Document:

EX-10.1

 Exhibit 10.1 
 Execution Veron 
 PURCHASE AND SALE AGREEMENT

 BY AND BETWEEN 
 WHITING OIL AND GAS CORPORATION 
 AS SELLER 

AND 

BREITBURN OPERATING L.P. 
 AS BUYER 
 EFFECTIVE AS OF APRIL 1, 2013 

POSTLE AND NE HARDESTY FIELDS 
 TEXAS COUNTY, OKLAHOMA 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	 ARTICLE 1.
	 	DEFINITIONS AND REFERENCES	  	 	1	  
			
	 1.1
	 	Certain Defined Terms	  	 	1	  
	 1.2
	 	References, Titles and Construction	  	 	7	  
			
	 ARTICLE 2.
	 	PURCHASE AND SALE	  	 	8	  
			
	 2.1
	 	Purchase and Sale	  	 	8	  
	 2.2
	 	The Assets	  	 	8	  
	 2.3
	 	Excluded Properties	  	 	11	  
	 2.4
	 	Effective Time	  	 	13	  
	 2.5
	 	1031 Exchange	  	 	13	  
			
	 ARTICLE 3.
	 	PURCHASE PRICE	  	 	13	  
			
	 3.1
	 	Purchase Price	  	 	13	  
	 3.2
	 	Deposit	  	 	13	  
	 3.3
	 	Allocation of the Purchase Price	  	 	13	  
	 3.4
	 	Adjustments to Purchase Price	  	 	14	  
			
	 ARTICLE 4.
	 	BUYER’S INSPECTION	  	 	16	  
			
	 4.1
	 	Access to the Records	  	 	16	  
	 4.2
	 	Disclaimer	  	 	17	  
			
	 ARTICLE 5.
	 	TITLE MATTERS	  	 	17	  
			
	 5.1
	 	Definitions	  	 	17	  
	 5.2
	 	Purchase Price Adjustments for Title Defects	  	 	20	  
	 5.3
	 	Interest Additions	  	 	21	  
	 5.4
	 	Dispute Resolution	  	 	22	  
	 5.5
	 	Casualty Loss	  	 	22	  
	 5.6
	 	Transfer Requirements and Preferential Rights	  	 	22	  
	 5.7
	 	Personal Property and Equipment	  	 	23	  
			
	 ARTICLE 6.
	 	ENVIRONMENTAL MATTERS	  	 	24	  
			
	 6.1
	 	Physical Access to the Assets	  	 	24	  
	 6.2
	 	Release and Indemnity	  	 	24	  
	 6.3
	 	Buyer’s Acknowledgment Concerning Possible Contamination of the Assets	  	 	25	  
	 6.4
	 	Assumed Environmental Liabilities	  	 	25	  
	 6.5
	 	Environmental Defects	  	 	25	  
	 6.6
	 	Environmental Law	  	 	25	  
			
	 ARTICLE 7.
	 	SELLER’S REPRESENTATIONS	  	 	26	  
			
	 7.1
	 	Corporate Representations	  	 	26	  
	 7.2
	 	Capitalization; Ownership; Organizational Documents	  	 	26	  
	 7.3
	 	Authorization and Enforceability	  	 	27	  

  
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	 7.4
	 	Liability for Brokers’ Fees	  	 	27	  
	 7.5
	 	No Bankruptcy	  	 	27	  
	 7.6
	 	Litigation	  	 	27	  
	 7.7
	 	No Liens	  	 	27	  
	 7.8
	 	Judgments	  	 	27	  
	 7.9
	 	Compliance with Laws	  	 	28	  
	 7.10
	 	Material Agreements	  	 	28	  
	 7.11
	 	Governmental Permits	  	 	28	  
	 7.12
	 	Hydrocarbon Sales Contracts	  	 	28	  
	 7.13
	 	Property Costs	  	 	28	  
	 7.14
	 	Transfer Requirements	  	 	28	  
	 7.15
	 	Employee Matters	  	 	28	  
	 7.16
	 	Taxes	  	 	29	  
	 7.17
	 	Tax Partnerships	  	 	29	  
	 7.18
	 	Preferential Rights	  	 	29	  
	 7.19
	 	Disclosures	  	 	29	  
			
	 ARTICLE 8.
	 	BUYER’S REPRESENTATIONS	  	 	29	  
			
	 8.1
	 	Corporate Representations	  	 	29	  
	 8.2
	 	Authorization and Enforceability	  	 	30	  
	 8.3
	 	Liability for Brokers’ Fees	  	 	30	  
	 8.4
	 	Litigation	  	 	30	  
	 8.5
	 	Financial Resources	  	 	30	  
	 8.6
	 	Securities Laws, Access to Data and Information	  	 	30	  
	 8.7
	 	Buyer’s Evaluation	  	 	31	  
			
	 ARTICLE 9.
	 	COVENANTS AND AGREEMENTS	  	 	32	  
			
	 9.1
	 	Covenants and Agreements of Seller	  	 	32	  
	 9.2
	 	Covenants and Agreements of Buyer	  	 	37	  
	 9.3
	 	Covenants and Agreements of the Parties	  	 	39	  
	 9.4
	 	Employee Matters	  	 	40	  
			
	 ARTICLE 10.
	 	TAX MATTERS	  	 	42	  
			
	 10.1
	 	Certain Definitions	  	 	42	  
	 10.2
	 	Apportionment of Asset Tax Liability	  	 	43	  
	 10.3
	 	Calculation of Adjustments for Asset Tax Liabilities	  	 	43	  
	 10.4
	 	Tax Reports and Returns; Cooperation	  	 	44	  
	 10.5
	 	Transfer Taxes	  	 	44	  
	 10.6
	 	Income Taxes	  	 	45	  
			
	 ARTICLE 11.
	 	CONDITIONS PRECEDENT TO CLOSING	  	 	45	  
			
	 11.1
	 	Seller’s Conditions Precedent	  	 	45	  
	 11.2
	 	Buyer’s Conditions Precedent	  	 	46	  
	 11.3
	 	Suspense Funds	  	 	46	  
			
	 ARTICLE 12.
	 	RIGHT OF TERMINATION AND ABANDONMENT	  	 	47	  
			
	 12.1
	 	Liabilities Upon Termination	  	 	47	  

  
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	 ARTICLE 13.
	 	CLOSING	  	 	48	  
			
	 13.1
	 	Date of Closing	  	 	48	  
	 13.2
	 	Place of Closing	  	 	48	  
	 13.3
	 	Closing Obligations	  	 	48	  
			
	 ARTICLE 14.
	 	POST-CLOSING OBLIGATIONS	  	 	49	  
			
	 14.1
	 	Post-Closing Adjustments	  	 	49	  
	 14.2
	 	Records	  	 	50	  
	 14.3
	 	Operations/Operations After Closing	  	 	50	  
	 14.4
	 	Further Assurances	  	 	50	  
			
	 ARTICLE 15.
	 	ASSUMPTION AND RETENTION OF OBLIGATIONS AND INDEMNIFICATION	  	 	51	  
			
	 15.1
	 	Buyer’s Assumption of Liabilities and Obligations	  	 	51	  
	 15.2
	 	Seller’s Retention of Liabilities and Obligations	  	 	51	  
	 15.3
	 	Invoices For Property Costs and Proceeds Received After the Final Settlement Date	  	 	51	  
	 15.4
	 	Indemnification	  	 	52	  
	 15.5
	 	Procedure	  	 	54	  
	 15.6
	 	Dispute Resolution	  	 	55	  
	 15.7
	 	No Insurance; Subrogation	  	 	55	  
	 15.8
	 	Reservation as to Non-Parties	  	 	55	  
	 15.9
	 	Express Negligence	  	 	56	  
			
	 ARTICLE 16.
	 	MISCELLANEOUS	  	 	56	  
			
	 16.1
	 	Expenses	  	 	56	  
	 16.2
	 	Notices	  	 	56	  
	 16.3
	 	Amendments/Waiver	  	 	56	  
	 16.4
	 	Assignment	  	 	57	  
	 16.5
	 	Press Releases and Public Announcements	  	 	57	  
	 16.6
	 	Counterparts/Fax Signatures	  	 	57	  
	 16.7
	 	Governing Law	  	 	57	  
	 16.8
	 	Entire Agreement	  	 	57	  
	 16.9
	 	Knowledge	  	 	57	  
	 16.10
	 	Binding Effect	  	 	57	  
	 16.11
	 	Survival	  	 	57	  
	 16.12
	 	Limitation on Damages	  	 	58	  
	 16.13
	 	No Third-Party Beneficiaries	  	 	58	  

  
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 EXHIBIT AND SCHEDULE LIST 

 

			
	 EXHIBITS:
	  	
		
	EXHIBIT A	  	Leases
	EXHIBIT A-I	  	Plant
	EXHIBIT A-II	  	Hough Pipeline
	EXHIBIT A-III	  	Hardesty CO2 Pipeline
	EXHIBIT B	  	Wells/Units/WI/NRI/Allocated Values
	EXHIBIT C	  	Material Agreements
	EXHIBIT D	  	Seismic Data
	EXHIBIT E	  	Libby Ranch Agreements
	EXHIBIT F	  	Form of Transportation Agreement
	EXHIBIT G	  	Plant and Field Office Buildings
	EXHIBIT H	  	Form of Assignment, Bill of Sale and Conveyance
	EXHIBIT I	  	Form of Transition Services Agreement
	EXHIBIT J	  	Form of CO2 Purchase and Sale Agreement
	EXHIBIT K	  	Form of Use and Occupancy Agreement
		
	 SCHEDULES:
	  	
		
	Schedule 2.3(m)	  	Inventory
	Schedule 3.4(b)	  	Cap Ex Budget
	Schedule 7.7	  	Liens
	Schedule 7.12	  	Hydrocarbon Sales Contracts
	Schedule 7.14	  	Transfer Requirements
	Schedule 9.1(b)	  	Asset Workers
	Schedule 9.1(l)	  	Insurance
	Schedule 9.2(b)	  	Instruments
	Schedule 9.2(d)	  	Waiver Exceptions
	Schedule 9.2(e)	  	NE Hardesty Field Development Plan
	Schedule 16.9	  	Persons with Knowledge

  
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 PURCHASE AND SALE AGREEMENT 

This Purchase and Sale Agreement (this “Agreement”), dated June 22, 2013, is by and between Whiting Oil and Gas
Corporation, a Delaware corporation, 1700 Broadway, Suite 2300, Denver, Colorado 80290 (“Seller”) and BreitBurn Operating L.P., a Delaware limited partnership, 515 South Flower Street, Suite 4800, Los Angeles, California 90071
(“Buyer”). Seller and Buyer may be referred to individually as a “Party” or collectively as the “Parties.” 
 RECITALS 
 Seller owns and desires to sell its interests in certain oil and
gas properties located in the Postle and NE Hardesty Fields, Texas County, Oklahoma, and associated assets and rights in Oklahoma, Texas and New Mexico all as more particularly described in Section 2.2 below. 

Buyer has conducted and will conduct an independent investigation of the nature and extent of the Assets (as hereinafter defined) and
desires to purchase all of Seller’s interest in the Assets pursuant to the terms of this Agreement. The transaction contemplated by this Agreement may be referred to as the “Transaction.” 

AGREEMENT 

In consideration of the mutual promises contained herein, $100 and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, Buyer and Seller agree as follows: 
 ARTICLE 1. 

DEFINITIONS AND REFERENCES 
 1.1 Certain Defined Terms. When used in this Agreement, the following terms shall have the respective meanings assigned to them in this Section 1.1 or in the subsections or other subdivisions
referenced to below: 
 “Acquired Entities” has the meaning assigned to such term in Section 2.2(k).

 “Action” means any action, suit, claim, audit, proceeding, investigation, inquiry or condemnation by or
before any Governmental Authority or any arbitration proceeding. 
 “Affiliate” means, with respect to any
Person, any other Person that directly or indirectly controls, is controlled by or is under common control with such Person. For purposes of the immediately preceding sentence, the term “control” (including, with correlative meanings, the
terms “controlling,” “controlled by” and “under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management
and policies of such Person, whether through ownership of voting securities, by contract or otherwise. 

“Agreement” has the meaning assigned to such term in the first paragraph hereof. 

 “Allocated Value” has the meaning assigned to such term in
Section 3.3. 
 “Annual Special Financial Statements” has the meaning assigned to such term in
Section 9.1(f)(i). 
 “Arbitrators” has the meaning assigned to such term in Section 15.6.

 “Asset Taxes” has the meaning assigned to such term in Section 10.1(a). 

“Asset Workers” has the meaning assigned to such term in Section 9.1(b)(iii). 

“Assets” has the meaning assigned to such term in Section 2.2. 

“Assumed Environmental Liabilities” has the meaning assigned to such term in Section 6.4. 

“Assumed Liabilities” has the meaning assigned to such term in Section 15.1. 

“Audited Special Financial Statements” has the meaning assigned to such term in Section 9.1(f)(iii). 

“Buyer” has the meaning assigned to such term in the first paragraph hereof. 

“Buyer Employer” has the meaning assigned to such term in Section 9.4(a). 

“Buyer’s Representatives” has the meaning assigned to such term in Section 4.1. 

“Cap Ex Budget” means the estimated budget for the Libby Ranch Project and other capital projects as set forth on
Schedule 3.4(b). 
 “Casualty Loss” has the meaning assigned to such term in Section 5.5(b). 

“Celero PSA” has the meaning assigned to such term in Section 6.5. 

“Chaparral” has the meaning assigned to such term in Section 9.2(e)(ii). 

“Claim” has the meaning assigned to such term in Section 15.5(c). 

“Claim Notice” has the meaning assigned to such term in Section 15.5(b). 

“Closing” and “Closing Date” have the meanings assigned to such terms in Section 13.1. 

“Closing Amount” has the meaning assigned to such term in Section 3.4(a). 

“CO2 Purchase and Sale Agreement” has the meaning assigned
to such term in Section 9.1(e). 
 “Code” has the meaning assigned to such term in
Section 2.5. 

  
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 “Confidentiality Agreement” has the meaning assigned to such term in
Section 9.3(a). 
 “Conveyance” has the meaning assigned to such term in Section 13.3(a). 

“Cure Period” has the meaning assigned to such term in Section 5.2(b)(ii). 

“Defensible Title” has the meaning assigned to such term in Section 5.1(a). 

“Deposit” has the meaning assigned to such term in Section 3.2. 

“Designated Employees” has the meaning assigned to such term in Section 9.4(a). 

“Disputes” has the meaning assigned to such term in Section 15.6. 

“DOJ” has the meaning assigned to such term in Section 9.3(f). 

“Effective Time” has the meaning assigned to such term in Section 2.4. 

“Environmental Deductible” has the meaning assigned to such term in Section 6.4(a) of the Celero PSA as modified
pursuant to Section 6.5(c). 
 “Environmental Defects” has the meaning assigned to such term in
Section 6.1 of the Celero PSA as modified pursuant to Section 6.5(b). 
 “Environmental Inspection”
has the meaning assigned to such term in Section 6.1. 
 “Environmental Law” and “Environmental
Laws” have the meanings assigned to such terms in Section 6.6. 
 “ERISA” has the meaning
assigned to such term in Section 7.15. 
 “Exchange Act” has the meaning assigned to such term in
Section 9.1(f)(iii). 
 “Excluded Asset” has the meaning assigned to such term in Section 2.3.

 “Exclusion Adjustment” has the meaning assigned to such term in Section 5.6(a). 

“Facilities” means the Assets described in Sections 2.2(c), 2.2(g), 2.2(i) and 2.2(j). 

“Final Purchase Price” has the meaning assigned to such term in Section 14.1(a). 

“Final Settlement Date” has the meaning assigned to such term in Section 14.1(a). 

“Final Settlement Statement” has the meaning assigned to such term in Section 14.1(a). 

“FTC” has the meaning assigned to such term in Section 9.3(f). 

  
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 “Governmental Authority” means any national, state, local, native or tribal
government or any subdivision, agency, court, commission, department, board, bureau, regulatory or administrative or other division or instrumentality thereof. 

“Hardesty CO2 Pipeline” has the meaning assigned to such term in
Section 2.2(j). 
 “Hardesty Receivables” has the meaning assigned to such term in
Section 9.2(e)(i). 
 “Hardesty Unit Agreement” has the meaning assigned to such term in
Section 9.2(e)(i). 
 “Hough Pipeline” has the meaning assigned to such term in
Section 2.2(i). 
 “HSR Act” has the meaning assigned to such term in Section 9.3(f). 

“Hydrocarbons” has the meaning assigned to such term in Section 2.2(a). 

“Income Taxes” has the meaning assigned to such term in Section 10.1(b). 

“Indemnified Party” and “Indemnifying Party” have the meanings assigned to such terms in
Section 15.5(b). 
 “Information” has the meaning assigned to such term in Section 9.3(a).

 “Instruments” has the meaning assigned to such term in Section 9.2(b). 

“Interest Addition” has the meaning assigned to such term in Section 5.3. 

“Interest Addition Value” has the meaning assigned to such term in Section 5.3. 

“Interim Special Financial Statements” has the meaning assigned to such term in Section 9.1(f)(i). 

“JOA” has the meaning assigned to such term in Section 3.4(b). 

“Knowledge” has the meaning assigned to such term in Section 16.9. 

“Lands” has the meaning assigned to such term in Section 2.2(a). 

“Laws” means any and all applicable statutes, laws, ordinances, regulations, rules, rulings, orders, restrictions,
requirements, writs, injunctions, decrees or other official acts of or by any Governmental Authority. 

“Leases” has the meaning assigned to such term in Section 2.2(a). 

“Libby Lateral” has the meaning assigned to such term in Section 2.2(m). 

“Libby Ranch Project” means the Whiting Facilities as such term is defined in that certain Agreement for the
Construction, Ownership and operation of the Libby Ranch Facilities dated as of June 27, 2012 between Seller and Reliant and all rights under the agreements listed in Exhibit E. 

  
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 “Lien” means any of the following: mortgage, lien (statutory or other),
other security agreement, arrangement or interest, hypothecation, pledge or other deposit arrangement, assignment, charge, levy, executory seizure, attachment, garnishment, encumbrance (including any easement, exception, reservation or limitation,
right of way, and the like), conditional sale, title retention, voting agreement or other similar agreement, arrangement, device or restriction, preemptive or similar right, the filing of any financial statement under the Uniform Commercial Code or
comparable Laws of any jurisdiction, or any option, equity, claim (including any adverse claim to title) or right of or obligation to any other Person of whatever kind and character. 

“Like-Kind Exchange” has the meaning assigned to such term in Section 2.5. 

“Limited Partnership” means Transpetco Pipeline Company, L.P. 

“Losses” has the meaning assigned to such term in Section 15.4. 

“Material Agreements” has the meaning assigned to such term in Section 7.10. 

“Net Casualty Loss” has the meaning assigned to such term in Section 5.5(b). 

“NORM” has the meaning assigned to such term in Section 6.3. 

“Notice of Title Defects” has the meaning assigned to such term in Section 5.2(a). 

“NRI” has the meaning assigned to such term in Section 5.1(a)(i). 

“Oil and Gas Assets” has the meaning assigned to such term in Section 5.1(a)(i). 

“Operator Fee” has the meaning assigned to such term in Section 3.4(b). 

“Organizational Documents” means, with respect to any Person, the articles of incorporation, certificate of
incorporation, certificate of formation, certificate of limited partnership, bylaws, limited liability company agreement, operating agreement, partnership agreement, stockholders’ agreement and all other similar documents, instruments or
certificates executed, adopted or filed in connection with the creation, formation or organization of such Person, including any amendments or modifications thereto. 
 “Party” and “Parties” have the meanings assigned to such terms in the first paragraph hereof. 
 “Permitted Encumbrances” has the meaning assigned to such term in Section 5.1(b). 
 “Person” means any individual or entity, including any corporation, limited liability company, partnership (general or limited), joint venture, association, joint stock company, trust,
unincorporated organization or Governmental Authority. 

  
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 “Plant” has the meaning assigned to such term in Section 2.2(c).

 “Preferential Right” has the meaning assigned to such term in Section 5.6(b)(i). 

“Preliminary Settlement Statement” has the meaning assigned to such term in Section 3.4(a). 

“Property Costs” has the meaning assigned to such term in Section 3.4(b). 

“Purchase Price” has the meaning assigned to such term in Section 3.1. 

“Reliant” means Reliant Exploration and Production LLC. 

“QI” has the meaning assigned to such term in Section 2.5. 

“Real Property Interests” means all necessary or useful fee property, easements, rights of way, permits, servitudes,
licenses, leasehold estates, any other instruments creating an interest in real property, and similar rights related to real property in connection with the Facilities. 
 “Records” has the meaning assigned to such term in Section 2.2(p). 
 “Retained Liabilities” has the meaning assigned to such term in Section 15.2. 
 “Section 1031 Assets” has the meaning assigned to such term in Section 2.5. 
 “Section 15.4(d) Matters” has the meaning assigned to such term in Section 15.4(d)(ii). 
 “Seller” has the meaning assigned to such term in the first paragraph hereof. 
 “Seller Taxes” has the meaning assigned to such term in Section 10.1(c). 
 “Seller’s Auditor” has the meaning assigned to such term in Section 9.1(f)(i). 
 “Seller’s Engineer” has the meaning assigned to such term in Section 9.1(f)(i). 
 “Special Financial Statements” has the meaning assigned to such term in Section 9.1(f)(i). 
 “Straddle Period” has the meaning assigned to such term in Section 10.1(d). 
 “Tax Return” has the meaning assigned to such term in Section 10.1(e). 
 “Taxes” has the meaning assigned to such term in Section 10.1(f). 
 “Team CO2
Acreage” has the meaning assigned to such term in Section 9.1(e). 
 “Team CO2
Pipeline” has the meaning assigned to such term in Section 9.1(e). 
 “Team CO2
Project” has the meaning assigned to such term in Section 9.1(e). 

  
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 “Title Deductible” has the meaning assigned to such term in
Section 5.2(b)(i). 
 “Title Defect” has the meaning assigned to such term in Section 5.1(c).

 “Title Defect Adjustment” has the meaning assigned to such term in Section 5.2(b)(i). 

“Title Defect Date” has the meaning assigned to such terms in Section 5.2(a). 

“Title Defect Value” has the meaning assigned to such term in Section 5.1(d). 

“Title Threshold” has the meaning assigned to such term in Section 5.1(c). 

“Transaction” has the meaning assigned to such term in the second paragraph of the Recitals. 

“Transfer Requirement” means any consent, approval, authorization or permit of, or filing with or notification to, any
Person which is required to be obtained, made or complied with for or in connection with any sale, assignment or transfer of any Asset or any interest therein other than those customarily obtained from or made or complied with any Governmental
Authority following the closing in transactions of this nature. 
 “Transfer Taxes” has the meaning assigned to
such term in Section 10.5. 
 “Transferred Employees” has the meaning assigned to such term in
Section 9.4(a). 
 “Transition Services Agreement” has the meaning assigned to such term in
Section 13.3(l). 
 “Transpetco CO2 Pipeline” means that certain CO2 transmission pipeline consisting of approximately 120 miles of 12-inch
pipe extending from the vicinity of the Bravo Dome Field in Harding County, New Mexico to the Postle Field in Texas County, Oklahoma. 
 “Units” has the meaning assigned to such term in Section 2.2(d). 
 “Wells” has the meaning assigned to such term in Section 2.2(b). 
 “Whiting Designated Costs” has the meaning assigned to such term in Section 3.4(b). 
 “WI” has the meaning assigned to such term in Section 5.1(a)(i). 
 “WTGP” has the meaning assigned to such term in Section 2.2(k). 
 “WTLP” has the meaning assigned to such term in Section 2.2(k). 
 1.2 References, Titles and Construction. All references in this Agreement to articles, sections, subsections and other subdivisions refer to corresponding articles, sections, subsections and other
subdivisions of this Agreement unless expressly provided otherwise. 

  
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 (a) Titles appearing at the beginning of any of such subdivisions are for
convenience only and shall not constitute part of such subdivisions and shall be disregarded in construing the language contained in such subdivisions. 
 (b) The words “this Agreement”, “this instrument”, “herein”, “hereof”, “hereby”, “hereunder” and words of similar import refer to this Agreement
as a whole and not to any particular subdivision unless expressly so limited. 
 (c) Words in the singular form
shall be construed to include the plural and vice versa, unless the context otherwise requires. Pronouns in masculine, feminine and neuter genders shall be construed to include any other gender. 

(d) Unless the context otherwise requires or unless otherwise provided herein, the terms defined in this Agreement which
refer to a particular agreement, instrument or document also refer to and include all renewals, extensions, modifications, amendments or restatements of such agreement, instrument or document, provided that nothing contained in this subsection shall
be construed to authorize such renewal, extension, modification, amendment or restatement. 
 (e) Examples shall
not be construed to limit, expressly or by implication, the matter they illustrate. 
 (f) The word
“or” is not intended to be exclusive and the word “includes” and its derivatives mean “includes, but is not limited to” and corresponding derivative expressions. 

(g) No consideration shall be given to the fact or presumption that one party had a greater or lesser hand in drafting
this Agreement. 
 (h) All references herein to “$” or “dollars” shall refer to U.S. Dollars.

