses (including attorneys' fees and expenses) and liabilities
     that might be incurred by it in complying with such request or direction;
     PROVIDED that nothing contained in this clause (iv) shall relieve the
     Property Trustee of the obligation, upon the occurrence of an Event of
     Default (which has not been cured or waived) to exercise such of the rights
     and powers vested in it by this Declaration, and to use the same degree of
     care and skill in this exercise, as a prudent person would exercise or use
     under the circumstances in the conduct of his own affairs;

         (v)   any action taken by the Property Trustee or its agents hereunder
     shall bind the Holders of the Securities, and the signature of the Property
     Trustee or its agents alone shall be sufficient and effective to perform
     any such action; and no third party shall be required to inquire as to the
     authority of the Property Trustee to so act, or as to its compliance with
     any of the terms and provisions of this Declaration, both of which shall be
     conclusively evidenced by the Property Trustee's or its agent's taking such
     action; and

         (vi)  whenever in the administration of this Declaration the Property
     Trustee shall deem it desirable to receive instructions with respect to
     enforcing any remedy or right or taking any other action hereunder, the
     Property Trustee (A) may request instructions from the Holders of the
     Securities, which instructions only may be given by the Holders of the same
     proportion in liquidation amount of the Securities as would be entitled to
     direct the Property Trustee under this Declaration in respect of such
     remedy, right or action, (B) may refrain from enforcing such remedy or
     right or taking such other action until such instructions are received and
     (C) shall be protected in conclusively relying on or acting in accordance
     with such instructions.

     (d) The Property Trustee, in its individual or any other capacity, may
become the owner or pledgee of Preferred Securities and, subject to the
provisions of Section 5.01(c) (in the case of the Property Trustee), may
otherwise deal with the Sponsor with the same rights it would have if it were
not the Property Trustee.

     (e) Except as required by Section 3.10(c) hereof, all moneys received by
the Property Trustee shall, until used or applied as herein provided, be held in
trust for the purposes for which they were received, but need not be segregated
from other funds except to the extent required by law. The Property Trustee
shall be under no liability for interest on any moneys received by it hereunder
except such as it may agree in writing to pay thereon.

     (f) The Sponsor covenants and agrees to pay to the Property Trustee from
time to time, and the Property Trustee shall be entitled to, such compensation
as the Sponsor and the Property Trustee shall from time to time agree in writing
(which shall not be limited by any provision of law in regard to the
compensation of a Property Trustee of an express trust) for all services
rendered by it in the execution of the trusts hereby created and in the exercise
and performance of any of the powers and duties hereunder of the Property
Trustee, and the Sponsor will pay or reimburse the Property Trustee upon its
request for all reasonable expenses, disbursements and advances incurred or made
by the Property Trustee in accordance with any of

                                       23
<Page>

the provisions of this Declaration (including the reasonable compensation and
the reasonable expenses and disbursements of its counsel and of all persons not
regularly in its employ) except any such expense, disbursement or advance as may
arise from its negligence or bad faith. The Sponsor also covenants to indemnify
each of the Property Trustee or any predecessor Property Trustee and their
officers, agents, directors and employees for, and to hold them harmless
against, any and all loss, liability, damage, claim or expense including taxes
(other than taxes based upon, measured by or determined by the income, profit or
franchise of or doing business by the Property Trustee) incurred without
negligence or bad faith on the part of the Property Trustee and arising out of
or in connection with the acceptance or administration of this trust, including
the reasonable costs and expenses of defending itself against any claim (whether
asserted by the Sponsor, any Holder or any other Person) of liability in the
premises. The provisions of this subpart (f) of this Section 3.12 shall survive
the termination of this Declaration and resignation or removal of the Property
Trustee. The obligations of the Sponsor under this subpart (f) of this Section
3.12 to compensate and indemnify the Property Trustee and to pay or reimburse
the Property Trustee for expenses, disbursements and advances shall constitute
additional indebtedness of the Sponsor.

     (g) Except as otherwise provided in this Section 3.12, whenever in the
administration of the provisions of this Declaration the Property Trustee shall
deem it necessary or desirable that a matter be proved or established prior to
taking or suffering or omitting to take any action hereunder, such matter
(unless other evidence in respect thereof be herein specifically prescribed)
may, in the absence of negligence or bad faith on the part of the Property
Trustee, be deemed to be conclusively proved and established by an Officers'
Certificate delivered to the Property Trustee and such certificate, in the
absence of negligence or bad faith on the part of the Property Trustee, shall be
full warrant to the Property Trustee for any action taken, suffered or omitted
to be taken by it under the provisions of this Declaration upon the faith
thereof.

     (h) Whether or not expressly stated, every provision of this Declaration
pertaining to the Property Trustee shall be subject to this Section 3.12.

     SECTION 3.13   REGISTRATION STATEMENT AND RELATED MATTERS.

     Marathon, as the sponsor of the Trust, was and is authorized (i) to file
with the Commission and execute, in each case on behalf of the Trust, (a) the
Registration Statement on Form S-3 (Registration Nos. 333-________,
333-________-01 and 333-________-02) (the "1933 Act Registration Statement"),
including any pre-effective or post-effective amendments to such Registration
Statement (including any preliminary prospectus, prospectus or prospectus
supplement, and any exhibits thereto), relating to the registration under the
Securities Act of the Preferred Securities and certain other securities of the
Sponsor and (b) if Marathon shall deem it desirable, a Registration Statement on
Form 8-A (the "1934 Act Registration Statement") (including all pre-effective
and post-effective amendments thereto) relating to the registration of the
Preferred Securities under Section 12 of the Exchange Act; (ii) if Marathon
shall deem it desirable, to prepare and file with the New York Stock Exchange,
Inc. or any other exchange (each, an "Exchange") or the National Association of
Securities Dealers, Inc. (the "NASD") and execute on behalf of the Trust a
listing application or applications and all other applications, statements,
certificates, agreements and other instruments as shall be necessary or
desirable to

                                       24
<Page>

cause the Preferred Securities to be listed on any such Exchange or the NASD's
Nasdaq National Market (the "Nasdaq"); (iii) to prepare and file and execute on
behalf of the Trust such applications, reports, surety bonds, irrevocable
consents, appointments of attorney for service of process and other papers and
documents as Marathon, on behalf of the Trust, may deem necessary or desirable
to register the Preferred Securities under the securities or "Blue Sky" laws of
such jurisdictions as Marathon on behalf of the Trust, may deem necessary or
desirable; (iv) to negotiate the terms of and execute, or to cause the Regular
Trustees to execute, on behalf of the Trust the Underwriting Agreement; and (v)
to execute and deliver, or to cause the Regular Trustees to execute and deliver,
on behalf of the Trust letters or documents to, or instruments for filing with,
the Clearing Agency relating to the Preferred Securities, including the
Depositary Agreement. In the event that any filing referred to in clauses
(i)-(iii) above is required by the rules and regulations of the Commission, any
Exchange, the Nasdaq, the NASD or any state securities or blue sky laws, to be
executed on behalf of the Trust by the Trustees, the Regular Trustees, in their
capacities as Trustees of the Trust, and Marathon are hereby authorized to join
in any such filing and to execute on behalf of the Trust any and all of the
foregoing. In connection with all of the foregoing, Marathon and each Regular
Trustee, solely in its capacity as Trustee of the Trust, have constituted and
appointed, and hereby confirm the appointment of, John T. Mills, Paul C.
Reinbolt and Albert G. Adkins and each of them, as his, her or its, as the case
may be, true and lawful attorneys-in-fact, and agents, with full power of
substitution and resubstitution, for Marathon or such Trustee or in Marathon's
or such Trustee's name, place and stead, in any and all capacities, to sign any
and all amendments (including post-effective amendments) to the 1933 Act
Registration Statement and the 1934 Act Registration Statement and to file the
same, with all exhibits thereto, and other documents in connection therewith,
with the Commission, granting unto said attorneys-in-fact and agents full power
and authority to do and perform each and every act and thing requisite and
necessary to be done in connection therewith, as fully to all intents and
purposes as Marathon or such Trustee might or could do in person, hereby
ratifying and confirming all that said attorneys-in-fact and agents or any of
them, or their or his or her substitute or substitutes, may lawfully do or cause
to be done by virtue hereof. Notwithstanding anything in this Section 3.13 to
the contrary, no Foreign Person (acting in its capacity as attorney-in-fact or
agent of any Foreign Person) shall be authorized to take or perform any action
on behalf of the Trust pursuant to this Section 3.13 at any time on or after the
Closing Date.

     SECTION 3.14   FILING OF AMENDMENTS TO CERTIFICATE OF TRUST.

     The Certificate of Trust as filed with the Secretary of State of the State
of Delaware on ____________, 200__ is attached hereto as Exhibit A. On or after
the date of execution of this Declaration, the Regular Trustees shall cause the
filing with the Secretary of State of the State of Delaware of such amendments
and/or restatements, if any, to the Certificate of Trust as the Regular Trustees
shall deem necessary or desirable.

     SECTION 3.15   EXECUTION OF DOCUMENTS BY THE REGULAR TRUSTEES.

     Except as otherwise required by the Statutory Trust Act with respect to the
Certificate of Trust or otherwise and except as provided in Sections 7.01(c) and
9.08, any Regular Trustee, or if there is only one, such Regular Trustee is
authorized to execute, deliver and file on behalf of

                                       25
<Page>

the Trust any documents (including amendments and/or restatements of the
Certificate of Trust and the certificate of cancellation contemplated by Section
8.01) which the Regular Trustees have the power and authority to execute,
deliver or file pursuant to this Declaration.

     SECTION 3.16   TRUSTEES NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF
                    SECURITIES.

     The recitals contained in this Declaration and the Securities shall be
taken as the statements of the Sponsor, and the Trustees do not assume any
responsibility for their correctness. The Trustees make no representations as to
the value or condition of the property of the Trust or any part thereof. The
Trustees make no representations as to the validity or sufficiency of this
Declaration or the Securities.

     SECTION 3.17   DURATION OF THE TRUST. The Trust, absent dissolution
pursuant to the provisions of Article 8 hereof, shall continue without
dissolution until ____________, 20___.

     SECTION 3.18   MERGERS.

     (a) The Trust may not merge with or into, convert into, consolidate,
amalgamate, or be replaced by, or convey, transfer or lease its properties and
assets substantially as an entirety to any Person, except as described in
Section 3.18(b) and (c) of this Declaration.

     (b) The Trust may, at the request of the Sponsor, with the consent of the
Regular Trustees or, if there are more than two, a majority of the Regular
Trustees and without the consent of the Holders, the Delaware Trustee or the
Property Trustee, as permitted by Delaware law, merge with or into, convert
into, consolidate, amalgamate, or be replaced by, or convey, transfer or lease
its properties and assets as an entirety or substantially as an entirety to, a
trust organized as such under the laws of any State; PROVIDED that:

         (i)   such successor entity (the "Successor Entity") either:

               (A)  expressly assumes all of the obligations of the Trust under
         the Securities and this Declaration; or

               (B)  substitutes for the Securities other securities having
         substantially the same terms as the Securities (the "Successor
         Securities") so long as the Successor Securities rank the same as the
         Securities rank with respect to Distributions and payments upon
         liquidation, redemption and otherwise;

         (ii)  the Sponsor expressly appoints a trustee of the Successor Entity
     that possesses the same powers and duties as the Property Trustee as the
     holder of the Debentures;

         (iii) the Successor Securities are listed, or any Successor Securities
     will be listed upon notification of issuance, on any national securities
     exchange or with another organization in which the Preferred Securities are
     then listed or quoted, if any;

                                       26
<Page>

         (iv)  if the Preferred Securities (including any Successor Securities)
     are rated by any nationally recognized statistical rating organization
     prior to such transaction, such merger, conversion, consolidation,
     amalgamation, replacement, conveyance, transfer or lease does not cause the
     Preferred Securities (including any Successor Securities), or if the
     Debentures are so rated, the Debentures, to be downgraded by any nationally
     recognized statistical rating organization;

         (v)   such merger, conversion, consolidation, amalgamation,
     replacement, conveyance, transfer or lease does not adversely affect the
     rights, preferences and privileges of the Holders (including the holders of
     any Successor Securities) in any material respect (other than with respect
     to any dilution of such Holders' interests in the new entity);

         (vi)  such Successor Entity has purposes substantially identical to
     those of the Trust;

         (vii) prior to such merger, conversion, consolidation, amalgamation,
     replacement, conveyance, transfer or lease, the Sponsor has received an
     Opinion of Counsel experienced in such matters that:

               (A)  such merger, conversion, consolidation, amalgamation,
         replacement, conveyance, transfer or lease does not adversely affect
         the rights, preferences and privileges of the Holders (including the
         holders of any Successor Securities) in any material respect (other
         than with respect to any dilution of the Holders' interest in the new
         entity);

               (B)  following such merger, conversion, consolidation,
         amalgamation, replacement, conveyance, transfer or lease, neither the
         Trust nor the Successor Entity will be required to register as an
         Investment Company under the Investment Company Act; and

               (C)  following such merger, conversion, consolidation,
         amalgamation, replacement, conveyance, transfer or lease, the Trust (or
         the Successor Entity) will continue to be classified as a grantor trust
         for U.S. federal income tax purposes;

         (viii) the Sponsor or any permitted successor or assignee of the
     Sponsor owns all of the common securities of such Successor Entity and
     guarantees the obligations of such Successor Entity under the Successor
     Securities at least to the extent provided by the Preferred Securities
     Guarantee; and

         (ix)  there shall have been furnished to the Property Trustee an
     Officers' Certificate and an Opinion of Counsel, each to the effect that
     all conditions precedent in this Declaration to such transaction have been
     satisfied.

     (c) Notwithstanding Section 3.18(b), the Trust shall not, except with the
consent of Holders of 100% in liquidation amount of the Securities, consolidate,
amalgamate, merge with or

                                       27
<Page>

into, convert into, or be replaced by, or convey, transfer or lease its
properties and assets as an entirety or substantially as an entirety to, any
other Person or permit any other Person to consolidate, amalgamate, merge with
or into, or replace it if such consolidation, amalgamation, merger, conversion,
replacement, conveyance, transfer or lease would cause the Trust or the
Successor Entity not to be classified as a grantor trust for U.S. federal income
tax purposes or would cause the Holders of the Securities not to be treated as
owning an undivided interest in the Debentures.

     SECTION 3.19   PROPERTY TRUSTEE MAY FILE PROOFS OF CLAIM.

     In case of the pendency of any receivership, insolvency, liquidation,
bankruptcy, reorganization, arrangement, adjustment, composition or other
similar judicial proceeding relative to the Trust or any other obligor upon the
Securities or the property of the Trust or of such other obligor or their
creditors, the Property Trustee (irrespective of whether any Distributions on
the Securities shall then be due and payable as therein expressed or by
declaration or otherwise and irrespective of whether the Property Trustee shall
have made any demand on the Trust for the payment of any past due Distributions)
shall be entitled and empowered, to the fullest extent permitted by law, by
intervention in such proceeding or otherwise:

     (a) to file and prove a claim for the whole amount of any Distributions
owing and unpaid in respect of the Securities (or, if the Securities are
original issue discount Securities, such portion of the liquidation amount as
may be specified in the terms of such Securities) and to file such other papers
or documents as may be necessary or advisable in order to have the claims of the
Property Trustee (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Property Trustee, its agents and counsel) and
of the Holders allowed in such judicial proceeding, and

     (b) to collect and receive any moneys or other property payable or
deliverable on any such claims and to distribute the same;

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or
other similar official in any such judicial proceeding is hereby authorized by
each Holder to make such payments to the Property Trustee and, in the event the
Property Trustee shall consent to the making of such payments directly to the
Holders to pay to the Property Trustee any amount due it for the reasonable
compensation, expenses, disbursements and advances of the Property Trustee, its
agents and counsel, and any other amounts due the Property Trustee.

     Nothing herein contained shall be deemed to authorize the Property Trustee
to authorize or consent to or accept or adopt on behalf of any Holder any plan
of reorganization, arrangement, adjustment or compensation affecting the
Securities or the rights of any Holder thereof to authorize the Property Trustee
to vote in respect of the claim of any Holder in any such proceeding.

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<Page>

                                    ARTICLE 4
                                     SPONSOR

     SECTION 4.01   PURCHASE OF COMMON SECURITIES BY THE SPONSOR.

     On the Closing Date, the Sponsor will purchase all of the Common Securities
issued by the Trust at the same time as the Preferred Securities to be issued on
such date are issued.

     SECTION 4.02   EXPENSES.

     (a) In connection with the purchase of the Debentures by the Trust, the
Sponsor, in its capacity as Sponsor, shall be responsible for and shall pay for
all debts and obligations (other than with respect to the Securities) and all
current and future costs and expenses of the Trust (including, but not limited
to, costs and expenses relating to the organization of the Trust, the issuance
of the Preferred Securities to initial purchasers thereof (including any
commissions payable to such purchasers), the fees and expenses (including
reasonable counsel fees and expenses) of the Trustees (including any amounts
payable under Article 10), the costs and expenses relating to the operation of
the Trust, including, without limitation, costs and expenses of accountants,
attorneys, statistical or bookkeeping services, expenses for printing and
engraving and computing or accounting equipment, paying agent(s), registrar(s),
transfer agent(s), duplicating, travel and telephone and other
telecommunications expenses and costs and expenses incurred in connection with
the acquisition and disposition of Trust assets).

     (b) In connection with the purchase of the Debentures by the Trust, the
Sponsor, in its capacity as Sponsor, shall pay any and all taxes (other than
United States withholding taxes attributable to the Trust or its assets) of the
Trust and all liabilities, costs and expenses of the Trust with respect to such
taxes.

     (c) The Sponsor's obligations under this Section 4.02 shall be for the
benefit of, and shall be enforceable by, any Person to whom any such debts,
obligations, costs, expenses and taxes are owed (a "Creditor") whether or not
such Creditor has received notice hereof. Any such Creditor may enforce the
Sponsor's obligations under this Section 4.02 directly against the Sponsor and
the Sponsor irrevocably waives any right or remedy to require that any such
Creditor take any action against the Trust or any other Person before proceeding
against the Sponsor.

     (d) The Sponsor shall be subrogated to all (if any) rights of the Trust in
respect of any amounts paid to any Creditor by the Sponsor under this Section
4.02.

                                       29
<Page>

     SECTION 4.03   HOLDER OF THE COMMON SECURITIES.

     Each Holder of the Common Securities shall at all times hold the Common
Securities in its individual capacity on its own behalf and shall not, in its
capacity as Holder of the Common Securities, be under (or subject to) the
control or direction of any Foreign Person (pursuant to a contractual
arrangement or otherwise), other than by virtue of such Foreign Person's direct
or indirect stock ownership, if any, of the Holder of the Common Securities.
Notwithstanding anything in this Declaration to the contrary, each Holder of the
Common Securities shall at all times be a United States Person and shall be
authorized to give any direction hereunder with respect to the Trust as shall be
necessary for the Trust not to be considered a foreign trust for U.S. federal
income tax purposes.

                                    ARTICLE 5
                                    TRUSTEES

     SECTION 5.01   NUMBER OF TRUSTEES; QUALIFICATIONS.

     (a) The number of Trustees initially shall be five (5). Subject to Section
5.02(a), at any time and without cause (i) before the issuance of the
Securities, the Sponsor may, by written instrument, increase or decrease the
number of, and appoint, remove and replace, the Trustees, and (ii) after the
issuance of the Securities the number of Trustees may be increased or decreased
solely by, and Trustees may be appointed, removed or replaced solely by, vote of
Holders of Common Securities representing a Majority in liquidation amount of
the Common Securities voting as a class; PROVIDED that in any case:

                    (1) the number of Trustees shall be at least five (5) unless
               the Trustee that acts as the Property Trustee also acts as the
               Delaware Trustee, in which case the number of Trustees shall be
               at least four (4);

                    (2) at least a majority of the Trustees shall at all times
               be officers, directors or employees of Marathon;

                    (3) if required by the Statutory Trust Act, one Trustee (the
               "Delaware Trustee") shall be either a natural person who is a
               resident of the State of Delaware or, if not a natural person, an
               entity which has its principal place of business in the State of
               Delaware and otherwise is permitted to act as a Trustee hereunder
               under the laws of the State of Delaware, except that if the
               Property Trustee has its principal place of business in the State
               of Delaware and otherwise is permitted to act as a Trustee
               hereunder under the laws of the State of Delaware, then the
               Property Trustee shall also be the Delaware Trustee and Section
               3.11 shall have no application;

                    (4) there shall at all times be a Property Trustee hereunder
               which shall satisfy the requirements of Section 5.01(c);

                    (5) each Trustee shall be a United States Person; and

                                       30
<Page>

                    (6) each Trustee shall at all times act as Trustee in its
               individual capacity on its own behalf and will not at any time,
               in its capacity as Trustee, be under (or subject to) the control
               or direction of any Foreign Person (pursuant to a contractual
               arrangement or otherwise).

Each Trustee shall be either a natural person at least 21 years of age or a
legal entity which shall act through one or more duly appointed representatives.

     (b) The initial Regular Trustees shall be:

               John T. Mills, Paul C. Reinbolt and Rick J. Tobias
               c/o Marathon Oil Corporation
               5555 San Felipe Road
               Houston, Texas  77056-2723

     (c) There shall at all times be one Trustee which shall act as the
Property Trustee. In order to act as the Property Trustee hereunder, such
Trustee shall:

         (i)   not be an Affiliate of the Sponsor;

         (ii)  be a corporation or national banking association that is a
     United States Person organized and doing business under the laws of the
     United States of America or any State or Territory thereof or of the
     District of Columbia, or a corporation, national banking association or
     Person that is a United States Person permitted by the Commission to act as
     an institutional trustee under the Trust Indenture Act, authorized under
     such laws to exercise corporate trust powers, having a combined capital and
     surplus of at least $50,000,000, and subject to supervision or examination
     by U.S. federal, state, territorial or District of Columbia authority. If
     such corporation or national banking association publishes reports of
     condition at least annually, pursuant to law or to the requirements of the
     supervising or examining authority referred to above, then for the purposes
     of this Section 5.01(c)(ii), the combined capital and surplus of such
     corporation shall be deemed to be its combined capital and surplus as set
     forth in its most recent report of condition so published; and

         (iii) if the Trust is excluded from the definition of an Investment
     Company solely by reason of Rule 3a-7 and to the extent Rule 3a-7 requires
     a trustee having certain qualifications to hold title to the "eligible
     assets" (as defined in Rule 3a-7) of the Trust, the Property Trustee shall
     possess those qualifications.

     If at any time the Property Trustee shall cease to satisfy the requirements
of clauses (i)-(iii) above, the Property Trustee shall immediately resign in the
manner and with the effect set out in Section 5.02(c). If the Property Trustee
has or shall acquire any "conflicting interest" within the meaning of Section
310(b) of the Trust Indenture Act, the Property Trustee and the Holders of the
Common Securities (as if such Holders were the obligor referred to in Section
310(b) of the Trust Indenture Act) shall in all respects comply with the
provisions of Section 310(b) of the Trust Indenture Act. The Preferred
Securities Guarantee and the Indenture shall be deemed to be

                                       31
<Page>

specifically described in this Declaration for the purposes of clause (i) of the
first proviso contained in Section 310(b) of the Trust Indenture Act.

     The initial Trustee which shall serve as the Property Trustee is The Bank
of New York, a New York banking corporation, whose address is as set forth in
Section 14.01(b).

     (d) The initial Trustee which shall serve as the Delaware Trustee is The
Bank of New York (Delaware), a Delaware banking corporation, whose address is as
set forth in Section 14.01(c).

     (e) Any action taken by the Holders of Common Securities pursuant to this
Article 5 shall be taken at a meeting of the Holders of Common Securities
convened for such purpose or by written consent, without a meeting and without
prior notice, as provided in Section 12.02.

     (f) No amendment may be made to this Section 5.01 which would change any
rights with respect to the number, existence or appointment and removal of
Trustees, except with the consent of each Holder of Common Securities.

     SECTION 5.02   APPOINTMENT, REMOVAL AND RESIGNATION OF THE TRUSTEES.

     (a) (i)  The Trustee that acts as the Property Trustee shall not be
removed in accordance with Section 5.01(a) until a successor Trustee possessing
the qualifications to act as the Property Trustee under Section 5.01(c) (a
"Successor Property Trustee") has been appointed and has accepted such
appointment by written instrument executed by such Successor Property Trustee
and delivered to the Regular Trustees, the Sponsor and the Property Trustee
being removed; and

         (ii)  the Trustee that acts as the Delaware Trustee shall not be
     removed in accordance with Section 5.01(a) until a successor Trustee
     possessing the qualifications to act as the Delaware Trustee under Section
     5.01(a)(3) (a "Successor Delaware Trustee") has been appointed and has
     accepted such appointment by written instrument executed by such Successor
     Delaware Trustee and delivered to the Regular Trustees, the Sponsor and the
     Delaware Trustee being removed.

     (b) A Trustee appointed to office shall hold such office until his
successor shall have been appointed or until his death, removal or resignation.

     (c) Any Trustee may resign from office (without need for prior or
subsequent accounting) by an instrument (a "Resignation Request") in writing
signed by such Trustee and delivered to the Sponsor and the Trust, which
resignation shall take effect upon such delivery or upon such later date as is
specified therein; PROVIDED, HOWEVER, that:

         (i)   no such resignation of the Trustee that acts as the Property
     Trustee shall be effective until:

               (A)  a Successor Property Trustee has been appointed and has
          accepted such appointment by instrument executed by such Successor
          Property Trustee and

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         delivered to the Regular Trustees, the Sponsor and the resigning
         Property Trustee; or

               (B) if the Trust is excluded from the definition of an Investment
          Company solely by reason of Rule 3a-7, until the assets of the Trust
          have been completely liquidated and the proceeds thereof distributed
          to the Holders of the Securities; and

         (ii)  no such resignation of the Trustee that acts as the Delaware
     Trustee shall be effective until a Successor Delaware Trustee has been
     appointed and has accepted such appointment by instrument executed by such
     Successor Delaware Trustee and delivered to the Regular Trustees, the
     Sponsor and the resigning Delaware Trustee.

     (d) If no Successor Property Trustee or Successor Delaware Trustee shall
have been appointed and accepted appointment as provided in Section 5.01 and
this Section 5.02 within 60 days after delivery of a notice of removal or a
Resignation Request, the Property Trustee or Delaware Trustee being removed or
resigning, as the case may be, may, at the Sponsor's expense, petition any
court of competent jurisdiction for appointment of a Successor Property
Trustee or Successor Delaware Trustee, as the case may be. Such court may
thereupon after prescribing such notice, if any, as it may deem proper and
prescribe, appoint a Successor Property Trustee or Successor Delaware Trustee,
as the case may be.

     SECTION 5.03   VACANCIES AMONG THE TRUSTEES.

     If a Trustee ceases to hold office for any reason and the number of
Trustees is not reduced pursuant to Section 5.01 or if the number of Trustees is
increased pursuant to Section 5.01, a vacancy shall occur. A resolution
certifying the existence of such vacancy by a majority of the Regular Trustees
shall be conclusive evidence of the existence of such vacancy. The vacancy shall
be filled with a Trustee appointed in accordance with the requirements of this
Article 5.

     SECTION 5.04   EFFECT OF VACANCIES.

     The death, resignation, retirement, removal, bankruptcy, dissolution,
liquidation, incompetence or incapacity to perform the duties of a Trustee, or
any one of them, shall not operate to dissolve, terminate or annul the Trust.
Whenever a vacancy in the number of Regular Trustees shall occur, until such
vacancy is filled as provided in this Article 5, the Regular Trustees in office,
regardless of their number, shall have all the powers granted to the Regular
Trustees and shall discharge all the duties imposed upon the Regular Trustees by
this Declaration.

     SECTION 5.05   MEETINGS.

     Meetings of the Regular Trustees shall be held from time to time upon the
call of any Regular Trustee. Regular meetings of the Regular Trustees may be
held at a time and place fixed by resolution of the Regular Trustees. Notice of
any in-person meeting of the Regular Trustees shall be hand delivered or
otherwise delivered in writing (including by facsimile, with a hard

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copy by overnight courier) not less than 48 hours before such meeting. Notice of
any telephonic meeting of the Regular Trustees or any committee thereof shall be
hand delivered or otherwise delivered in writing (including by facsimile, with a
hard copy by overnight courier) not less than 24 hours before such meeting.
Notices shall contain a brief statement of the time, place and anticipated
purposes of the meeting. The presence (whether in person or by telephone) of a
Regular Trustee at a meeting shall constitute a waiver of notice of such meeting
except where a Regular Trustee attends a meeting for the express purpose of
objecting to the transaction of any activity on the ground that the meeting has
not been lawfully called or convened. Unless otherwise provided in this
Declaration, any action of the Regular Trustees may be taken at a meeting by
vote of a majority of the Regular Trustees present (whether in person or by
telephone) and eligible to vote with respect to such matter, provided that a
Quorum is present, or without a meeting and without prior notice by the
unanimous written consent of the Regular Trustees.

     SECTION 5.06   DELEGATION OF POWER.

     (a) Any Regular Trustee may, by power of attorney consistent with
applicable law, delegate to any other natural person over the age of 21 that is
a United States Person his or her power for the purpose of executing any
registration statement or amendment thereto or other document or schedule filed
with the Commission or making any other governmental filing (including, without
limitation, the filings referred to in Section 3.13).

     (b) The Regular Trustees shall have power to delegate from time to time to
such of their number or to officers of the Trust the doing of such things and
the execution of such instruments either in the name of the Trust or the names
of the Regular Trustees or otherwise as the Regular Trustees may deem expedient,
to the extent such delegation is not prohibited by applicable law or contrary to
the provisions of the Trust, as set forth in this Declaration.

     SECTION 5.07   MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS.

     Any Person into which the Property Trustee or the Delaware Trustee or any
Regular Trustee that is not a natural person, as the case may be, may be merged
or converted or with which it may be consolidated, or any Person resulting from
any merger, conversion or consolidation to which the Property Trustee or the
Delaware Trustee or the Regular Trustees, as the case may be, shall be a party,
or any Person succeeding to all or substantially all of the corporate trust
business of the Property Trustee or the Delaware Trustee or any Regular Trustee,
as the case may be, shall be the successor of the Property Trustee or the
Delaware Trustee or that Regular Trustee, as the case may be, hereunder,
PROVIDED that such Person shall be otherwise qualified and eligible under this
Article, without the execution or filing of any paper or any further act on the
part of any of the parties hereto.

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                                    ARTICLE 6
                                  DISTRIBUTIONS

     SECTION 6.01   DISTRIBUTIONS.

     Holders shall receive periodic distributions, redemption payments and
liquidation distributions and other payments in accordance with the applicable
terms of the relevant Holder's Securities as set forth in Exhibits B and C
hereto ("Distributions"). If and to the extent that Marathon makes a payment of
principal of, any premium or interest on or any [Additional Interest] and/or
[Compounded Interest] (as defined in the Indenture) on the Debentures held by
the Property Trustee (the amount of any such payment being a "Payment Amount"),
the Property Trustee shall and is directed, to the extent funds are available
for that purpose, to promptly make a Distribution of the Payment Amount to
Holders in accordance with the terms of the Securities as set forth in Exhibits
B and C hereto. The record dates and payment dates for Distributions shall be
the same as the record dates and payment dates for the Debentures held by the
Property Trustee.

                                    ARTICLE 7
                           ISSUANCE OF THE SECURITIES

     SECTION 7.01   GENERAL PROVISIONS REGARDING THE SECURITIES.

     (a) The Regular Trustees shall issue the Securities on behalf of that
Trust in fully registered form representing undivided beneficial interests in
the assets of the Trust in accordance with Section 7.01(b) and for the
consideration specified in Section 3.03.

     (b) The Regular Trustees shall issue on behalf of the Trust (i) one class
of preferred securities representing preferred undivided beneficial interests in
the assets of the Trust having such terms as are set forth in Exhibit B hereto
(the "Preferred Securities"), which terms are incorporated by reference in, and
made a part of, this Declaration as if specifically set forth herein, and (ii)
one class of common securities representing common undivided beneficial
interests in the assets of the Trust having such terms as are set forth in
Exhibit C hereto (the "Common Securities"), which terms are incorporated by
reference in, and made a part of, this Declaration as if specifically set forth
herein. The Trust shall have no securities or other interests in the assets of
the Trust other than the Preferred Securities and the Common Securities.

     (c) The Certificates shall be signed on behalf of the Trust by the Regular
Trustees (or if there are more than two Regular Trustees by any two of the
Regular Trustees). Such signatures may be the manual or facsimile signatures of
the present or any future Regular Trustee. Typographical and other minor errors
or defects in any such reproduction of any such signature shall not affect the
validity of any Certificate. In case any Regular Trustee who shall have signed
any of the Certificates shall cease to be such Regular Trustee before the
Certificate so signed shall be delivered by the Trust, such Certificate
nevertheless may be delivered as though the person who signed such Certificate
had not ceased to be such Regular Trustee; and any Certificate may be signed on
behalf of the Trust by such persons as, at the actual date of the execution of
such Certificate, shall be the Regular Trustees, although at the date of the
execution and delivery of this Declaration any such person was not a Regular
Trustee. Certificates shall be

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typewritten, printed, lithographed or engraved or may be produced in any other
manner as is reasonably acceptable to the Regular Trustees, as evidenced by
their execution thereof, and may have such letters, numbers or other marks of
identification or designation and such legends or endorsements as the Regular
Trustees may deem appropriate, or as may be required to comply with any
applicable law or with any rule or regulation made pursuant thereto or with any
rule or regulation of any stock exchange or automated quotation system on which
Securities may be listed or traded, or with any rule or regulation of the
Clearing Agency, or to conform to usage. Pending the preparation of definitive
Certificates, the Regular Trustees on behalf of the Trust may execute temporary
Certificates (printed, lithographed or typewritten), in substantially the form
of the definitive Certificates in lieu of which they are issued, but with such
omissions, insertions and variations as may be appropriate for temporary
Certificates, all as may be determined by the Regular Trustees. Each temporary
Certificate shall be executed by the Regular Trustees (or, if there are more
than two Regular Trustees, by any two of the Regular Trustees) on behalf of the
Trust upon the same conditions and in substantially the same manner, and with
like effect, as definitive Certificates. Without unnecessary delay, the Regular
Trustees on behalf of the Trust will execute and furnish definitive Certificates
and thereupon any or all temporary Certificates may be surrendered to the
transfer agent and registrar in exchange therefor (without charge to the
Holders). Each Preferred Security Certificate whether in temporary or definitive
form shall be countersigned, upon receipt of a written order of the Trust signed
by one Regular Trustee, by the manual signature of an authorized signatory of
the Person acting as registrar and transfer agent for the Preferred Securities,
which shall initially be the Property Trustee.

     (d) The consideration received by the Trust for the issuance of the
Securities shall constitute a contribution to the capital of the Trust and shall
not constitute a loan to the Trust.

     (e) Upon issuance of the Securities as provided in this Declaration, the
Securities so issued shall be deemed to be validly issued, fully paid and
non-assessable.

     (f) Every Person, by virtue of having become a Holder or a Preferred
Security Beneficial Owner in accordance with the terms of this Declaration,
shall be deemed to have expressly assented and agreed to the terms of, and shall
be bound by this Declaration.

     (g) Upon issuance of the Securities as provided in this Declaration, the
Regular Trustees on behalf of the Trust shall return to Marathon the $10
constituting initial trust assets as set forth in the Original Declaration.

                                    ARTICLE 8
                            DISSOLUTION OF THE TRUST

     SECTION 8.01   DISSOLUTION OF THE TRUST.