 (i) Each Exhibit and Schedule attached to this Agreement is incorporated herein by reference for all purposes,
and references to this Agreement shall also include such Exhibit or Schedule unless the context in which used shall otherwise require. 
 ARTICLE 2. 
 PURCHASE AND SALE 

2.1 Purchase and Sale. Seller agrees to sell and Buyer agrees to purchase all of Seller’s right, title and interest in the
Assets, all pursuant to the terms of this Agreement. 
 2.2 The Assets. As used herein, the term “Assets”
refers to the following: 
 (a) The oil, gas and/or mineral leases, rights-of-way and other agreements and
instruments specifically described in Exhibit A or otherwise owned by Seller in Texas County, Oklahoma even if not specifically described in Exhibit A 

  
 -8-

 
including any ratifications or amendments of such leases, rights-of-way and other agreements and instruments (the “Leases”), the surface fee or other interests in lands described in
Exhibit A or otherwise owned by Seller in Texas County, Oklahoma even if not described in Exhibit A (the “Lands”) and the oil, gas, natural gas liquids, condensate, casinghead gas and other liquids or gaseous hydrocarbons attributable to
the Leases or Lands and carbon dioxide purchased by Seller (“Hydrocarbons”), including all oil, gas and/or other mineral leases, leasehold estates and interests, all surface fee, mineral, royalty, overriding royalty, production payment,
reversionary, net profits, contractual leasehold and other similar rights, estates and interests in the Leases or Lands, together with all the property and rights incident thereto, including all rights in any pooled, unitized or communitized acreage
by virtue of the Lands or Leases being a part thereof and all Hydrocarbons produced from and after the Effective Time from the pool or unit allocated to any such Lands or Leases; 

(b) All oil and gas wells and other well bores, whether abandoned, not abandoned, plugged or
unplugged, including the oil and gas wells specifically described in Exhibit B, together with all other Hydrocarbon wells and all water, injection (including CO2 injection) and disposal wells presently on the Lands or on lands pooled, unitized or communitized therewith, whether or
not described in Exhibit B (the “Wells”); 
 (c) All personal property, equipment,
fixtures, plants, facilities, pipelines, improvements, surface leases, permits, rights-of-way, licenses, easements and other surface rights located on the Lands used for the production (including enhanced recovery thereof), gathering, treatment,
processing, storing, transportation, sale or disposal of Hydrocarbons or water produced from the properties and interests described in Sections 2.2(a) and 2.2(b), including that facility known as the Dry Trail CO2 Recovery Plant near the town of Hough in the N1/2 NE1/4 of
Section 14, Township 5 North, Range 13 East, of Texas County, Oklahoma together with the major equipment related thereto as described in Exhibit A-I (the “Plant”); 

(d) All presently existing and valid unitization, pooling and communitization agreements, declarations and orders, and the
units created thereby (the “Units”) and all other such agreements relating to the properties and interests described in Sections 2.2(a) through 2.2(c) and to the production of Hydrocarbons, if any, attributable to said properties and
interests; 
 (e) All Material Agreements and any other agreements entered into in the ordinary course of
business that are not material to the ownership or operation of the Assets, which relate and only insofar as they relate, to the properties and interests described in Sections 2.2(a) through 2.2(d), including those described in Exhibit C;

 (f) All transferable geophysical, geological and seismic records, data and information pertaining to the
properties and interests described in Sections 2.2(a) through 2.2(c), including the data referenced in Exhibit D; provided that Buyer agrees to take such data “as is, where is” without any representation or warranty, express, implied or
statutory, and excluding from the foregoing those records, data and information, subject to unaffiliated third party contractual restrictions on disclosure or transfer (provided that Seller shall use all commercially reasonable efforts to obtain, at
Buyer’s cost, any necessary waivers of such restrictions on disclosure or transfer); 

  
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 (g) All Plant and field office buildings located in Texas County, Oklahoma
as described on Exhibit G and any furniture and fixtures related thereto, and all other immovable property, fixtures and structures, all permanent facilities, improvements, SCADA hardware and software (including the software used in Seller’s
injection pattern review) and telecommunication equipment, and other equipment; in each case, located in the Plant and field offices; 
 (h) All Hydrocarbons classified as oil produced from the Wells which are in the storage tanks on or near the Lands at the Effective Time and for which Seller was paid as a Purchase Price adjustment
pursuant to Section 3.4(c)(ii); 
 (i) That certain crude oil pipeline known as the Hough Pipeline
consisting of approximately 51 miles of 8-inch pipe extending from Hough Station in Texas County, Oklahoma to Beaver Station in Ochiltree County, Texas together with all associated transmission pipelines consisting of various diameter pipes
(collectively, the “Hough Pipeline”), including all associated gathering lines, pumping, metering, tankage, communication facilities and other equipment and together with all real property, easements, and rights-of-way associated with the
Hough Pipeline as listed on Exhibit A-II as well as all maps, permits, agreements, files, accounting records and data in Seller’s possession relating to the Hough Pipeline, including accounting records showing cost of construction, capitalized
improvements, depreciation rates and accumulated depreciation, transportation receipts and deliveries by shipper, product inventory, and workpapers supporting Seller’s preparation of its FERC Form No. 6 in Seller’s possession; such
maps, permits, agreements, files, accounting records and data relating to the Hough Pipeline shall include the period prior to the Effective Date; 

(j) That certain CO2 transmission pipeline lateral known as the Hardesty CO2 Pipeline located in Texas County, Oklahoma consisting of approximately 32 miles of 6-inch pipe extending from the Postle
Field to the NE Hardesty Field (the “Hardesty CO2
Pipeline”), including all associated compression, metering, storage, communication facilities and other equipment and together with all real property, easements, and rights-of-way associated with the Hardesty CO2 Pipeline as listed on Exhibit A-III as well as all maps, permits,
agreements, files, accounting records and data in Seller’s possession relating to the Hardesty CO2 Pipeline, including accounting records showing cost of construction, capitalized improvements, depreciation rates and accumulated depreciation, transportation receipts and deliveries by shipper, and
product inventory; such maps, permits, agreements, files, accounting records and data shall include the period prior to the Effective Date; 
 (k) All membership interests in each of Whiting Transpetco GP, LLC (“WTGP”) and Whiting Transpetco LP, LLC (“WTLP” and together with WTGP, the “Acquired Entities”);

  
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 (l) All Hydrocarbons classified as crude oil line fill
owned by Seller in the Hough Pipeline and natural gas liquid line fill owned by Seller in the Dry Trails Midstream Energy pipeline and the ONEOK pipeline associated with the Plant and all CO2 determined to be line fill owned by Seller in the Transpetco CO2 Pipeline or the Hardesty CO2 Pipeline and for which Seller was paid a Purchase Price adjustment pursuant to Section 3.4(c)(iv) and (v);

 (m) The Libby Ranch Project, including rights to build a CO2 transmission pipeline in Harding and Union Counties, New Mexico
consisting of approximately 24 miles of pipe extending from the Libby Ranch Field to the Transpetco CO2 Pipeline (subject to Seller’s reservation of the right to utilize capacity of such pipeline greater than 80 MMCF per day for Seller’s own account and to designate delivery points thereon, such
reservation and designation to be set forth in a Transportation Agreement in the form of Exhibit F to be entered into at the Closing) and an associated compression station and electrical substation (the “Libby Lateral”) together with the
agreements listed in Exhibit E as well as including all real property, easements, and rights-of-way obtained by Seller in connection with the Libby Ranch Project as listed on Exhibit A as well as all maps, permits, applications, files, accounting
records and data in Seller’s possession relating to the Libby Ranch Project, including accounting records showing all costs expended relating to the project; such maps, permits, applications, files, accounting records and data shall include the
period prior to the Effective Date; 
 (n) A non-exclusive, perpetual, royalty-free license to utilize
Seller’s proprietary engineering software program described as the “Production Forecast Tool”; 

(o) Copies of all Excel spreadsheets used to perform revenue, expense and production allocations; and 

(p) The files, records and data relating to the items described in Sections 2.2(a) through 2.2(o) maintained by Seller,
including all agreement files, lease files, land files, well files, well logs and other well data, maps, division order files, abstracts, title files, title opinions, production files, ad valorem property and production or severance tax files,
technical, engineering and maintenance files, operations, environmental, safety and other similar information, but excluding from the foregoing those files, records and data subject to the unaffiliated third party contractual restrictions on
disclosure or transfer (provided that Seller shall use all commercially reasonable efforts to obtain, at Buyer’s cost, any necessary waivers of such restrictions on disclosure or transfer) and all accounting records for periods prior to and
after the Effective Time (the “Records”). 
 2.3 Excluded Properties. The Assets do not include, and there is
hereby expressly excepted and excluded therefrom and reserved to Seller the following (the “Excluded Assets”): 
 (a) except as set forth in Sections 2.2(h) and 2.2(l), all rights and choses in action, arising, occurring or existing in favor of Seller prior to the Effective Time or arising out of the operation of or
production from the Assets prior to the Effective Time (including any and all contract rights, claims, revenues, recoupment 

  
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rights, recovery rights, accounting adjustments, mispayments, erroneous payments or other claims of any nature in favor of Seller and relating and accruing to any time period prior to the
Effective Time, but not including any contract rights or claims for indemnity in favor of Seller against Seller’s predecessors-in-title to the Assets); 
 (b) all corporate, financial, tax and legal (other than title) records of Seller other than the Records; 
 (c) all contracts of insurance; 
 (d) except as described in
Sections 2.2(h) and 2.2(l), all Hydrocarbon production from or attributable to the Assets with respect to all periods prior to the Effective Time and all proceeds attributable thereto; 

(e) any refund of costs, taxes or expenses borne by Seller attributable to the period prior to the Effective Time;

 (f) except with respect to assets described in Sections 2.2(h) and 2.2(l), any other right or interest in and
to the Assets to the extent attributable to the period prior to the Effective Time; 
 (g) copies at
Seller’s expense, including electronic copies (but not the originals), of all Records; 
 (h) except with
respect to assets described in Sections 2.2(h) and 2.2(l), all deposits, cash, checks and funds attributable to Seller’s interests in the Assets with respect to any period of time prior to the Effective Time; 

(i) all business computers, computer or communications software or, except as described in Sections 2.2(n) and 2.2(o),
intellectual property (including tapes, data and program documentation and all tangible manifestations and technical information relating thereto) owned, licensed or used by Seller, in each case, in its Midland, Texas office, and
(ii) Seller’s Aries licenses and related equipment; 
 (j) except as described in Sections 2.2(n) and
2.2(o), any programs created or owned by Seller even if such property has been furnished to Buyer; 
 (k) any
logo, service mark, copyright, trade name or trademark of or associated with Seller or any Affiliate of Seller or any business of Seller or of any Affiliate of Seller; 

(l) any and all leased vehicles; and 

(m) inventory held for use in respect of the Leases, Wells and Plant located offsite of the Lands or identified on
Schedule 2.3(m) (other than material transfers when charged to any of the Assets). 

  
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 2.4 Effective Time. As used in this Agreement, “Effective Time” shall mean
April 1, 2013 at 12:01 a.m., Central Time. 
 2.5 1031 Exchange. Seller reserves the right, at or prior to Closing,
to assign its rights under this Agreement with respect to all or a portion of the Purchase Price, and that portion of the Assets associated therewith (“Section 1031 Assets”), to a Qualified Intermediary (“QI”) (as that term is
defined in Section 1.1031(k)-1(g)(4)(v) of the Treasury Regulations) to accomplish the Transaction, in whole or in part, in a manner that will comply with the requirements of a like-kind exchange (“Like-Kind Exchange”) pursuant to
Section 1031 of the Internal Revenue Code of 1986, as amended (“Code”). If Seller so elects, Seller may assign its rights under this Agreement to the Section 1031 Assets to the QI. Buyer hereby (i) consents to Seller’s
assignment of its rights in this Agreement with respect to the Section 1031 Assets, and (ii) if such an assignment is made, agrees to pay all or a portion of the Purchase Price into the qualified trust account at Closing as directed in
writing by Seller. Seller and Buyer acknowledge and agree that a whole or partial assignment of this Agreement to a QI shall not release either Party from any of its respective liabilities and obligations to each other or expand any such respective
liabilities or obligations under this Agreement. Neither Party represents to the other that any particular tax treatment will be given to either Party as a result of the Like-Kind Exchange. The Party not participating in the Like-Kind Exchange shall
not be obligated to pay any additional costs or incur any additional obligations in its sale of the Assets if such costs are the result of the other Party’s Like-Kind Exchange, and the Party participating in the Like-Kind Exchange shall hold
harmless and indemnify the other Party from and against all claims, losses and liabilities (including reasonable attorneys’ fees, court costs and related expenses), if any, resulting from such a Like-Kind Exchange. 

Notwithstanding any provision of this Agreement, “Assets” shall include all assets and inventory (i) comprising part of
the Libby Ranch Project or (ii) purchased for, or intended for use with respect to, the Libby Ranch Project. 
 ARTICLE
3. 
 PURCHASE PRICE 
 3.1 Purchase Price. The purchase price (the “Purchase Price”) for the Assets shall be Eight Hundred Fifty-Nine Million Eight Hundred Thousand Dollars ($859,800,000). At Closing, Buyer
shall pay Seller the Purchase Price, as adjusted pursuant to Section 3.4. 
 3.2 Deposit. Contemporaneously with the
execution of this Agreement, Buyer will deposit by wire transfer 10% of the unadjusted Purchase Price set forth in Section 3.1 (the “Deposit”) with Seller. The Deposit shall be credited to the Purchase Price at Closing or, if this
Agreement is terminated, shall be distributed by Seller pursuant to Article 12. 
 3.3 Allocation of the Purchase Price.
Buyer has allocated the Purchase Price among the Assets as set forth on Exhibit B. These allocations will be used as otherwise provided in this Agreement. The value so allocated to a particular Asset is referred to as the “Allocated Value”
for that Asset. 

  
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 3.4 Adjustments to Purchase Price. All adjustments to the Purchase Price shall be
made (i) according to the factors described in this Section 3.4, (ii) in accordance with generally accepted accounting principles as consistently applied in the oil and gas industry, and (iii) without duplication: 

(a) Settlement Statements. The Purchase Price shall be adjusted at Closing pursuant to a “Preliminary
Settlement Statement” prepared by Seller and, submitted to Buyer not less than five (5) business days prior to Closing for Buyer’s comment and agreement. If Buyer and Seller are unable to agree upon this Preliminary Settlement
Statement and such disagreement concerns amounts totaling less than 1% of the unadjusted Purchase Price, Seller’s estimate shall be used at Closing and the Parties shall resolve such disagreement after Closing pursuant to Sections 14.1 and
15.6. If Buyer and Seller are unable to agree upon this Preliminary Settlement Statement and such disagreement concerns amounts totaling equal to or more than 1% of the unadjusted Purchase Price, then the Parties shall mutually agree upon an
estimate to be used at Closing and resolve their disagreement after Closing pursuant to Sections 14.1 and 15.6. The Preliminary Settlement Statement shall set forth the Closing Amount and all adjustments to the Purchase Price and associated
calculations. The term “Closing Amount” means the Purchase Price, adjusted as provided in this Section 3.4 using reasonable estimates of amounts paid or received before Closing if actual numbers are not available. After Closing, the
Purchase Price shall be adjusted pursuant to the Final Settlement Statement delivered pursuant to Section 14.1. 
 (b) Property Costs. For the purposes of this Agreement, the term “Property Costs” shall mean all capital expenses incurred and paid in compliance with Sections 9.1(a) through 9.1(c)
(including the expenses set forth in the Cap Ex Budget, except for the Whiting Designated Costs), insurance costs, expenses associated with the purchase and transportation of CO2 paid to third parties, and other expenses owed to third parties incurred in the ordinary course of business, Seller’s
share of joint interest billings, office overhead for properties without a joint operating agreement (“JOA”), or where Seller is the operator in an amount equal to fifty thousand dollars ($50,000) per month through the Closing Date
(proportionately reduced for partial months, “Operator Fee”), lease operating expenses, lease rental and maintenance costs, royalties, overriding royalties, leasehold payments, Asset Taxes (as defined and apportioned as of the Effective
Time pursuant to Article 10), drilling expenses, workover expenses, material transfers when charged to any of the Assets, geological, geophysical and any other exploration or development expenditures chargeable under applicable operating agreements
or other third party agreements consistent with the standards established by the Council of Petroleum Accountant Societies of North America; in each case, that are attributable to the development, maintenance and operation of the Assets during the
period in question; provided, however, that Property Costs shall not include Income Taxes or inventory expenses (other than material transfers when charged to any of the Assets). Notwithstanding anything to the contrary in this Agreement, Seller
shall be solely responsible for and shall pay $12,100,000 in 2013 for capital expenses when incurred in 2013 in respect of the Libby Ranch Project (in addition to the $1,003,323 purchase price decrease in Section 3.4(d)(viii)), regardless of
whether such amount was paid or incurred before or after the Effective Time or the Closing Date, and Buyer shall have no obligation to reimburse Seller for any such expenses (the “Whiting Designated Costs”). 

  
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 (c) Upward Adjustments. The Purchase Price shall be adjusted upward
by the following without duplication: 
 (i) An amount equal to all Property Costs incurred and paid by Seller
that are attributable to the period after the Effective Time, and all (A) Property Costs that may be incurred prior to the Effective Time but for which said equipment or materials will be delivered, or services provided (including the reworking
of any wells), after the Effective Time to the extent incurred and paid by Seller and (B) until Closing, the Operator Fee, and all overhead and other overhead type income owed to Seller as operator under applicable COPAS procedures relating to
the Assets, but not paid by any third party or included in Property Costs; 
 (ii) An amount equal to the value
(net of royalties and other burdens and applicable Asset Taxes) of Seller’s share of all oil in storage tanks at the Effective Time to be calculated as follows: The value shall be the product of (A) the volume in each storage tank
(attributable to Seller’s interest) as of the Effective Time as shown by the actual gauging reports, less any volumes below the load line, multiplied by (B) the price actually received for production under the applicable marketing contract
for the Hydrocarbons sold, or if not sold, the price that would be received for the Hydrocarbons as if they had been sold in the month of March 2013; provided, however, that the adjustment contemplated by this subsection (ii) shall be made only
to the extent that Seller does not receive and retain the proceeds, or portion thereof, attributable to the pre-Effective Time merchantable oil in the storage tanks; 

(iii) An amount equal to the sum of all Interest Addition adjustments pursuant to Section 5.3; 

(iv) The value of any CO2 line fill owned by Seller in respect of the Transpetco CO2 Pipeline in an amount equal to $148,486; 

(v) The value of any natural gas liquid line fill owned by Seller in respect of the Dry Trails Midstream Energy pipeline
and the ONEOK pipeline associated with the Plant in an amount equal to $615,913; and 
 (vi) An amount equal to
any cash settlement paid by Seller attributable to the swaps set forth in Section 9.1(d). 
 (d) Downward
Adjustments. The Purchase Price shall be adjusted downward by the following without duplication: 
 (i)
Proceeds received and retained by Seller (net of applicable Asset Taxes and royalties and other burdens) that are attributable to production from the Assets or to the sale of any of the Assets after the Effective Time; 

  
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 (ii) The amount of all Property Costs that remain unpaid by Seller and will
be paid by Buyer, or that have been paid by Buyer that are attributable to the period prior to the Effective Time; 
 (iii) An amount equal to the sum of all adjustments to the Purchase Price for Environmental Defects and Title Defects but only for the excess of Environmental Defects over the Environmental Deductible and
the Title Defects over the Title Deductible and all on the terms and conditions set forth in Article 5 and Sections 6.5 and 9.2(d); 
 (iv) An amount equal to the sum of all Exclusion Adjustments; 
 (v)
An amount equal to the sum of all Net Casualty Losses; 
 (vi) An amount equal to the Deposit; 

(vii) An amount equal to all proceeds from sales of Hydrocarbons relating to the Assets and payable to owners of working
interests, royalties, overriding royalties and other similar interests (in each case) that are held in suspense or escrow by Seller as of the Closing as set forth in the written report provided to Buyer by Seller as of the date of this Agreement;

 (viii) An amount equal to $1,003,323, covering the cost of pipe required to increase the
capacity of the CO2 transmission pipeline described in
Section 2.2(m) to change the Libby Lateral pipeline diameter from 8 inches to 10 inches; and 
 (ix) An
amount equal to any cash settlement received by Seller attributable to the swaps set forth in Section 9.1(d). 
 (e) Tax Adjustments. To adjust the Purchase Price for the apportionment of Asset Taxes, the Parties agree to adjust the Purchase Price, downward or upward, as appropriate, pursuant to the
applicable provisions of Article 10. 
 ARTICLE 4. 

BUYER’S INSPECTION 
 4.1 Access to the Records. Prior to Closing and subject to Sections 9.3(a) and 9.3(b), Seller will make the Records available to Buyer and Buyer’s agents, representatives, advisors, attorneys,
underwriters and other parties providing services to Buyer in connection with its potential acquisition of the Assets (collectively, “Buyer’s Representatives”) for inspection, copying, and review, all at Buyer’s expense, at
Seller’s offices to permit Buyer to perform its due diligence review. Subject to the consent and cooperation of third parties, Seller will assist Buyer in Buyer’s efforts to obtain, at Buyer’s expense, such additional information from
such parties as Buyer may reasonably desire. Buyer may inspect the Records and such additional information only to the extent it may do so without violating any obligation of confidence or contractual commitment of Seller to a third party or
disclose privileged information (including personnel records); provided that the forgoing limitation shall not apply to any title opinions. 

  
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 4.2 Disclaimer. EXCEPT FOR THE EXPRESS REPRESENTATIONS AND WARRANTIES UNDER THIS
AGREEMENT AND THE SPECIAL WARRANTY IN THE CONVEYANCE, (a) BUYER RECOGNIZES AND AGREES THAT ALL MATERIALS, DOCUMENTS, AND OTHER INFORMATION MADE AVAILABLE TO IT IN CONNECTION WITH THE TRANSACTION CONTEMPLATED HEREBY, WHETHER MADE AVAILABLE
PURSUANT TO THIS SECTION OR OTHERWISE, ARE MADE AVAILABLE TO IT AS AN ACCOMMODATION, AND WITHOUT REPRESENTATION OR WARRANTY OF ANY KIND, WHETHER EXPRESS, IMPLIED OR STATUTORY, AS TO THE ACCURACY AND COMPLETENESS OF SUCH MATERIALS, DOCUMENTS, AND
OTHER INFORMATION; (b) BUYER EXPRESSLY AGREES THAT ANY RELIANCE UPON OR CONCLUSIONS DRAWN THEREFROM SHALL BE AT BUYER’S RISK TO THE MAXIMUM EXTENT PERMITTED BY LAWS AND SHALL NOT GIVE RISE TO ANY LIABILITY OF OR AGAINST SELLER EXCEPT AS
PROVIDED HEREIN; AND (c) EXCEPT AS EXPRESSLY PROVIDED HEREIN, BUYER HEREBY WAIVES AND RELEASES ANY CLAIMS ARISING UNDER THIS AGREEMENT, COMMON LAW OR ANY STATUTE ARISING OUT OF ANY MATERIALS, DOCUMENTS OR INFORMATION PROVIDED BY SELLER TO
BUYER. 
 ARTICLE 5. 
 TITLE MATTERS 
 5.1 Definitions. 

(a) Defensible Title. The term “Defensible Title” means such title: 

(i) to each of the Leases, the Wells and the Units, and the Lands associated therewith (the “Oil and Gas
Assets”), that, subject to and except for Permitted Encumbrances: (A) entitles Seller to receive a share of the Hydrocarbons produced, saved and marketed from the Oil and Gas Asset throughout the entire productive life of such Oil and Gas
Asset, after satisfaction of all royalties, overriding royalties, nonparticipating royalties, net profits interests or other similar burdens on or measured by production of Hydrocarbons (“NRI”), of not less than the NRI set forth on
Exhibit B for the formation or interval of such Oil and Gas Asset indicated on Exhibit B; (B) obligates Seller to bear a percentage of the costs and expenses for the maintenance, development, operation and the production of Hydrocarbons
produced, saved and marketed from the formation or interval of the Oil and Gas Asset indicated on Exhibit B throughout the entire productive life of such Oil and Gas Asset (“WI”) in an amount not greater than the WI set forth in Exhibit B
without a corresponding proportionate increase in NRI; and (C) is free and clear of all Liens on or against title to the Assets. If a formation or interval in a Well is not listed on Exhibit B, then the deemed Allocated Value for such formation
or interval in such Well is zero; and 
 (ii) with respect to (A) the Real Property Interests, that Seller
owns good and indefeasible title and (B) the pipelines and personal property, that Seller owns good, valid and sufficient title, in each case, to the interest of the grantee, lessee, assignee or party of similar status free and clear of all
Liens other than Permitted Encumbrances. 

  
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 (b) Permitted Encumbrances. The term “Permitted
Encumbrances” shall mean: 
 (i) the terms and provisions of an instrument or document creating
lessors’ royalties, and existing overriding royalties, net profits interests, production payments, reversionary interests and similar burdens (payable or in suspense) if the net cumulative effect of such burdens does not operate to reduce the
NRI or increase the WI set forth on Exhibit B; 
 (ii) division orders and sales contracts terminable without
penalty upon no more than thirty (30) days’ notice to the purchaser; 
 (iii) encumbrances relating to
the Assets that arise under operating agreements to secure payment of amounts not yet delinquent and are of a type and nature customary in the oil and gas industry; 

(iv) all rights reserved to or vested in any Governmental Authority to control or regulate any of the Assets in any manner
and all Laws; 
 (v) the terms and conditions of the Leases that would not operate to reduce the NRI or increase
the WI set forth on Exhibit B; 
 (vi) such defects or irregularities in the title to the Assets that are not
such as to materially interfere with the operation, value or use of the Assets (or a portion thereof) affected thereby and that would be considered not material in accordance with customary industry standards, and in no case that would operate to
reduce the NRI or increase the WI set forth on Exhibit B; 
 (vii) Liens for Taxes, Tax assessments not yet due,
and Taxes, if delinquent, that are being contested in good faith in the normal course of business; 
 (viii) all
rights to consent by, required notices to, filings with, or other actions by federal, state, local or foreign Governmental Authorities, in connection with the conveyance of the applicable Asset if the same are customarily obtained after such
conveyance; 
 (ix) rights of reassignment upon the surrender or expiration of any Lease; 

(x) easements, rights-of-way, servitudes, permits, surface leases, surface use restrictions, and other rights with respect
to surface operations, on, over or in respect of any of the Assets or any restriction on access thereto that could not reasonably be expected to materially interfere with the operation, value or use of the affected Asset; 

  
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 (xi) Liens affecting the Assets not specified in this Section 5.1(b)
that shall be removed or released prior to Closing and with respect to which evidence thereof reasonably satisfactory to Buyer has been furnished to Buyer prior to Closing; 

(xii) materialmen’s, mechanics’, operators’ or other similar Liens arising in the ordinary course of
business incidental to operation of the Assets (A) but only to the extent such Liens have not been filed pursuant to Laws and the time for filing such Liens has expired, (B) if filed, such Liens have not yet become due and payable or
payment is being withheld as provided by Laws, or (C) if their validity is being contested in good faith by appropriate action; 
 (xiii) consents to assignment and similar contractual provisions affecting an Asset with respect to which (A) waivers or consents are obtained from the appropriate parties for the transaction
contemplated hereby prior to Closing (subject to the provisions of Section 5.6(a)) or (B) the appropriate time period for asserting such rights has expired without an exercise of such rights; 

(xiv) preferential rights to purchase and similar contractual provisions affecting an Asset with respect to which
(A) waivers are obtained from the appropriate parties for the transaction contemplated hereby prior to Closing or (B) the appropriate time period for asserting such rights has expired without an exercise of such rights; and 

(xv) the Material Agreements listed on Exhibit C to the extent that they are ordinary and customary to the oil, gas and
other mineral exploration, development, processing or extraction business and would not operate to reduce the NRI or increase the WI set forth on Exhibit B. 
 (c) Title Defect. The term “Title Defect” means either (A) any Lien that renders Seller’s title to any Asset less than Defensible Title and reduces the Allocated Value of the
affected Asset by more than $75,000 (with such amount being the “Title Threshold”), or (B) Seller’s breach of a Material Agreement resulting in Seller having less than Defensible Title and that has an adverse effect on the value
or economic benefit of an Asset of more than the Title Threshold. Notwithstanding the foregoing, the following shall not be considered Title Defects: 
 (i) defects in the early chain of title, consisting of the failure to recite marital status in a document or omissions of successors of heirship or estate proceedings, unless Buyer provides reasonable
written evidence that such failure or omission has resulted in another party claiming title to the relevant Oil and Gas Asset; 
 (ii) defects based on a lack of information in Seller’s files; 

(iii) defects or irregularities resulting from or related to probate proceedings or the lack thereof, which defects or
irregularities have been outstanding 2 years; 

  
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 (iv) defects arising out of lack of survey; 

(v) defects based on failure to record Leases issued by the BLM or any state, or any assignments of record title or
operating rights in such Leases, in the real property or other county records of the county in which such Oil and Gas Asset is located; provided that such Leases or assignments are properly filed with the applicable federal or state office;

 (vi) defects arising out of lack of corporate or other entity authorization unless the action could result in
another party claiming title to the Asset; and 
 (vii) defects that are defensible by possession under
applicable statutes of limitation for adverse possession or for prescription. 
 (d) Title Defect Value.
“Title Defect Value” means the amount by which the Title Defect exceeds the Title Threshold. In determining the Title Defect Value, the Parties intend to include only that portion of the Asset affected by the Title Defect. The Title Defect
Value may not exceed the Allocated Value of the Asset and shall be determined by the Parties in good faith taking into account all relevant factors, including the following: 

(i) If the Title Defect is a Lien on the Asset, the Title Defect Value shall be the cost of removing such Lien.

 (ii) If the Title Defect is an actual reduction in NRI without a change in the WI, the Title Defect Value
shall be the Allocated Value for the particular Oil and Gas Asset, reduced by a fraction, the numerator of which is the NRI on Exhibit B for such Oil and Gas Asset minus the actual NRI and the denominator of which is the NRI on Exhibit B for such
Oil and Gas Asset. 
 (iii) If the Title Defect does not fall into (i) or (ii) immediately above, then
the Title Defect Value shall be determined by the Parties in good faith, taking into account all relevant factors, including the following: 
 (1) The Allocated Value of any affected Asset; and 
 (2) The
economic effect of the Title Defect on the affected Asset or the operation of the Assets as a whole. 
 5.2 Purchase Price
Adjustments for Title Defects. 
 (a) Notices of Title Defects. Buyer shall give Seller each written
“Notice of Title Defects” as soon as reasonably possible but no later than May 24, 2013 at 5:00 p.m., Central Time (the “Title Defect Date”). Each such notice must be in writing and (i) name the affected Asset;
(ii) and, to the extent then reasonably known, (A) describe each Title Defect with respect to the affected Asset; (iii) describe the basis for each Title Defect set forth in such notice; (iv) attach or refer to any supporting

  
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documentation; (v) state the Allocated Value (if any) of the affected Asset; (vi) state Buyer’s good faith estimate of the Title Defect Value which shall serve as Buyer’s
proposal to adjust the Purchase Price; and (vii) the computations upon which Buyer’s belief is based. Buyer’s sole and exclusive rights and remedies with respect to any matter that constitutes a Title Defect shall be those set forth
in this Article 5, Section 11.2(c) and in the Conveyance, and Buyer shall not be entitled to any other indemnification or any other remedy with respect thereto. 

(b) Defect Adjustments. 
 (i) If an Asset is affected by a Title Defect, the Purchase Price will be reduced under Section 3.4 and as set forth below, unless (A) Seller cures the Title Defect to Buyer’s reasonable
satisfaction prior to Closing; (B) Buyer agrees to waive the relevant Title Defect; or (C) Seller elects on or before Closing to cure such Title Defect no later than ninety (90) days after Closing. The Purchase Price shall be adjusted
for Title Defects only to the extent that the aggregate of all Title Defect Values net of the Interest Additions Values (subject to the threshold and deductible described in Section 5.3) for all of the Assets exceeds Seven Million Five Hundred
Thousand Dollars ($7,500,000) (such amount being a deductible, not a threshold, the “Title Deductible”) and then only for the amount exceeding Seven Million Five Hundred Thousand Dollars ($7,500,000) (with the amount of such adjustment
being the “Title Defect Adjustment”). 
 (ii) If Seller elects to cure the relevant Title Defect during
the period of ninety (90) days after Closing (the “Cure Period”), Seller shall assign the affected Asset to Buyer at Closing and the Purchase Price will not be reduced at Closing for such Title Defect. If Seller cures all of the
relevant Title Defects to Buyer’s reasonable satisfaction during the Cure Period, then there shall be no adjustment to the Purchase Price. Subject to the Title Deductible, if Seller does not cure all Title Defects to Buyer’s reasonable
satisfaction within the Cure Period, the Purchase Price shall be adjusted by an amount equal to the Title Defect Value attributable to the applicable Title Defect, such adjustment to be made on the Final Settlement Statement. 

5.3 Interest Additions. Promptly on discovery, but on or before the Title Defect Date, either Party shall in good faith notify the
other of any interest that such Party discovers that is known to otherwise be an Oil and Gas Asset hereunder but for the failure to describe it in detail, including any interest that entitles Seller to receive more than the NRI or obligates Seller
to bear costs and expenses in an amount less than the WI without a proportionate change in NRI, and that would have an Allocated Value in excess of the Title Threshold or increases the Allocated Value of the affected Oil and Gas Asset by more than
the Title Threshold, with such interest being an “Interest Addition”. Buyer acknowledges and agrees to comply with the affirmative obligation set forth in the preceding sentence. Seller shall promptly provide Buyer thereafter with the
value of the Interest Addition or the amount by which Seller believes the Allocated Value of the Oil and Gas Asset has been increased by the Interest Addition (“Interest Addition Value”) and the associated computations. The Parties shall
determine the Interest Addition Value in good faith taking into account all relevant factors. The Purchase Price shall be increased for Interest Additions only to the extent that the aggregate of all Interest Additions exceeds the Title Deductible.

  
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 5.4 Dispute Resolution. The Parties agree to resolve disputes concerning title
matters pursuant to the arbitration procedure set forth in Section 15.6. 
 5.5 Casualty Loss. 

(a) Assumed Risk. Notwithstanding anything herein contained to the contrary, any diminution in value of the Assets
from and after the Effective Time that results from production of Hydrocarbons through normal depletion, a decrease in the estimated recoverable reserves or market value thereof or from mechanical failure that arises in the ordinary course of
operating oil and gas wells (including watering out of any well, the loss of an injector well, collapsed casing or sand infiltration of any well) and the depreciation of personal property due to ordinary wear and tear; in each case, with respect to
the Assets, shall not be treated as a Casualty Loss or other Loss for which Seller indemnifies Buyer or otherwise has responsibility for hereunder. 
 (b) Loss. Prior to Closing, if a portion of the Assets is destroyed by fire or other casualty, or is taken or threatened to be taken in condemnation or under the right of eminent domain (with such
event being a “Casualty Loss”), Buyer shall purchase the Asset at Closing for the Allocated Value of the Asset reduced, by the estimated cost to repair or replace such Asset (with equipment of similar utility) (the reduction being the
“Net Casualty Loss”). Seller, at its sole option, may elect to cure such Casualty Loss. If Seller elects to promptly cure such Casualty Loss, Seller may replace any personal property that is the subject of a Casualty Loss with equipment of
similar grade and utility. If Seller cures the Casualty Loss to Buyer’s reasonable satisfaction within ninety (90) days after Closing, Buyer shall purchase the affected Asset at Closing without any Purchase Price adjustment for such
Casualty Loss. 
 5.6 Transfer Requirements and Preferential Rights. Seller shall use its best efforts to satisfy all
Transfer Requirements and give notices required in connection with Preferential Rights prior to Closing. If Buyer discovers other Assets affected by a Transfer Requirements or Preferential Right during the course of Buyer’s due diligence
activities, Buyer shall notify Seller promptly and Seller shall use its best efforts to satisfy such Transfer Requirements or obtain waivers and give the notices required in connection with such Preferential Rights prior to Closing. 

(a) Transfer Requirements. Except for Transfer Requirements which are customarily obtained post-Closing, and those
Transfer Requirements the failure of which to satisfy would not invalidate the conveyance of any Asset or result in a termination of a Lease hereunder or other Asset or give the lessor or other counterparty the right to so terminate, if a Transfer
Requirement to assign any Lease or other Asset has not been satisfied as of the Closing, then (i) the portion of the Assets for which such Transfer Requirement has not been satisfied shall not be conveyed at the Closing, (ii) the Allocated
Value relating to that Asset shall not be paid to Seller, and (iii) Seller shall use its best efforts to satisfy such Transfer Requirement as promptly as possible following Closing. If such Transfer Requirement has been satisfied as of the
Final Settlement Date, Seller shall convey the affected Asset to Buyer effective as of the Effective Time and Buyer shall pay Seller the Allocated Value relating to the affected Asset subject to

  
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adjustments contemplated by Section 3.4, reduced by the amount of any net proceeds from the affected Asset attributable to the period of time after the Effective Time, with Seller retaining
such proceeds less Property Costs attributable to the period of time after the Effective Time. If such Transfer Requirement has not been satisfied as of the Final Settlement Date, the affected Asset shall be deemed to be an “Excluded
Asset” and Seller shall retain such Asset and the Purchase Price shall be reduced by an amount equal to the Allocated Value of the particular Asset (with such adjustment being an “Exclusion Adjustment”). Buyer shall reasonably
cooperate with Seller in satisfying any Transfer Requirement, but Buyer shall not be required to expend funds or make any other type of financial commitments as a condition of satisfying such Transfer Requirement; subject to adjustments contemplated
by Section 3.4. 
 (b) Preferential Purchase Rights. 

(i) If any preferential right to purchase any portion of the Assets (“Preferential Right”) is exercised and
consummated prior to the Closing Date, that portion of the Assets affected by such Preferential Right shall be excluded from the Assets and the Purchase Price shall be adjusted downward by an amount equal to the Exclusion Adjustment(s) of such
affected Assets. 
 (ii) If by Closing, the time for the exercise of such Preferential Right has not expired and
Seller has not received notice of an intent not to exercise or a waiver of the Preferential Right, that portion of the Assets affected by such Preferential Right shall be excluded from the Assets and retained by Seller at Closing, and the Purchase
Price shall be reduced by the Exclusion Adjustment(s) and the provisions of Section 5.6(b)(iii) shall apply. 
 (iii) As to any affected Assets retained by Seller at Closing pursuant to Section 5.6(b)(ii), following Closing, if a Preferential Right is not consummated within the time frame specified in the
Preferential Right, or if the time frame for exercise of the Preferential Right expires without exercise after the Closing, then, subject to the terms and conditions set forth in this Agreement, Seller shall prepare, execute and deliver a conveyance
of the applicable Assets to Buyer, such conveyance to be effective as of the Effective Time and in the form and substance of the Conveyance, and Buyer shall deposit by wire transfer with Seller an amount equal to the Exclusion Adjustment(s) of the
applicable Assets. 
 (c) Exclusive Remedy. The rights and remedies set forth in this Section 5.6 and
Article 11 are the exclusive remedies under this Agreement for exercised Preferential Rights and Transfer Restrictions applicable to the Assets. The rights and remedies granted each Party in this Article and the special warranty in the Conveyance,
together with any indemnification set forth in Article 15 and the rights of each Party not to Close or terminate pursuant to Article 11, are the exclusive rights and remedies against the other Party related to any Title Defect or other title
matters. 
 5.7 Personal Property and Equipment. Seller expressly disclaims and negates any representation and warranty
as to the condition of any personal property, equipment, fixtures and 

  
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items of movable property comprising any part of the Assets, including (i) any implied or express warranty of merchantability, (ii) any implied or express warranty of fitness for a
particular purpose, (iii) any implied or express warranty of conformity to models or samples of materials, (iv) any rights of assignee under applicable statutes to claim diminution of consideration, and (v) any claim by Buyer for
damages because of defects, whether known or unknown, it being expressly understood by Buyer that said personal property, fixtures, equipment and items, subject to Section 5.5(b), are being conveyed to Buyer “as is, where is,” with
all faults and in their present condition and state of repair. Buyer shall have inspected, or waived (and upon Closing shall be deemed to have waived) its right to inspect, the Assets for all purposes and satisfied itself as to their physical and
environmental condition. 
 ARTICLE 6. 
 ENVIRONMENTAL MATTERS 
 6.1 Physical Access to the Assets. Prior to
signing this Agreement, Seller granted to Buyer physical access to the Assets to allow Buyer to conduct, at Buyer’s sole risk and expense, a non-intrusive, on-site surface inspection of the Assets and an inspection of Seller’s files
covering environmental matters (the “Environmental Inspection”). If Buyer or its agents prepared an environmental assessment of any of the Assets, Buyer agrees to keep such assessment confidential and to furnish copies thereof to Seller.
Such information shall be held confidential but may be disclosed to Buyer or Buyer’s Affiliates, attorneys, officers, employees, consultants and lenders and their respective advisors and used in Buyer’s evaluation of Seller’s
properties. Furthermore, Buyer’s obligations of confidentiality shall not apply to information (i) required to be disclosed by legal process or Laws, including securities Laws or stock exchange rules or regulations, (ii) available to
the public, (iii) already in the possession of or known to Buyer as of the date of the Environmental Inspection or developed by Buyer independently of the Environmental Inspection, or (iv) acquired from third parties not known by Buyer to
have confidentiality obligations to Seller, provided that Buyer agrees to inquire of such third parties if such third party has an obligation of confidence to Seller. 
 6.2 Release and Indemnity. IN CONNECTION WITH GRANTING SUCH PHYSICAL ACCESS TO THE ASSETS, BUYER REPRESENTS THAT IT IS ADEQUATELY INSURED AND WAIVES, RELEASES AND AGREES TO INDEMNIFY SELLER, AND
ITS RESPECTIVE DIRECTORS, OWNERS, MEMBERS, PARTNERS, OFFICERS, SHAREHOLDERS, EMPLOYEES, AGENTS AND REPRESENTATIVES AGAINST ALL CLAIMS ARISING AS A RESULT OF ANY ACTIVITIES OF BUYER OR BUYER’S REPRESENTATIVES OR AFFILIATES IN CONDUCTING ITS
ON-SITE INSPECTIONS AND ENVIRONMENTAL ASSESSMENTS OF THE ASSETS (INCLUDING THOSE ACTIVITIES CONDUCTED IN ANY OFFICE OR FACILITY OF SELLER), WHETHER OR NOT SUCH CLAIMS, INJURIES OR DAMAGES ARISE IN WHOLE OR IN PART OF OUT SELLER’S NEGLIGENCE,
EXCEPT FOR INJURIES OR DAMAGES CAUSED BY SELLER’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT. THIS WAIVER, RELEASE AND INDEMNITY BY BUYER SHALL SURVIVE TERMINATION OF THIS AGREEMENT. 

  
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 6.3 Buyer’s Acknowledgment Concerning Possible Contamination of the Assets.
Buyer is aware that the Assets have been used for exploration, development, production and transportation of Hydrocarbons and that there may be petroleum, produced water, wastes, or other materials located on or under the Assets or associated with
the Assets. Equipment and sites included in the Assets may contain asbestos, hazardous substances, or naturally occurring radioactive materials (“NORM”). NORM may affix or attach itself to the inside of Wells, materials, and equipment as
scale, or in other forms; the Wells, materials, and equipment located on the Assets or included in the Assets may contain NORM and other wastes or hazardous substances; and NORM-containing material and other wastes or hazardous substances may have
been buried, come in contact with the soil, or otherwise been disposed of on the Assets. Special procedures may be required for the remediation, removal, transportation, or disposal of wastes, asbestos, hazardous substances, and NORM from the
Assets. 
 6.4 Assumed Environmental Liabilities. Upon Closing, except for item (ix) of Retained Liabilities and
subject to Section 6.5 and Seller’s indemnification obligations in Section 15.4(a), Buyer agrees to assume and pay, perform, fulfill and discharge and release Seller from all Losses relating to environmental conditions in, on or under
the Assets attributable to the period of time before and after the Effective Time, including any and all liability for (i) the assessment, remediation, removal, transportation and disposal of wastes, asbestos, hazardous substances and NORM,
(ii) compliance with Environmental Laws in respect of the environmental condition of the Assets as of the Effective Time, and (iii) the obligation to plug and abandon the Wells and reclamation of existing well sites on the Lands and other
facilities or pipelines related to the Assets (collectively, the “Assumed Environmental Liabilities”). 
 6.5
Environmental Defects. Reference is hereby made to that certain Purchase and Sale Agreement between Celero Energy, LP and Seller dated effective as of July 1, 2005, a copy of which Seller has provided to Buyer prior to the execution of
this Agreement (the “Celero PSA”). Capitalized terms used in Article 6 of the Celero PSA but not defined in this Agreement shall have the meaning given them in the Celero PSA. The Parties agree that Buyer and Seller shall have the rights
and obligations with respect to environmental matters relating to the Assets under Article 6 of the Celero PSA, as if Buyer and Seller were the buyer and seller under, and the Assets were assets under, the Celero PSA, mutatis mutandis;
provided, however, that (a) references in Article 6 of the Celero PSA to August 1, 2005 shall be references to May 24, 2013, (b) the reference in the definition of “Environmental Defect” in Section 6.1 of the
Celero PSA to $50,000 shall be a reference to $75,000 and (c) references in Section 6.4 of the Celero PSA to $5,000,000 shall be references to $7,500,000. 
 6.6 Environmental Law. “Environmental Law” means any and all Laws or other legally enforceable requirements (including common law) issued by any Governmental Authority in effect on or
before the Closing Date (collectively, “Environmental Laws”) regulating or imposing liability or standards of conduct concerning protection of the environment or human health and safety or the release or disposal of waste materials.

  
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 ARTICLE 7. 
 SELLER’S REPRESENTATIONS 
 The Parties’ agreement with respect to
title matters and environmental matters is set forth in Articles 5 and 6, respectively, and the provisions of those Articles set forth Seller’s representations, if any, with respect to title matters and environmental matters. Except for title
matters and environmental matters, Seller makes the following representations and warranties as of the execution of this Agreement and as of the Closing Date (other than those set forth in Sections 7.1 through 7.4 and 7.14 through 7.17) for purposes
of serving as conditions to Closing only: 
 7.1 Corporate Representations. 

(a) Seller is a corporation, duly organized, validly existing and in good standing under the Laws of the State of Delaware
and is duly qualified to carry on its business in the States of New Mexico, Oklahoma and Texas. WTGP is a limited liability company, duly organized, validly existing and in good standing under the Laws of the State of Delaware. WTLP is a limited
liability company, duly organized, validly existing and in good standing under the Laws of the State of Delaware. 
 (b) Seller has all requisite power and authority to own the Assets, to carry on its business as presently conducted, to execute, deliver, and perform this Agreement and each other agreement, instrument,
or document executed or to be executed by Seller in connection with the Transaction to which it is a party and to consummate the Transaction. The execution, delivery, and performance by Seller of this Agreement and each other agreement, instrument,
or document executed or to be executed by Seller in connection with the Transaction to which it is a party, and the consummation by it of the Transaction and the transactions contemplated thereby, have been duly authorized by all necessary corporate
action of Seller. 
 (c) The execution and delivery of this Agreement does not, and the fulfillment of and
compliance with the terms and conditions hereof will not, (i) create a Lien on the Assets, (ii) violate, conflict with or constitute a default or an event that, with notice or lapse of time or both, would be a default, breach or violation
under any provision of Seller’s or either of the Acquired Entities’ governing documents or any material lease, contract, agreement, instrument or obligation to which Seller or either of the Acquired Entities is a party or by which Seller,
either of the Acquired Entities or the Assets are bound, or, (iii) violate, conflict with or constitute a breach of any Laws. 
 7.2 Capitalization; Ownership; Organizational Documents. All of the Acquired Entities’ issued and outstanding member interests are owned by Seller. All of the Acquired Entities’ issued
and outstanding member interests were duly authorized and validly issued and are fully paid and nonassessable. Except for the Acquired Entities’ ownership interests in the Limited Partnership, neither Acquired Entity owns any equity interests
or other securities in any other Person or any other assets whatsoever. During Seller’s ownership of the Acquired Entities, the Acquired Entities have not engaged in any business except for the ownership of interests in

  
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the Limited Partnership. Except for the rights created pursuant to this Agreement, there are no outstanding options, warrants, convertible securities or other rights, agreements, arrangements or
commitments of any kind relating to the right to subscribe for or purchase member or other equity interests in either of the Acquired Entities or obligating either of the Acquired Entities to issue or sell any member or other equity interests in
either of the Acquired Entities. There are no outstanding contractual obligations of either of the Acquired Entities to repurchase, redeem or otherwise acquire any member or other equity interests in either of the Acquired Entities or to provide
funds to, or make any investment in, any Person other than the Limited Partnership. True and complete copies of the Organizational Documents of the Acquired Entities have been provided to Buyer prior to the date hereof. 

7.3 Authorization and Enforceability. This Agreement, the Conveyance and each other agreement, instrument or document executed or
to be executed by Seller in connection with the Transaction to which it is a party constitutes, or when executed and delivered will constitute, Seller’s legal, valid and binding obligation, enforceable in accordance with their respective terms,
subject, however, to the effects of bankruptcy, insolvency, reorganization, moratorium and other Laws for the protection of creditors and equitable principles which may limit the availability of certain equitable remedies (such as specific
performance) in certain instances. 
 7.4 Liability for Brokers’ Fees. Neither Seller nor any Acquired Entity has
incurred any liability, contingent or otherwise, for brokers’ or finders’ fees relating to the Transaction for which Buyer or any Acquired Entity shall have any responsibility whatsoever. 