     The Trust shall dissolve:

         (i)   when all of the Securities shall have been called for redemption
     and the amounts necessary for redemption thereof shall have been paid to
     the Holders of the Securities in accordance with the terms of the
     Securities; or

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         (ii)  when all of the Debentures shall have been distributed to the
     Holders of the Securities in exchange for all of the Securities in
     accordance with the terms of the Securities; or

         (iii) upon the expiration of the term of the Trust as set forth in
     Section 3.17; or

         (iv)  upon a decree of judicial dissolution of the Trust.

     Upon dissolution and the completion of the winding up of the affairs of the
Trust, the Trust and this Declaration shall terminate when a certificate of
cancellation is filed by the Regular Trustees (without the need for execution
thereof by any other Trustee) with the Secretary of State of the State of
Delaware. The Regular Trustees shall so file such a certificate as soon as
practicable after the occurrence of an event referred to in this Section 8.01.

     The provisions of Sections 3.12 and 4.02 and Article 10 shall survive the
dissolution and termination of the Trust and this Declaration.

                                    ARTICLE 9
                              TRANSFER OF INTERESTS

     SECTION 9.01   TRANSFER OF SECURITIES.

     (a) Securities may only be transferred, in whole or in part, in accordance
with the terms and conditions set forth in this Declaration and in the terms of
the Securities. To the fullest extent permitted by applicable law, any transfer
or purported transfer of any Security not made in accordance with this
Declaration shall be null and void.

     (b) Subject to this Article 9, Preferred Securities shall be freely
transferable.

     (c) The Holder of the Common Securities may not transfer the Common
Securities except (a) in connection with transactions permitted under Section
8.01 of the Indenture, or (b) to the Sponsor or an Affiliate thereof in
compliance with applicable law (including the Securities Act and applicable
state securities and blue sky laws); PROVIDED, HOWEVER, that the Holder of the
Common Securities shall at all times be a United States Person. To the fullest
extent permitted by applicable law, any attempted transfer of the Common
Securities other than as set forth in this Section 9.01(c) shall be null and
void.

     SECTION 9.02   TRANSFER OF CERTIFICATES.

     The Regular Trustees shall provide for the registration of Certificates and
of any transfer of Certificates, which will be effected without charge but only
upon payment (with such indemnity as the Regular Trustees and the transfer agent
and registrar may require) in respect of any tax or other government charges
which may be imposed in relation to such transfer. Upon surrender for
registration of transfer of any Certificate, the Regular Trustees shall cause
one or more new Certificates to be issued therefor. Every Certificate
surrendered for registration of transfer shall be accompanied by a written
instrument of transfer in form satisfactory to the Regular Trustees and the
transfer agent and registrar duly executed by the Holder or such

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Holder's attorney duly authorized in writing. Each Certificate surrendered for
registration of transfer shall be canceled or caused to be canceled by the
Regular Trustees. A transferee of a Certificate shall be entitled to the rights
and subject to the obligations of a Holder hereunder upon the receipt by such
transferee of a Certificate. By acceptance of a Certificate, each transferee
shall be deemed to have agreed to be bound by this Declaration.

     SECTION 9.03   DEEMED SECURITY HOLDERS.

     The Trustees may treat the Person in whose name any Certificate shall be
registered on the books and records of the Trust as the sole holder of such
Certificate and of the Securities represented by such Certificate for purposes
of receiving Distributions and for all other purposes whatsoever and,
accordingly, shall not be bound to recognize any equitable or other claim to or
interest in such Certificate or in the Securities represented by such
Certificate on the part of any Person, whether or not the Trustees shall have
actual or other notice thereof.

     SECTION 9.04   BOOK-ENTRY INTERESTS.

     Unless otherwise specified in the terms of the Preferred Securities, the
Preferred Security Certificates, on original issuance [(including Preferred
Securities, if any, issued pursuant to the exercise of any Over-allotment
Option)], will be issued in the form of one or more, fully registered, global
Preferred Security Certificates (each a "Global Certificate"), to be delivered
to DTC, the initial Clearing Agency, by, or on behalf of, the Trust. Such Global
Certificates shall initially be registered on the books and records of the Trust
in the name of Cede & Co., the nominee of DTC, and no Preferred Security
Beneficial Owner will receive a definitive Preferred Security Certificate
representing such Preferred Security Beneficial Owner's interests in such Global
Certificates, except as provided in Section 9.07. Unless and until definitive,
fully registered Preferred Security Certificates (the "Definitive Preferred
Security Certificates") have been issued to the Preferred Security Beneficial
Owners pursuant to Section 9.07:

     (a) the provisions of this Section 9.04 shall be in full force and effect;

     (b) the Trust and the Trustees shall be entitled to deal with the Clearing
Agency for all purposes of this Declaration (including the payment of
Distributions on the Global Certificates and receiving approvals, votes or
consents hereunder) as the Holder of the Preferred Securities and the sole
holder of the Global Certificates and, except as set forth herein in Section
9.07 or in Rule 3a-7 (if the Trust is excluded from the definition of an
Investment Company solely by reason of Rule 3a-7) with respect to the Property
Trustee, shall have no obligation to the Preferred Security Beneficial Owners;

     (c) to the extent that the provisions of this Section 9.04 conflict with
any other provisions of this Declaration, the provisions of this Section 9.04
shall control; and

     (d) the rights of the Preferred Security Beneficial Owners shall be
exercised only through the Clearing Agency and shall be limited to those
established by applicable law and agreements between such Preferred Security
Beneficial Owners and the Clearing Agency and/or the Clearing Agency
Participants. DTC will make book-entry transfers among the Clearing Agency
Participants and receive and transmit payments of Distributions on the Global

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Certificates to such Clearing Agency Participants, PROVIDED that, solely for the
purposes of determining whether the Holders of the requisite amount of Preferred
Securities have voted on any matter provided for in this Declaration, so long as
definitive Preferred Security Certificates have not been issued (pursuant to
Section 9.07 hereof), the Trustees may conclusively rely on, and shall be
protected in relying on, any written instrument (including a proxy) delivered to
the Trustees by the Clearing Agency setting forth the Preferred Security
Beneficial Owners' votes or assigning the right to vote on any matter to any
other Persons either in whole or in part.

     SECTION 9.05   NOTICES TO HOLDERS OF CERTIFICATES.

     Whenever a notice or other communication to the Holders is required to be
given under this Declaration, unless and until Definitive Preferred Security
Certificates shall have been issued pursuant to Section 9.07, the relevant
Trustees shall give all such notices and communications, specified herein to be
given to Holders of Preferred Securities, to the Clearing Agency and, with
respect to any Preferred Security Certificate registered in the name of a
Clearing Agency or the nominee of a Clearing Agency, the Trustees shall, except
in Rule 3a-7 (if the Trust is excluded from the definition of an Investment
Company solely by reason of Rule 3a-7) with respect to the Property Trustee,
have no notice obligations to the Preferred Security Beneficial Owners.

     SECTION 9.06   APPOINTMENT OF SUCCESSOR CLEARING AGENCY.

     If any Clearing Agency elects to discontinue its services as securities
depositary with respect to the Preferred Securities, the Regular Trustees may,
in their sole discretion, appoint a successor Clearing Agency with respect to
the Preferred Securities.

     SECTION 9.07   DEFINITIVE PREFERRED SECURITY CERTIFICATES.

     If (i) a Clearing Agency elects to discontinue its services as securities
depositary with respect to the Preferred Securities and a successor Clearing
Agency is not appointed within 90 days after such discontinuance pursuant to
Section 9.06, (ii) an Event of Default has occurred with respect to the
Preferred Securities and is continuing, and the Property Trustee has received a
request from the Clearing Agency to issue Definitive Preferred Security
Certificates in lieu of all or a portion of the Global Certificates (in which
case the Regular Trustees shall deliver such Definitive Preferred Security
Certificates within 30 days of such request) or (iii) the Regular Trustees elect
after consultation with the Sponsor to terminate the book-entry system through
the Clearing Agency with respect to the Preferred Securities, then (x)
Definitive Preferred Security Certificates shall be prepared by the Regular
Trustees on behalf of the Trust with respect to such Preferred Securities in
accordance with Section 7.01(c) and (y) upon surrender of the Global
Certificates by the Clearing Agency, accompanied by registration instructions,
the Regular Trustees shall cause Definitive Preferred Security Certificates to
be delivered to Preferred Security Beneficial Owners in accordance with the
instructions of the Clearing Agency. Upon such event, the Regular Trustees shall
give notice thereof to the Debenture Trustee. Neither the Trustees nor the Trust
shall be liable for any delay in delivery of such instructions and each of them
may conclusively rely on, and shall be protected in relying on, such
instructions.

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     SECTION 9.08   MUTILATED, DESTROYED, LOST OR STOLEN CERTIFICATES.

     If (a) any mutilated Certificates should be surrendered to the Regular
Trustees, or if the Regular Trustees shall receive evidence to their
satisfaction of the destruction, loss or theft of any Certificate; and (b) there
shall be delivered to the Regular Trustees such security or indemnity as may be
required by them to keep each of them and the Trust harmless, then in the
absence of notice that such Certificate shall have been acquired by a protected
purchaser, the Regular Trustees (or if there are more than two Regular Trustees
by any two of the Regular Trustees) on behalf of the Trust shall execute and
deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or
stolen Certificate, a new Certificate of like denomination. In connection with
the issuance of any new Certificate under this Section 9.08, the Regular
Trustees may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection therewith. Any duplicate
Certificate issued pursuant to this Section 9.08 shall constitute conclusive
evidence of an ownership interest in the relevant Securities, as if originally
issued, whether or not the lost, stolen or destroyed Certificate shall be found
at any time.

                                   ARTICLE 10
                    LIMITATION OF LIABILITY; INDEMNIFICATION

     SECTION 10.01  EXCULPATION.

     (a) No Indemnified Person shall be liable, responsible or accountable in
damages or otherwise to the Trust or any Covered Person for any loss, damage or
claim incurred by reason of any act or omission performed or omitted by such
Indemnified Person in good faith on behalf of the Trust and in a manner such
Indemnified Person reasonably believed to be within the scope of the authority
conferred on such Indemnified Person by this Declaration or by law, except that
an Indemnified Person shall be liable for any such loss, damage or claim
incurred by reason of such Indemnified Person's gross negligence (or, in the
case of the Property Trustee, negligence) or willful misconduct with respect to
such acts or omissions.

     (b) An Indemnified Person shall be fully protected in relying in good
faith upon the records of the Trust and upon such information, opinions, reports
or statements presented to the Trust by any Person as to matters the Indemnified
Person reasonably believes are within such other Person's professional or expert
competence and who has been selected with reasonable care by or on behalf of the
Trust, including information, opinions, reports or statements as to the value or
amount of the assets, liabilities, profits, losses or any other facts pertinent
to the existence and amount of assets from which Distributions to Holders of
Securities might properly be paid.

     (c) Pursuant to Section 3803(a) of the Statutory Trust Act, the Holders of
Securities, in their capacities as Holders, shall be entitled to the same
limitation of liability that is extended to stockholders of private corporations
for profit organized under the General Corporation Law of the State of Delaware.

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     SECTION 10.02  INDEMNIFICATION.

     (a) To the fullest extent permitted by applicable law, the Sponsor shall
indemnify and hold harmless each Indemnified Person from and against any loss,
liability, expense, damage or claim incurred by such Indemnified Person arising
out of or in connection with the acceptance or administration of the trust or
trusts hereunder or by reason of any act or omission performed or omitted by
such Indemnified Person in good faith on behalf of the Trust and in a manner
such Indemnified Person reasonably believed to be within the scope of authority
conferred on such Indemnified Person by this Declaration, except that no
Indemnified Person shall be entitled to be indemnified in respect of any loss,
liability, expense, damage or claim incurred by such Indemnified Person by
reason of gross negligence (or, in the case of the Property Trustee, negligence)
or willful misconduct with respect to such acts or omissions.

     (b) The provisions of this Section 10.02 shall survive the termination of
this Declaration or the resignation or removal of any Trustee.

     SECTION 10.03  OUTSIDE BUSINESS.

     The Sponsor and any Trustee (in the case of the Property Trustee, subject
to Section 5.01(c)) may engage in or possess an interest in other business
ventures of any nature or description, independently or with others, similar or
dissimilar to the business of the Trust, and the Trust and the Holders of
Securities shall have no rights by virtue of this Declaration in and to such
independent ventures or the income or profits derived therefrom, and the pursuit
of any such venture, even if competitive with the business of the Trust, shall
not be deemed wrongful or improper. Neither the Sponsor nor any Trustee shall be
obligated to present any particular investment or other opportunity to the Trust
even if such opportunity is of a character that, if presented to the Trust,
could be taken by the Trust, and the Sponsor or any Trustee shall have the right
to take for its own account (individually or as a partner or fiduciary) or to
recommend to others any such particular investment or other opportunity. Any
Trustee may engage or be interested in any financial or other transaction with
the Sponsor or any Affiliate of the Sponsor or may act as depositary for,
trustee or agent for, or act on any committee or body of holders of, securities
or other obligations of the Sponsor or any of its Affiliates.

                                   ARTICLE 11
                                   ACCOUNTING

     SECTION 11.01  FISCAL YEAR.

     The fiscal year ("Fiscal Year") of the Trust shall be the calendar year, or
such other year as is required by the Code.

     SECTION 11.02  CERTAIN ACCOUNTING MATTERS.

     (a) At all times during the existence of the Trust, the Regular Trustees
shall keep, or cause to be kept, full books of account, records and supporting
documents, which shall reflect in reasonable detail each transaction of the
Trust. The books of account shall be maintained on the accrual method of
accounting, in accordance with generally accepted accounting principles in the

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United States of America, consistently applied. The Trust shall use the accrual
method of accounting for U.S. federal income tax purposes.

     (b) If required by applicable law, the Regular Trustees shall, as soon as
available after the end of each Fiscal Year of the Trust, cause to be prepared
and mailed to each Holder of Securities unaudited financial statements of the
Trust for such Fiscal Year, prepared in accordance with generally accepted
accounting principles in the United States of America; PROVIDED that if the
Trust is required to comply with the periodic reporting requirements of Section
13(a) or 15(d) of the Exchange Act, such financial statements for such Fiscal
Year shall be examined and reported on by a firm of independent certified public
accountants selected by the Regular Trustees (which firm may be the same firm
used by the Sponsor as its firm of independent certified public accountants).

     (c) The Regular Trustees shall cause to be duly prepared and mailed to
each Holder of Securities any U.S. federal income tax information statement or
form required by any applicable provisions of the Code or the Treasury
Regulations, containing such information with regard to the Securities held by
each Holder as is required by any applicable provisions of the Code and the
Treasury Regulations. Notwithstanding any right under the Code to deliver any
such statement at a later date, the Regular Trustees shall endeavor to deliver
all such statements or forms within 30 days after the end of each Fiscal Year of
the Trust.

     (d) The Regular Trustees shall cause to be properly prepared and filed on
a timely basis with the appropriate taxing authority any U.S. federal income tax
return or form as is required by any applicable provisions of the Code or the
Treasury Regulations, and any other tax returns or forms required to be filed by
or on behalf of the Trust with any state, local or other taxing authority.

     SECTION 11.03  BANKING.

     The Trust shall maintain one or more non-interest bearing bank accounts in
the name and for the sole benefit of the Trust; PROVIDED, HOWEVER, that all
payments of funds in respect of the Debentures held by the Property Trustee
shall be made directly to the Property Account and no other funds from the Trust
shall be deposited in the Property Account. The sole signatories for such
accounts shall be designated by the Regular Trustees; PROVIDED, HOWEVER, that
the Property Trustee shall designate the sole signatories for the Property
Account.

     SECTION 11.04  WITHHOLDING.

     The Trust and the Trustees shall comply with all withholding requirements
under applicable law. The Regular Trustees shall request, and the Holders shall
provide to the Trust, such forms or certificates as are necessary to establish
an available exemption from withholding with respect to each Holder, and any
representations and forms as shall reasonably be requested by the Regular
Trustees to assist them in determining the extent of, and in fulfilling, the
Trust's withholding obligations. The Regular Trustees on behalf of the Trust
shall file required forms with applicable jurisdictions and, unless an exemption
from withholding is properly established by a Holder, shall remit amounts
withheld with respect to the Holder to applicable jurisdictions. To the extent
that the Trust is required to withhold and pay over any amounts to any authority

                                       42
<Page>

with respect to Distributions or allocations to any Holder, the Regular Trustees
shall so notify the Property Trustee and shall provide such information as is
reasonably requested by the Property Trustee to enable the Property Trustee to
effect such withholding, and the amount withheld shall be deemed to be a
Distribution in the amount of the withholding to the Holder. In the event of any
claimed overwithholding, Holders shall be limited to an action against the
applicable jurisdiction. If the amount required to be withheld was not withheld
from a Distribution to a Holder, the Trust may reduce subsequent Distributions
to such Holder (or its successor) by the amount of such under withholding.

                                   ARTICLE 12
                             AMENDMENTS AND MEETINGS

     SECTION 12.01  AMENDMENTS.

     (a) Except as otherwise provided in this Declaration or by any applicable
terms of the Securities, this Declaration may be amended by, and only by, a
written instrument executed by a majority of the Regular Trustees; PROVIDED,
HOWEVER, that (i) no amendment or modification to this Declaration shall be
made, and any such purported amendment shall be void and ineffective: (A) unless
the Regular Trustees shall have first received: (x) an Officers' Certificate
that such amendment is permitted by, and conforms to, the terms of this
Declaration; and (y) an Opinion of Counsel that such amendment is permitted by,
and conforms to, the terms of this Declaration and that all conditions
precedent, if any, in this Declaration to the execution and delivery of such
amendment have been satisfied; and (B) to the extent the result of such
amendment would be to: (x) cause the Trust to fail to continue to be classified
for purposes of U.S. federal income taxation as a grantor trust; (y) reduce or
otherwise adversely affect the rights or powers of the Property Trustee in
contravention of the Trust Indenture Act; or (z) cause the Trust to be deemed to
be an Investment Company required to be registered under the Investment Company
Act; (ii) at such time after the Trust has issued any Securities which remain
outstanding, any amendment which would adversely affect the rights, privileges
or preferences of any Holder of Securities may be effected only with such
additional requirements as may be set forth in the terms of such Securities;
(iii) Section 4.02, Section 9.01(c), Section 10.01(c) and this Section 12.01
shall not be amended without the consent of all of the Holders of the
Securities; (iv) no amendment which adversely affects the rights, powers and
privileges of the Property Trustee or the Delaware Trustee shall be made without
the consent of the Property Trustee or the Delaware Trustee, respectively; (v)
Article 4 shall not be amended without the consent of the Sponsor; and (vi) the
rights of the Holders of Common Securities under Article 5 to increase or
decrease the number of, and to appoint, replace or remove, Trustees shall not be
amended without the consent of each Holder of Common Securities.