7.5 No Bankruptcy. There are no bankruptcy proceedings pending, being contemplated by Seller or any Acquired Entity or, to the
knowledge of Seller, threatened against Seller or any Acquired Entity by any third party. 
 7.6 Litigation. Neither
Seller nor any Acquired Entity has received a written claim, charge, audit, investigation or demand notice that has not been resolved and that would adversely affect any of the Assets. There are no Actions pending or, to Seller’s knowledge,
threatened against Seller or any Acquired Entity or with respect to any of the Assets, before any arbitration authority or Governmental Authority that relate to any of the Assets, or that would affect Seller’s ability to execute and deliver
this Agreement or to consummate the Transaction. 
 7.7 No Liens. Except as set forth on Schedule 7.7 and for Permitted
Encumbrances, there are no (i) judgments, transcripts of judgments or court actions, adjudicated or pending against or involving Seller or any Acquired Entity, (ii) Liens against or involving Seller or any Acquired Entity or the Assets
other than those that will be released at or before Closing, (iii) notices of unredeemed tax sales or unpaid taxes or special assessments due or delinquent filed against Seller’s or any Acquired Entity’s interest in the Assets, or
(iv) assignments of leasehold from Seller or any Acquired Entity to other parties not reflected in the materials examined which would operate to reduce the NRI or increase the WI set forth on Exhibit B. 

7.8 Judgments. There are no unsatisfied or continuing judgments, orders, decrees, directives or injunctions issued by an
arbitration authority or Governmental Authority outstanding against Seller or any Acquired Entity with respect to the Assets that would be reasonably expected to impair Seller’s ability to enter into this Agreement or consummate the
Transaction. 

  
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 7.9 Compliance with Laws. To Seller’s knowledge, the Assets have been owned and
operated by Seller in all material respects in compliance with all Laws. 
 7.10 Material Agreements. To Seller’s
knowledge, except for the Leases and other agreements listed on Exhibit A, Seller has identified on Exhibit C a list of all agreements to which Seller or any Acquired Entity is a party or by which the Assets are bound that are material to the
ownership or operation of the Assets (the “Material Agreements”). Except as noted on Exhibit C, to Seller’s knowledge: 
 (a) the Material Agreements are in full force and effect in all material respects; 
 (b) Seller is not in material default with respect to any Material Agreement nor is any counterparty thereunder in material default; and 

(c) Seller has made all of Seller’s payments due and owing under the Material Agreements in a timely manner before
the same became delinquent. 
 Buyer and Seller agree and acknowledge that Leases are not Material Agreements. 

7.11 Governmental Permits. To Seller’s knowledge, Seller has all governmental licenses, filings and permits (including
permits, licenses, approval registrations, notifications, exemptions and any other authorizations pursuant to Laws) necessary or appropriate to own and operate the Assets as presently being owned and operated. To Seller’s knowledge, such
licenses, filings and permits are in full force and effect and Seller has not received written notice of any violations in respect of any such licenses or permits that remains uncured. 

7.12 Hydrocarbon Sales Contracts. To Seller’s knowledge, Seller has listed all Hydrocarbon Sales Contracts on Schedule 7.12.
Except for payments that are not material, to Seller’s knowledge, proceeds from the sale of oil, condensate, and gas from the Assets are being received by Seller in a timely manner. To Seller’s knowledge, Seller is not having deliveries of
gas from any Asset subject to a Hydrocarbon Sales Contract curtailed substantially below such property’s delivery capacity. 
 7.13 Property Costs. To Seller’s knowledge, Seller has paid all Property Costs attributable to the period of time prior to the Effective Time and during Seller’s ownership of the Assets
as such Property Costs become due, and such Property Costs are being paid in a timely manner before the same become delinquent, except for any such Property Costs as are being disputed in good faith by Seller in a timely manner. 

7.14 Transfer Requirements. Except as set forth on Schedule 7.14, there are no Transfer Requirements. 

7.15 Employee Matters. The Acquired Entities do not have, and have never had, any employees. The Asset Workers are not subject to
a collective bargaining agreement or 

  
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represented by any labor union. The Acquired Entities do not sponsor, maintain or contribute to, and have never sponsored, maintained or contributed to, any “employee benefit plan,” as
such term is defined in section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or any other plan, policy, agreement, arrangement, program or practice providing compensation or benefits to any employee or
other individual. 
 7.16 Taxes. With respect to the Limited Partnership, to the knowledge of Seller: 

(a) All Taxes owed by (i) the Acquired Entities and (ii) the Limited Partnership, that are or have become due
have been paid in full; 
 (b) All Tax Returns required to be filed by or with respect to the Acquired Entities
or the Limited Partnership have been duly and timely filed, and each such Tax Return is true, correct and complete in all material respects; 
 (c) There are no Liens on any of the Assets, the assets of the Acquired Entities or the assets of the Limited Partnership currently existing, pending or, to the knowledge of Seller, threatened, with
respect to Taxes, except for statutory Liens for current period Taxes not yet due and payable; and 
 (d) Each of
the Acquired Entities is, and since its inception has at all times been, an entity disregarded as separate from Seller for U.S. federal income tax purposes. 
 7.17 Tax Partnerships. Except for the Limited Partnership, none of the Assets, the assets of the Acquired Entities or the assets of the Limited Partnership is subject to any Tax partnership
agreement or is otherwise treated as held in an arrangement requiring a partnership income Tax Return to be filed under Subchapter K of Chapter 1 of Subtitle A of the Code. 
 7.18 Preferential Rights. None of the Assets is subject to any Preferential Right. 
 7.19 Disclosures. The matters set forth on any of the Exhibits attached hereto are not necessarily matters that Seller is required to disclose or matters that would constitute a breach of any
representation or warranty had such matters not been disclosed. 
 ARTICLE 8. 

BUYER’S REPRESENTATIONS 
 Buyer makes the following representations and warranties to Seller as of the execution of this Agreement and as of Closing: 
 8.1 Corporate Representations. 
 (a) Buyer is a limited
partnership, duly organized, validly existing and in good standing under the Laws of the State of Delaware and at Closing will be duly qualified to carry on its business in the States of New Mexico, Oklahoma and Texas. 

  
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 (b) Buyer will have all requisite power and authority to own the Assets at
Closing, to carry on its business as presently conducted and to execute, deliver, and perform this Agreement and each other agreement, instrument, or document executed or to be executed by Buyer in connection with the Transaction to which it is a
party and to consummate the Transaction. The execution, delivery, and performance by Buyer of this Agreement and each other agreement, instrument, or document executed or to be executed by Buyer in connection with the Transaction to which it is a
party, and the consummation by it of the Transaction and thereby, have been duly authorized by all necessary partnership action of Buyer. 
 (c) The execution and delivery of this Agreement does not, and the fulfillment of and compliance with the terms and conditions hereof will not (i) violate, conflict with or constitute a default or an
event that, with notice or lapse of time or both, would be a default, breach or violation under any provision of Buyer’s governing documents or any material lease, contract, agreement, instrument or obligation to which Buyer is a party or by
which Buyer is bound, or (ii) violate, conflict with or constitute a breach of any Laws. 
 8.2 Authorization and
Enforceability. The execution, delivery and performance of this Agreement and the Transaction have been duly and validly authorized by all requisite action on behalf of Buyer. This Agreement and each other agreement, instrument, or document
executed or to be executed by Buyer in connection with the Transaction to which it is a party constitutes, or when executed and delivered will constitute, Buyer’s legal, valid and binding obligation, enforceable in accordance with their
respective terms, subject, however, to the effects of bankruptcy, insolvency, reorganization, moratorium and similar Laws for the protection of creditors and equitable principles which may limit the availability of certain equitable remedies (such
as specific performance) in certain instances. 
 8.3 Liability for Brokers’ Fees. Buyer has not incurred any
liability, contingent or otherwise, for brokers’ or finders’ fees relating to the Transaction for which Seller shall have any responsibility whatsoever. 
 8.4 Litigation. There is no Action by any person, entity or Governmental Authority pending or, to Buyer’s knowledge, threatened against it before any Governmental Authority that impedes or is
likely to impede Buyer’s ability to consummate the Transaction and to assume the liabilities to be assumed by Buyer under this Agreement, including the Assumed Liabilities. 

8.5 Financial Resources. Buyer has or will have as of the Closing Date the financial resources available to close the Transaction.

 8.6 Securities Laws, Access to Data and Information. Buyer is familiar with the Assets and it is a knowledgeable,
experienced and sophisticated investor in the oil and gas business. Buyer understands and accepts the risks and absence of liquidity inherent in ownership of the Assets. Buyer acknowledges that the Assets are or may be deemed to be
“securities” under the Securities Act of 1933, as amended, and certain applicable state securities or Blue Sky Laws and that resales thereof may therefore be subject to the registration requirements of such acts. The Assets are being
acquired solely for Buyer’s own account for the purpose of investment and not with a view to resale, distribution or granting a participation therein. 

  
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 8.7 Buyer’s Evaluation. 

(a) Records. Buyer is experienced and knowledgeable in the oil and gas business and is aware of its risks. Buyer
acknowledges that Seller is making available to it the Records and the opportunity to examine, to the extent it deems necessary in its sole discretion, all real property, personal property and equipment associated with the Assets. Except for the
representations of Seller contained in this Agreement and the special warranty in the Conveyance, Buyer acknowledges and agrees that Seller has not made any representations or warranties, express or implied, written or oral, as to the accuracy or
completeness of the Records or any other information relating to the Assets furnished or to be furnished to Buyer or its representatives by or on behalf of Seller, including any estimate with respect to the value of the Assets, estimates of when
“payout” will occur for a particular Asset, estimates or any projections as to reserves and/or events that could or could not occur, future operating expenses, future workover expenses and future cash flow. 

(b) Independent Evaluation. In entering into this Agreement, Buyer acknowledges and affirms that it has relied and
will rely solely on the terms of this Agreement and the Exhibits and Schedules to this Agreement and the Conveyance and upon its independent analysis, evaluation and investigation of, and judgment with respect to, the business, economic, legal, tax
or other consequences of the Transaction including its own estimate and appraisal of the extent and value of the petroleum, natural gas and other reserves of the Assets, the value of the Assets and future operation, maintenance and development costs
associated with the Assets. Buyer owns and operates other oil and gas properties and is aware of the geologic factors and risks associated with operating oil and gas wells. Accordingly, Buyer assumes the risk of the downhole condition of the Wells.
Except as expressly provided in this Agreement, the Conveyance and the Transition Services Agreement, Seller shall not have any liability to Buyer or its Affiliates, agents, representatives or employees resulting from any use, authorized or
unauthorized, of the Records or other information relating to the Assets provided by or on behalf of Seller. 

(c) Disclaimer. EXCEPT AS EXPRESSLY PROVIDED IN THIS AGREEMENT AND THE CONVEYANCE, THE ASSETS ARE TO BE SOLD AND
ACCEPTED BY BUYER AT CLOSING “AS IS, WHERE IS AND WITH ALL FAULTS” AND SELLER MAKES NO WARRANTY OR REPRESENTATION OF ANY KIND OR NATURE, EXPRESS OR IMPLIED, IN FACT OR BY LAW, WITH RESPECT TO THE ORIGIN, QUALITY, CONDITION OR SAFETY OF ANY
EQUIPMENT OR OTHER PERSONAL PROPERTY, TITLE TO PERSONAL OR MIXED PROPERTY, TITLE TO REAL PROPERTY, COMPLIANCE WITH GOVERNMENTAL REGULATIONS OR LAWS, MERCHANTABILITY, FITNESS FOR ANY PARTICULAR PURPOSES, CONDITION, QUANTITY, VALUE OR EXISTENCE OF
RESERVES OF OIL, GAS OR OTHER MINERALS PRODUCIBLE OR RECOVERABLE FROM THE LEASES, UNITS OR WELLS, OR OTHERWISE. 

  
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EXCEPT AS EXPRESSLY PROVIDED IN THIS AGREEMENT AND THE CONVEYANCE, ALL WELLS, PERSONAL OR MIXED PROPERTY, DATA, RECORDS, MACHINERY, EQUIPMENT AND FACILITIES COMPRISING THE ASSETS OR SITUATED
THEREON OR APPURTENANT THERETO, ARE TO BE CONVEYED BY SELLER AND ACCEPTED BY BUYER PRECISELY AND ONLY “AS IS, WHERE IS” AND WITHOUT RECOURSE AGAINST SELLER. 

(d) Acknowledgement. Buyer acknowledges that the Assets have been used for oil and gas drilling and producing
operations, transportation or gathering operations, related oil field operations and possibly the storage and disposal of waste material incidental to or occurring in connection with such operation, and that physical changes in land may have
occurred as a result of such uses and that Buyer has entered into this Agreement on the basis of Buyer’s own investigation or right to investigate, the physical condition of the Assets. Except as otherwise expressly set forth in this Agreement
and the Conveyance, Buyer is acquiring the Assets precisely and only in an “as is, where is” condition and assumes the risk that adverse physical conditions including the presence of unknown abandoned or unproductive oil wells, gas wells,
equipment, pits, landfills, flowlines, pipelines, water wells, injection wells and sumps which may or may not have been revealed by Buyer’s investigation, are located thereon or therein, and whether known or unknown to Buyer as of Closing.

 ARTICLE 9. 
 COVENANTS AND AGREEMENTS 
 9.1 Covenants and Agreements of Seller.
Seller covenants and agrees with Buyer as follows: 
 (a) Operations Prior to Closing. From the date of
execution hereof to the Closing, in addition to the requirements set forth in Section 9.1(c), Seller will operate the Assets in the ordinary course of business and consistent with past practices, or where Seller is not the operator of an Asset,
will continue its actions as a non-operator in the ordinary course of its business. From the date of execution of this Agreement to the Closing Date, and subject to adjustment as provided in Section 3, Seller shall pay or cause to be paid its
proportionate shares of all Property Costs incurred in connection with the ownership or operations of the Assets in compliance with Sections 9.1(a) through 9.1(c). Seller will keep Buyer timely informed of all matters it considers in good faith to
be material developments affecting any of the Assets. Seller will continue to execute the capital plan as set forth in the Cap Ex Budget. Without expanding any obligations which Seller may have to Buyer, it is expressly agreed that Seller shall
never have any liability to Buyer for the obligations under this Section 9.1(a) with respect to Seller’s acting as an operator of an Asset greater than that which it might have as the operator to a non-operator under the applicable
operating agreement (or, in the absence of such an agreement, under the AAPL 610 (1989 Version) form Operating Agreement), IT BEING RECOGNIZED THAT, UNDER SUCH AGREEMENTS AND SUCH FORM, THE OPERATOR IS NOT RESPONSIBLE FOR ITS OWN NEGLIGENCE, AND
HAS NO RESPONSIBILITY OTHER THAN FOR GROSS NEGLIGENCE OR WILLFUL MISCONDUCT. 

  
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 (b) Restriction on Operations. From the date of execution hereof to
the Closing, Seller will promptly inform Buyer of all requests for commitments to expend funds in excess of $100,000 with respect to the Assets, other than current activities for drilling, completions, recompletions, refracs or other well service
units and to the extent necessary to execute the Libby Ranch Project and other capital projects as estimated in the Cap Ex Budget. From the date of execution hereof to the Closing and without the prior written consent of Buyer, subject to the Cap Ex
Budget in respect of which Buyer is deemed to consent, Seller shall not: 
 (i) commit to or incur any
expenditures in excess of $100,000 (net to Seller’s interest) with respect to any part of the Assets, except for emergency events requiring immediate action to protect life or preserve the Assets; 

(ii) make any nonconsent elections with respect to operations affecting the Assets; 

(iii) increase the base salary or benefits payable, or enter into any collective bargaining agreement or other labor
contract applicable, to any of Seller’s or Seller’s Affiliates’ employees directly involved with providing services with respect to the Assets, all of whom as of the date of this Agreement are listed on Schedule 9.1(b) (such
individuals, and any other individuals employed by Seller or its Affiliates after the date of this Agreement to provide Services (as such term is defined in the Transition Services Agreement), collectively the “Asset Workers”); 

(iv) abandon any Well or release (or permit to terminate), except as necessary to comply with governmental regulations, or
modify or reduce its rights under all or any portion of any of the Leases, unless the cost to abandon such Well is projected to cost less than $35,000; 
 (v) modify or terminate any of the Material Agreements or waive or relinquish any right thereunder or enter into any agreement that, if in existence as of the execution date hereof, would be a Material
Agreement; 
 (vi) agree to any renegotiated price, take or other terms under existing gas purchase agreements
which are not terminable within thirty (30) days’ notice; 
 (vii) agree to any credit or prepayment
arrangement that would reduce the share of gas deliverable with respect to the Assets following the Effective Time; 
 (viii) enter into any agreement or instrument for the sale, treatment, or transportation of production from the Assets (except for sales agreements terminable on no more than thirty (30) days’
notice); 

  
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 (ix) encumber, sell or otherwise dispose of any of the Assets, other than
personal property that is replaced by equivalent property or consumed in the normal operation of the Assets, or is equipment which was worthless or not usable consistent with its manufactured and intended use or for Hydrocarbons produced from the
Assets; and 
 (x) except where necessary to prevent the termination of a Lease or Material Agreement governing
Seller’s interest in the Assets, propose (A) the drilling of any additional wells, (B) the deepening, plugging back or reworking of any Well, (C) the conducting of any other operations which require consent under the applicable
operating agreement, or (D) the conducting of any other operations other than the normal operation of the existing Wells on the Assets. 
 (c) Capital Expenditure Program. In addition to the covenants set forth in Sections 9.1(a) and 9.1(b) and subject to Section 3.4, Seller agrees to continue to execute the development program
for the Libby Ranch Project from the date of execution hereof to the Closing. 
 (d) Oil Price Protection.
Prior to Closing, Seller shall provide oil price protection in the form of swaps with a financial counterparty in respect of the time periods, volumes and prices set forth below: 

 

									
	 Commodity
	  	Period	  	Swap Volume
(Bbl/d)	  	NYMEX
Swap Price	 
	 Crude Oil
	  	4/1/13 – 12/31/13	  	6,100	  	$	98.50	  
	 Crude Oil
	  	1/1/14 – 12/31/14	  	5,500	  	$	94.75	  
	 Crude Oil
	  	1/1/15 – 12/31/15	  	5,000	  	$	94.75	  
	 Crude Oil
	  	1/1/16 – 3/31/16	  	4,400	  	$	93.50	  

 The foregoing swaps shall be novated to Buyer at Closing in form and substance reasonably satisfactory to Buyer, with
Buyer bearing all costs of novation. 
 (e) Team CO2 Supply.
Seller owns certain CO2 leasehold rights to the Santa Rosa
formation in Harding County, New Mexico north of the Libby Ranch Project as described in Section 2.2(m) (the “Team
CO2 Acreage”). It is Seller’s intent to develop the
Team CO2 Acreage, produce CO2 from wells drilled thereon and transport such CO2 from a pipeline and infrastructure (the “Team CO2 Pipeline”) to the vicinity of the Libby Lateral pipeline (the
“Team CO2 Project”). At Closing, the Parties will
enter into the Product Sale and Purchase Agreement in the form of Exhibit J (the “CO2 Purchase and Sale Agreement”). 
 (f) Audited
Financial Statements. 
 (i) Seller shall prepare, at the sole cost and expense of Buyer, and deliver at
least five days prior to Closing, statements of revenues and direct operating expenses and notes thereto related to the Assets (A) as of and for the three years ended December 31, 2012 (the “Annual Special Financial Statements”)
and (B) as of and for the 

  
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three months ended March 31, 2012 and 2013, or, if the Closing shall occur on or after June 30, 2013, as of and for the six months ended June 30, 2012 and 2013 (the “Interim
Special Financial Statements,” and collectively with the Annual Special Financial Statements, the “Special Financial Statements”), including any notes required to be prepared in accordance with Financial Accounting Standards Board ASC
Topic 932 – “Extractive Activities – Oil and Gas”, in such form that the Annual Special Financial Statements can be audited by Seller’s external audit firm (“Seller’s Auditor”) and reviewed as may be required
by Seller’s external independent petroleum reserve engineering firm (“Seller’s Engineer”). The Parties acknowledge that the Special Financial Statements are the only financial statements that are available or practicable to
prepare with respect to the Assets. Seller shall cooperate with and permit Buyer to review and/or reasonably participate in the preparation of the Special Financial Statements and shall provide Buyer and its representatives with reasonable access
during normal business hours to Seller’s personnel who engage in the preparation of the Special Financial Statements. 
 (ii) Seller shall use reasonable efforts to execute and deliver, or cause to be executed and delivered, to Seller’s Auditor such representation letters, in form and substance customary for
representation letters provided to external audit firms by Seller (if the financial statements are subject of an audit or are the subject of a review pursuant to Statement of Accounting Standards 100 (Interim Financial Information)), as may be
reasonably requested by Seller’s Auditor, with respect to the Special Financial Statements. Buyer shall indemnify, defend and hold harmless Seller, each Affiliate of Seller and each of its and their respective directors, officers, employees and
agents and each of the successors and assigns of any of the forgoing from and against any and all damages, losses, liabilities, obligations, penalties, judgments, settlements, claims, payments, fines, interest, costs and expenses (including the
costs and expenses of any and all demands, charges or Actions of any nature and demands, assessments, judgments, settlements and compromises relating thereto and the costs and expenses of attorneys’, accountants’, consultants’ and
other fees and expenses incurred in the investigation or defense thereof or the enforcement of rights hereunder) arising out of, by reason of or otherwise with regard to the execution, delivery or any other action related to the preparation or
provision by Seller, or the use or filing with the SEC by Buyer, of (A) any representation letter delivered by Seller to Seller’s Auditor, (B) the Special Financial Statements, and (C) the Annual Special Financial Statements.
Buyer shall execute and deliver, or cause to be executed and delivered, a customary representation letter to Seller’s Auditor, if reasonably requested, and Buyer’s existing outside auditors shall execute and deliver, or cause to be
executed and delivered, a customary representation letter to Seller’s Auditor, if reasonably requested. 

(iii) Seller will engage Seller’s Auditor to perform, at the sole cost and expense of Buyer, an audit of the Annual
Special Financial Statements and Seller shall use reasonable efforts to cause, at the sole cost and expense of Buyer, Seller’s Auditor to issue unqualified opinions to Buyer with respect to the Annual Special Financial Statements (the Annual
Special Financial Statements and related audit opinions being hereinafter referred to as the “Audited Special Financial Statements”), and provide its written consent for the use of the audit reports with respect to the Audited Special

  
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Financial Statements in reports, registration statements, or other documents filed by Buyer or any of its affiliates under the Securities Act or the Securities Exchange Act of 1934, as amended
(the “Exchange Act”), and the rules and regulations thereunder, as needed. Seller will engage Seller’s Engineer, at the sole cost and expense of Buyer, as may be required in connection with the preparation of the Annual Special
Financial Statements. Buyer shall reimburse Seller as soon as practical and in any event within five business days of a request from Seller to do so, for all fees and expenses charged by Seller’s Auditor and Seller’s Engineer in connection
with any action taken pursuant to this Section 9.1(f). Buyer shall take all reasonable action as may be necessary to facilitate the completion of such audit and delivery of the Audited Special Financial Statements and the delivery of the
Interim Special Financial Statements, to Buyer or any of its affiliates as soon as reasonably practicable, but not later than five days prior to the Closing Date. 

(g) Notification of Claims. Seller shall promptly notify Buyer of any Action and any cause of Action that relates
to the Assets or that might, in Seller’s reasonable judgment, result in impairment or loss of Seller’s title to any portion of the Assets or the value thereof or that might hinder or impede the operation of the Leases arising or threatened
prior to the Closing. 
 (h) Existing Relationships. Prior to the Closing, Seller shall not introduce any
new method of management, operation or accounting with respect to the Assets and shall use all reasonable efforts to preserve its relationships with customers, suppliers, distributors, contractors, operators, non-operators, royalty owners, and
others having business dealings with it in connection with the Assets. 
 (i) Consents. For the purposes
of obtaining the written consents required in this Section 9.1, Buyer designates the person set forth in Section 16.2. Such consents may be obtained in writing by overnight courier or given by telecopy or facsimile transmission.

 (j) No Mortgages. Seller shall deliver releases of any mortgages or financing statements in respect of
Liens on the Assets at Closing, in form and substance satisfactory to Buyer. 
 (k) No Negotiation. Until
the Closing or the earlier termination of this Agreement, Seller will not, and will cause its Affiliates, investment advisors and other representatives not to, (i) solicit, directly or indirectly, any offer to acquire any of the Assets, or
(ii) enter into any negotiations with, or enter into any agreement that provides for acquisition of the Assets, or any portion thereof, by a Person other than Buyer. 

(l) Insurance. Seller will maintain through the Closing Date, with respect to the Assets, the insurance coverage
described on Schedule 9.1(l). 
 (m) Permits. Seller shall use reasonable best efforts to cause all
permits, licenses, approval registrations and other authorizations pursuant to Laws relating to the Assets to be transferred to Buyer. Seller shall not be obligated to expend 

  
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any funds in obtaining such transfers other than fees and expenses of Seller’s counsel, and if Seller incurs any expenses (other than fees and expenses of Seller’s counsel) in
connection with such transfers on Buyer’s behalf, then Buyer, at Seller’s option, will prepay or immediately reimburse Seller after Seller incurs such expenses. 

(n) Noncompetition. For a period of fifteen (15) years after the Closing Date, unless
Buyer provides written approval in advance, Seller shall not, and shall cause its Affiliates not to, directly or indirectly enter into any agreement with Reliant or its Affiliates, or their successors and assigns, with respect to acquiring an
interest in (i) the drilling of any CO2 wells on, or
(ii) any CO2 leases owned by Reliant or its Affiliates
as of the Effective Time with respect to Reliant’s leasehold of 27,760 net acres in Harding County, New Mexico. 
 (o) Prior to Closing, for organizational purposes, Buyer may request Seller to assign one or more Material Contracts to one of the Acquired Entities and upon such request Seller shall so assign such
Material Contracts prior to Closing. 
 9.2 Covenants and Agreements of Buyer. Buyer covenants and agrees with Seller as
follows: 
 (a) Entity Status. Buyer shall maintain its limited partnership status from the date hereof
until the Closing Date and the Final Settlement Date, and use all reasonable efforts to assure that as of the Closing Date and the Final Settlement Date it will not be under any material legal or contractual restriction that would prohibit or delay
the timely consummation of the Transaction. 
 (b) Replacement Bonds and Instruments. At Closing, Buyer
shall provide replacement instruments for each bond or similar contingent obligation given by Seller securing its, or its contract operator’s, obligations relating to the Assets, set forth on Schedule 9.2(b) (collectively, the
“Instruments”). As soon as practical after Closing, Buyer (with reasonable assistance of Seller as requested by Buyer) shall use its commercially reasonable efforts to obtain the release of the Assets and/or Seller from the Instruments.

 (c) Change of Name. Buyer undertakes and agrees that promptly after the Closing (but no later than
August 31, 2013), it will take all actions necessary to change the name of the Acquired Entities to delete the use of the name “Whiting” and/or any derivative thereof. 

(d) NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED HEREIN, provided that this Section 9.2(d) shall not apply to
the special warranty in the Conveyance or the matters set forth on Schedule 9.2(d), Buyer has performed its title and environmental due diligence and as of the date of this Agreement, Buyer has satisfied itself and, subject to Sections 15.2 and
15.4(a), accepted the environmental condition of the Assets, and Buyer agrees that there are no Title Defects or Environmental Defects nor to Buyer’s knowledge any facts or information that could give rise to such defects. Accordingly, Buyer
hereby waives its rights to assert any Title 

  
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Defect and Environmental Defect except those Title Defects or Environmental Defects (i) which Buyer can show arose after the execution of this Agreement and before the Title Defect Date and
(ii) which are presented to Seller by proper notice as provided herein prior to Closing. 
 (e) Hardesty
Receivables. 
 (i) Buyer acknowledges that Seller has $3,127,124 of accounts receivable as of March 31,
2013 relating to capital expenditures made with respect to the NE Hardesty Field as of the Effective Time (the “Hardesty Receivables”). Buyer shall collect and recover from revenues of the NE Hardesty Field in accordance with the Plan of
Unitization for the NE Hardesty Unit, dated February 5, 1971, by and between Anadarko Production Company and Petroleum, Inc., et al, as amended (the “Hardesty Unit Agreement”), the Hardesty Receivables and shall pay to Seller an
amount equal to such Hardesty Receivables collected during a month plus accrued interest as provided for in the Hardesty Unit Agreement within five business days after the end of such month. For purposes of determining whether any of the Hardesty
Receivables are collected by Buyer, all payments of Hardesty Receivables received by Buyer after the Closing shall be applied so as to retire accounts receivable relating to the NE Hardesty Field in chronological order based upon the period of time
such accounts receivable have existed on the books of Seller and/or Buyer, as the case may be. 
 (ii) Subject to completion of the Libby Ranch Project delivery of
CO2 volumes contemplated thereby, Buyer agrees to execute the
development plan for the NE Hardesty Field set forth on Schedule 9.2(e). Subject to the occurrence of the Closing, Buyer agrees to purchase the interests of Chaparral Energy, LLC (“Chaparral”) in the NE Hardesty Field on the terms set
forth in that certain letter dated June 21, 2013 from Whiting Petroleum Corporation to Chaparral pursuant to a definitive agreement in a form reasonably acceptable to Buyer and Seller. 

(f) Libby Lateral Reassignment. Buyer shall have the option, upon at least 60 days prior written notice to Seller,
to elect to reassign the Libby Lateral to Seller at any time between January 1, 2023 and December 31, 2028 without further consideration to be paid by Seller; provided that Seller shall assume all liabilities directly relating to the Libby
Lateral, including environmental and abandonment liabilities. If Buyer so elects, then Buyer and Seller shall execute documentation conveying the Libby Lateral on an “as is, where is” basis with no representation or warranty other than a
special warranty from Buyer on real property and other than for the terms in this Section 9.2(f), on terms reasonably satisfactory to Buyer and Seller to document such assignment. 

(g) Insurance. Buyer will maintain from the Closing Date through the Termination Date (as defined in the Transition
Services Agreement) insurance coverage with respect to the Assets of types and in amounts consistent with industry standards. 

  
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 9.3 Covenants and Agreements of the Parties. The Parties covenant and agree as
follows: 
 (a) Confidentiality. If the Transaction closes on the Closing Date or such later date as
agreed to by the Parties, the provisions of this Section supersede and replace the terms and conditions of that certain Confidentiality Agreement dated December 20, 2012 between Seller and BreitBurn Management Company, LLC (the
“Confidentiality Agreement”). All data and information, whether written, electronic or oral, obtained from Seller in connection with the Transaction, including the Records, whether obtained by Buyer before or after the execution of this
Agreement, and data and information generated by Buyer in connection with the Transaction (collectively, the “Information”), is deemed by the Parties to be confidential and proprietary to Seller until the Closing. Until the Closing, except
as permitted by Section 16.5 or as required by Laws or stock exchange rule or regulation, Buyer and its officers, agents and representatives will hold in strict confidence all Information, except any Information which: (i) at the time of
disclosure to Buyer by Seller is in the public domain; (ii) after disclosure to Buyer by Seller becomes part of the public domain by publication or otherwise, except by breach of this commitment by Buyer; (iii) was rightfully in
Buyer’s possession at the time of disclosure to Buyer by Seller; (iv) Buyer rightfully receives from third parties free of any obligation of confidence; or (v) is developed independently by Buyer without the Information. 

(b) Return of Information. If the Transaction does not close on the Closing Date, or such later date as agreed to
by the Parties, the Confidentiality Agreement shall remain in effect pursuant to the provisions thereof, including Paragraph 9 of the Confidentiality Agreement regarding recovery of the Information in possession of the parties thereto obtained
pursuant to any provision of this Agreement, which Information is at the time of termination required to be held in confidence pursuant to Section 9.3(a), and the Parties shall not utilize or permit utilization of the Information to compete
with each other. The terms of Sections 9.3(a), 9.3(b) and 9.3(c) shall survive termination of this Agreement. 

(c) Injunctive Relief. Buyer agrees that Seller will not have an adequate remedy of Laws if Buyer violates any of
the terms of Sections 9.3(a) and/or 9.3(b). In such event, Seller will have the right, in addition to any other it may have, to obtain injunctive relief to restrain any breach or threaten breach of the terms of Sections 9.3(a) and/or 9.3(b), or to
obtain specific enforcement of such terms. 
 (d) Cure Period for Breach. If any Party believes any other
Party has breached the terms of this Agreement, the Party who believes the breach has occurred shall give written notice to the breaching Party of the nature of the breach and give the breaching Party 48 hours to cure. Notwithstanding the foregoing,
this Section 9.3(d) shall not apply to breach of the Parties’ obligations at Closing and shall not operate to delay Closing. 
 (e) Notice of Breach. If either Seller or Buyer has knowledge that the other Party breached a representation or warranty under this Agreement, that Party shall promptly inform the other Party of
such breach so that it may attempt to remedy or cure such breach prior to Closing. 

  
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 (f) Regulatory Matters. Each of Seller and Buyer shall (i) make
or cause to be made an appropriate filing of a Notification and Report Form pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”) with respect to the transactions contemplated hereby as promptly
as practicable, but in no event later than five (5) business days, after the date of this Agreement, and Seller and Buyer shall each bear their own costs and expenses incurred in connection with such filings, provided that Buyer shall pay any
filing fees in connection therewith, and (ii) use its commercially reasonable efforts to respond at the earliest practicable date to any requests for additional information made by the Antitrust Division of the Department of Justice (the
“DOJ”), the Federal Trade Commission (the “FTC”) or any other Governmental Authority, to take all actions necessary to cause the waiting periods under the HSR Act and any other Laws to terminate or expire at the earliest possible
date, to resist in good faith, at each of their respective cost and expense, any assertion that the transactions contemplated hereby constitute a violation of Laws, and to eliminate every impediment under any Laws that may be asserted by any
Governmental Authority so as to enable the Closing to occur as soon as reasonably possible, all to the end of expediting consummation of the Transaction. In connection with this Section 9.3(f), the Parties shall, to the extent permitted by
Laws, (i) cooperate in all respects with each other in connection with any filing, submission, investigation or inquiry, (ii) promptly inform the other Party of any communication received by such Party from, or given by such Party to, the
DOJ or the FTC or any other Governmental Authority and of any material communication received or given in connection with any proceeding by a private party, in each case, regarding the Transaction, (iii) have the right to review in advance, and
to the extent practicable each shall consult the other on, any filing made with, or written materials to be submitted to, the DOJ, FTC or any other Governmental Authority or, in connection with any proceeding by a private party, any other person, in
connection with the Transaction, and (iv) consult with each other in advance of any meeting, discussion, telephone call or conference with the DOJ, the FTC or any other Governmental Authority or, in connection with any proceeding by a private
party, with any other Person, and to the extent not expressly prohibited by the DOJ, the FTC or any other Governmental Authority or person, give the other Party the opportunity to attend and participate in such meetings and conferences, in each
case, regarding the Transaction. 
 9.4 Employee Matters. 

(a) Beginning on the date of the execution of this Agreement, Seller shall make available to Buyer all of the Asset
Workers to discuss potential employment with Buyer or an Affiliate of Buyer on or after the Closing Date as provided below (such entity that makes any employment offers pursuant to this Section 9.4(a) is herein referred to as the “Buyer
Employer”). Buyer shall provide Seller, in writing, not later than five (5) days prior to the Closing Date, a list of those Asset Workers to whom a Buyer Employer intends to make offers of employment (collectively, the “Designated
Employees”). The date as of which employment with a Buyer Employer is to begin in accordance with all such offers shall be the termination date of the Transition Services 

  
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Agreement. The Buyer Employer’s determination as to which Asset Workers shall be Designated Employees, and the proposed terms of employment offered by the Buyer Employer, shall be within the
sole discretion of the Buyer Employer; provided, however, that its election and determination shall be made in accordance with all Laws. The Buyer Employer shall have no obligation under this Agreement to employ any of the Asset Workers. Those
Designated Employees who accept the Buyer Employer’s employment offers and become active employees of the Buyer Employer pursuant to the preceding provisions of this paragraph are referred to herein as the “Transferred Employees.”
Seller will provide incentives, the scope and nature of which shall be determined by Seller in its sole discretion, to all Designated Employees to accept Buyer Employer offers to become Transferred Employees. Seller shall not take any action
described in Section 9.1(b)(iii) with respect to any Asset Worker between the Closing Date and the termination date of the Transition Services Agreement. 
 (b) Neither Seller nor any of Seller’s Affiliates shall, unless acting in accordance with Buyer’s prior written consent, solicit, encourage or induce any Designated Employee to reject an
employment offer from a Buyer Employer or solicit, encourage or induce any such Designated Employee to continue in the employment of Seller or any of Seller’s Affiliates from and after the termination date of the Transition Services Agreement.
Notwithstanding the foregoing, Buyer acknowledges and agrees that five Asset Workers residing in the Midland office will have the option to elect to accept employment with Buyer or to continue employment with Seller. For a period of one
(1) year following the termination date of the Transition Services Agreement, Seller shall not, and shall cause its Affiliates not to, directly or indirectly, solicit for employment any Transferred Employee, unless (in each case prior to any
such solicitation) such Transferred Employee is no longer employed by the Buyer Employer or any of its Affiliates; provided, however, that Seller shall not be precluded from hiring any employee whose employment has been terminated by the Buyer
Employer and its Affiliates prior to commencement of employment discussions between Seller and such employee, and Seller shall not be considered in breach of this clause if Seller places general advertisements for employees and hires a Transferred
Employee as a result of such advertisement, so long as such advertisement was not specifically directed at such Transferred Employee. Seller acknowledges that the purpose of this covenant is to enable the Buyer Employer and its Affiliates to
maintain a stable workforce in order to remain in the business associated with the Assets, and that it would disrupt, damage, impair and interfere with such business if Seller were to engage in the solicitation prohibited hereby. 

(c) As soon as reasonably practicable after the termination date of the Transition Services Agreement, Seller shall
provide to Buyer a list of all Transferred Employees’ length of service used under the employee benefit plans or policies of Seller or its Affiliates as of such date. 

(d) The provisions of this Section 9.4 are solely for the benefit of the Parties and nothing in this
Section 9.4, express or implied, shall confer upon any Asset Worker, or legal representative or beneficiary thereof, any rights or remedies, including any right to employment or continued employment for any specified period, or

  
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compensation or benefits of any nature or kind whatsoever under this Agreement. Nothing in this Section 9.4, express or implied, shall be (i) deemed an amendment of any employee benefit
plan providing benefits to any Asset Worker, or (ii) construed to prevent Seller or any of its Affiliates or Buyer or any of its Affiliates from terminating or modifying to any extent or in any respect any employee benefit plan that Buyer or
any of its Affiliates may establish or maintain. 
 ARTICLE 10. 

TAX MATTERS 
 10.1 Certain Definitions. 
 (a) “Asset
Taxes” shall mean ad valorem, property, excise, severance, production, sales, use and similar Taxes (including any interest, fine, penalty or additions to such Tax imposed by a Governmental Authority) assessed against the Assets (or the
assets of the Acquired Entities) or based upon or measured by the ownership of the Assets (or the assets of the Acquired Entities) or the production of Hydrocarbons or the receipt of proceeds therefrom, but excluding, for the avoidance of doubt,
(i) Income Taxes and (ii) Transfer Taxes. 
 (b) “Income Taxes” shall mean
(i) all Taxes based upon, measured by, or calculated with respect to gross, modified gross or net income, gross or net receipts or profits (including franchise Taxes and any capital gains, alternative minimum, and net worth Taxes, but excluding
ad valorem, property, excise, severance, production, sales, use, real or personal property transfer or other similar Taxes), (ii) Taxes based upon, measured by, or calculated with respect to multiple bases (including corporate franchise, doing
business or occupation Taxes) if one or more of the bases upon which such Tax may be based upon, measured by, or calculated with respect to is included in clause (i) above, or (iii) withholding Taxes measured with reference to or as a
substitute for any Tax included in clauses (i) or (ii) above, including, in each case Tax is referenced in this Section 10.1(b), any interest, fine, penalty or additions to such Tax imposed by a Governmental Authority. 

(c) “Seller Taxes” shall mean (i) Income Taxes imposed by any Laws on Seller or any of its
Affiliates, or any combined, unitary, or consolidated group of which any of the foregoing is or was a member, (ii) Asset Taxes allocable to Seller pursuant to Section 10.2 (taking into account, and without duplication of, (A) such
Asset Taxes effectively born by Seller as a result of Purchase Price adjustments made pursuant to Section 3.4 and/or Section 14.1 and (B) any payments made from one Party to the other in respect of Asset Taxes pursuant to the
penultimate sentence of Section 10.3), (iii) any Taxes imposed on or with respect to the ownership or operation of the Excluded Assets, if any, and (iv) any and all other Taxes imposed on or with respect to the ownership or operation
of the Assets for any tax period (or portion thereof) ending before the Effective Time. 

  
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 (d) “Straddle Period” shall mean any tax period beginning
before and ending after the Effective Time. 
 (e) “Tax Return” means any return, declaration,
report, information, return or statement relating to Taxes, including any schedule or attachment thereto and any amendment thereof. 
 (f) “Taxes” shall mean (i) all taxes, assessments, fees, unclaimed property and escheat obligations, and other chargers of any kind whatsoever imposed by any Governmental Authority,
including any federal, state, local and foreign income, gross receipts, capital gains, franchise, ad valorem, property, production, excise, net proceeds, severance, sales, use, stamp, withholding, employment, alternative or add-on minimum, and
estimated taxes and (ii) any interest, fine, penalty or additions to tax imposed by a Governmental Authority in connection with any item described in clause (i). 
 10.2 Apportionment of Asset Tax Liability. 
 (a) Seller
shall be allocated and bear all Asset Taxes attributable to (i) any tax period (or portion thereof) ending prior to the Effective Time and (ii) the portion of any Straddle Period ending prior to the Effective Time. Buyer shall be allocated
and bear all Asset Taxes attributable to (A) any tax period (or portion thereof) beginning on or after the Effective Time and (B) the portion of any Straddle Period beginning on the Effective Time. 

(b) For purposes of determining the allocations described in Section 10.2(a), (i) Asset Taxes that are
attributable to or based upon the severance or production of Hydrocarbons shall be allocated to the period (or portion thereof) in which the severance or production giving rise to such Asset Taxes occurred, (ii) Asset Taxes that are based upon
or related to income or receipts or imposed on a transactional basis (other than such Asset Taxes described in clause (i)), shall be allocated to the period (or portion thereof) in which the transaction giving rise to such Asset Taxes occurred, and
(iii) Asset Taxes that are ad valorem, property or similar Asset Taxes imposed on a periodic basis pertaining to a Straddle Period shall be allocated between the portion of such Straddle Period ending prior to the Effective Time and the portion
of such Straddle Period beginning on or after the Effective Time by prorating each such Asset Tax based on the number of days in the applicable Straddle Period that occur before the day on which the Effective Time occurs, on the one hand, and the
number of days in such Straddle Period that occur on and after the day on which the Effective Time occurs, on the other hand. For purposes of clause (iii) of the preceding sentence, the period for such Asset Taxes shall begin on the date on
which ownership of the applicable Assets (or assets of the Acquired Entities) gives rise to liability for the particular Asset Tax and shall end on the day before the next such date. 

10.3 Calculation of Adjustments for Asset Tax Liabilities. Consistent with Section 10.2, and based on the best current
information available as of Closing or the time the Final Settlement Statement is finalized, as applicable, the proration of applicable Asset Taxes shall be made between the Parties as an adjustment to the Purchase Price pursuant to Section 3.4
and 

  
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thereafter further adjusted, as applicable, pursuant to Section 14.1. If estimates are used for purposes of adjusting the Purchase Price for an Asset Tax pursuant to Section 3.4 and
Section 14.1, upon the later determination of the actual amount of such Asset Tax, timely payments will be made from Seller to Buyer or from Buyer to Seller, as applicable, to the extent necessary to cause each of Sellers and Buyer to bear the
amount of such Asset Tax that is allocable to it under Section 10.2. Notwithstanding any provision of this Agreement to the contrary, Section 15.3 shall not apply with respect to Asset Taxes, and Asset Taxes shall not be treated as
Property Costs for purposes of Section 15.3. 
 10.4 Tax Reports and Returns; Cooperation. 

(a) For the tax period in which the Effective Time occurs, Seller agrees to immediately forward to Buyer any such tax
reports and returns received by Seller after Closing and provide Buyer with appropriate information in Seller’s possession which is necessary for Buyer to file any required tax reports and returns related to the Assets. Buyer agrees to file all
Tax Returns and reports for Asset Taxes applicable to the Assets that are required to be filed after the Closing, and pay all required Asset Taxes payable with respect to the Assets subject to the provisions of Sections 10.2 and 15.4. If Seller has
withheld any monies for third parties for Taxes with respect to the Assets, Seller shall remit such monies to Buyer upon the earlier of five days prior to the due date of any such remittance or within three months of Closing, and Buyer shall then
assume the responsibility and liability for the payment of such Taxes for and on behalf of such third parties solely up to the amount of monies received by Buyer from Seller with respect to such Taxes. 

(b) The Parties shall cooperate fully, as and to the extent reasonably requested by the other Party, in connection with
the filing of Tax Returns and any Action with respect to Taxes relating to the Assets. Such cooperation shall include the retention and (upon another Party’s request) the provision of records and information that are relevant to any such Tax
Return or Action and making employees available on a mutually convenient basis to provide additional information and explanation of any material provided under this Agreement. Seller and Buyer agree to retain all books and records with respect to
Tax matters pertinent to the Assets relating to any taxable period beginning before the Closing Date until the expiration of the statute of limitations of the respective taxable periods and to abide by all record retention agreements entered into
with any Governmental Authority. 
 10.5 Transfer Taxes. Buyer shall be liable for and shall indemnify Seller for, any
sales and use taxes, conveyance, transfer and recording fees and mortgage stamps, real estate transfer taxes or stamps or similar Taxes (excluding for the avoidance of doubt Income Taxes) that may be imposed on the transfer of the Assets pursuant to
this Agreement (“Transfer Taxes”). However, if required by Laws, Buyer shall, in accordance with Laws, calculate and Seller will remit any Transfer Taxes that are required to be paid as a result of the transfer of the Assets to Buyer and
Buyer shall promptly reimburse Seller therefor. If Seller receives notice that any Transfer Taxes are due, Seller shall promptly forward such notice to Buyer for handling. Buyer shall timely remit all Transfer Taxes to the appropriate Governmental
Authority. Buyer and Seller shall reasonably cooperate in good faith to minimize, to the extent permissible under Laws, the amount of any Transfer Taxes. 

  
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 10.6 Income Taxes. Notwithstanding any provision in this Agreement to the contrary,
no adjustments pursuant to Section 3.4, Section 14.1 or Section 15.3 shall be made to the Purchase Price with respect to Income Taxes. 
 ARTICLE 11. 
 CONDITIONS PRECEDENT TO CLOSING 

11.1 Seller’s Conditions Precedent. The obligations of Seller at the Closing are subject, at the option of Seller, to the
satisfaction or waiver at or prior to the Closing of the following conditions precedent: 
 (a) Except for
representations and warranties already qualified by “material” or “materiality” in which case such representations and warranties must be true and accurate in all respects when made and at Closing when serving as a condition to
Closing, all representations and warranties of Buyer contained in this Agreement are true in all material respects (considering the Transaction as a whole) at and as of the Closing in accordance with their terms as if such representations and
warranties were remade at and as of the Closing, and except for covenants and agreements qualified by “material” or “materiality” in which case such covenants and agreements must be performed and complied with in all respects by
Buyer prior to or at the Closing, Buyer has performed and complied with all covenants and agreements required by this Agreement to be performed and complied with by Buyer prior to or at the Closing in all material respects, and Buyer shall deliver a
certificate to Seller confirming the foregoing; 
 (b) No order has been entered by any Governmental Authority
having jurisdiction over the Parties or the subject matter of this Agreement that restrains or prohibits the Transaction and that remains in effect at the time of Closing; 

(c) The aggregate of Purchase Price adjustments for Title Defects, Environmental Defects and Assets excluded under
Section 6.5 do not exceed 10% of the unadjusted Purchase Price; 
 (d) The waiting period (and any extension
thereof) applicable to the transactions contemplated hereby under the HSR Act shall have expired or earlier been terminated; and 
 (e) Buyer shall have delivered, or be standing ready to deliver at Closing, all agreements, instruments and other documents or items required to be delivered by Buyer pursuant to Section 13.3.

 If the above conditions are not met or waived, or if the Closing has not occurred by August 31, 2013 other than by fault of Seller; in
each case, this Agreement may be terminated at the option of Seller, by notice to Buyer. Article 12 shall govern said termination. 

  
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 11.2 Buyer’s Conditions Precedent. The obligations of Buyer at the Closing are
subject, at the option of Buyer, to the satisfaction or waiver at or prior to the Closing of the following conditions precedent: 
 (a) Except for the representations and warranties already qualified by “material” or “materiality”, which representations and warranties must be true and accurate in all respects when
made and at Closing when serving as a condition to Closing, all representations and warranties of Seller contained in this Agreement are true in all material respects (considering the Transaction as a whole) at and as of Closing in accordance with
their terms as if such representations and warranties were remade at and as of Closing, and except for covenants and agreements qualified by “material” or “materiality” in which case such covenants and agreements must be
performed and complied with in all respects by Seller prior to or at the Closing, Seller has performed and complied with all covenants and agreements required by this Agreement to be performed and complied with by Seller prior to or at the Closing
in all material respects, and Seller shall deliver a certificate to Buyer confirming the foregoing; 
 (b) No
order has been entered by any court or Governmental Authority having jurisdiction over the Parties or the subject matter of this Agreement that restrains or prohibits the Transaction and that remains in effect at the time of Closing; 

(c) The aggregate of Purchase Price adjustments for Title Defects, Environmental Defects and Assets excluded under
Section 6.5 do not exceed 10% of the unadjusted Purchase Price; 
 (d) The waiting period (and any extension
thereof) applicable to the transactions contemplated hereby under the HSR Act shall have expired or earlier been terminated; and 
 (e) Seller shall have delivered, or be standing ready to deliver at Closing, all agreements, instruments and other documents or items required to be delivered by Seller pursuant to Section 13.3.

 If the above conditions are not met or waived, or if the Closing has not occurred by August 31, 2013 other than by fault of Buyer; in
each case, this Agreement may be terminated at the option of Buyer, by notice to Seller. Article 12 shall govern said termination. 
 11.3 Suspense Funds. By way of a Purchase Price adjustment pursuant to Section 3.4(d)(vii), Seller shall be deemed to have delivered to Buyer at Closing all proceeds from production
attributable to the Assets which are held in suspense as of the Closing Date. Buyer shall be responsible for the distribution of such suspended proceeds and agrees to indemnify, defend and hold harmless Seller from and against any claims,
liabilities and losses to the extent of such suspended proceeds. 