     (b) Notwithstanding Section 12.02(a), this Declaration may be amended by a
written instrument executed by a majority of the Regular Trustees without the
consent of the Holders of the Securities to (i) cure any ambiguity, (ii) correct
or supplement any provision in this Declaration that may be defective or
inconsistent with any other provision of this Declaration, (iii) with the
consent of the Sponsor, add to the covenants, restrictions or obligations of the
Sponsor, (iv) conform to any changes in Rule 3a-7 (if the Trust is excluded from
the definition of an Investment Company solely by reason of Rule 3a-7) or any
change in interpretation or

                                       43
<Page>

application of Rule 3a-7 (if the Trust is excluded from the definition of an
Investment Company solely by reason of Rule 3a-7) by the Commission, (v) amend
any other provisions with respect to matters or questions arising under this
Declaration which shall not be inconsistent with the other provisions of this
Declaration, (vi) modify, eliminate or add to any provisions of this Declaration
to such extent as shall be necessary to ensure that the Trust will be classified
for U.S. federal income tax purposes as a grantor trust at all times that any
Securities are outstanding or to ensure that the Trust will not be required to
register as an Investment Company under the Investment Company Act, and (vii)
pursuant to Section 5.01, evidence the acceptance of the appointment of a
successor Trustee or fill a vacancy created by an increase in the number of
Regular Trustees; PROVIDED, that any such amendment does not adversely affect in
any material respect the rights, preferences or privileges of the Holders.

     SECTION 12.02  MEETINGS OF THE HOLDERS OF SECURITIES; ACTION BY WRITTEN
                    CONSENT.

     (a) Meetings of the Holders of Preferred Securities and/or Common
Securities may be called at any time by the Regular Trustees (or as provided in
the terms of the Securities) to consider and act on any matter on which the
Holders of such class of Securities are entitled to act under the terms of this
Declaration, the terms of the Securities or the rules of any stock exchange or
automated quotation system on which the Preferred Securities are then listed,
traded or quoted. The Regular Trustees shall call a meeting of the Holders of
Preferred Securities or Common Securities, if directed to do so by Holders of at
least 25% in liquidation amount of such class of Securities. Such direction
shall be given by delivering to the Regular Trustees one or more notices in
writing stating that the signing Holders of Securities wish to call a meeting
and indicating the general or specific purpose for which the meeting is to be
called. Any Holders of Securities calling a meeting shall specify in writing the
Certificates held by the Holders of Securities exercising the right to call a
meeting and only those specified Certificates shall be counted for purposes of
determining whether the required percentage set forth in the second sentence of
this paragraph has been met.

     (b) Except to the extent otherwise provided in the terms of the
Securities, the following provision shall apply to meetings of the Holders of
Securities:

         (i)   Notice of any such meeting shall be given by mail to all the
     Holders of Securities having a right to vote thereat not less than seven
     (7) days nor more than sixty (60) days prior to the date of such meeting.
     Whenever a vote, consent or approval of the Holders of Securities is
     permitted or required under this Declaration or the rules of any stock
     exchange or automated quotation system on which the Preferred Securities
     are then listed, traded or quoted, such vote, consent or approval may be
     given at a meeting of the Holders of Securities. Any action that may be
     taken at a meeting of the Holders of Securities may be taken without a
     meeting and without prior notice if a consent in writing setting forth the
     action so taken is signed by Holders of Securities owning not less than the
     minimum aggregate liquidation amount of Securities that would be necessary
     to authorize or take such action at a meeting at which all Holders of
     Securities having a right to vote thereon were present and voting. Prompt
     notice of the taking of action without a meeting shall be given to the
     Holders of Securities entitled to vote who have not consented in writing.
     The Regular Trustees may specify that any written ballot

                                       44
<Page>

     submitted to the Holders of Securities for the purpose of taking any action
     without a meeting shall be returned to the Trust within the time specified
     by the Regular Trustees.

         (ii)  Each Holder of a Security may authorize any Person to act for it
     by proxy on all matters in which a Holder of a Security is entitled to
     participate, including waiving notice of any meeting, or voting or
     participating at a meeting. No proxy shall be valid after the expiration of
     11 months from the date thereof unless otherwise provided in the proxy.
     Every proxy shall be revocable at the pleasure of the Holder of the
     Security executing it. Except as otherwise provided herein or in the terms
     of the Securities, all matters relating to the giving, voting or validity
     of proxies shall be governed by the General Corporation Law of the State of
     Delaware relating to proxies, and judicial interpretations thereunder, as
     if the Trust were a Delaware corporation and the Holders of the Securities
     were stockholders of a Delaware corporation.

         (iii) Each meeting of the Holders of the Securities shall be conducted
     by the Regular Trustees or by such other Person that the Regular Trustees
     may designate.

         (iv)  Unless otherwise provided in the Statutory Trust Act, this
     Declaration or the rules of any stock exchange or automated quotation
     system on which the Preferred Securities are then listed, traded or quoted,
     the Regular Trustees, in their sole discretion, shall establish all other
     provisions relating to meetings of Holders of Securities, including notice
     of the time, place or purpose of any meeting at which any matter is to be
     voted on by any Holders of Securities, waiver of any such notice, action by
     consent without a meeting, the establishment of a record date, quorum
     requirements, voting in person or by proxy or any other matter with respect
     to the exercise of any such right to vote.

                                   ARTICLE 13
        REPRESENTATIONS OF THE PROPERTY TRUSTEE AND THE DELAWARE TRUSTEE

     SECTION 13.01  REPRESENTATIONS AND WARRANTIES OF THE PROPERTY TRUSTEE.

     The Trustee which acts as the initial Property Trustee represents and
warrants to the Trust and to the Sponsor at the date of this Declaration, and
each Successor Property Trustee represents and warrants to the Trust and the
Sponsor at the time of the Successor Property Trustee's acceptance of its
appointment as the Property Trustee that:

     (a) The Property Trustee is a national banking association or a banking
corporation with trust powers, duly organized, validly existing and in good
standing under the laws of the United States or the laws of the state of its
incorporation, with trust power and authority to execute and deliver, and to
carry out and perform its obligations under the terms of, this Declaration.

     (b) The execution, delivery and performance by the Property Trustee of
this Declaration have been duly authorized by all necessary corporate action on
the part of the Property Trustee. This Declaration has been duly executed and
delivered by the Property Trustee, and constitutes a legal, valid and binding
obligation of the Property Trustee, enforceable against it in accordance with
its terms, subject to applicable bankruptcy, reorganization,

                                       45
<Page>

moratorium, insolvency and other similar laws affecting creditors' rights
generally and to general principles of equity and the discretion of the court
(regardless of whether the enforcement of such remedies is considered in a
proceeding in equity or at law).

     (c) The execution, delivery and performance of this Declaration by the
Property Trustee does not conflict with or constitute a breach of (i) the
charter or by-laws of the Property Trustee, (ii) any applicable law, rule or
regulation to which the Property Trustee is subject or (iii) any agreement or
instrument to which the Property Trustee is a party or is otherwise bound.

     (d) No consent, approval or authorization of, or registration with or
notice to, any banking authority which supervises or regulates the Property
Trustee is required for the execution, delivery or performance by the Property
Trustee of this Declaration.

     (e) The Property Trustee satisfies the qualifications set forth in Section
5.01(c).

     SECTION 13.02  REPRESENTATIONS AND WARRANTIES OF THE DELAWARE TRUSTEE.

     The Trustee which acts as the initial Delaware Trustee represents and
warrants to the Trust and the Sponsor at the date of this Declaration, and each
Successor Delaware Trustee represents and warrants to the Trust and the Sponsor
at the time of the Successor Delaware Trustee's acceptance of its appointment as
the Delaware Trustee, that:

     (a) The Delaware Trustee is a corporation duly organized, validly existing
and in good standing under the laws of the State of Delaware, with corporate
power and authority to execute and deliver, and to carry out and perform its
obligations under the terms of, this Declaration.

     (b) The execution, delivery and performance by the Delaware Trustee of
this Declaration have been duly authorized by all necessary corporate action on
the part of the Delaware Trustee. This Declaration has been duly executed and
delivered by the Delaware Trustee and constitutes a legal, valid and binding
obligation of the Delaware Trustee, enforceable against it in accordance with
its terms, subject to applicable bankruptcy, reorganization, moratorium,
insolvency and other similar laws affecting creditors' rights generally and to
general principles of equity and the discretion of the court (regardless of
whether the enforcement of such remedies is considered in a proceeding in equity
or at law).

     (c) The execution, delivery and performance of this Declaration by the
Delaware Trustee does not conflict with or constitute a breach of (i) the
charter or by-laws of the Delaware Trustee, (ii) any applicable law, rule or
regulation to which the Delaware Trustee is subject or (iii) any agreement or
instrument to which the Delaware Trustee is a party or is otherwise bound.

     (d) The Delaware Trustee is a natural person who is a resident of the
State of Delaware or, if not a natural person, an entity which has its principal
place of business in the State of Delaware and is a Person that satisfies for
the Trust Section 3807(a) of the Statutory Trust Act.

                                       46
<Page>

                                   ARTICLE 14
                                  MISCELLANEOUS

     SECTION 14.01  NOTICES.

     All notices provided for in this Declaration shall be in writing, duly
signed by the party giving such notice, and shall be delivered, telecopied or
mailed by first class mail, as follows:

     (a) if given to the Trust, in care of the Regular Trustees at the Trust's
mailing address set forth below (or such other address as the Regular Trustees
on behalf of the Trust may give notice of to the Holders of the Securities and
the Sponsor):

                    Marathon Financing Trust
                    c/o Marathon Oil Corporation
                    5555 San Felipe Road
                    Houston, Texas  77056-2723
                    Attention: _______________________
                    Telecopy:  _______________________

     (b) if given to the Property Trustee, at the mailing address of the
Property Trustee set forth below (or such other address as the Property Trustee
may give notice of to the Holders of the Securities and the Sponsor):

                    The Bank of New York
                    101 Barclay Street, Floor 8W
                    New York, New York 10286
                    Attention: Corporate Trust Administration
                    Telecopy: (212) 815-5704

     (c) if given to the Delaware Trustee, at the mailing address of the
Delaware Trustee set forth below (or such other address as the Delaware Trustee
may give notice of to the Holders of the Securities and the Sponsor):

                    The Bank of New York (Delaware)
                    700 White Clay Center, Route 273
                    Newark, Delaware  19711
                    Attention: Corporate Administration & Compliance
                    Telecopy: (302) 283-8279

     (d) if given to the Holder of the Common Securities or the Sponsor, at the
mailing address of the Sponsor set forth below (or such other address as the
Holder of the Common Securities or the Sponsor may give notice of to the Trust):

                                       47
<Page>

                    Marathon Oil Corporation
                    5555 San Felipe Road
                    Houston, Texas  77056-2723
                    Attention: _______________________
                    Telecopy:  _______________________

     (e) if given to any other Holder, at the address set forth on the books
and records of the Trust.

     A copy of any notice to the Property Trustee or the Delaware Trustee shall
also be sent to the Trust. All notices shall be deemed to have been given, when
(i) received in person, (ii) telecopied with receipt confirmed or (iii) received
if mailed by first class mail, postage prepaid, except that if a notice or other
document is refused delivery or cannot be delivered because of a changed address
of which no notice was given, such notice or other document shall be deemed to
have been delivered on the date of such refusal or inability to deliver.

     SECTION 14.02  UNDERTAKING FOR COSTS.

     All parties to this Declaration agree, and each Holder of any Securities by
his or her acceptance thereof shall be deemed to have agreed, that any court may
in its discretion require, in any suit for the enforcement of any right or
remedy under this Declaration, or in any suit against the Property Trustee for
any action taken or omitted by it as Property Trustee, the filing by any party
litigant in such suit of an undertaking to pay the costs of such suit, and that
such court may in its discretion assess reasonable costs, including reasonable
attorneys' fees and expenses, against any party litigant in such suit, having
due regard to the merits and good faith of the claims or defenses made by such
party litigant; PROVIDED, HOWEVER, that the provisions of this Section 14.02
shall not apply to any suit instituted by the Property Trustee, to any suit
instituted by any Holder of Preferred Securities, or group of Holders of
Preferred Securities, holding more than 25% in aggregate liquidation amount of
the outstanding Preferred Securities, or to any suit instituted by any Holder of
Preferred Securities for the enforcement of the payment of the principal of, any
premium or interest on the Debentures, on or after the respective due dates
expressed in such Debentures.

     SECTION 14.03  GOVERNING LAW.

     This Declaration, the Securities and the rights of the parties hereunder
shall be governed by and interpreted in accordance with the laws of the State of
Delaware and all rights and remedies shall be governed by such laws without
regard to any principles of conflict of laws thereof that would result in the
application of the laws of any other jurisdiction.

     SECTION 14.04  HEADINGS.

     Headings contained in this Declaration are inserted for convenience of
reference only and do not affect the interpretation of this Declaration or any
provision hereof.

                                       48
<Page>

     SECTION 14.05  PARTIAL ENFORCEABILITY.

     If any provision of this Declaration, or the application of such provision
to any Person or circumstance, shall be held invalid, the remainder of this
Declaration, or the application of such provision to Persons or circumstances
other than those to which it is held invalid, shall not be affected thereby.

     SECTION 14.06  COUNTERPARTS.

     This Declaration may contain more than one counterpart of the signature
pages and this Declaration may be executed by the affixing of the signature of
the Sponsor and each of the Trustees to one of such counterpart signature pages.
All of such counterpart signature pages shall be read as though one, and they
shall have the same force and effect as though all of the signers had signed a
single signature page.

     SECTION 14.07  INTENTION OF THE PARTIES.

     It is the intention of the parties hereto that the Trust not be classified
for U.S. federal income tax purposes as an association taxable as a corporation
or partnership but that the Trust be treated as a grantor trust for U.S. federal
income tax purposes. The provisions of this Declaration shall be interpreted to
further this intention of the parties.

     SECTION 14.08  SUCCESSORS AND ASSIGNS.

     Whenever in this Declaration any of the parties hereto is named or referred
to, the successors and assigns of such party shall be deemed to be included, and
all covenants and agreements in this Declaration by the Sponsor and the Trustees
shall bind and inure to the benefit of their respective successors and assigns,
whether so expressed.

     SECTION 14.09  NO RECOURSE.

     The Trust's obligations hereunder are intended to be the obligations of the
Trust and no recourse for the payment of Distributions, or for any claim upon
the Securities or otherwise in respect thereof, shall be had against any Holder
of Securities or any Affiliate of a Holder of Securities, solely by reason of
such Person's being a Holder of Securities or an Affiliate of a Holder of
Securities, it being understood that the Holder of Securities, solely by reason
of being a Holder of Securities, has limited liability (in accordance with the
provisions of the Statutory Trust Act) for the liabilities and obligations of
the Trust. Nothing contained in this Section 14.09 shall be construed to limit
the exercise or enforcement, in accordance with the terms of this Declaration,
the Preferred Securities Guarantee and the Indenture, of the rights and remedies
against the Trust or the Sponsor.

                                       49
<Page>

     IN WITNESS WHEREOF, the undersigned has caused these presents to be
executed as of the day and year first above written.

                                  MARATHON OIL CORPORATION,
                                  as Sponsor

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

                                  -------------------------------------
                                  John T. Mills,
                                  as Regular Trustee

                                  -------------------------------------
                                  Paul C. Reinbolt,
                                  as Regular Trustee

                                  -------------------------------------
                                  Rick J. Tobias,
                                  as Regular Trustee

                                  THE BANK OF NEW YORK,
                                  as Property Trustee

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

                                  THE BANK OF NEW YORK (DELAWARE),
                                  as Delaware Trustee

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

                                       50
<Page>

                                                                       EXHIBIT A

                              CERTIFICATE OF TRUST
                                       OF
                          MARATHON FINANCING TRUST ___

     THIS CERTIFICATE OF TRUST of Marathon Financing Trust ___ (the "Trust"),
dated as of _____________, 200__, is being duly executed and filed by the
undersigned, as trustees, to form a statutory trust under the Delaware Statutory
Trust Act (12 DEL. CODE Section 3801 ET SEQ.).

     1.  NAME. The name of the statutory trust being formed hereby is "Marathon
Financing Trust ___."

     2.  DELAWARE TRUSTEE. The name and business address of the trustee of the
Trust with a principal place of business in the State of Delaware are The Bank
of New York (Delaware), 700 White Clay Center, Route 273, Newark, Delaware
19711.

     3.  EFFECTIVE DATE. This Certificate of Trust shall be effective at the
time of its filing with the Secretary of State of the State of Delaware.

     4.  COUNTERPARTS. This Certificate of Trust may be executed in one or more
counterparts.

                                       A-1
<Page>

     IN WITNESS WHEREOF, the undersigned, being all of the trustees of the Trust
at the time of filing this Certificate of Trust, have executed this Certificate
of Trust as of the date first above written.

                                  THE BANK OF NEW YORK (DELAWARE),
                                  not in its individual capacity, but solely as
                                  Delaware Trustee

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

                                  THE BANK OF NEW YORK,
                                  not in its individual capacity, but solely as
                                  Property Trustee

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

                                  ---------------------------------------------
                                  not in his individual capacity, but solely as
                                  Regular Trustee

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

                                       A-2
<Page>

                                                                       EXHIBIT B

                                    TERMS OF
                              PREFERRED SECURITIES

     Pursuant to Section 7.01(b) of the Amended and Restated Declaration of
Trust of Marathon Financing Trust ___ dated as of ______________, 200___ (as
amended from time to time, the "Declaration"), the designations, rights,
privileges, restrictions, preferences and other terms and provisions of the
Preferred Securities are set forth below (each capitalized term used but not
defined herein having the meaning set forth in the Declaration):

     1.  DESIGNATION AND NUMBER. _____________ (____________) Preferred
Securities of the Trust with an aggregate liquidation amount [(including the
Over-allotment Option)] at any time outstanding with respect to the assets of
the Trust of ____________________________ Dollars ($____________) and each with
a liquidation amount with respect to the assets of the Trust of $___ per
Preferred Security, are hereby designated as "____________________________." The
Preferred Security Certificates evidencing the Preferred Securities shall be
substantially in the form attached hereto as Annex I, with such changes and
additions thereto or deletions therefrom as may be required by ordinary usage,
custom or practice, or to conform to the rules of any stock exchange or
automated quotation system on which the Preferred Securities are then listed,
traded or quoted. In connection with the issuance and sale of the Preferred
Securities and the Common Securities, the Trust will purchase as trust assets
Debentures of Marathon having an aggregate principal amount equal to the
aggregate liquidation amount of the Preferred Securities and the Common
Securities so issued, and bearing interest at an annual rate equal to the annual
Distribution rate on the Preferred Securities and the Common Securities and
having payment and redemption provisions which correspond to the payment and
redemption provisions of the Preferred Securities and the Common Securities.

     2.  DISTRIBUTIONS. (a) Distributions payable on each Preferred Security
will be fixed at a rate per annum of ____% (the "Coupon Rate") of the stated
liquidation amount of $___ per Preferred Security, such rate being the rate of
interest payable on the Debentures to be held by the Property Trustee.
Distributions in arrears for more than one calendar quarter will accumulate
additional distributions thereon at the Coupon Rate per annum (to the extent
permitted by applicable law), compounded quarterly. The term "Distributions" as
used herein means such periodic cash distributions and any such additional
distributions payable unless otherwise stated. A Distribution will be made by
the Property Trustee only to the extent that interest payments are made in
respect of the Debentures held by the Property Trustee and to the extent the
Trust has funds on hand legally available therefor. The amount of Distributions
payable for any period will be computed for any full quarterly Distribution
period on the basis of a 360-day year of twelve 30-day months, and for any
period shorter than a full quarterly Distribution period for which Distributions
are computed, Distributions will be computed on the basis of the actual number
of days elapsed per 90-day quarter.

         (b)  Distributions on the Preferred Securities will accumulate from
     ______________, 200___ and will be payable quarterly in arrears, on
     _____________,

                                       B-1
<Page>

     _____________, _____________ and _____________ of each year, commencing on
     _____________, 200__, except as otherwise described below, but only if and
     to the extent that interest payments are made in respect of the Debentures
     held by the Property Trustee. So long as no Indenture Event of Default has
     occurred and is continuing with respect to the Debentures, Marathon has the
     right under the Indenture for the Debentures to defer payments of interest
     on the Debentures by extending the interest payment period of the
     Debentures at any time and from time to time for a period not exceeding 20
     consecutive quarterly interest periods (each, an "Extension Period"),
     during which Extension Period no interest shall be due and payable on the
     Debentures. As a consequence of such deferral, Distributions shall also be
     deferred. Despite such deferral, Distributions will continue to accumulate
     on the Preferred Securities with additional distributions thereon (to the
     extent permitted by applicable law but not at a rate greater than the rate
     at which interest is then accruing on the Debentures) at the Coupon Rate
     compounded quarterly during any such Extension Period. No Extension Period
     shall extend beyond the stated maturity of the Debentures. Prior to the
     termination of any such Extension Period, Marathon may further extend such
     Extension Period; PROVIDED that such Extension Period together with all
     such previous and further extensions thereof may not exceed 20 consecutive
     quarterly interest periods or extend beyond the maturity of the Debentures.
     Upon the termination of any Extension Period and the payment of all amounts
     then due, Marathon may commence a new Extension Period, subject to the
     foregoing provisions. On the first Distribution payment date following the
     end of an Extension Period, payments of accumulated Distributions will be
     payable to Holders of Preferred Securities as they appear on the books and
     records of the Trust (regardless of who the Holders may have been on other
     dates during the Extension Period) on the record date for such Distribution
     payment date.

         (c)  Distributions on the Preferred Securities will be payable promptly
     by the Property Trustee (or other Paying Agent) upon receipt of immediately
     available funds to the Holders thereof as they appear on the books and
     records of the Trust on the relevant record dates. While the Preferred
     Securities remain in book-entry only form, the relevant record dates shall
     be the Business Day next preceding the relevant Distribution payment date,
     and if the Preferred Securities are no longer in book-entry only form, the
     relevant record dates will be the close of business on the _________,
     _________, _________, and _________ next preceding the relevant
     Distribution payment date, which record and payment dates correspond to the
     record and interest payment dates on the Debentures. Distributions payable
     on any Preferred Securities that are not punctually paid on any
     Distribution payment date as a result of Marathon's having failed to make
     the corresponding payment on the Debentures will forthwith cease to be
     payable to the person in whose name such Preferred Security is registered
     on the relevant record date, and such defaulted payment will instead be
     payable to the person in whose name such Preferred Security is registered
     on the special record date established by the Regular Trustees, which
     record date shall correspond to the special record date or other specified
     date determined in accordance with the Indenture; PROVIDED, HOWEVER, that
     Distributions shall not be considered payable on any Distribution payment
     date falling within an Extension Period unless Marathon has elected to make
     a full or partial payment of accrued interest on the Debentures on such
     Distribution payment date. Subject to any

                                       B-2
<Page>

     applicable laws and regulations and the provisions of the Declaration, each
     payment in respect of the Preferred Securities will be made as described in
     Section 8 hereof. If any date on which Distributions are payable on the
     Preferred Securities is not a Business Day, then payment of the
     Distribution payable on such date will be made on the next succeeding day
     that is a Business Day (and without any interest or other payment in
     respect of any such delay) except that, if such Business Day is in the next
     succeeding calendar year, such payment shall be made on the immediately
     preceding Business Day, in each case with the same force and effect as if
     made on the date such payment was originally payable. Notwithstanding
     anything herein to the contrary, the record dates and payment dates for
     Distributions shall be the same as the record dates and payment dates for
     the Debentures.

         (d)  All Distributions paid with respect to the Preferred Securities
     and the Common Securities will be paid Pro Rata (as defined below) to the
     Holders thereof entitled thereto. If an Event of Default has occurred and
     is continuing, the Preferred Securities shall have a priority over the
     Common Securities with respect to such payments.

         (e)  In the event that there is any money or other property held by or
     for the Trust that is not accounted for under the Declaration, such money
     or property shall be distributed Pro Rata among the Holders of the
     Preferred Securities and the Common Securities.

     3.  LIQUIDATION DISTRIBUTION UPON DISSOLUTION. (a) In the event of any
voluntary or involuntary dissolution of the Trust, the Holders of the Preferred
Securities and the Common Securities will be entitled to receive Pro Rata solely
out of the assets of the Trust legally available for distribution to Holders of
Preferred Securities and Common Securities after satisfaction of liabilities to
the creditors of the Trust, an amount equal to the aggregate of the stated
liquidation amount of $___ per Preferred Security and Common Security plus
accumulated and unpaid Distributions thereon to the date of payment (such amount
being the "Liquidation Distribution"), unless, in connection with such
dissolution, and after satisfaction of liabilities to the creditors of the
Trust, Debentures in an aggregate principal amount equal to the aggregate stated
liquidation amount of the Preferred Securities and the Common Securities and
bearing accrued and unpaid interest in an amount equal to the accumulated and
unpaid Distributions on, the Preferred Securities and the Common Securities,
shall be distributed Pro Rata to the Holders of the Preferred Securities and the
Common Securities in exchange for such Securities.

     If, upon any such dissolution, the Liquidation Distribution can be paid
only in part because the Trust has insufficient assets on hand legally available
to pay in full the aggregate Liquidation Distribution, then the amounts payable
directly by the Trust on the Preferred Securities and the Common Securities
shall be paid, subject to the next paragraph, on a Pro Rata basis.

     Holders of Common Securities will be entitled to receive Liquidation
Distributions upon any such dissolution Pro Rata with Holders of Preferred
Securities, except that if an Event of

                                       B-3
<Page>

Default has occurred and is continuing, the Preferred Securities shall have a
priority over the Common Securities with respect to such Liquidation
Distribution.

         (b)   The Holder of the Common Securities shall have the right to
     direct the Property Trustee in writing at any time to dissolve the Trust
     and, after satisfaction of liabilities to creditors of the Trust, to
     distribute Debentures to Holders in exchange for Securities (which
     direction is optional and wholly within the discretion of the Holder of the
     Common Securities). Upon the receipt of any such written direction, the
     Property Trustee shall promptly, after satisfaction of liabilities to
     creditors of the Trust, (i) dissolve the Trust and (ii) distribute
     Debentures in an aggregate principal amount equal to the aggregate stated
     liquidation amount of the Preferred Securities and the Common Securities
     held by each Holder, which Debentures bear accrued and unpaid interest in
     an amount equal to the accumulated and unpaid Distributions on the
     Preferred Securities and the Common Securities of such Holder, in exchange
     for the Preferred Securities and Common Securities of such Holder.

         (c)   On the date fixed for any distribution of Debentures, upon
     dissolution of the Trust, (i) the Preferred Securities will no longer be
     deemed to be outstanding and may be canceled by the Regular Trustees, and
     (ii) Certificates representing Preferred Securities will be deemed to
     represent beneficial interests in the Debentures having an aggregate
     principal amount equal to the stated liquidation amount of, and bearing
     accrued and unpaid interest equal to accumulated and unpaid Distributions
     to, but excluding, the date fixed for such distribution on, such Preferred
     Securities until such Certificates are presented to Marathon or its agent
     for transfer or reissuance.

         (d)   If Debentures are distributed to Holders of the Preferred
     Securities, Marathon, pursuant to the terms of the Indenture, will use its
     reasonable best efforts to have the Debentures listed on the New York Stock
     Exchange or on such other exchange or automated quotation system as the
     Preferred Securities were listed immediately prior to the distribution of
     the Debentures.

     4.  REDEMPTION OF DEBENTURES. The Preferred Securities may be redeemed
only if Debentures having an aggregate principal amount equal to the aggregate
liquidation amount of the Preferred Securities and the Common Securities are
repaid or redeemed as set forth below:

         (a)   Upon the repayment of the Debentures, in whole or in part,
     whether at maturity, upon redemption at any time or from time to time on or
     after ______________, 200___, the proceeds of such repayment will be
     promptly applied to redeem Pro Rata Preferred Securities and Common
     Securities having an aggregate liquidation amount equal to the aggregate
     principal amount of the Debentures so repaid or redeemed, upon not less
     than 30 nor more than 60 days' notice, at a redemption price of $___ per
     Preferred Security and Common Security plus an amount equal to accumulated
     and unpaid Distributions thereon to, but excluding, the date of redemption,
     payable in cash (the "Redemption Price"). The date of any such repayment or
     redemption of Preferred Securities and Common Securities shall be
     established to coincide with the repayment or redemption date of the
     Debentures.

                                       B-4
<Page>

         (b)   If fewer than all the outstanding Preferred Securities and Common
     Securities are to be so redeemed, the Preferred Securities and the Common
     Securities will be redeemed Pro Rata and the Preferred Securities will be
     redeemed as described in Section 4(e)(ii) below, except that if an Event of
     Default has occurred and is continuing, the Preferred Securities will have
     a priority over the Common Securities with respect to payment of the
     Redemption Price. If a partial redemption would result in the delisting of
     the Preferred Securities by any national securities exchange or other
     organization on which the Preferred Securities are then listed or traded,
     Marathon pursuant to the Indenture will redeem Debentures only in whole
     and, as a result, the Trust may redeem the Preferred Securities only in
     whole.

         (c)   If, at any time, a Tax Event or an Investment Company Event (each
     as hereinafter defined, and each, a "Special Event") shall occur and be
     continuing, Marathon shall have the right at any time, upon not less than
     30 nor more than 60 days' notice, to redeem the Debentures in whole or in
     part for cash at the Redemption Price within 90 days following the
     occurrence of such Special Event, and promptly following such redemption,
     Preferred Securities and Common Securities with an aggregate liquidation
     amount equal to the aggregate principal amount of the Debentures so
     redeemed will be redeemed by the Trust at the Redemption Price on a Pro
     Rata basis. The Common Securities will be redeemed Pro Rata with the
     Preferred Securities, except that if an Event of Default has occurred and
     is continuing, the Preferred Securities will have a priority over the
     Common Securities with respect to payment of the Redemption Price.

     "Tax Event" means that the Sponsor and the Regular Trustees shall have
received an Opinion of Counsel experienced in such matters to the effect that as
a result of (a) any amendment to, or change (including any announced prospective
change) in, the laws (or any rules or regulations thereunder) of the United
States or any political subdivision or taxing authority thereof or therein, (b)
any amendment to, or change in, an interpretation or application of any such
laws, rules or regulations by any legislative body, court, governmental agency
or regulatory authority (including the enactment of any legislation or the
publication of any judicial decision or regulatory determination), (c) any
interpretation or pronouncement by any legislative body, court, governmental
agency or regulatory authority that provides for a position with respect to such
laws, rules or regulations that differs from its previous position or a commonly
accepted position or (d) any action taken by any governmental agency or
regulatory authority, which amendment or change is enacted, promulgated, issued
or announced or which interpretation or pronouncement is issued or announced or
which action is taken, in each case on or after ______________, 200___, there
is more than an insubstantial risk that (i) the Trust is, or will be within 90
days of the date thereof, subject to U.S. federal income tax with respect to
income accrued or received on the Debentures, (ii) the Trust is, or will be
within 90 days of the date thereof, subject to more than a DE MINIMIS amount of
taxes, duties or other governmental charges or (iii) interest payable by
Marathon to the Trust on the Debentures is not, or within 90 days of the date
thereof will not be, deductible by Marathon for U.S. federal income tax
purposes.

     "Investment Company Event" means that the Sponsor and the Regular Trustees
shall have received an Opinion of Counsel experienced in practice under the
Investment Company Act

                                       B-5
<Page>

that, as a result of the occurrence of a change in law or regulation or a change
in interpretation or application of law or regulation by any legislative body,
court, governmental agency or regulatory authority (a "Change in Investment
Company Act Law"), there is more than an insubstantial risk that the Trust is or
will be considered an Investment Company which is required to be registered
under the Investment Company Act, which Change in Investment Company Act Law
becomes effective on or after ______________, 200___.

         (d)   The Trust may not redeem fewer than all the outstanding Preferred
     Securities unless all accumulated and unpaid Distributions have been paid
     on all Preferred Securities for all quarterly Distribution periods
     terminating on or prior to the date of redemption.

         (e)   (i)  Notice of any redemption of, or notice of distribution of
     Debentures in exchange for, the Preferred Securities and the Common
     Securities (a "Redemption/Distribution Notice") will be given by the
     Regular Trustees on behalf of the Trust by mail to each Holder of Preferred
     Securities and Common Securities to be redeemed or exchanged not less than
     30 nor more than 60 days prior to the date fixed for redemption or exchange
     thereof. For purposes of the calculation of the date of redemption or
     exchange and the dates on which notices are given pursuant to this Section
     4(e)(i), a Redemption/Distribution Notice shall be deemed to be given on
     the day such notice is first mailed by first-class mail, postage prepaid,
     to Holders of Preferred Securities and Common Securities. Each
     Redemption/Distribution Notice shall be addressed to the Holders of
     Preferred Securities and Common Securities at the address of each such
     Holder appearing in the books and records of the Trust. No defect in the
     Redemption/Distribution Notice or in the mailing of either thereof with
     respect to any Holder shall affect the validity of the redemption or
     exchange proceedings with respect to any other Holder.

               (ii)  In the event that fewer than all the outstanding Preferred
         Securities are to be redeemed, the Preferred Securities to be redeemed
         will be redeemed Pro Rata from each Holder of Preferred Securities, it
         being understood that, in respect of Preferred Securities registered in
         the name of and held of record by DTC (or successor Clearing Agency) or
         its nominee, the Preferred Securities will be redeemed from, and the
         distribution of the proceeds of such redemption will be made to, DTC
         (or successor Clearing Agency) or its nominee.