  
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 ARTICLE 12. 
 RIGHT OF TERMINATION AND ABANDONMENT 
 12.1 Liabilities Upon
Termination. 
 (a) Buyer’s Breach. If Closing does not occur because Buyer wrongfully fails to
tender performance at Closing or otherwise breaches this Agreement prior to Closing, and Seller is ready to close, Seller shall retain the Deposit and any related interest as liquidated damages. Buyer’s failure to close shall not be considered
wrongful if Buyer has terminated this Agreement as of right under Article 11. The remedy set forth herein shall be Seller’s sole and exclusive remedy for Buyer’s wrongful failure to close hereunder and Seller expressly waives any and all
other remedies, legal and equitable, that it otherwise may have had for Buyer’s wrongful failure to Close. 

(b) Seller’s Breach. If Closing does not occur because Seller wrongfully fails to tender performance at
Closing or otherwise breaches this Agreement prior to Closing, and Buyer is ready to close, Seller shall return the Deposit, together with interest thereon at two percent (2%) per annum, to Buyer immediately after the determination that the
Closing will not occur. Buyer and Seller agree that Buyer’s sole remedy in such event (in addition to the return of the Deposit plus interest) shall be an action for specific performance. In reliance on the foregoing agreement, Buyer waives all
legal and equitable remedies for Seller’s breach of this Agreement, except for return of the Deposit plus interest and specific performance, which if Buyer elects to pursue, Buyer must file an action for specific performance within fourteen
(14) days of the determination that the Closing will not occur and Buyer must pursue said remedy of specific performance as its sole and exclusive remedy (in addition to the return of the Deposit plus interest) in lieu of all other legal and
equitable remedies. Seller’s failure to close shall not be considered wrongful if Seller has terminated this Agreement as of right under Article 11. In the event Seller contests Buyer’s pursuit of specific performance as provided above,
Buyer’s waiver of all legal and equitable remedies shall be deemed ineffective, and Buyer may pursue all rights and remedies available to it at law or in equity. 

(c) Termination Pursuant to Article 11. If Buyer or Seller terminates this Agreement pursuant to Article 11 as a
result of the conditions precedent set forth in Sections 11.2 or 11.1 (as applicable) not being met in the absence of a breach by the other Party, neither Buyer nor Seller shall have any liability to the other Party for termination of this
Agreement, and Seller shall return the Deposit, together with interest thereon at two percent (2%) per annum, to Buyer immediately after the determination that the Closing will not occur. If Buyer or Seller terminates this Agreement pursuant to
Article 11 and asserts that a breach of this Agreement has occurred, the notice of termination shall include a statement describing the nature of the alleged breach together with supporting documentation. 

  
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 ARTICLE 13. 
 CLOSING 
 13.1 Date of Closing. The “Closing” of the
Transaction shall be held on the later to occur of (a) the fifteenth (15th) business day after execution of this Agreement or (b) two business days after the conditions set forth in Section 11.1 and Section 11.2 are
satisfied, or on such other date as Buyer and Seller may agree in writing. The date the Closing actually occurs is called the “Closing Date.” 
 13.2 Place of Closing. The Closing shall be held at the offices of Seller, 1700 Broadway, Suite 2300 in Denver, Colorado at 10:00 a.m., Mountain Time, or at such other time and place as Buyer and
Seller may agree in writing. 
 13.3 Closing Obligations. At Closing, the following events shall occur, each being a
condition precedent to the others and each being deemed to have occurred simultaneously with the others: 
 (a)
Seller shall execute, acknowledge and deliver to Buyer, an Assignment, Bill of Sale and Conveyance in the form attached as Exhibit H (the “Conveyance”), in sufficient counterparts for recording in each county where the Assets are located,
conveying the Assets to Buyer as of the Effective Time, with (i) a special warranty of the real property title by, through and under Seller and its Affiliates but not otherwise and (ii) with all personal property and fixtures conveyed
“AS IS, WHERE IS,” with no warranties whatsoever, express, implied or statutory. 
 (b) Seller shall
execute, acknowledge and deliver to Buyer an assignment on the required governmental forms or any other appropriate forms and any deeds necessary to convey the Assets to Buyer. 

(c) Seller and Buyer shall execute and deliver the Preliminary Settlement Statement if agreed upon. 

(d) Buyer shall deliver the Closing Amount, to the account at the bank designated by Seller in written instructions
delivered to Buyer not less than two (2) business days prior to Closing, by wire transfer in immediately available funds, or by such other method as agreed to by the Parties. 

(e) Seller shall execute and deliver to Buyer an affidavit of non-foreign status and no requirement for withholding under
Section 1445 of the Code. 
 (f) Buyer shall execute and deliver to Seller the certificate described in
Section 11.1(a), dated as of the Closing Date. 
 (g) Seller shall execute and deliver to Buyer the
certificate described in Section 11.2(a), dated as of the Closing Date. 

  
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 (h) Buyer shall provide evidence that it has provided replacement
Instruments as set forth in Section 9.2(b). 
 (i) Seller shall deliver an adequate number for recording of
original, properly executed and acknowledged releases of any mortgages affecting the Assets and any other Liens affecting the Assets except for Permitted Encumbrances, in form and substance satisfactory to Buyer. 

(j) Buyer and Seller shall execute all documents necessary to transfer operations on the Seller operated Assets to Buyer
or Buyer’s designated operator. 
 (k) Buyer and Seller shall execute the CO2 Purchase and Sale Agreement. 

(l) Seller and Buyer shall execute and deliver the Transition Services Agreement substantially in the form set forth on
Exhibit I (the “Transition Services Agreement”). 
 (m) Seller and Buyer shall execute and deliver the
Transportation Agreement substantially in the form set forth on Exhibit F. 
 (n) Seller and the other parties
thereto shall execute and deliver a novation agreement in form and substance reasonably satisfactory to Buyer and sufficient to novate the swaps as set forth in Section 9.1(d) to Buyer. 

(o) Seller shall execute and deliver conveyances of the interests in WTGP and WTLP to Buyer. 

(p) Seller and Buyer shall execute and deliver the Use and Occupancy Agreement substantially in the form set forth on
Exhibit K. 
 (q) Seller shall deliver evidence reasonably satisfactory to Buyer that the following have been
terminated: (i) that certain Product Sale and Purchase Contract between Seller, on behalf of the Postle Field Unit Owners, and Seller, effective June 1, 2013; and (ii) that certain Product Sale and Purchase Contract between Seller, on
behalf of the Postle Field Unit Owners, and Seller, effective September 1, 2013. 
 (r) Seller and Buyer
shall take such other actions and deliver such other documents as are contemplated by this Agreement. 
 ARTICLE 14.

 POST-CLOSING OBLIGATIONS 
 14.1 Post-Closing Adjustments. 
 (a) Final Settlement
Statement. As soon as practicable after the Closing, but in no event later than ninety (90) days after Closing, Seller will prepare and 

  
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deliver to Buyer, in accordance with customary industry accounting practices, a settlement statement (the “Final Settlement Statement”) setting forth each adjustment or payment pursuant
to Section 3.4 that was not finally determined as of the Closing and showing the calculation of such adjustment and the resulting final purchase price (the “Final Purchase Price”). As soon as practicable after receipt of the Final
Settlement Statement, but in no event later than sixty (60) days after receipt of Seller’s proposed Final Settlement Statement, Buyer shall deliver to Seller a written report containing any changes that Buyer proposes to make to the Final
Settlement Statement. Buyer’s failure to deliver to Seller a written report detailing proposed changes to the Final Settlement Statement by that date shall be deemed an acceptance by Buyer of the Final Settlement Statement as submitted by
Seller. The Parties shall attempt to agree with respect to the changes proposed by Buyer, if any, no later than thirty (30) days after receipt by Seller of Buyer’s proposed changes. The date upon which such agreement is reached or upon
which the Final Purchase Price is established shall be herein called the “Final Settlement Date.” If the Final Purchase Price is more than the Closing Amount, Buyer shall pay Seller the amount of such difference. If the Final Purchase
Price is less than the Closing Amount, Seller shall pay to Buyer the amount of such difference. Any payment by Buyer or Seller, as the case may be, shall be made by wire transfer of immediately available funds within five (5) days of the Final
Settlement Date. Any adjustments requiring additional payment by either Buyer or Seller shall also be made in the same manner. 
 (b) Dispute Resolution. If the Parties are unable to resolve a dispute as to the Final Purchase Price by thirty (30) days after Seller’s receipt of Buyer’s proposed changes, the
Parties shall submit the dispute to binding arbitration to be conducted pursuant to Section 15.6. 
 14.2 Records.
Seller shall deliver the Records to Buyer no later than the twentieth business day after expiration of the Transition Services Agreement. Seller may retain copies of the Records and Seller shall have the right to review and copy the Records during
standard business hours upon reasonable notice for so long as Buyer retains the Records. Buyer agrees that the Records will be maintained in compliance with all Laws governing document retention. Buyer will not destroy or otherwise dispose of
Records for a period of four (4) years after Closing, unless Buyer first gives Seller reasonable notice and an opportunity to copy the Records to be destroyed. 
 14.3 Operations/Operations After Closing. Seller agrees to transfer possession of the Assets to Buyer at the Closing. All operations in respect of the Assets performed by Seller after the Closing
Date shall be pursuant to the Transition Services Agreement. 
 14.4 Further Assurances. From time to time after Closing,
Seller and Buyer shall each execute, acknowledge and deliver to the other such further instruments and take such other action as may be reasonably requested in order to accomplish more effectively the purposes of the Transaction, including, if
requested by Buyer, the conveyance or assignment of any Asset that is generally described in Article 2 and would have otherwise been conveyed to Buyer except for the fact that it was not specifically listed on the Exhibits. 

  
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 ARTICLE 15. 
 ASSUMPTION AND RETENTION OF OBLIGATIONS AND INDEMNIFICATION 
 15.1
Buyer’s Assumption of Liabilities and Obligations. Upon Closing, and except for Retained Liabilities and subject to Sections 15.3 and 15.4, Buyer shall assume and pay, perform, fulfill and discharge all claims, costs, expenses,
liabilities and obligations of Seller to the extent accruing or relating to the owning, developing, exploring, operating or maintaining of the Assets or the producing, transporting and marketing of Hydrocarbons from the Assets for the periods before
and after the Effective Time, including (i) the Material Agreements, (ii) the Assumed Environmental Liabilities, (iii) the obligation to plug and abandon, or replug and re-abandon, all wells located on the Lands and reclaim all well
sites located on the Lands regardless of when the obligations arose, (iv) the make-up and balancing obligations for gas from the Wells, (v) the royalty and Tax liabilities not expressly retained by Seller in Section 15.2 below and
Buyer’s expenses related to the Transaction, and (vi) the obligations set forth in Section 11.3 (collectively, the “Assumed Liabilities”). 
 15.2 Seller’s Retention of Liabilities and Obligations. Upon Closing and subject to Sections 11.3, 15.3 and 15.4, Seller retains all claims, costs, expenses, liabilities and obligations
accruing (collectively, “Liabilities”) or relating to (i) Seller’s expenses related to the Transaction, (ii) the employment and the termination of employment of any employee of Seller or its Affiliates and the employment and
the termination of employment of any Asset Worker, in each case attributable to the period of time on and prior to the later of: (A) the Closing Date; or (B) if an Asset Worker, the later of the termination date of the Transition Services
Agreement or, if such Asset Worker is a Transferred Employee, the date that such Transferred Employee becomes employed by the Buyer Employer, (iii) royalty liabilities arising from production during Seller’s ownership of the Assets
(including royalty liabilities based on claims of unjust enrichment, breach of fiduciary duties, conversion, actual and constructive fraud and other tort claims), (iv) hedging arrangements (except for the swaps referenced in
Section 9.1(d)), (v) debt instruments of Seller or its Affiliates, (vi) ownership, operation or use of the Excluded Assets, (vii) any fraud or willful misconduct of Seller or its Affiliates, (viii) Seller Taxes,
(ix) any employee benefit plan or other compensation arrangement sponsored, maintained or contributed to by Seller, any of its Affiliates or any entity, trade or business treated as a single employer or part of the same controlled group with
Seller under Section 414 of the Code or Sections 4001(a)(14) or 4001(b)(1) of ERISA, (x) offsite disposal of hazardous substances (including Hydrocarbons), (xi) audits attributable to pre-Effective Time periods under joint operating
agreements, unit operating agreements or similar agreements and (xii) any other matters covered by Seller’s insurance. Seller’s retention in this Section (other than the retention described in items (i), (ii), (v), (vi),
(viii) and (ix) above) is limited to such Liabilities attributable to the period of time during Seller’s ownership prior to the Closing Date (the Liabilities retained by Seller are collectively the “Retained Liabilities”).

 15.3 Invoices For Property Costs and Proceeds Received After the Final Settlement Date. After the Final Settlement
Date, those proceeds attributable to the Assets received by a Party or invoices received for or Property Costs paid by one Party for or on behalf of the other Party with respect to the Assets which were not already included in the Final Settlement
Statement, shall be settled as follows: 

  
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 (a) Proceeds. Proceeds received by Buyer with respect to sales of
Hydrocarbons produced prior to the Effective Time shall be remitted or forwarded to Seller. Proceeds received by Seller with respect to sales of Hydrocarbons produced after the Effective Time shall be forwarded to Buyer. 

(b) Property Costs. Invoices for Property Costs received by Buyer that relate to operations on the Assets prior to
the Effective Time shall be forwarded to Seller by Buyer, or if already paid by Buyer, invoiced by Buyer to Seller. Invoices for Property Costs received by Seller that relate to operations on the Assets after the Effective Time shall be forwarded to
Buyer by Seller, or if already paid by Seller, invoiced by Seller to Buyer. 
 (c) Duration. The
provisions of this Section 15.3 shall apply until December 31, 2013, after which time, assuming Seller has complied in all material respects with its obligations under this Section 15.3 prior to such time, except to the extent Seller
has an indemnification obligation under Section 15.4(a), Buyer specifically agrees to assume, pay, become liable for and release Seller from all obligations and liabilities for Property Costs related to the Assets attributable to the periods of
time both before and after the Effective Time and all such liabilities and obligations shall become part of the Assumed Liabilities. 
 15.4 Indemnification. “Losses” shall mean any actual losses, costs, expenses (including court costs, reasonable fees and expenses of attorneys, technical experts and expert witnesses and
the cost of investigation), liabilities, damages, Actions, and sanctions of every kind and character (including civil fines) arising from, related to or reasonably incident to matters indemnified against; excluding however, any special,
consequential, punitive or exemplary damages, diminution of value of an Asset or loss of profits incurred by a Party hereto; except to the extent constituting part of a third party claim. 

After the Closing, the Parties shall indemnify each other as follows: 

(a) Seller’s Indemnification of Buyer. Seller assumes all risk, liability, obligation and Losses in connection
with, and shall defend, indemnify, and save and hold harmless Buyer, its Affiliates and their respective members, officers, owners, partners and directors, from and against all Losses which arise from or in connection with (i) the Retained
Liabilities, (ii) any matter for which Seller has agreed to indemnify Buyer under this Agreement, (iii) any breach by Seller of any covenant or obligation under any other provision of this Agreement, and (iv) Seller’s breach of
its representations and warranties in this Agreement. 
 (b) Buyer’s Indemnification of Seller.
Except for matters for which Seller has an indemnification obligation under Section 15.4(a), subject to subsection (d) below, Buyer assumes all risk, liability, obligation and Losses in connection with, and shall defend, indemnify, and
save and hold harmless Seller, its members, officers, owners, partners and directors, from and against all Losses which arise from or in connection with (i) the Assumed Liabilities, (ii) any matter for which Buyer has agreed to indemnify
Seller under any other provision of this Agreement, (iii) any breach by Buyer of any covenant or obligation under this Agreement, and (iv) Buyer’s breach of its representations and warranties in this Agreement. 

  
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 (c) Release. Buyer shall be deemed to have released Seller at the
Closing from any Losses for which Buyer has agreed to indemnify Seller hereunder, and Seller shall be deemed to have released Buyer at the Closing from any Losses for which Seller has agreed to indemnify Buyer hereunder. 

(d) Limitation on Indemnity and other Obligations. 

(i) Time. Seller’s obligation under this Agreement for a breach by Seller of any covenants or obligations
under this Agreement (other than those set forth in Section 5.6, Section 9.1(m), Section 9.1(n), Section 9.4, Article 10, Article 14, Section 15.3, this Section 15.4, Section 15.5 or Section 15.6 or as
provided in Section 16.1) shall not survive Closing and Buyer hereby releases Seller from all such Claims or Losses relating thereto. Buyer must make a claim for indemnity from Seller for breaches of Seller’s representations and warranties
within the applicable survival period for the representation and warranty. Seller’s indemnity obligations under this Agreement for the Retained Liabilities shall survive indefinitely. Buyer’s and Seller’s sole and exclusive remedy for
any Claim or Loss relating to or arising from this Agreement shall be the indemnity provided in Section 15.4(a) and 15.4(b), respectively. Seller shall have no obligation to indemnify Buyer under this Agreement for, and Buyer releases Seller
from, all indemnity claims not properly and timely raised as set forth herein, including all environmental matters and matters which if asserted could have constituted Environmental Defects. 

(ii) Thresholds, Deductibles. For any Losses covered by Sections 15.4(a)(iii) or 15.4(a)(iv) (excluding Losses with
respect to breach of the representations and warranties in Sections 7.1 through 7.4 and 7.15 through 7.17 or the covenants in Section 9.1(n), Section 9.4, Article 10, Article 14, Section 15.3 or this Section 15.4 (as it relates
to any of the foregoing)) (the “Section 15.4(d) Matters”), Seller’s indemnity obligation shall only arise to the extent that the aggregate of all valid claims exceeding a threshold of $100,000 Loss per event exceeds $5,000,000 (such
amount being a deductible, not a threshold) and then only for the amount such Losses exceeding the $100,000 per Loss threshold exceed $5,000,000. For the purposes of determining whether this deductible has been exceeded, all valid claims for any
Losses that are incurred exceeding a threshold of $100,000 Loss per event shall be aggregated. In addition, in no event shall Seller be obligated under this Agreement to indemnify Buyer (except under Section 15.2) for an aggregate amount in
excess of Fifty Million Dollars ($50,000,000). 
 (iii) Title Defects, Environmental Defects. With respect
to Title Defects and Environmental Defects, the thresholds and deductibles set forth in Article 5 and Section 6.5 shall apply exclusively and Section 15.4 is not applicable. 

  
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 (iv) Special Warranty of Title. With respect to Seller’s special
warranty of title given in the Conveyance, Seller’s indemnity obligation shall be limited to the Allocated Value of the particular Asset. 
 15.5 Procedure. The indemnifications contained in Section 15.4 shall be implemented as follows: 
 (a) Coverage. Such indemnity shall extend to all Losses suffered or incurred by the indemnified Person. 
 (b) Claim Notice. The Person seeking indemnification under the terms of this Agreement (“Indemnified Party”) shall submit a written “Claim Notice” to the other Party
(“Indemnifying Party”) which shall provide to the extent then reasonably known by such indemnified Person: (i) the amount of each payment claimed by an Indemnified Party to be owing and (ii) the basis for such claim, with
supporting documentation. The amount claimed shall be paid by the Indemnifying Party to the extent required herein within thirty (30) days after receipt of the Claim Notice, or after the amount of such payment has been finally established
pursuant to Section 15.6, whichever last occurs. 
 (c) Information. If the Indemnified Party
receives notice of a claim or legal action that may result in a Loss for which indemnification may be sought under this Article 15 (a “Claim”), the Indemnified Party shall endeavor to give written notice of such Claim to the Indemnifying
Party as soon as is practicable. If the Indemnifying Party or its counsel so requests, the Indemnified Party shall furnish the Indemnifying Party with copies of all pleadings and other information with respect to such Claim. At the election of the
Indemnifying Party made within sixty (60) days after receipt of such notice, the Indemnified Party shall permit the Indemnifying Party to assume control of such Claim (to the extent only that such Claim, legal action or other matter relates to
a Loss for which the Indemnifying Party is liable), including the determination of all appropriate actions, the negotiation of settlements on behalf of the Indemnified Party, and the conduct of litigation through attorneys of the Indemnifying
Party’s choice; provided, however, that any settlement of the Claim by the Indemnifying Party may not result in any liability or cost to the Indemnified Party without its prior written consent, not to be unreasonably withheld. If the
Indemnifying Party elects to assume control, (i) any expense incurred by the Indemnified Party thereafter for investigation or defense of the matter shall be borne by the Indemnified Party, and (ii) the Indemnified Party shall give all
reasonable information and assistance, other than pecuniary, that the Indemnifying Party shall deem necessary to the proper defense of such Claim. In the absence of such an election, the Indemnified Party will use its best efforts to defend, at the
Indemnifying Party’s expense, any claim, legal action or other matter to which such other Party’s indemnification under this Article 15 applies until the Indemnifying Party assumes such defense. If the Indemnifying Party fails to assume
such defense within the time period provided above or fails to diligently defend such defense, the Indemnified Party may settle the Claim, in its reasonable discretion, at the Indemnifying Party’s expense (subject to it being agreed or
determined pursuant to Section 15.6 that the Indemnifying Party has an indemnification obligation with respect thereto). If such a Claim requires immediate 

  
 -54-

 
action, both the Indemnified Party and the Indemnifying Party will cooperate in good faith to take appropriate action so as not to jeopardize defense of such Claim or either Party’s position
with respect to such Claim. 
 15.6 Dispute Resolution. The Parties agree to resolve all “Disputes” concerning
this Agreement pursuant to the provisions of this section, such Disputes to include (i) the existence and scope of a Title Defect or Interest Addition, (ii) the Title Defect Value of that portion of the Asset affected by a Title Defect,
(iii) the Interest Addition Value, (iv) the adequacy of Seller’s Title Defect curative materials, (v) the existence of an Environmental Defect, (vi) the Environmental Defect Value (as defined in the Celero PSA),
(vii) the adequacy of any remediation actions taken with respect to an Environmental Defect, (viii) disputes concerning a Claim or amount to be paid by an Indemnifying Party, or (ix) disputes concerning the Preliminary Settlement
Statement or the Final Settlement Statement as provided in Section 3.4(a) and Section 14.1(a), respectively. The Parties agree to submit all Disputes to binding arbitration in Denver, Colorado such arbitration to be conducted as follows:
the arbitration proceeding shall be submitted by the Parties to a panel of three independent and impartial arbitrators with knowledge or experience in the oil and gas industry, one selected by each of the Parties within thirty days after said
written notice and a third selected by the first two arbitrators (each an “Arbitrator,” and collectively the “Arbitrators”). The third Arbitrator, selected by the first two Arbitrators, shall be a person having substantial
experience and recognized expertise in oil and gas industry. The arbitration shall be conducted according to procedures established by agreement of the Parties or the arbitration panel. At the hearing, the Parties shall present such evidence and
witnesses as they may choose, with or without counsel. Adherence to formal rules of evidence shall not be required, but the arbitration panel shall consider any evidence and testimony that it determines to be relevant, in accordance with procedures
that it determines to be appropriate. Any award entered in the arbitration shall be made by a written opinion stating the reasons and basis for the award made and any payment due pursuant to the arbitration shall be made within fifteen
(15) days of the Arbitrators’ decision. The final decision may be filed in a court of competent jurisdiction and may be enforced by Buyer or Seller as a final judgment of such court. Each Party shall bear its own costs and expenses of the
arbitration, provided, however, that the costs of employing the Arbitrators shall be borne 50% by the Seller and 50% by the Buyer. IN ENTERING INTO THIS SECTION 15.6, THE PARTIES ACKNOWLEDGE THAT THEY ARE VOLUNTARILY AND KNOWINGLY WAIVING THEIR
RIGHTS TO JURY TRIAL. 
 15.7 No Insurance; Subrogation. The indemnifications provided in this Article 15 shall not be
construed as a form of insurance. Buyer and Seller hereby waive for themselves, their respective successors or assigns, including any insurers, any rights to subrogation for Losses for which each of them is respectively liable or against which each
respectively indemnifies the other, and, if required by applicable policies, Buyer and Seller shall obtain waiver of such subrogation from their respective insurers. 
 15.8 Reservation as to Non-Parties. Nothing herein is intended to limit or otherwise waive any recourse Buyer or Seller may have against any non-Party for any obligations or liabilities that may be
incurred with respect to the Assets. 

  
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 15.9 Express Negligence. THE FOREGOING ASSUMPTIONS AND INDEMNIFICATIONS SHALL
APPLY WHETHER OR NOT SUCH DUTIES, OBLIGATIONS OR LIABILITIES, OR SUCH CLAIMS ARISE OUT OF (i) NEGLIGENCE (INCLUDING SOLE NEGLIGENCE, SINGLE NEGLIGENCE, CONCURRENT NEGLIGENCE, ACTIVE OR PASSIVE NEGLIGENCE, BUT EXPRESSLY NOT INCLUDING GROSS
NEGLIGENCE OR WILLFUL MISCONDUCT) OF ANY INDEMNIFIED PARTY, OR (ii) STRICT LIABILITY. 
 ARTICLE 16. 