               (iii) Subject to Section 8 hereof, if the Trust gives a
         Redemption/Distribution Notice in respect of a redemption of Preferred
         Securities as provided in this Section 4 then (A) while the Preferred
         Securities are in book-entry only form, with respect to the Preferred
         Securities, by 12:00 noon, New York City time, on the redemption date,
         PROVIDED that Marathon has paid the Property Trustee, in immediately
         available funds, a sufficient amount of cash in connection with the
         related redemption or maturity of the Debentures, the Property Trustee
         will deposit irrevocably with DTC (or successor Clearing Agency) funds
         sufficient to pay the applicable Redemption Price with respect to the
         Preferred Securities and will give DTC (or successor Clearing Agency)

                                       B-6
<Page>

         irrevocable instructions and authority to pay the Redemption Price to
         the Holders of the Preferred Securities and (B) if the Preferred
         Securities are issued in definitive form, with respect to the
         Preferred Securities and provided that Marathon has paid the Property
         Trustee, in immediately available funds, a sufficient amount of cash
         in connection with the related redemption or maturity of the
         Debentures, the Property Trustee will pay the relevant Redemption
         Price to the Holders of such Preferred Securities by check mailed to
         the address of the relevant Holder appearing on the books and records
         of the Trust on the redemption date or by wire transfer of immediately
         available funds to an account designated by such Holder. If a
         Redemption/Distribution Notice shall have been given and funds
         deposited as required, if applicable, then immediately prior to the
         close of business on the redemption date, Distributions will cease to
         accumulate on the Preferred Securities called for redemption, such
         Preferred Securities will no longer be deemed to be outstanding and
         all rights of Holders of such Preferred Securities so called for
         redemption will cease, except the right of the Holders of such
         Preferred Securities to receive the Redemption Price, but without
         interest on such Redemption Price. Neither the Trustees nor the Trust
         shall be required to register or cause to be registered the transfer
         of any Preferred Securities which have been so called for redemption.
         If any date fixed for redemption of Preferred Securities is not a
         Business Day, then payment of the Redemption Price payable on such
         date will be made on the next succeeding day that is a Business Day
         (and without any interest or other payment in respect of any such
         delay) except that, if such Business Day falls in the next calendar
         year, such payment will be made on the immediately preceding Business
         Day, in each case with the same force and effect as if made on such
         date fixed for redemption. If payment of the Redemption Price in
         respect of Preferred Securities is improperly withheld or refused and
         not paid either by the Property Trustee or by Marathon pursuant to the
         Preferred Securities Guarantee, Distributions on such Preferred
         Securities will continue to accumulate, from the original redemption
         date to the date of payment, in which case the actual payment date
         will be considered the date fixed for redemption for purposes of
         calculating the Redemption Price.

               (iv) Redemption/Distribution Notices shall be sent by the Regular
         Trustees on behalf of the Trust to DTC or its nominee (or any successor
         Clearing Agency or its nominee) if the Global Certificates have been
         issued or, if Definitive Preferred Security Certificates have been
         issued, to the Holders of the Preferred Securities.

               (v)  Subject to the foregoing and applicable law (including,
         without limitation, U.S. federal securities laws), Marathon or any of
         its Affiliates may at any time and from time to time purchase
         outstanding Preferred Securities by tender, in the open market or by
         private agreement.

     5.  VOTING RIGHTS. (a) Except as provided under Section 5(b) below and as
otherwise required by law and the Declaration, the Holders of the Preferred
Securities will have no voting rights.

                                       B-7
<Page>

         (b)   If any proposed amendment to the Declaration provides for, or the
     Regular Trustees otherwise propose to effect, (i) any action that would
     adversely affect the rights, privileges or preferences of the Securities,
     whether by way of amendment to the Declaration, other than as described in
     Section 12.01(b) of the Declaration, or otherwise, or (ii) the dissolution,
     winding-up or termination of the Trust, other than as described in Section
     8.01 of the Declaration, then the Holders of outstanding Securities will be
     entitled to vote on such amendment or proposal as a single class and such
     amendment or proposal shall not be effective except with the approval of
     the Holders of Securities of at least a Majority in liquidation amount of
     the Securities, voting together as a single class; PROVIDED, HOWEVER, that
     (A) if any amendment or proposal referred to in clause (i) above would
     adversely affect only the Preferred Securities or the Common Securities,
     then only the affected class of Securities will be entitled to vote on such
     amendment or proposal and such amendment or proposal shall not be effective
     except with the approval of at least a Majority in liquidation amount of
     such class of Securities and (B) amendments to the Declaration shall be
     subject to such further requirements as are set forth in Sections 12.01 and
     12.02 of the Declaration.

     In the event the consent of the Property Trustee, as the holder of the
Debentures, is required under the Indenture with respect to any amendment,
modification or termination of the Indenture or the Debentures, the Property
Trustee shall request the written direction of the Holders of the Securities
with respect to such amendment, modification or termination. The Property
Trustee shall vote with respect to such amendment, modification or termination
as directed by a Majority in liquidation amount of the Securities voting
together as a single class; PROVIDED, HOWEVER, that where such amendment,
modification or termination of the Indenture requires the consent or vote of (1)
holders of Debentures representing a specified percentage greater than a
majority in principal amount of the Debentures or (2) each holder of Debentures,
the Property Trustee may only vote with respect to that amendment, modification
or termination as directed by, in the case of clause (1) above, the vote of
Holders of Securities representing such specified percentage of the aggregate
liquidation amount of the Securities, or, in the case of clause (2) above, each
Holder of Securities; and PROVIDED, FURTHER, that the Property Trustee shall be
under no obligation to take any action in accordance with the directions of the
Holders of Securities unless the Property Trustee shall have received, at the
expense of the Sponsor, an Opinion of Counsel experienced in such matters to the
effect that the Trust will not be classified for U.S. federal income tax
purposes as other than a grantor trust on account of such action.

     So long as any Debentures are held by the Property Trustee, the Trustees
shall not (i) direct the time, method and place of conducting any proceeding for
any remedy available to the Debenture Trustee, or exercising any trust or power
conferred on the Debenture Trustee with respect to the Debentures, (ii) waive
any past default that is waivable under Section 5.13 of the Indenture or (iii)
exercise any right to rescind or annul a declaration of acceleration of the
maturity of the principal of the Debentures, without, in each case, obtaining
the prior approval of the Holders of a Majority in liquidation amount of the
Securities. The Trustees shall not revoke any action previously authorized or
approved by a vote of the Holders of the Preferred Securities except by
subsequent vote of such Holders. The Property Trustee shall notify each Holder
of Preferred Securities of any notice of default with respect to the Debentures,
unless the default has been cured before the giving of such notice or the
Property Trustee in good faith determines that

                                       B-8
<Page>

the withholding of such notice is in the interests of the Holders of the
Securities in accordance with Section 3.10(g) of the Declaration.

     If an Event of Default has occurred and is continuing, then the Holders of
a Majority in liquidation amount of the Preferred Securities will have the
right, subject to Section 3.12(c)(iv) of the Declaration, to direct the time,
method and place of conducting any proceeding for any remedy available to the
Property Trustee or to direct the exercise of any trust or power conferred upon
the Property Trustee under the Declaration, including the right to direct the
Property Trustee to exercise the remedies available to it as a holder of the
Debentures. If the Property Trustee fails to enforce its rights under the
Debentures, a Holder of Preferred Securities may, to the extent permitted by
law, after a period of 30 days has elapsed since such Holder's written request
to the Property Trustee to enforce such rights, institute a legal proceeding
directly against the Sponsor to enforce the Property Trustee's rights under the
Debentures without first instituting any legal proceeding against the Property
Trustee or any other Person; PROVIDED that, if an Event of Default has occurred
and is continuing and such event is attributed to the failure of the Sponsor to
pay principal of or any premium or interest on the Debentures on the date such
amounts are otherwise payable (or in the case of redemption, on the redemption
date), then a Holder of Preferred Securities may directly institute a proceeding
for enforcement of payment to such Holder of such amounts on the Debentures
having a principal amount equal to the aggregate liquidation amount of the
Preferred Securities of such Holder (a "Holder Direct Action") on or after the
respective due date specified in the Debentures. In connection with such Holder
Direct Action, the Sponsor will be subrogated to the rights of such Holder of
Preferred Securities to the extent of any payment made by the Sponsor to such
Holders of Preferred Securities in such Holder Direct Action. Except as provided
in the preceding sentences, the Holders of Preferred Securities will not be able
to exercise directly any other remedy available to the Holders of the
Debentures.

     A waiver of an Indenture Event of Default by the Property Trustee at the
direction of the Holders of the Preferred Securities will constitute a waiver of
the corresponding Event of Default under the Declaration in respect of the
Securities.

     Any required approval or direction of Holders of Preferred Securities may
be given at a separate meeting of Holders of Preferred Securities convened for
such purpose, at a meeting of all of the Holders of Securities or pursuant to
written consent. The Regular Trustees will cause a notice of any meeting at
which Holders of Preferred Securities are entitled to vote to be mailed to each
Holder of record of Preferred Securities. Each such notice will include a
statement setting forth (i) the date of such meeting, (ii) a description of any
resolution proposed for adoption at such meeting on which such Holders are
entitled to vote and (iii) instructions for the delivery of proxies. Any action
that may be taken at a meeting of the Holders of Preferred Securities may be
taken without a meeting and without prior notice if a consent or consents in
writing setting forth the action so taken is signed by Holders of Preferred
Securities owning not less than the minimum aggregate liquidation amount of
Preferred Securities that would be necessary to authorize or take such action at
a meeting at which all Holders of Preferred Securities having a right to vote
thereon were present and voting.

                                       B-9
<Page>

     No vote or consent of the Holders of Preferred Securities will be required
for the Trust to redeem and cancel Preferred Securities or to distribute the
Debentures in accordance with the Declaration or Section 3 of this Exhibit B.

     Notwithstanding that Holders of Preferred Securities are entitled to vote
or consent under any of the circumstances described above, any of the Preferred
Securities at such time that are owned by Marathon or by any Affiliate of
Marathon shall not be entitled to vote or consent and shall, for purposes of
such vote or consent, be treated as if they were not outstanding.

     Holders of the Preferred Securities have no rights to increase or decrease
the number of Trustees or to appoint, remove or replace a Trustee, which voting
rights are vested exclusively in the Holders of the Common Securities.

     6.  PRO RATA TREATMENT. A reference in these terms of the Preferred
Securities to any payment, Distribution or treatment as being "Pro Rata" shall
mean pro rata to each Holder of Securities according to the aggregate
liquidation amount of the Securities held by the relevant Holder in relation to
the aggregate liquidation amount of all Securities outstanding unless, in
relation to a payment, an Event of Default has occurred and is continuing, in
which case any funds available to make such payment shall be paid first to each
Holder of the Preferred Securities pro rata according to the aggregate
liquidation amount of Preferred Securities held by the relevant Holder relative
to the aggregate liquidation amount of all Preferred Securities outstanding, and
only after satisfaction of all amounts owed to the Holders of the Preferred
Securities, to each Holder of Common Securities pro rata according to the
aggregate liquidation amount of Common Securities held by the relevant Holder
relative to the aggregate liquidation amount of all Common Securities
outstanding.

     7.  RANKING. The Preferred Securities rank PARI PASSU and payment thereon
will be made Pro Rata with the Common Securities, except that when an Event of
Default occurs and is continuing, the rights of Holders of Preferred Securities
to payment in respect of Distributions and payments upon liquidation, redemption
or otherwise rank in priority to the rights of Holders of the Common Securities.

     8.  TRANSFER, EXCHANGE, METHOD OF PAYMENTS. Payment of Distributions and
payments on redemption of the Preferred Securities will be payable, the transfer
of the Preferred Securities will be registrable, and Preferred Securities will
be exchangeable for Preferred Securities of other denominations of a like
aggregate liquidation amount, at the corporate trust office of the Property
Trustee in The City of New York; PROVIDED that payment of Distributions may be
made at the option of the Regular Trustees on behalf of the Trust by check
mailed to the address of the persons entitled thereto or by wire transfer of
immediately available funds to an account designated by such Holder and that the
payment on redemption of any Preferred Security will be made only upon surrender
of such Preferred Security to the Property Trustee.

     9.  ACCEPTANCE OF INDENTURE AND PREFERRED SECURITIES GUARANTEE. Each
Holder of Preferred Securities, by the acceptance thereof, agrees to the
provisions of (i) the Preferred Securities Guarantee, including the
subordination provisions therein, and (ii) the Indenture and the Debentures,
including the subordination provisions of the Indenture.

                                      B-10
<Page>

     10. NO PREEMPTIVE RIGHTS. The Holders of Preferred Securities shall have
no preemptive or similar rights to subscribe to any additional Preferred
Securities or any Common Securities.

     11. MISCELLANEOUS. These Terms shall constitute a part of the Declaration.
The Trust will provide a copy of the Declaration and the Indenture to a Holder
of Preferred Securities without charge on written request to the Trust at its
principal place of business.

                                      B-11
<Page>

                                                                         ANNEX I

                     FORM OF PREFERRED SECURITY CERTIFICATE

     [IF THE PREFERRED SECURITY IS TO BE A GLOBAL CERTIFICATE INSERT - THIS
PREFERRED SECURITY IS A GLOBAL CERTIFICATE WITHIN THE MEANING OF THE DECLARATION
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST
COMPANY ("DTC") OR A NOMINEE OF DTC. THIS PREFERRED SECURITY IS EXCHANGEABLE FOR
PREFERRED SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS
NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE DECLARATION AND NO
TRANSFER OF THIS PREFERRED SECURITY (OTHER THAN A TRANSFER OF THIS PREFERRED
SECURITY AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR
ANOTHER NOMINEE OF DTC) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES.

     UNLESS THIS PREFERRED SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC (55 WATER STREET, NEW YORK, NEW YORK) TO MARATHON FINANCING TRUST ___ OR
ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY PREFERRED
SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC AND ANY PAYMENT HEREON IS MADE
TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY A PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.]

       Certificate Number          Number of Preferred Securities: ____________

          ___________              Aggregate Liquidation Amount:  $____________

                                                         CUSIP NO. ____________

                   Certificate Evidencing Preferred Securities

                                       of

                          Marathon Financing Trust ___

                        ____% Trust Preferred Securities
                (liquidation amount $___ per Preferred Security)

                                      B-12
<Page>

     Marathon Financing Trust ___, a statutory trust created under the laws of
the State of Delaware (the "Trust"), hereby certifies that _________ (the
"Holder") is the registered owner of _____ (______) preferred securities of the
Trust representing preferred undivided beneficial interests in the assets of the
Trust and designated the _________________ (liquidation amount $____ per
preferred security) (the "Preferred Securities"). The Preferred Securities are
transferable on the books and records of the Trust, in person or by a duly
authorized attorney, upon surrender of this Certificate duly endorsed and in
proper form for transfer. The designations, rights, privileges, restrictions,
preferences and other terms and provisions of the Preferred Securities are set
forth in, and this Certificate and the Preferred Securities represented hereby
are issued and shall in all respects be subject to the terms and provisions of,
the Amended and Restated Declaration of Trust of the Trust dated as of
______________, 200___, as the same may be amended from time to time (the
"Declaration"), including the designation of the terms of Preferred Securities
as set forth in Exhibit B thereto. The Preferred Securities and the Common
Securities issued by the Trust pursuant to the Declaration represent undivided
beneficial interests in the assets of the Trust, including the Debentures (as
defined in the Declaration) issued by Marathon Oil Corporation, a Delaware
corporation ("Marathon"), to the Trust pursuant to the Indenture referred to in
the Declaration. The Holder is entitled to the benefits of the Guarantee
Agreement of Marathon dated as of ______________, 200___, as the same may be
amended from time to time (the "Guarantee") to the extent provided therein. The
Trust will furnish a copy of the Declaration, the Guarantee and the Indenture to
the Holder without charge upon written request to the Trust at its principal
place of business.

     The Holder of this Certificate, by accepting this Certificate, is deemed to
have (i) agreed to the terms of the Indenture and the Debentures, including that
the Debentures are subordinate and junior in right of payment to all Senior Debt
(as defined in the Indenture) as and to the extent provided in the Indenture,
and (ii) agreed to the terms of the Guarantee, including that the Guarantee is
(A) subordinate and junior in right of payment to [all other liabilities of
Marathon, including the Debentures, except those made PARI PASSU or subordinate
by their terms], and (B) senior to [all capital stock now or hereafter issued by
Marathon and to any guarantee now or hereafter entered into by Marathon in
respect of any of its capital stock].

     Upon receipt of this Certificate, the Holder is bound by the Declaration
and is entitled to the benefits thereunder.

     This Certificate shall be governed by and interpreted in accordance with
the laws of the State of Delaware without regard to any principles of conflict
of laws thereof that would result in the application of the laws of any other
jurisdiction.

                                      B-13
<Page>

     IN WITNESS WHEREOF, the undersigned Regular Trustees of the Trust have
executed this Certificate on behalf of the Trust.

                                    MARATHON FINANCING TRUST ___

                                    By:
                                       -------------------------,
                                    as Regular Trustee
                                       Name:
                                       Title: Regular Trustee

                                    By:
                                       -------------------------,
                                    as Regular Trustee
                                       Name:
                                       Title: Regular Trustee

Dated:

Countersigned and Registered:

----------------------------------,
as Transfer Agent and Registrar

By:
   --------------------------------
   Authorized Signatory

                                      B-14
<Page>

                          [FORM OF REVERSE OF SECURITY]

     Distributions payable on each Preferred Security will be fixed at a rate
per annum of ____% (the "Coupon Rate") of the stated liquidation amount of $____
per Preferred Security, such rate being the rate of interest payable on the
Debentures to be held by the Property Trustee. Distributions in arrears for more
than one calendar quarter will accumulate additional distributions thereon at
the Coupon Rate per annum (to the extent permitted by applicable law),
compounded quarterly. The term "Distributions" as used herein means such
periodic cash distributions and any such additional distributions payable unless
otherwise stated. A Distribution will be made by the Property Trustee only to
the extent that interest payments are made in respect of the Debentures held by
the Property Trustee and to the extent the Trust has funds on hand legally
available therefor. The amount of Distributions payable for any period will be
computed for any full quarterly Distribution period on the basis of a 360-day
year consisting of twelve 30-day months, and for any period shorter than a full
quarterly Distribution period for which Distributions are computed,
Distributions will be computed on the basis of the actual number of days elapsed
per 90-day quarter.