MISCELLANEOUS 
 16.1 Expenses. Except as otherwise specifically provided, all fees, costs and expenses incurred by Buyer or Seller in negotiating this Agreement or in consummating the Transaction shall be paid by
the Party incurring the same, including engineering, land, title, legal and accounting fees, costs and expenses. 
 16.2
Notices. All notices and communications required or permitted under this Agreement shall be in writing and addressed as set forth below. Any communication or delivery hereunder shall be deemed to have been made and the receiving Party charged
with notice (i) if personally delivered, when received, (ii) if sent by telecopy or facsimile transmission or electronic mail, when received, (iii) if mailed, three (3) business days after mailing, certified mail, return receipt
requested, or (iv) if sent by overnight courier, one business day after sending. All notices shall be addressed as follows: 
  

			
	 If to Seller:
	  	 Whiting Oil and Gas Corporation
 1700 Broadway, Suite 2300
 Denver, CO 80292
 Attention: Bruce R. DeBoer
 Telephone: 303-390-4909

Fax: 303-490-4910
 E-mail:
bruced@whiting.com

		
	 If to Buyer:
	  	 BreitBurn Operating L.P.

515 South Flower Street, Suite 4800
 Los Angeles,
CA 90071
 Attention: Greg Brown

Telephone: (213) 225-0294
 Fax:
213-225-5916
 E-mail: gbrown@breitburn.com

 Any Party may, by written notice so delivered to the other Parties, change the address or individual to which delivery
shall thereafter be made. 
 16.3 Amendments/Waiver. This Agreement may not be amended nor any rights hereunder waived
except by an instrument in writing signed by the Party to be charged with such amendment or waiver and delivered by such Party to the Party claiming the benefit of such amendment or waiver. 

  
 -56-

 16.4 Assignment. Neither Party shall assign all or a portion of its rights and
obligations under this Agreement without the written consent of the other Party, which consent shall not be unreasonably withheld. 
 16.5 Press Releases and Public Announcements. Neither Party shall issue any press release or make any public announcement relating to the Transaction prior to the Closing without the prior written
approval of the other Party; provided, however, that either Party may make any public disclosure it believes in good faith is required by Laws or any listing or trading agreement concerning its or its parent’s publicly-traded securities.
Notwithstanding the foregoing, either Party or its parent shall be permitted in the context of public or private financing or otherwise to disclose the details of and information regarding the Transaction to securities regulators and stock
exchanges, its advisors (including underwriters and their counsel), financial institutions, potential investors, and their respective advisors, and the investing public, whether by way of prospectus, information memorandum, filing with securities
regulatory authorities or otherwise. 
 16.6 Counterparts/Fax Signatures. Buyer and Seller may execute this Agreement in
counterparts, each of which shall be deemed an original instrument, but which together shall constitute but one and the same instrument. The Parties agree that facsimile signatures are binding. 

16.7 Governing Law. This Agreement and the Transaction and any arbitration or dispute resolution conducted pursuant hereto shall
be construed in accordance with, and governed by, the Laws of the State of Texas. 
 16.8 Entire Agreement. This
Agreement and the Exhibits and Schedules attached hereto and the Confidentiality Agreement constitute the entire understanding between the Parties with respect to the subject matter hereof, superseding all written or oral negotiations and
discussions, and prior agreements and understandings relating to such subject matter. 
 16.9 Knowledge. The
“knowledge” of a Party shall mean, for purposes of this Agreement, the actual knowledge as to each of Seller and Buyer, only of the persons listed on Schedule 16.9. 
 16.10 Binding Effect. This Agreement shall be binding upon, and shall inure to the benefit of, the Parties and their respective successors and permitted assigns. 

16.11 Survival. The representations set forth in Sections 7.1 through 7.4, Sections 8.1 through 8.3 and Sections 8.6 and 8.7 shall
survive indefinitely. The representations set forth in Sections 7.15 through 7.17 shall survive for 60 days after the expiration of the applicable statute of limitations, including any extension thereof, with respect to the particular matter that is
the subject matter thereof. The remaining representations and warranties set forth in this Agreement shall not survive the Closing. A claim for a breach of a surviving representation or warranty must be made on or before the expiration of the
applicable survival period. Delivery of the Conveyance at the Closing will not constitute a merger of this Agreement with such Conveyance. 

  
 -57-

 16.12 Limitation on Damages. Notwithstanding anything contained to the contrary in
any other provision of this Agreement, Seller and Buyer agree that, except for the liquidated damages specifically provided for in Section 12.1, the recovery by either Party of any damages suffered or incurred by it as a result of any breach by
the other Party of any of its representations, warranties or obligations under this Agreement shall be limited to the actual damages suffered or incurred by the non-breaching Party (and the Indemnified Persons to which such obligations may extend
under the terms hereof) as a result of the breach by the breaching Party of its representations, warranties or obligations hereunder and in no event shall the breaching Party be liable to the non-breaching Party or any Indemnified Person for any
consequential, special, exemplary or punitive damages, diminution of value of an Asset or loss of profits suffered or incurred by the non-breaching Party or any Indemnified Person as a result of the breach by the breaching Party of any of its
representations, warranties or obligations hereunder; except to the extent constituting part of a third party claim. 
 16.13
No Third-Party Beneficiaries. Except as expressly provided in Article 15, this Agreement is intended to benefit only the Parties hereto and their respective permitted successors and assigns and there are no other third party beneficiaries to
this Agreement. 
 REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK 

  
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 The Parties have executed this Agreement as of the date first above written. 

 

			
	SELLER:
	
	Whiting Oil and Gas Corporation
		
	By:	 	 /s/ James. J. Volker

		 	James J. Volker
		 	Chairman and Chief Executive Officer
	
	BUYER:
	
	BreitBurn Operating L.P.
		
	By:	 	BreitBurn Operating GP, LLC,
		 	its General Partner
		
	By:	 	 /s/ Halbert S. Washburn

		 	Halbert S. Washburn
		 	Chief Executive Officer

 Signature Page to Purchase and Sale AgreementEX-10.1

 Exhibit 10.1 
 EXECUTION VERSION 
 $30,000,000 

AK Steel Corporation 
 8.750% Senior Secured Notes due 2018 
 PURCHASE AGREEMENT

 June 19, 2013 
 MERRILL LYNCH, PIERCE, FENNER & SMITH 
                         INCORPORATED 

            As Representative of the several Purchasers 

c/o 
 Merrill Lynch, Pierce, Fenner &
Smith 

                        
Incorporated 
 One Bryant Park 
 New
York, NY 10036, 
 Dear Sirs: 
 1. Introductory. AK Steel Corporation, a Delaware corporation (the “Company”) and AK Steel Holding Corporation (“Parent”) agree with the several initial purchasers
named in Schedule A hereto (the “Purchasers”) to issue and sell to the several Purchasers U.S. $30,000,000 principal amount of the Company’s 8.750% Senior Secured Notes due 2018 (“Offered Securities”) to be
issued as additional notes under an indenture, dated as of November 20, 2012 (the “Indenture”), between the Company, Parent and U.S. Bank National Association, as Trustee. The Offered Securities will be issued only in
book-entry form in the name of Cede & Co., as nominee of The Depository Trust Company (the “Depositary”) pursuant to a letter of representations, to be dated on or before the Closing Date (the “DTC
Agreement”), among the Company, the Trustee and the Depositary. 
 The holders of the Offered Securities will be
entitled to the benefits of a registration rights agreement, to be dated as of the Closing Date (the “Registration Rights Agreement”), among the Company, Parent and the Purchasers, pursuant to which the Company and Parent will be
required to file with the Commission (as defined below), under the circumstances set forth therein, (i) a registration statement under the Securities Act (as defined below) relating to another series of debt securities of the Company with terms
substantially identical to the Offered Securities (the “Exchange Notes”) to be offered in exchange for the Offered Securities (the “Exchange Offer”) and (ii) a shelf registration statement pursuant to Rule 415
of the Securities Act relating to the resale by certain holders of the Offered Securities, and in each case, to use its best efforts to cause such registration statements to be declared effective. All references herein to Exchange Notes, Exchange
Securities (as defined below) and the Exchange Offer are only applicable if the Company and Parent are in fact required to consummate the Exchange Offer pursuant to the terms of the Registration Rights Agreement. 

The payment of principal of, premium, if any, and interest on the Offered Securities will be fully and unconditionally guaranteed under
the Indenture on an unsecured, unsubordinated basis, by the Parent (the “Guarantor”), pursuant to the guarantee (the “Guarantee”). The Exchange Notes as guaranteed by the Guarantor under the Indenture are herein
collectively referred to as the “Exchange Securities.” 

 The Company previously issued $350,000,000 in aggregate principal amount of its 8.750%
Senior Secured Notes due 2018 under the Indenture (the “Existing Securities”). The Offered Securities constitute “Additional Notes” under the Indenture. The Offered Securities will have identical terms to the
Existing Securities and will be treated as a single class with the Existing Securities for all purposes under the Indenture. 

The Offered Securities will be secured by first priority liens on all of the real property, plants and equipment (other than certain
excluded property and subject to liens permitted by the Indenture) of the Company (the “Notes Collateral”) as more particularly described in the General Disclosure Package and documented by mortgages delivered in connection with the
Existing Securities (the “Mortgages”), certain amendments to the Mortgages to be delivered in connection with the issuance of the Offered Securities (the “Mortgage Amendments”) and security agreements and other
instruments evidencing or creating a security interest (each such Mortgage, Mortgage Amendment and security agreement and other instrument listed on Schedule C hereto, the “Security Agreements”), in favor of U.S. Bank National
Association, as collateral agent (in such capacity, the “Collateral Agent”), for its benefit and the benefit of the Trustee and the holders of the Offered Securities. 

Each of the Company and the Guarantor hereby agrees with the several Purchasers as follows: 

2. Representations and Warranties of the Company and the Guarantor. The Company and the Guarantor jointly and severally represent
and warrant to, and agree with, the several Purchasers that: 
 (a) Offering Memoranda; Certain Defined
Terms. The Company has prepared or will prepare a Preliminary Offering Memorandum and a Final Offering Memorandum. 
 For
purposes of this Agreement: 
 “Applicable Time” means 1:35 p.m. (New York City time) on the date of this
Agreement. 
 “Closing Date” has the meaning set forth in Section 3 hereof. 

“Collateral Agent” has the meaning assigned to the term “Collateral Agent” in the Final Offering Memorandum.

 “Commission” means the Securities and Exchange Commission. 

“Exchange Act” means the Securities Exchange Act of 1934. 

“FCPA” means the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder.

 “Final Offering Memorandum” means the Final Offering Memorandum relating to the Offered
Securities to be offered by the Purchasers that discloses the offering price and other final terms of the Offered Securities and is dated as of the date of this Agreement (even if finalized and issued subsequent to the date of this Agreement).

 “Free Writing Communication” means a written communication (as such term is defined in Rule 405) that
constitutes an offer to sell or a solicitation of an offer to buy the Offered Securities and is made by means other than the Preliminary Offering Memorandum or the Final Offering Memorandum. 

“General Disclosure Package” means the Preliminary Offering Memorandum together with any Issuer Free Writing
Communication existing at the Applicable Time and the information which is intended for general distribution to prospective investors, as evidenced by its being specified in Schedule B hereto. 

  
 -2-

 “Issuer Free Writing Communication” means a Free Writing Communication
prepared by or on behalf of the Company, used or referred to by the Company or containing a description of the final terms of the Offered Securities or of their offering, in the form retained in the Company’s records. 

“Preliminary Offering Memorandum” means the Preliminary Offering Memorandum, dated June 19,
2013, relating to the Offered Securities to be offered by the Purchasers. 
 “Rules and Regulations” means the
rules and regulations of the Commission. 
 “Securities Act” means the Securities Act of 1933. 

“Securities Laws” means, collectively, the Sarbanes-Oxley Act of 2002 (“Sarbanes-Oxley”), the
Securities Act, the Exchange Act, the Rules and Regulations, the auditing principles, rules, standards and practices applicable to auditors of “issuers” (as defined in Sarbanes-Oxley) promulgated or approved by the Public Company
Accounting Oversight Board and, as applicable, the rules of the New York Stock Exchange and the NASDAQ Stock Market (“Exchange Rules”). 
 “Subsidiary” means each direct and indirect subsidiary of Parent. 
 “Supplemental Marketing Material” means any Issuer Free Writing Communication other than any Issuer Free Writing Communication specified in Schedule B hereto. Supplemental Marketing Materials include, but are not limited to, the
electronic Bloomberg roadshow slides and the accompanying audio recording. 
 Unless otherwise specified, a reference to a
“rule” is to the indicated rule under the Securities Act. 
 (b) Disclosure. As of the
Applicable Time, neither (i) the General Disclosure Package, nor (ii) any individual Supplemental Marketing Material, when considered together with the General Disclosure Package (each of (i) and (ii) including the documents
incorporated or deemed to be incorporated by reference), included any untrue statement of a material fact or omitted to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they
were made, not misleading. The Final Offering Memorandum, as of its date and as of the Closing Date, did not include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading. The second preceding sentence does not apply to statements in or omissions from the General Disclosure Package or any Supplemental Marketing Material based upon written
information furnished to the Company by any Purchaser through the Representative specifically for use therein, it being understood and agreed that the only such information furnished by any Purchaser consists of the information described as such in
Section 8(b) hereof. The Company’s Annual Report on Form 10-K most recently filed with the Commission and all subsequent reports (collectively, the “Exchange Act Reports”) which have been filed by the Company with the
Commission or sent to stockholders pursuant to the Exchange Act and incorporated by reference in the Preliminary Offering Memorandum or the Final Offering Memorandum, when they were filed with the Commission, conformed in all material respects to
the requirements of the Exchange Act and the Rules and Regulations. 
 (c) Good Standing of the Company and
Parent. Each of the Company and Parent has been duly incorporated and is validly existing as a corporation and in good standing under the laws of the State of Delaware, with power and authority (corporate and other) to own its properties and
conduct its business as described in the General Disclosure Package; and each of the Company and Parent is duly qualified to do business as a foreign corporation in good standing in all other jurisdictions in which its ownership or lease of property
or the conduct of its business requires such qualification, except where the failure to be so qualified would not, individually or in the aggregate, reasonably be expected to result in a material adverse effect on the condition (financial or
otherwise), results of operations, business, properties or prospects of the Company, Parent and the Subsidiaries taken as a whole (“Material Adverse Effect”). 

  
 -3-

 (d) Subsidiaries. Each Subsidiary has been duly incorporated and is
existing and in good standing under the laws of the jurisdiction of its incorporation, with power and authority (corporate and other) to own its properties and conduct its business as described in the General Disclosure Package; and each Subsidiary
is duly qualified to do business as a foreign corporation in good standing in all other jurisdictions in which its ownership or lease of property or the conduct of its business requires such qualification, except where the failure to be so qualified
would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect; all of the issued and outstanding capital stock of each Subsidiary has been duly authorized and validly issued and is fully paid and
nonassessable; and except as disclosed in the General Disclosure Package and the Final Offering Memorandum, all of the capital stock of each Subsidiary is owned by Parent, directly or indirectly, free from liens, encumbrances and defects.

 (e) Indenture; Offered Securities; Guarantee; Security Agreements. The Indenture has been duly
authorized, executed and delivered by the Company and the Guarantor, conforms in all material respects to the information in the General Disclosure Package and the description of the Indenture in the Final Offering Memorandum and constitutes a valid
and legally binding obligation of the Company and the Guarantor, enforceable against each of them in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general
applicability relating to or affecting creditors’ rights and to general equity principles (collectively, the “Enforceability Exceptions”); the Offered Securities have been duly authorized by the Company and, when the Offered
Securities are delivered and paid for pursuant to this Agreement on the Closing Date, such Offered Securities will have been duly executed, authenticated, issued and delivered, will conform in all material respects to the information in the General
Disclosure Package and to the description of such Offered Securities contained in the Final Offering Memorandum and such Offered Securities will constitute valid and legally binding obligations of the Company, enforceable against the Company in
accordance with their terms, subject to the Enforceability Exceptions; the Guarantee has been duly authorized by the Guarantor and, when the Offered Securities are executed, authenticated, issued and delivered as provided in the Indenture and paid
for as provided herein, the Guarantee will have been duly delivered by the Guarantor, will conform in all material respects to the information in the General Disclosure Package and to the description of such Guarantee contained in the Final Offering
Memorandum and will constitute a valid and legally binding obligation of the Guarantor, enforceable against the Guarantor in accordance with its terms, subject to the Enforceability Exceptions; each of the Security Agreements, other than the
Mortgage Amendments, has been duly authorized, executed and delivered by the Company, conforms in all material respects to the information in the General Disclosure Package and to the description of such Security Agreements contained in the Final
Offering Memorandum and constitutes a valid and legally binding agreement of the Company in accordance with its terms, subject to the Enforceability Exceptions; each of the Mortgage Amendments has been duly authorized by the Company, and, when
executed and delivered by the Company and the Collateral Agent, will conform in all material respects to the information in the General Disclosure Package and to the description of such Mortgage Amendments contained in the Final Offering Memorandum
and will constitute a valid and legally binding agreement of the Company in accordance with its terms, subject to the Enforceability Exceptions; and the Security Agreements create, or, with respect to the Mortgage Amendments, on or prior to the
Closing Date, will create, in favor of the Collateral Agent for the benefit of itself, the Trustee and the holders of the Offered Securities, valid and enforceable security interests in and liens on the Notes Collateral and the security interests in
and liens on the rights of the Company in such Notes Collateral are perfected security interests and liens, superior to and prior to the liens of all third persons (other than certain liens permitted by the Indenture, in the reasonable discretion of
the Purchasers after consultation with the Company). 

  
 -4-

 (f) Trust Indenture Act. The Indenture conforms in all material
respects to the requirements of the Trust Indenture Act, and the rules and regulations of the Commission applicable to an indenture which is qualified thereunder. 

(g) No Finder’s Fee. Except as disclosed in the General Disclosure Package and the Final Offering Memorandum,
there are no contracts, agreements or understandings between the Company or the Guarantor and any person that would give rise to a valid claim against the Company, the Guarantor or any Purchaser for a brokerage commission, finder’s fee or other
like payment in connection with this offering. 
 (h) Registration Rights Agreement. The Registration
Rights Agreement has been duly authorized by the Company and the Guarantor and, on the Closing Date, will have been duly executed and delivered by, and will constitute a valid and legally binding agreement of, the Company and the Guarantor,
enforceable against each of them in accordance with its terms, subject to the Enforceability Exceptions, and will conform in all material respects to the information in the General Disclosure Package and to the description of the Registration Rights
Agreement contained in the Final Offering Memorandum. 
 (i) [Reserved.] 

(j) Exchange Notes; Exchange Securities. The Exchange Notes have been duly and validly authorized for issuance by
the Company, and when issued and authenticated in accordance with the terms of the Indenture, the Registration Rights Agreement and the Exchange Offer, will constitute valid and legally binding obligations of the Company, enforceable against the
Company in accordance with their terms, subject to the Enforceability Exceptions, and will be entitled to the benefits of the Indenture; and, when the Exchange Notes have been authenticated in the manner provided for in the Indenture and issued and
delivered in accordance with the Registration Rights Agreement, the Guarantee of the Exchange Notes will constitute valid and binding agreements of the Guarantor, in each case, enforceable in accordance with its terms, subject to the Enforceability
Exceptions and will be entitled to the benefits of the Indenture. 
 (k) No Registration Rights. There are
no contracts, agreements or understandings between the Company or the Guarantor and any person granting such person the right to require the Company or such Guarantor to file a registration statement under the Securities Act with respect to any
securities of the Company or such Guarantor, other than that certain Registration Rights Agreement by and between the Company, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Deutsche Bank Securities Inc., dated as of
November 20, 2012, relating to the Existing Securities, or to require the Company or such Guarantor to include such securities with the Offered Securities and Guarantee registered pursuant to any registration statement. 

(l) Absence of Further Requirements. No consent, approval, authorization, or order of, or filing or registration
with, any person (including any governmental agency or body or any court) is required for the consummation of the transactions contemplated by this Agreement, the Indenture, the Security Agreements and the Registration Rights Agreement in connection
with the offering, issuance and sale of the Offered Securities by the Company and the sale of the Guarantee by the Guarantor except for (i) the order of the Commission declaring effective the Exchange Offer Registration Statement or, if
required, the Shelf Registration Statement (each as defined in the Registration Rights Agreement), (ii) the recording of the Mortgage Amendments as set forth in Section 7 below, and (iii) such consents approvals, authorizations,
orders, filings or registrations that would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect or a material adverse effect on the ability of the Company and the Guarantor to consummate the
transactions contemplated hereby. 

  
 -5-

 (m) Title to Property. Except as disclosed in the General Disclosure
Package and the Final Offering Memorandum, the Company, Parent and the Subsidiaries have good and marketable title to all real properties and all other properties and assets owned by them, in each case free from liens, charges, encumbrances and
defects except where the failure to have such title or the existence of such lien, charge, encumbrance or defect would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, and except as disclosed in
the General Disclosure Package and the Final Offering Memorandum, the Company, Parent and the Subsidiaries hold all leased real or personal property under valid and enforceable leases with no terms or provisions that would materially interfere with
the use made or to be made thereof by them. 
 (n) Absence of Defaults and Conflicts Resulting from
Transaction. The execution, delivery and performance of the Indenture, this Agreement, the Security Agreements, the Mortgage Amendments and the Registration Rights Agreement, the issuance and sale of the Offered Securities and the Guarantee and
compliance with the terms and provisions thereof will not result in a breach or violation of any of the terms and provisions of, or constitute a default or a Debt Repayment Triggering Event (as defined below) under, or result in the imposition of
any lien, charge or encumbrance upon any property or assets of the Company, Parent or any of the Subsidiaries pursuant to (i) the charter or by-laws of the Company, Parent or any of the Subsidiaries, (ii) any statute, rule, regulation or
order of any governmental agency or body or any court, domestic or foreign, having jurisdiction over the Company, Parent or any of the Subsidiaries or any of their properties, or (iii) any agreement or instrument to which the Company, Parent or
any of the Subsidiaries is a party or by which the Company, Parent or any of the Subsidiaries is bound or to which any of the properties of the Company, Parent or any of the Subsidiaries is subject, except, in the case of (iii) above, for such
conflicts, breaches, violations, liens, charges or encumbrances that would not, individually or in the aggregate, have a Material Adverse Effect; a “Debt Repayment Triggering Event” means any event or condition that gives, or with
the giving of notice or lapse of time would give, the holder of any note, debenture, or other evidence of indebtedness (or any person acting on such holder’s behalf) the right to require the repurchase, redemption or repayment of all or a
portion of such indebtedness by the Company, Parent or any of the Subsidiaries. 
 (o) Absence of Existing
Defaults and Conflicts. Neither the Company, Parent nor any of the Subsidiaries is in violation of its respective charter or by-laws or in default (or with the giving of notice or lapse of time would be in default) under any existing obligation,
agreement, covenant or condition contained in any indenture, loan agreement, mortgage, lease or other agreement or instrument to which any of them is a party or by which any of them is bound or to which any of the properties of any of them is
subject, except such defaults that would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 
 (p) Authorization of Agreement. This Agreement has been duly authorized, executed and delivered by the Company and the Guarantor. 

(q) Possession of Licenses and Permits. The Company, Parent and the Subsidiaries possess, and are in compliance
with the terms of, all adequate certificates, authorizations, franchises, licenses and permits (“Licenses”) necessary or material to the conduct of the business now conducted or proposed in the General Disclosure Package to be
conducted by them and have not received any notice of proceedings relating to the revocation or modification of any Licenses that, if determined adversely to the Company, Parent or any of the Subsidiaries, would individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect. 
 (r) Absence of Labor Dispute. Except as
disclosed in the General Disclosure Package and the Final Offering Memorandum, no labor dispute with the employees of the Company, Parent or any of the Subsidiaries exists or, to the knowledge of the Company or the Guarantor, is threatened that
would, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. 