     Distributions on the Preferred Securities will accumulate from
______________, 200___, and will be payable quarterly in arrears, on ________,
________, ________and ________ of each year, commencing on ____________, 200___,
except as otherwise described below, but only if and to the extent that interest
payments are made in respect of the Debentures held by the Property Trustee. So
long as no Indenture Event of Default has occurred and is continuing with
respect to the Debentures, Marathon has the right under the Indenture for the
Debentures to defer payments of interest on the Debentures by extending the
interest payment period of the Debentures at any time and from time to time for
a period not exceeding 20 consecutive quarterly interest periods (each an
"Extension Period"), during which Extension Period no interest shall be due and
payable on the Debentures. As a consequence of such deferral, Distributions
shall also be deferred. Despite such deferral, Distributions will continue to
accumulate on the Preferred Securities with additional distributions thereon (to
the extent permitted by applicable law but not at a rate greater than the rate
at which interest is then accruing on the Debentures) at the Coupon Rate
compounded quarterly during any such Extension Period. No Extension Period shall
extend beyond the stated maturity of the Debentures. Prior to the termination of
any such Extension Period, Marathon may further extend such Extension Period;
PROVIDED that such Extension Period together with all such previous and further
extensions thereof may not exceed 20 consecutive quarterly interest periods or
extend beyond the maturity of the Debentures. Upon the termination of any
Extension Period and the payment of all amounts then due, Marathon may commence
a new Extension Period, subject to the foregoing provisions. On the first
Distribution payment date following the end of the Extension Period, payments of
accumulated Distributions will be payable to Holders of Preferred Securities as
they appear on the books and records of the Trust (regardless of who the Holders
may have been on other dates during the Extension Period) on the record date for
such Distribution payment date.

     The Preferred Securities shall be redeemable as provided in the
Declaration.

                                      B-15
<Page>

                                   ASSIGNMENT

     FOR VALUE RECEIVED, the undersigned assigns and transfers this Preferred
Security Certificate to:

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

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

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

     (Insert assignee's social security or tax identification number)

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

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

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

     (Insert address and zip code of assignee)

     and irrevocably appoints

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

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

     _____________________________________________________________ agent to
transfer this Preferred Security Certificate on the books of the Trust. The
agent may substitute another to act for him or her.

     Date:
           ----------------------------

     Signature:
                ---------------------

     NOTICE: THE SIGNATURE(S) TO THIS ASSIGNMENT MUST CORRESPOND WITH THE
NAME(S) AS WRITTEN UPON THE FACE OF THIS PREFERRED SECURITY CERTIFICATE IN EVERY
PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.

                                      B-16
<Page>

                                                                       EXHIBIT C

                                    TERMS OF

                                COMMON SECURITIES

     Pursuant to Section 7.01(b) of the Amended and Restated Declaration of
Trust of Marathon Financing Trust ___ dated as of ______________, 200___ (as
amended from time to time, the "Declaration"), the designations, rights,
privileges, restrictions, preferences and other terms and provisions of the
Common Securities are set forth below (each capitalized term used but not
defined herein having the meaning set forth in the Declaration):

     1.   DESIGNATION AND NUMBER. ____________________________ (_________)
Common Securities of the Trust with an aggregate liquidation amount [(including
the Over-allotment Option)] at any time outstanding with respect to the assets
of the Trust of ________________________________ Dollars ($___________), and
each with a liquidation amount with respect to the assets of the Trust of $___
per Common Security, are hereby designated as "____________________." The Common
Security Certificates evidencing the Common Securities shall be substantially in
the form attached hereto as Annex I, with such changes and additions thereto or
deletions therefrom as may be required by ordinary usage, custom or practice. In
connection with the issuance and sale of the Preferred Securities and the Common
Securities, the Trust will purchase as trust assets Debentures of Marathon
having an aggregate principal amount equal to the aggregate liquidation amount
of the Preferred Securities and the Common Securities so issued, and bearing
interest at an annual rate equal to the annual Distribution rate on the
Preferred Securities and the Common Securities and having payment and redemption
provisions which correspond to the payment and redemption provisions of the
Preferred Securities and the Common Securities.

     2.   DISTRIBUTIONS. (a) Distributions payable on each Common Security will
be fixed at a rate per annum of ____% (the "Coupon Rate") of the stated
liquidation amount of $____ per Common Security, such rate being the rate of
interest payable on the Debentures to be held by the Property Trustee.
Distributions in arrears for more than one calendar quarter will accumulate
additional distributions thereon at the Coupon Rate per annum (to the extent
permitted by applicable law), compounded quarterly. The term "Distributions" as
used herein means such periodic cash distributions and any such additional
distributions payable unless otherwise stated. A Distribution will be made by
the Property Trustee only to the extent that interest payments are made in
respect of the Debentures held by the Property Trustee and to the extent the
Trust has funds on hand legally available therefor. The amount of Distributions
payable for any period will be computed for any full quarterly Distribution
period on the basis of a 360-day year of twelve 30-day months, and for any
period shorter than a full quarterly Distribution period for which Distributions
are computed, Distributions will be computed on the basis of the actual number
of days elapsed per 90-day quarter.

          (b) Distributions on the Common Securities will accumulate from
     ______________, 200___ and will be payable quarterly in arrears, on
     ____________, ____________, ____________ and ____________ of each year,
     commencing on

                                      C-1
<Page>

     ________, 200___, except as otherwise described below, but only if and to
     the extent that interest payments are made in respect of the Debentures
     held by the Property Trustee. So long as no Indenture Event of Default has
     occurred and is continuing with respect to the Debentures, Marathon has the
     right under the Indenture for the Debentures to defer payments of interest
     on the Debentures by extending the interest payment period of the
     Debentures at any time and from time to time for a period not exceeding 20
     consecutive quarterly interest periods (each, an "Extension Period"),
     during which Extension Period no interest shall be due and payable on the
     Debentures. As a consequence of such deferral, Distributions shall also be
     deferred. Despite such deferral, Distributions will continue to accumulate
     on the Common Securities with additional distributions thereon (to the
     extent permitted by applicable law but not at a rate greater than the rate
     at which interest is then accruing on the Debentures) at the Coupon Rate
     compounded quarterly during any such Extension Period. No Extension Period
     shall extend beyond the stated maturity of the Debentures. Prior to the
     termination of any such Extension Period, Marathon may further extend such
     Extension Period; PROVIDED that such Extension Period together with all
     such previous and further extensions thereof may not exceed 20 consecutive
     quarterly interest periods or extend beyond the maturity of the Debentures.
     Upon the termination of any Extension Period and the payment of all amounts
     then due, Marathon may commence a new Extension Period, subject to the
     foregoing provisions. On the first Distribution payment date following the
     end of the Extension Period, payments of accumulated Distributions will be
     payable to Holders of Common Securities as they appear on the books and
     records of the Trust (regardless of who the Holders may have been on other
     dates during the Extension Period) on the record date for such Distribution
     payment date.

          (c) Distributions on the Common Securities will be payable promptly by
     the Property Trustee (or other Paying Agent) upon receipt of immediately
     available funds to the Holders thereof as they appear on the books and
     records of the Trust on the relevant record dates. While the Preferred
     Securities remain in book-entry only form, the relevant record dates for
     the Common Securities shall be the Business Day next preceding the relevant
     Distribution payment date, and if the Preferred Securities are no longer in
     book-entry only form, the relevant record dates for the Common Securities
     will be the close of business on the ________, ________, ________, and
     ________ next preceding the relevant Distribution payment date, which
     record and payment dates correspond to the record and interest payment
     dates on the Debentures. Distributions payable on any Common Securities
     that are not punctually paid on any Distribution payment date as a result
     of Marathon's having failed to make the corresponding payment on the
     Debentures will forthwith cease to be payable to the person in whose name
     such Common Security is registered on the relevant record date, and such
     defaulted payment will instead be payable to the person in whose name such
     Common Security is registered on the special record date established by the
     Regular Trustees, which record date shall correspond to the special record
     date or other specified date determined in accordance with the Indenture;
     PROVIDED, HOWEVER, that Distributions shall not be considered payable on
     any Distribution payment date falling within an Extension Period unless
     Marathon has elected to make a full or partial payment of accrued interest
     on the Debentures on such Distribution payment date. Subject to any
     applicable laws and regulations and the provisions of the

                                      C-2
<Page>

     Declaration, each payment in respect of the Common Securities will be made
     as described in Section 8 hereof. If any date on which Distributions are
     payable on the Common Securities is not a Business Day, then payment of the
     Distribution payable on such date will be made on the next succeeding day
     that is a Business Day (and without any interest or other payment in
     respect of any such delay) except that, if such Business Day is in the next
     succeeding calendar year, such payment shall be made on the immediately
     preceding Business Day, in each case with the same force and effect as if
     made on the date such payment was originally payable. Notwithstanding
     anything herein to the contrary, the record dates and payment dates for
     Distributions shall be the same as the record dates and payment dates for
     the Debentures.

          (d) All Distributions paid with respect to the Common Securities and
     the Preferred Securities will be paid Pro Rata (as defined below) to the
     Holders thereof entitled thereto. If an Event of Default has occurred and
     is continuing, the Preferred Securities shall have a priority over the
     Common Securities with respect to such payments.

          (e) In the event that there is any money or other property held by or
     for the Trust that is not accounted for under the Declaration, such money
     or property shall be distributed Pro Rata among the Holders of the
     Preferred Securities and the Common Securities.

     3.   LIQUIDATION DISTRIBUTION UPON DISSOLUTION. (a) In the event of any
voluntary or involuntary dissolution of the Trust, the Holders of the Preferred
Securities and the Common Securities will be entitled to receive Pro Rata solely
out of the assets of the Trust legally available for distribution to Holders of
Preferred Securities and Common Securities after satisfaction of liabilities to
the creditors of the Trust, an amount equal to the aggregate of the stated
liquidation amount of $__ per Preferred Security and Common Security plus
accumulated and unpaid Distributions thereon to the date of payment (such amount
being the "Liquidation Distribution"), unless, in connection with such
dissolution, and after satisfaction of liabilities to the creditors of the
Trust, Debentures in an aggregate principal amount equal to the aggregate stated
liquidation amount of the Preferred Securities and the Common Securities and
bearing accrued and unpaid interest in an amount equal to the accumulated and
unpaid Distributions on, the Preferred Securities and the Common Securities,
shall be distributed Pro Rata to the Holders of the Preferred Securities and the
Common Securities in exchange for such Securities.

     If, upon any such dissolution, the Liquidation Distribution can be paid
only in part because the Trust has insufficient assets on hand legally available
to pay in full the aggregate Liquidation Distribution, then the amounts payable
directly by the Trust on the Preferred Securities and the Common Securities
shall be paid, subject to the next paragraph, on a Pro Rata basis.

     Holders of Common Securities will be entitled to receive Liquidation
Distributions upon any such dissolution Pro Rata with Holders of Preferred
Securities, except that if an Event of Default has occurred and is continuing,
the Preferred Securities shall have a priority over the Common Securities with
respect to such Liquidation Distribution.

                                      C-3
<Page>

          (b) The Holder of the Common Securities shall have the right to direct
     the Property Trustee in writing at any time to dissolve the Trust and,
     after the satisfaction of liabilities to creditors of the Trust, to
     distribute Debentures to Holders in exchange for Securities (which
     direction is optional and wholly within the discretion of the Holder of the
     Common Securities). Upon the receipt of any such written direction, the
     Property Trustee shall promptly (i) dissolve the Trust and (ii) distribute
     Debentures in an aggregate principal amount equal to the aggregate stated
     liquidation amount of the Preferred Securities and the Common Securities
     held by each Holder, which Debentures bear accrued and unpaid interest in
     an amount equal to the accumulated and unpaid Distributions on the
     Preferred Securities and the Common Securities of such Holder, in exchange
     for the Preferred Securities and Common Securities of such Holder.

          (c) On the date fixed for any distribution of Debentures, upon
     dissolution of the Trust, (i) the Common Securities will no longer be
     deemed to be outstanding and may be canceled by the Regular Trustees, and
     (ii) Certificates representing Common Securities will be deemed to
     represent beneficial interests in the Debentures having an aggregate
     principal amount equal to the stated liquidation amount of, and bearing
     accrued and unpaid interest equal to accumulated and unpaid Distributions
     to, but excluding, the date fixed for such distribution on, such Common
     Securities until such Certificates are presented to Marathon or its agent
     for transfer or reissuance.

     4.   REDEMPTION OF DEBENTURES. The Common Securities may be redeemed only
if Debentures having an aggregate principal amount equal to the aggregate
liquidation amount of the Preferred Securities and the Common Securities are
repaid or redeemed as set forth below:

          (a) Upon the repayment of the Debentures, in whole or in part, whether
     at maturity, upon redemption at any time or from time to time on or after
     ______________, 200___, the proceeds of such repayment will be promptly
     applied to redeem Pro Rata Preferred Securities and Common Securities
     having an aggregate liquidation amount equal to the aggregate principal
     amount of the Debentures so repaid or redeemed, upon not less than 30 nor
     more than 60 days' notice, at a redemption price of $__ per Preferred
     Security and Common Security plus an amount equal to accumulated and unpaid
     Distributions thereon to, but excluding, the date of redemption, payable in
     cash (the "Redemption Price"). The date of any such repayment or redemption
     of Preferred Securities and Common Securities shall be established to
     coincide with the repayment or redemption date of the Debentures.

          (b) If fewer than all the outstanding Preferred Securities and Common
     Securities are to be so redeemed, the Preferred Securities and the Common
     Securities will be redeemed Pro Rata and the Common Securities will be
     redeemed as described in Section 4(e)(ii) below, except that if an Event of
     Default has occurred and is continuing, the Preferred Securities will have
     a priority over the Common Securities with respect to payment of the
     Redemption Price. If a partial redemption would result in the delisting of
     the Preferred Securities by any national securities exchange or other
     organization on which the Preferred Securities are then listed or traded,
     Marathon pursuant to the

                                      C-4
<Page>

     Indenture will redeem Debentures only in whole and, as a result, the Trust
     may redeem the Common Securities only in whole.

          (c) If, at any time, a Tax Event or an Investment Company Event (each
     as hereinafter defined, and each, a "Special Event") shall occur and be
     continuing, Marathon shall have the right at any time, upon not less than
     30 nor more than 60 days' notice, to redeem the Debentures in whole or in
     part for cash at the Redemption Price within 90 days following the
     occurrence of such Special Event, and promptly following such redemption,
     Preferred Securities and Common Securities with an aggregate liquidation
     amount equal to the aggregate principal amount of the Debentures so
     redeemed will be redeemed by the Trust at the Redemption Price on a Pro
     Rata basis. The Common Securities will be redeemed Pro Rata with the
     Preferred Securities, except that if an Event of Default has occurred and
     is continuing, the Preferred Securities will have a priority over the
     Common Securities with respect to payment of the Redemption Price.

     "Tax Event" means that the Sponsor and the Regular Trustees shall have
received an Opinion of Counsel experienced in such matters to the effect that as
a result of (a) any amendment to, or change (including any announced prospective
change) in, the laws (or any rules or regulations thereunder) of the United
States or any political subdivision or taxing authority thereof or therein, (b)
any amendment to, or change in, an interpretation or application of any such
laws, rules or regulations by any legislative body, court, governmental agency
or regulatory authority (including the enactment of any legislation or the
publication of any judicial decision or regulatory determination), (c) any
interpretation or pronouncement by any legislative body, court, governmental
agency or regulatory authority that provides for a position with respect to such
laws, rules or regulations that differs from its previous position or a commonly
accepted position or (d) any action taken by any governmental agency or
regulatory authority, which amendment or change is enacted, promulgated, issued
or announced or which interpretation or pronouncement is issued or announced or
which action is taken, in each case on or after ______________, 200___, there is
more than an insubstantial risk that (i) the Trust is, or will be within 90 days
of the date thereof, subject to U.S. federal income tax with respect to income
accrued or received on the Debentures, (ii) the Trust is, or will be within 90
days of the date thereof, subject to more than a DE MINIMIS amount of taxes,
duties or other governmental charges or (iii) interest payable by Marathon to
the Trust on the Debentures is not, or within 90 days of the date thereof will
not be, deductible by Marathon for U.S. federal income tax purposes.

     "Investment Company Event" means that the Sponsor and the Regular Trustees
shall have received an Opinion of Counsel experienced in practice under the
Investment Company Act that, as a result of the occurrence of a change in law or
regulation or a change in interpretation or application of law or regulation by
any legislative body, court, governmental agency or regulatory authority (a
"Change in Investment Company Act Law"), there is more than an insubstantial
risk that the Trust is or will be considered an Investment Company which is
required to be registered under the Investment Company Act, which Change in
Investment Company Act Law becomes effective on or after ______________, 200___.

                                      C-5
<Page>

          (d) The Trust may not redeem fewer than all the outstanding Common
     Securities unless all accumulated and unpaid Distributions have been paid
     on all Common Securities for all quarterly Distribution periods terminating
     on or prior to the date of redemption.

          (e) (i)    Notice of any redemption of, or notice of distribution of
     Debentures in exchange for, the Preferred Securities and the Common
     Securities (a "Redemption/Distribution Notice") will be given by the
     Regular Trustees on behalf of the Trust by mail to each Holder of Preferred
     Securities and Common Securities to be redeemed or exchanged not less than
     30 nor more than 60 days prior to the date fixed for redemption or exchange
     thereof. For purposes of the calculation of the date of redemption or
     exchange and the dates on which notices are given pursuant to this Section
     4(e)(i), a Redemption/Distribution Notice shall be deemed to be given on
     the day such notice is first mailed by first-class mail, postage prepaid,
     to Holders of Preferred Securities and Common Securities. Each
     Redemption/Distribution Notice shall be addressed to the Holders of
     Preferred Securities and Common Securities at the address of each such
     Holder appearing in the books and records of the Trust. No defect in the
     Redemption/Distribution Notice or in the mailing of either thereof with
     respect to any Holder shall affect the validity of the redemption or
     exchange proceedings with respect to any other Holder.

               (ii)  In the event that fewer than all the outstanding Common
          Securities are to be redeemed, the Common Securities to be redeemed
          will be redeemed Pro Rata from each Holder of Common Securities
          (subject to adjustment to eliminate fractional Common Securities).

               (iii) If the Trust gives a Redemption/Distribution Notice in
          respect of a redemption of Common Securities as provided in this
          Section 4 (which notice will be irrevocable), then immediately prior
          to the close of business on the redemption date, PROVIDED that
          Marathon has paid the Property Trustee, in immediately available
          funds, a sufficient amount of cash in connection with the related
          redemption or maturity of the Debentures, Distributions will cease to
          accumulate on the Common Securities called for redemption, such Common
          Securities will no longer be deemed to be outstanding and all rights
          of Holders of such Common Securities so called for redemption will
          cease, except the right of the Holders of such Common Securities to
          receive the Redemption Price, but without interest on such Redemption
          Price. Neither the Trustees nor the Trust shall be required to
          register or cause to be registered the transfer of any Common
          Securities which have been so called for redemption. If any date fixed
          for redemption of Common Securities is not a Business Day, then
          payment of the Redemption Price payable on such date will be made on
          the next succeeding day that is a Business Day (and without any
          interest or other payment in respect of any such delay) except that,
          if such Business Day falls in the next calendar year, such payment
          will be made on the immediately preceding Business Day, in each case
          with the same force and effect as if made on such date fixed for
          redemption. If payment of the Redemption Price in respect of Common
          Securities is improperly withheld or

                                      C-6
<Page>

          refused and not paid by the Property Trustee, Distributions on such
          Common Securities will continue to accumulate, from the original
          redemption date to the date of payment, in which case the actual
          payment date will be considered the date fixed for redemption for
          purposes of calculating the Redemption Price.

               (iv) Redemption/Distribution Notices shall be sent by the Regular
          Trustees on behalf of the Trust to the Holders of the Common
          Securities.

     5.   VOTING RIGHTS. (a) Except as provided under Section 5(b) below and as
otherwise required by law and the Declaration, the Holders of the Common
Securities will have no voting rights.

          (b) Holders of Common Securities have the sole right under the
     Declaration to increase or decrease the number of Trustees, and to appoint,
     remove or replace a Trustee, any such increase, decrease, appointment,
     removal or replacement to be approved by Holders of Common Securities
     representing a Majority in liquidation amount of the Common Securities.

     If any proposed amendment to the Declaration provides for, or the Regular
Trustees otherwise propose to effect, (i) any action that would adversely affect
the rights, privileges or preferences of the Securities, whether by way of
amendment to the Declaration, other than as described in Section 12.01(b) of the
Declaration, or otherwise, or (ii) the dissolution, winding-up or termination of
the Trust, other than as described in Section 8.01 of the Declaration or Section
3 of this Exhibit C, then the Holders of outstanding Securities will be entitled
to vote on such amendment or proposal as a single class and such amendment or
proposal shall not be effective except with the approval of the Holders of
Securities of at least a Majority in liquidation amount of the Securities,
voting together as a single class; PROVIDED, HOWEVER, that (A) if any amendment
or proposal referred to in clause (i) above would adversely affect only the
Preferred Securities or the Common Securities, then only the affected class of
Securities will be entitled to vote on such amendment or proposal and such
amendment or proposal shall not be effective except with the approval of at
least a Majority in liquidation amount of such class of Securities, (B) the
rights of Holders of Common Securities under Sections 5.01 and 5.02 of the
Declaration to increase or decrease the number of, and to appoint, replace or
remove, Trustees shall not be amended without the consent of each Holder of
Common Securities, and (C) amendments to the Declaration shall be subject to
such further requirements as are set forth in Sections 12.01 and 12.02 of the
Declaration.

     In the event the consent of the Property Trustee, as the holder of the
Debentures, is required under the Indenture with respect to any amendment,
modification or termination of the Indenture or the Debentures, the Property
Trustee shall request the written direction of the Holders of the Securities
with respect to such amendment, modification or termination. The Property
Trustee shall vote with respect to such amendment, modification or termination
as directed by a Majority in liquidation amount of the Securities voting
together as a single class; PROVIDED, HOWEVER, that where such amendment,
modification or termination of the Indenture requires the consent or vote of (1)
holders of Debentures representing a specified percentage greater than a
majority in principal amount of the Debentures or (2) each holder of Debentures,

                                      C-7
<Page>

the Property Trustee may only vote with respect to that amendment, modification
or termination as directed by, in the case of clause (1) above, the vote of
Holders of Securities representing such specified percentage of the aggregate
liquidation amount of the Securities, or, in the case of clause (2) above, each
Holder of Securities; and PROVIDED, FURTHER, that the Property Trustee shall be
under no obligation to take any action in accordance with the directions of the
Holders of Securities unless the Property Trustee shall have received, at the
expense of the Sponsor, an Opinion of Counsel experienced in such matters to the
effect that the Trust will not be classified for U.S. federal income tax
purposes as other than a grantor trust on account of such action.

     So long as any Debentures are held by the Property Trustee, the Trustees
shall not (i) direct the time, method and place of conducting any proceeding for
any remedy available to the Debenture Trustee, or exercising any trust or power
conferred on such Debenture Trustee with respect to the Debentures, (ii) waive
any past default that is waivable under Section 5.13 of the Indenture or (iii)
exercise any right to rescind or annul a declaration of acceleration of the
maturity of the principal of the Debentures, without, in each case, obtaining
the prior approval of the Holders of a Majority in liquidation amount of the
Securities. The Trustees shall not revoke any action previously authorized or
approved by a vote of the Holders of the Common Securities except by subsequent
vote of such Holders. The Property Trustee shall notify each Holder of Common
Securities of any notice of default with respect to the Debentures.

     Notwithstanding any other provision of these terms, each Holder of Common
Securities will be deemed to have waived any Event of Default with respect to
the Common Securities and its consequences until all Events of Default with
respect to the Preferred Securities have been cured, waived by the Holders of
Preferred Securities as provided in the Declaration or otherwise eliminated, and
until all Events of Default with respect to the Preferred Securities have been
so cured, waived by the Holders of Preferred Securities or otherwise eliminated,
the Property Trustee will be deemed to be acting solely on behalf of the Holders
of Preferred Securities and only the Holders of the Preferred Securities will
have the right to direct the Property Trustee in accordance with the terms of
the Declaration or of the Securities. In the event that any Event of Default
with respect to the Preferred Securities is waived by the Holders of Preferred
Securities as provided in the Declaration, the Holders of Common Securities
agree that such waiver shall also constitute the waiver of such Event of Default
with respect to the Common Securities for all purposes under the Declaration
without any further act, vote or consent of the Holders of the Common
Securities.

     A waiver of an Indenture Event of Default by the Property Trustee at the
direction of the Holders of the Preferred Securities will constitute a waiver of
the corresponding Event of Default under the Declaration in respect of the
Securities.

     Any required approval or direction of Holders of Common Securities may be
given at a separate meeting of Holders of Common Securities convened for such
purpose, at a meeting of all of the Holders of Securities or pursuant to written
consent. The Regular Trustees will cause a notice of any meeting at which
Holders of Common Securities are entitled to vote to be mailed to each Holder of
record of Common Securities. Each such notice will include a statement setting
forth (i) the date of such meeting, (ii) a description of any resolution
proposed for adoption at such meeting on which such Holders are entitled to vote
and (iii) instructions for the delivery of

                                      C-8
<Page>

proxies. Any action that may be taken at a meeting of the Holders of Common
Securities may be taken without a meeting and without prior notice if a consent
or consents in writing setting forth the action so taken is signed by Holders of
Common Securities owning not less than the minimum aggregate liquidation amount
of Common Securities that would be necessary to authorize or take such action at
a meeting at which all Holders of Common Securities having a right to vote
thereon were present and voting.

     No vote or consent of the Holders of Common Securities will be required for
the Trust to redeem and cancel Common Securities or to distribute the Debentures
in accordance with the Declaration or Section 3 of this Exhibit C.

     6.   PRO RATA TREATMENT. A reference in these terms of the Common
Securities to any payment, Distribution or treatment as being "Pro Rata" shall
mean pro rata to each Holder of Securities according to the aggregate
liquidation amount of the Securities held by the relevant Holder in relation to
the aggregate liquidation amount of all Securities outstanding unless, in
relation to a payment, an Event of Default has occurred and is continuing, in
which case any funds available to make such payment shall be paid first to each
Holder of the Preferred Securities pro rata according to the aggregate
liquidation amount of Preferred Securities held by the relevant Holder relative
to the aggregate liquidation amount of all Preferred Securities outstanding, and
only after satisfaction of all amounts owed to the Holders of the Preferred
Securities, to each Holder of Common Securities pro rata according to the
aggregate liquidation amount of Common Securities held by the relevant Holder
relative to the aggregate liquidation amount of all Common Securities
outstanding.

     7.   RANKING. The Common Securities rank PARI PASSU and payment thereon
will be made Pro Rata with the Preferred Securities, except that when an Event
of Default occurs and is continuing, the rights of Holders of Common Securities
to payment in respect of Distributions and payments upon liquidation, redemption
or otherwise are subordinate to the rights of Holders of the Preferred
Securities.

     8.   TRANSFER, EXCHANGE, METHOD OF PAYMENTS. Payment of Distributions and
payments on redemption of the Common Securities will be payable, the transfer of
the Common Securities will be registrable, and Common Securities will be
exchangeable for Common Securities of other denominations of a like aggregate
liquidation amount, at the corporate trust office of the Property Trustee in The
City of New York; PROVIDED that payment of Distributions may be made at the
option of the Regular Trustees on behalf of the Trust by check mailed to the
address of the persons entitled thereto and that the payment on redemption of
any Common Security will be made only upon surrender of such Common Security to
the Property Trustee. Notwithstanding the foregoing, transfers of Common
Securities are subject to conditions set forth in Section 9.01(c) of the
Declaration.

     9.   ACCEPTANCE OF INDENTURE. Each Holder of Common Securities, by the
acceptance thereof, agrees to the provisions of the Indenture and the
Debentures, including the subordination provisions of the Indenture.

                                      C-9
<Page>

     10.  NO PREEMPTIVE RIGHTS. The Holders of Common Securities shall have no
preemptive or similar rights to subscribe to any additional Common Securities or
any Preferred Securities.

     11.  MISCELLANEOUS. These Terms shall constitute a part of the Declaration.
The Trust will provide a copy of the Declaration and the Indenture to a Holder
of Common Securities without charge on written request to the Trust at its
principal place of business.

                                      C-10
<Page>

                                                                         Annex I

                       FORM OF COMMON SECURITY CERTIFICATE
                          TRANSFER OF THIS CERTIFICATE
                          IS SUBJECT TO THE CONDITIONS
                          SET FORTH IN THE DECLARATION
                                REFERRED TO BELOW

       Certificate Number           Number of Preferred Securities: ____________
       __________________

                                    Aggregate Liquidation Amount:  $____________

                                                          CUSIP NO. ____________

                    Certificate Evidencing Common Securities

                                       of

                          Marathon Financing Trust ___

                          ____% Trust Common Securities
                  (liquidation amount $___ per Common Security)

     Marathon Financing Trust ___, a statutory trust created under the laws of
the State of Delaware (the "Trust"), hereby certifies that ______________ (the
"Holder") is the registered owner of ____________________________ (_________)
common securities of the Trust representing common undivided beneficial
interests in the assets of the Trust and designated the ___________________
(liquidation amount $___ per common security) (the "Common Securities"). The
Common Securities are transferable on the books and records of the Trust, in
person or by a duly authorized attorney, upon surrender of this Certificate duly
endorsed and in proper form for transfer and satisfaction of the other
conditions set forth in the Declaration (as defined below) including, without
limitation, Section 9.01(c) thereof. The designations, rights, privileges,
restrictions, preferences and other terms and provisions of the Common
Securities are set forth in, and this Certificate and the Common Securities
represented hereby are issued and shall in all respects be subject to the terms
and provisions of, the Amended and Restated Declaration of Trust of the Trust
dated as of ______________, 200___, as the same may be amended from time to time
(the "Declaration"), including the designation of the terms of Common Securities
as set forth in Exhibit C thereto. The Common Securities and the Preferred
Securities issued by the Trust pursuant to the Declaration represent undivided
beneficial interests in the assets of the Trust, including the Debentures (as
defined in the Declaration) issued by Marathon Oil Corporation, a Delaware
corporation ("Marathon"), to the Trust pursuant to the Indenture referred to in
the Declaration. The Trust will furnish a copy of the Declaration and the
Indenture to the Holder without charge upon written request to the Trust at its
principal place of business or registered office.

                                      C-11
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     The Holder of this Certificate, by accepting this Certificate, is deemed to
have agreed to the terms of the Indenture and the Debentures, including that the
Debentures are subordinate and junior in right of payment to all Senior Debt (as
defined in the Indenture) as and to the extent provided in the Indenture.

     Upon receipt of this Certificate, the Holder is bound by the Declaration
and is entitled to the benefits thereunder.

     This Certificate shall be governed and interpreted in accordance with the
laws of the State of Delaware without regard to any principles of conflicts of
laws thereof that would result in the application of the laws of any other
jurisdiction.

     IN WITNESS WHEREOF, the undersigned Regular Trustees of the Trust have
executed this Certificate on behalf of the Trust this ___ day of _____________,
____.

                                         MARATHON FINANCING TRUST __

                                         By________________________, as Regular
                                         Trustee
                                          Name:
                                          Title: Regular Trustee

                                         By________________________, as Regular
                                         Trustee
                                          Name:
                                          Title: Regular Trustee

                                      C-12
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                          [FORM OF REVERSE OF SECURITY]

     Distributions payable on each Common Security will be fixed at a rate per
annum of ____% (the "Coupon Rate") of the stated liquidation amount of $___ per
Common Security, such rate being the rate of interest payable on the Debentures
to be held by the Property Trustee. Distributions in arrears for more than one
calendar quarter will accumulate additional distributions thereon at the Coupon
Rate per annum (to the extent permitted by applicable law), compounded
quarterly. The term "Distributions" as used herein means such periodic cash
distributions and any such additional distributions payable unless otherwise
stated. A Distribution will be made by the Property Trustee only to the extent
that interest payments are made in respect of the Debentures held by the
Property Trustee and to the extent the Trust has funds on hand legally available
therefor. The amount of Distributions payable for any period will be computed
for any full quarterly Distribution period on the basis of a 360-day year
consisting of twelve 30-day months, and for any period shorter than a full
quarterly Distribution period for which Distributions are computed,
Distributions will be computed on the basis of the actual number of days elapsed
per 90-day quarter.

     Distributions on the Common Securities will accumulate from ______________,
200___ and will be payable quarterly in arrears, on __________, __________,
__________ and __________ of each year, commencing on __________, 200_, except
as otherwise described below, but only if and to the extent that interest
payments are made in respect of the Debentures held by the Property Trustee. So
long as no Indenture Event of Default has occurred and is continuing with
respect to the Debentures, Marathon has the right under the Indenture for the
Debentures to defer payments of interest on the Debentures by extending the
interest payment period of the Debentures at any time and from time to time for
a period not exceeding 20 consecutive quarterly interest periods (each an
"Extension Period"), during which Extension Period no interest shall be due and
payable on the Debentures. As a consequence of such deferral, Distributions
shall also be deferred. Despite such deferral, Distributions will continue to
accumulate on the Common Securities with additional distributions thereon (to
the extent permitted by applicable law but not at a rate greater than the rate
at which interest is then accruing on the Debentures) at the Coupon Rate
compounded quarterly during any such Extension Period. No Extension Period shall
extend beyond the stated maturity of the Debentures. Prior to the termination of
any such Extension Period, Marathon may further extend such Extension Period;
PROVIDED that such Extension Period together with all such previous and further
extensions thereof may not exceed 20 consecutive quarterly interest periods or
extend beyond the maturity of the Debentures. Upon the termination of any
Extension Period and the payment of all amounts then due, Marathon may commence
a new Extension Period, subject to the foregoing provisions. On the first
Distribution payment date following the end of the Extension Period, payments of
accumulated Distributions will be payable to Holders of Common Securities as
they appear on the books and records of the Trust (regardless of who the Holders
may have been on other dates during the Extension Period) on the record date for
such Distribution payment date.

     The Common Securities shall be redeemable as provided in the Declaration.

                                      C-13
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                                   ASSIGNMENT

     FOR VALUE RECEIVED, the undersigned assigns and transfers this Preferred
Security Certificate to:

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     (Insert assignee's social security or tax identification number)

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

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     (Insert address and zip code of assignee)

     and irrevocably appoints

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

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     ________________________________________________________________ agent to
transfer this Common Security Certificate on the books of the Trust. The agent
may substitute another to act for him or her.

     Date:
          ------------------------

     Signature:
               ---------------------------------

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

                                      C-14<Page>

                                                                    EXHIBIT 4.11

                              CERTIFICATE OF TRUST
                                       OF
                           MARATHON FINANCING TRUST I

          THIS CERTIFICATE OF TRUST of Marathon Financing Trust I (the "TRUST"),
dated as of August 29, 2002, is being duly executed and filed by the
undersigned, as trustees, to form a business trust under the Delaware Business
Trust Act (12 DEL. CODE Section 3801 ET SEQ.).

          1.   NAME. The name of the business trust being formed hereby is
"Marathon Financing Trust I."

          2.   DELAWARE TRUSTEE. The name and business address of the trustee of
the Trust with a principal place of business in the State of Delaware are The
Bank of New York (Delaware), 700 White Clay Center, Route 273, Newark, Delaware
19711.

          3.   EFFECTIVE DATE. This Certificate of Trust shall be effective at
the time of its filing with the Secretary of State of the State of Delaware.

          4.   COUNTERPARTS. This Certificate of Trust may be executed in one or
more counterparts.

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          IN WITNESS WHEREOF, the undersigned, being all of the trustees of the
Trust at the time of filing this Certificate of Trust, have executed this
Certificate of Trust as of the date first above written.

                                         THE BANK OF NEW YORK (DELAWARE),
                                         not in its individual capacity,
                                         but solely as Delaware Trustee

                                         By: /s/ JAMES LONGSHAW
                                             -----------------------------------
                                             Name: James Longshaw
                                             Title: Senior Vice President

                                         THE BANK OF NEW YORK,
                                         not in its individual capacity,
                                         but solely as Property Trustee

                                         By: /s/ REMO J. REALE
                                             -----------------------------------
                                             Name: Remo J. Reale
                                             Title: Vice President

                                         P.C. REINBOLT,
                                         not in his individual capacity,
                                         but solely as Regular Trustee

                                         /s/ P.C. REINBOLT
                                         ---------------------------------------

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