  
 -6-

 (s) Possession of Intellectual Property. The Company, Parent and the
Subsidiaries own, possess or can acquire on reasonable terms, adequate trademarks, trade names and other rights to inventions, know-how, patents, copyrights, confidential information and other intellectual property (collectively,
“intellectual property rights”) necessary to conduct the business now operated by them, or presently employed by them, and have not received any notice of infringement of or conflict with asserted rights of others with respect to
any intellectual property rights that, if determined adversely to the Company, Parent or any of the Subsidiaries, would individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(t) Environmental Laws. Except as disclosed in the General Disclosure Package and the Final Offering Memorandum,
(a)(i) none of the Company, Parent or any of the Subsidiaries is in violation of, or has any liability under, any federal, state, local or non-U.S. statute, law, rule, regulation, ordinance, code, other requirement or rule of law (including
common law), or decision or order of any domestic or foreign governmental agency, governmental body or court, relating to pollution, to the use, handling, transportation, treatment, storage, discharge, disposal or release of Hazardous Substances, to
the protection or restoration of the environment or natural resources (including biota), to health and safety as such relates to exposure to Hazardous Substances, and to natural resource damages (collectively, “Environmental Laws”),
(ii) none of the Company, Parent or any of the Subsidiaries owns, occupies, operates or uses any real property contaminated with Hazardous Substances, (iii) none of the Company, Parent or any of the Subsidiaries is conducting or funding
any investigation, remediation, remedial action or monitoring of actual or suspected Hazardous Substances in the environment, (iv) none of the Company, Parent or any of the Subsidiaries is liable or, to its knowledge, allegedly liable for any
release or threatened release of Hazardous Substances, including at any off-site treatment, storage or disposal site, (v) none of the Company, Parent or any of the Subsidiaries is subject to any claim by any governmental agency or governmental
body or person relating to Environmental Laws or Hazardous Substances, and (vi) the Company, Parent and the Subsidiaries have received and are in compliance with all, and have no liability under any, permits, licenses, authorizations,
identification numbers or other approvals required under applicable Environmental Laws to conduct their respective businesses, except in each case covered by clauses (i) – (vi) such as would not individually or in the aggregate
reasonably be expected to have a Material Adverse Effect; (b) to the knowledge of the Company or the Guarantor there are no facts or circumstances that would reasonably be expected to result in a violation of, liability under, or claim pursuant
to, any Environmental Law that would reasonably be expected to have a Material Adverse Effect; and (c) to the knowledge of the Company or the Guarantor there are no Environmental Laws or requirements proposed for adoption or implementation
under any Environmental Law that would reasonably be expected to have a Material Adverse Effect. For purposes of this subsection, “Hazardous Substances” means (A) petroleum and petroleum products, by-products or breakdown
products, radioactive materials, asbestos-containing materials, polychlorinated biphenyls and mold, and (B) any other chemical, material or substance defined or regulated as toxic or hazardous or as a pollutant, contaminant or waste under
Environmental Laws. 
 (u) Accurate Disclosure. The statements in the General Disclosure Package and the
Final Offering Memorandum under the heading “Description of Notes,” “Description of Certain Indebtedness” and “Exchange Offer; Registration Rights” insofar as such statements summarize legal matters, agreements,
documents or proceedings discussed therein, are accurate and fair summaries of such legal matters, agreements, documents or proceedings and present the information required to be shown. 

(v) Accurate Tax Disclosure. To the extent that the statements set forth in the General Disclosure Package and the
Final Offering Memorandum under the caption “U.S. Federal Income Tax Consequences” purport to describe certain provisions of the United States federal tax laws referred to therein, such summaries fairly describe, in all material respects,
such provisions. 

  
 -7-

 (w) Absence of Manipulation. Neither the Company nor the Guarantor
has taken, directly or indirectly, any action that is designed to or that has constituted or that would reasonably be expected to cause or result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale
or resale of the Offered Securities. 
 (x) Statistical and Market-Related Data. Any third-party
statistical and market-related data included or incorporated by reference in the General Disclosure Package or in the Final Offering Memorandum are based on or derived from sources that the Company and the Guarantor believe to be reliable and
accurate. 
 (y) Internal Controls and Compliance with the Sarbanes-Oxley Act. Except as set forth in the
General Disclosure Package and the Final Offering Memorandum, Parent, the Company and the Subsidiaries and Parent’s Board of Directors (the “Board”) are in compliance with Sarbanes-Oxley and all applicable Exchange Rules in all
material respects. Parent maintains a system of “internal controls over financial reporting” (as defined in Rule 13a-15(f) of the Exchange Act) (collectively, “Internal Controls”) that comply with the Exchange Act and are
sufficient to provide reasonable assurances that (i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial
statements in conformity with U.S. General Accepted Accounting Principles and to maintain accountability for assets, (iii) access to assets is permitted only in accordance with management’s general or specific authorization, (iv) the
recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences, and (v) the interactive data in eXtensible Business Reporting Language incorporated
by reference in the General Disclosure Package and the Final Offering Memorandum fairly presents the information called for in all material respects and is prepared in accordance with the Commission’s rules and guidelines applicable thereto.
The Internal Controls are, or upon consummation of the offering of the Offered Securities will be, overseen by the Audit Committee (the “Audit Committee”) of the Board in accordance with Exchange Rules. Parent has not publicly
disclosed or reported to the Audit Committee or the Board, and within the next 90 days Parent does not reasonably expect to publicly disclose or report to the Audit Committee or the Board, a significant deficiency, material weakness, change in
Internal Controls or fraud involving management or other employees who have a significant role in Internal Controls (each, an “Internal Control Event”), any violation of, or failure to comply with, the Securities Laws, or any matter
which, if determined adversely, would reasonably be expected to have a Material Adverse Effect. 
 (z)
Disclosure Controls. Except as set forth in the General Disclosure Package and the Final Offering Memorandum, Parent, the Company and the Subsidiaries maintain an effective system of “disclosure controls and procedures” (as defined
in Rule 13a-15(e) of the Exchange Act) that is designed to ensure that information required to be disclosed by Parent in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods
specified in the Commission’s rules and forms, including controls and procedures designed to ensure that such information is accumulated and communicated to Parent’s management as appropriate to allow timely decisions regarding required
disclosure. Parent, the Company and the Subsidiaries have carried out evaluations of the effectiveness of their disclosure controls and procedures as required by Rule 13a-15 of the Exchange Act. 

(aa) Litigation. Except as disclosed in the General Disclosure Package and the Final Offering Memorandum, there are
no pending actions, suits or proceedings (including any inquiries or investigations by any court or governmental agency or body, domestic or foreign) against or affecting the Company, Parent any of the Subsidiaries or any of their respective
properties that, if determined adversely to the Company, Parent or any of the Subsidiaries, would individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, or would materially and adversely affect the ability of the
Company or Parent to perform their respective obligations under the Indenture or this Agreement, or which are otherwise material in the context of the sale of the 

  
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Offered Securities and the sale of the Guarantee; and to the Company’s or Parent’s knowledge, no such actions, suits or proceedings (including any inquiries or investigations by any
court or governmental agency or body, domestic or foreign) are threatened or contemplated. 
 (bb) Financial
Statements. The financial statements included in the General Disclosure Package and the Final Offering Memorandum present fairly the financial position of Parent and its consolidated subsidiaries as of the dates shown and their results of
operations and cash flows for the periods shown, and, except as otherwise disclosed in the General Disclosure Package and the Final Offering Memorandum, such financial statements have been prepared in conformity with the generally accepted
accounting principles in the United States applied on a consistent basis. The interactive data in eXtensible Business Reporting Language incorporated by reference in the General Disclosure Package and the Final Offering Memorandum fairly presents
the information called for in all material respects and has been prepared in accordance with the Commission’s rules and guidelines applicable thereto. 
 (cc) No Material Adverse Change in Business. Except as disclosed in the General Disclosure Package and the Final Offering Memorandum, since the end of the period covered by the latest audited
financial statements included in the General Disclosure Package and the Final Offering Memorandum (i) there has been no change, in the condition (financial or otherwise), results of operations, business, properties or prospects of the Company,
Parent and the Subsidiaries, taken as a whole that is material and adverse, (ii) except as disclosed in or contemplated by the General Disclosure Package and the Final Offering Memorandum, there has been no dividend or distribution of any kind
declared, paid or made by Parent on any class of its capital stock and (iii) except as disclosed in or contemplated by the General Disclosure Package, there has been no material adverse change in the capital stock, short-term indebtedness,
long-term indebtedness, net current assets or net assets of Parent. 
 (dd) Investment Company Act.
Neither the Company nor the Guarantor is and, after giving effect to the offering and sale of the Offered Securities and the application of the proceeds thereof as described in the General Disclosure Package and the Final Offering Memorandum, will
not be an “investment company” as defined in the Investment Company Act of 1940 (the “Investment Company Act”). 
 (ee) Ratings. No “nationally recognized statistical rating organization” as such term is defined in Section 3(a)(62) under the Exchange Act (i) has imposed (or has informed the
Company that it is considering imposing) any condition (financial or otherwise) on the Company’s retaining any rating assigned to the Company or any securities of the Company or Parent or (ii) has indicated to the Company or Parent that it
is considering any of the actions described in Section 7(b)(ii) hereof. 
 (ff) Foreign Corrupt
Practices Act. None of the Company, Parent or, to the best of the Company’s and Parent’s knowledge, any of the Subsidiaries or their respective directors, officers, agents, employees or affiliates is aware of or has taken any action,
directly or indirectly, that would result in a violation by such persons of the FCPA, including, without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment,
promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any “foreign official” (as such term is defined in the FCPA) or any foreign
political party or official thereof or any candidate for foreign political office, in contravention of the FCPA and the Company, Parent and, to the best of the Company’s and Parent’s knowledge, the Subsidiaries and affiliates have
conducted their businesses in compliance with the FCPA and have devised or instituted policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith. In addition, none of the
Company, Parent or, to the best of the Company’s and Parent’s knowledge, any of the Subsidiaries or their respective directors, officers, agents, employees or affiliates is aware of or has taken any action, directly or indirectly, that
would result in a violation by such persons of the U.K. Bribery Act 2010. 

  
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 (gg) Compliance with Money Laundering Laws. To the best of the
Company’s and Parent’s knowledge, the operations of the Company, Parent and the Subsidiaries are and have been conducted at all times in compliance in all material respects with applicable financial recordkeeping and reporting requirements
of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all applicable jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines issued,
administered or enforced by any governmental agency. 
 (hh) Compliance with OFAC. None of the
Company, Parent or any of the Subsidiaries nor, to the knowledge of the Company or the Guarantor, any director, officer, agent, employee or affiliate of the Company, Parent or any of the Subsidiaries is currently subject to any U.S. sanctions
administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”); and the Company will not directly or indirectly use the proceeds of the offering, or lend, contribute or otherwise make available such
proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC. 

(ii) Taxes. The Company, Parent and the Subsidiaries have filed all federal, state, local and non-U.S. tax
returns that are required to be filed or have requested extensions thereof (except in any case in which the failure so to file would not reasonably be expected to have a Material Adverse Effect); and, except as set forth in the General Disclosure
Package and the Final Offering Memorandum, the Company, Parent and the Subsidiaries have paid all taxes (including any assessments, fines or penalties) required to be paid by them, except for any such taxes, assessments, fines or penalties currently
being contested in good faith or as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 (jj) Insurance. The Company, Parent and the Subsidiaries are insured by insurers with appropriately rated claims paying abilities against such losses and risks and in such amounts as are
prudent and customary for the businesses in which they are engaged; all policies of insurance insuring the Company, Parent or any of the Subsidiaries or their respective businesses, assets, employees, officers and directors are in full force and
effect; the Company, Parent and the Subsidiaries are in compliance with the terms of such policies and instruments in all material respects; and there are no claims by the Company, Parent or any of the Subsidiaries under any such policy or
instrument as to which any insurance company is denying liability or defending under a reservation of rights clause; none of the Company, Parent or any such Subsidiary has been refused any insurance coverage sought or applied for; and none of the
Company, Parent or any such Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue
its business at a cost that would not reasonably be expected to have a Material Adverse Effect, except as set forth in or contemplated in the General Disclosure Package and the Final Offering Memorandum. 

(kk) Class of Securities Not Listed. No securities of the same class (within the meaning of Rule 144A(d)(3))
as the Offered Securities are listed on any national securities exchange registered under Section 6 of the Exchange Act or quoted in a U.S. automated inter-dealer quotation system. 

(ll) No Registration. The offer and sale of the Offered Securities in the manner contemplated by this Agreement
will be exempt from the registration requirements of the Securities Act by reason of Section 4(2) thereof and Regulation S thereunder; and until such time as the Exchange Securities are issued it is not necessary to qualify an indenture in
respect of the Offered Securities under the United States Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”). 

  
 -10-

 (mm) No General Solicitation; No Directed Selling Efforts. None of
the Company, Parent, the Subsidiaries nor any of their respective affiliates, nor any person acting on their behalf (i) has, within the six-month period prior to the date hereof, offered or sold in the United States or to any U.S. person (as
such terms are defined in Regulation S under the Securities Act) the Offered Securities or any security of the same class or series as the Offered Securities or (ii) has offered or will offer or sell the Offered Securities (A) in the
United States by means of any form of general solicitation or general advertising within the meaning of Rule 502(c) or (B) with respect to any such securities sold in reliance on Rule 903 of Regulation S (“Regulation
S”) under the Securities Act, by means of any directed selling efforts within the meaning of Rule 902(c) of Regulation S. The Company, Parent, the Subsidiaries, their respective affiliates and any person acting on their behalf have
complied and will comply with the offering restrictions requirement of Regulation S. None of the Company, Parent nor the Guarantor has entered and none of the Company, Parent nor the Guarantor will enter into any contractual arrangement with
respect to the distribution of the Offered Securities except for this Agreement. 
 (nn) Reporting Status.
The Parent is subject to Section 13 or 15(d) of the Exchange Act. 
 3. Purchase, Sale and Delivery of Offered
Securities. On the basis of the representations, warranties and agreements and subject to the terms and conditions set forth herein, the Company agrees to sell to the several Purchasers, and each of the Purchasers agrees, severally and not
jointly, to purchase from the Company, at a purchase price of 104.5% of the principal amount thereof, plus accrued and unpaid interest on the principal amount thereof from June 1, 2013 to the Closing Date, the respective principal amounts of
Securities set forth opposite the names of the several Purchasers in Schedule A hereto. 
 The Company will deliver against
payment of the purchase price the Offered Securities to be offered and sold by the Purchasers in reliance on Regulation S (the “Regulation S Securities”) in the form of one or more temporary global Securities in registered form
without interest coupons (the “Regulation S Global Securities”) which will be deposited with the Trustee as custodian for The Depository Trust Company (“DTC”) for the respective accounts of the DTC participants
for Euroclear Bank, S.A./N.V., as operator of the Euroclear System (“Euroclear”), and Clearstream Banking, société anonyme (“Clearstream, Luxembourg”) and registered in the name of Cede & Co.,
as nominee for DTC. The Company will deliver against payment of the purchase price the Offered Securities to be purchased by each Purchaser hereunder and to be offered and sold by each Purchaser in reliance on Rule 144A (the “144A
Securities”) in the form of one or more permanent global security in definitive form without interest coupons (the “Restricted Global Securities”) deposited with the Trustee as custodian for DTC and registered in the name
of Cede & Co., as nominee for DTC. The Regulation S Global Securities and the Restricted Global Securities shall be assigned separate CUSIP numbers. The Restricted Global Securities shall include the legend regarding restrictions on
transfer set forth under “Notice to Investors” in the Final Offering Memorandum. Until the termination of the distribution compliance period (as defined in Regulation S) with respect to the offering of the Offered Securities, interests in
the Regulation S Global Securities may only be held by the DTC participants for Euroclear and Clearstream, Luxembourg. Interests in any Regulation S Global Securities will be held only in book-entry form through Euroclear, Clearstream, Luxembourg or
DTC, as the case may be, except in the limited circumstances described in the Final Offering Memorandum. 
 Payment for the
Regulation S Securities and the 144A Securities shall be made by the Purchasers in Federal (same day) funds by wire transfer to an account at a bank acceptable to the Representative drawn to the order of the Company at the office of Davis
Polk & Wardwell LLP, 450 Lexington Avenue, New York, NY 10017 at 9:00 A.M., New York time, on June 24, 2013, or at such other time not later than seven full business days thereafter as the Representative and the Company determine, such
time being herein referred to as the “Closing Date”, against delivery to the Trustee as custodian for DTC of (i) the Regulation S Global Securities representing all of the Regulation S Securities for the respective
accounts of 

  
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the DTC participants for Euroclear and Clearstream, Luxembourg and (ii) the Restricted Global Securities representing all of the Offered 144A Securities. The Regulation S Global Securities
and the Restricted Global Securities will be made available for checking at the above office of Davis Polk & Wardwell LLP at least 24 hours prior to the Closing Date. 
 4. Offer, Sale and Resale Procedures. Each of the Purchasers, on the one hand, and the Company and the Guarantor, on the other hand, hereby agrees to observe the following procedures in connection
with the offer and sale of the Offered Securities: 
 (a) Offers and sales of the Offered Securities will be made
only by the Purchasers or affiliates thereof qualified to do so in the jurisdictions in which such offers or sales are made. Each such offer or sale shall only be made to persons whom the offeror or seller reasonably believes to be Qualified
Institutional Buyers or non-U.S. persons outside the United States to whom the offeror or seller reasonably believes offers and sales of the Offered Securities may be made in reliance upon Regulation S upon the terms and conditions set forth in
Annex I hereto, which Annex I is hereby expressly made a part hereof. 
 (b) The Offered Securities will be
offered by approaching prospective subsequent purchasers on an individual basis. No general solicitation or general advertising (within the meaning of Rule 502 under the Securities Act) will be used in the United States in connection with the
offering of the Offered Securities. 
 (c) Upon original issuance by the Company, and until such time as the same
is no longer required under the applicable requirements of the Securities Act, the Offered Securities (and all securities issued in exchange therefor or in substitution thereof, other than the Exchange Notes) shall bear the following legend:

 “THE SECURITY (OR ITS PREDECESSOR) EVIDENCED HEREBY WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER
SECTION 5 OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THE SECURITY EVIDENCED HEREBY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE
EXEMPTION THEREFROM. EACH PURCHASER OF THE SECURITY EVIDENCED HEREBY IS HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. THE HOLDER OF THE
SECURITY EVIDENCED HEREBY AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) SUCH SECURITY MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (1)(a) INSIDE THE UNITED STATES TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED
INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A UNDER THE SECURITIES ACT,
(b) OUTSIDE THE UNITED STATES TO A NON-U.S. PERSON IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (c) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED
BY RULE 144 THEREUNDER (IF APPLICABLE) OR (d) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL ACCEPTABLE TO

  
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THE COMPANY IF THE COMPANY SO REQUESTS), (2) TO THE COMPANY OR (3) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THE SECURITY EVIDENCED HEREBY OF THE RESALE RESTRICTIONS SET FORTH IN CLAUSE
(A) ABOVE. NO REPRESENTATION CAN BE MADE AS TO THE AVAILABILITY OF THE EXEMPTION PROVIDED BY RULE 144 FOR RESALE OF THE SECURITY EVIDENCED HEREBY.” 
 Following the sale of the Offered Securities by the Purchasers to subsequent purchasers pursuant to the terms hereof, the Purchasers shall not be liable or responsible to the Company or the Guarantor for
any losses, damages or liabilities suffered or incurred by the Company or the Guarantor including any losses, damages or liabilities under the Securities Act, arising from or relating to any resale or transfer of any Offered Security. 

5. Certain Agreements of the Company and the Guarantor. The Company and the Guarantor jointly and severally agree with the several
Purchasers that: 
 (a) Amendments and Supplements to Offering Memoranda. The Company and the Guarantor
will promptly advise the Representative of any proposal to amend or supplement the Preliminary Offering Memorandum or the Final Offering Memorandum and will not effect such amendment or supplementation without the Representative’s consent. If,
at any time prior to the completion of the resale of the Offered Securities by the Purchasers, there occurs an event or development as a result of which the Final Offering Memorandum, the General Disclosure Package or any Supplemental Marketing
Material, if republished immediately following such event or development, would include an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which
they were made, not misleading, the Company will promptly notify the Representative of such event and will promptly prepare and furnish, at its own expense, to the Purchasers and the dealers and any other dealers upon request of the Representative,
an amendment or supplement which will correct such statement or omission. Neither the Representative’s consent to, nor the Purchasers’ delivery of, any such amendment or supplement shall constitute a waiver of any of the conditions set
forth in Section 7. 
 (b) Furnishing of Offering Memoranda. The Company will furnish to the
Representative copies of the Preliminary Offering Memorandum, each other document comprising a part of the General Disclosure Package, the Final Offering Memorandum, all amendments and supplements to such documents and each item of Supplemental
Marketing Material, in each case as soon as available and in such quantities as the Representative reasonably request. At any time when the Company is not subject to Section 13 or 15(d) of the Exchange Act, the Company and the Guarantor will
promptly furnish or cause to be furnished to the Representative (and, upon request, to each of the other Purchasers) and, upon request of holders and prospective purchasers of the Offered Securities, to such holders and purchasers, copies of the
information required to be delivered to holders and prospective purchasers of the Offered Securities pursuant to Rule 144A(d)(4) (or any successor provision thereto) in order to permit compliance with Rule 144A in connection with resales
by such holders of the Offered Securities. The Company will pay the expenses of printing and distributing to the Purchasers all such documents. 
 (c) Blue Sky Qualifications. The Company will qualify the Offered Securities for offer and sale under the laws of such U.S. jurisdictions as the Representative shall reasonably request and will
continue such qualifications in effect so long as required for distribution of the Offered Securities; provided that the Company shall not be required to (i) qualify as a foreign corporation or other entity or as a dealer in securities in any
such jurisdiction where it would not otherwise be required to so qualify, (ii) file any general consent to service of process in any such jurisdiction or (iii) subject itself to taxation in any such jurisdiction if it is not otherwise so
subject. 

  
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 (d) Reporting Requirements. Parent, during the period when the Final
Offering Memorandum is required to be delivered under the Act, will file all documents required to be filed with the Commission pursuant to the Exchange Act within the time periods required by the Exchange Act. 

(e) Transfer Restrictions. During the period of one year after the Closing Date, the Company will, upon request,
furnish to the Representative and any holder of Offered Securities a copy of the restrictions on transfer applicable to the Offered Securities. 
 (f) No Resales by Affiliates. During the period of one year after the Closing Date, the Company will not, and will not permit any of its affiliates (as defined in Rule 144) to, resell any of
the Offered Securities that have been reacquired by any of them. 
 (g) Investment Company. During the
period of one year after the Closing Date, neither the Company nor the Guarantor will be or become, an open-end investment company, unit investment trust or face-amount certificate company that is or is required to be registered under Section 8
of the Investment Company Act. 
 (h) Payment of Expenses. The Company and the Guarantor will pay all
expenses incident to the performance of its obligations under this Agreement, the Indenture, the Security Agreements and the Registration Rights Agreement, including but not limited to (i) any filing fees and other expenses (including fees and
disbursements of counsel to the Purchasers) incurred in connection with qualification of the Offered Securities and the Guarantee for sale under the laws of such jurisdictions as the Representative designate and the preparation and printing of
memoranda relating thereto, (ii) the filing fees for FINRA’s review of the offering of the Offered Securities, if any, and the reasonable fees and disbursements of counsel to the Purchasers in connection with compliance with FINRA’s
rules and regulations, (iii) any fees charged by investment rating agencies for the rating of the Offered Securities, costs and expenses relating to investor presentations or any “road show” in connection with the offering and sale of
the Offered Securities, (iv) any travel expenses of the Company’s or Parent’s officers and employees and any other expenses of the Company or the Guarantor including the chartering of airplanes, (v) expenses incurred in
distributing preliminary offering memoranda and the Final Offering Memorandum (including any amendments and supplements thereto) to the Purchasers and for expenses incurred for preparing, printing and distributing any Free Writing Communications to
investors or prospective investors and (vi) all costs relating to the creation or perfection of liens on the Notes Collateral (including fees and expenses of Purchasers’ counsel). It is understood, however, that, except as provided in
subclause (i), (ii) and (vi) of this clause (h), and Sections 8 and 10 hereof, the Purchasers will pay all of their own costs and expenses, including the fees of their counsel, transfer taxes on resale of any of the Offered Securities and
the Guarantee by them, and any advertising expenses connected with any offers they may make. 
 (i) Use of
Proceeds. The Company will use the net proceeds received in connection with this offering in the manner described in the “Use of Proceeds” section of the General Disclosure Package and the Final Offering Memorandum and, except as
disclosed in the General Disclosure Package and the Final Offering Memorandum, the Company does not intend to use any of the proceeds from the sale of the Offered Securities hereunder to repay any outstanding debt owed to any affiliate of any
Purchaser. 
 (j) Absence of Manipulation. Neither the Company nor the Guarantor will take, directly or
indirectly, any action designed to or that would constitute or that might reasonably be expected to cause or result in, stabilization or manipulation of the price of any securities of the Company to facilitate the sale or resale of the Offered
Securities. 

  
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 (k) Restriction on Sale of Securities. Neither the Company nor the
Guarantor will offer, sell, contract to sell, pledge or otherwise dispose of, directly or indirectly, or file with the Commission a registration statement under the Act relating to United States dollar-denominated debt securities issued or
guaranteed by the Company or the Guarantor and having a maturity of more than one year from the date of issue, or publicly disclose the intention to make any such offer, sale, pledge, disposition or filing, other than the exchangeable senior notes
to be sold concurrently with the Offered Securities, without the prior written consent of Merrill Lynch, Pierce, Fenner & Smith Incorporated, for a period beginning on the date hereof and ending 30 days after the Closing Date. 

(l) The Depositary. The Company will cooperate with the Purchasers and use its best efforts to permit the Offered
Securities to be eligible for clearance and settlement through the facilities of the Depositary. 
 (m) No
Integration. Neither the Company nor Parent will, and each of the Company and Parent will cause its affiliates not to, make any offer or sale of securities of the Company or Parent of any class if, as a result of the doctrine of
“integration” referred to in Rule 502 under the Securities Act, such offer or sale would render invalid (for the purpose of (i) the sale of the Offered Securities by the Company to the Purchasers, (ii) the resale of the Offered
Securities by the Purchasers to subsequent purchasers or (iii) the resale of the Offered Securities by such subsequent purchasers to others) the exemption from the registration requirements of the Securities Act provided by Section 4(2)
thereof or by Rule 144A or by Regulation S thereunder or otherwise. The Company will not sell any of the Offered Securities to any purchaser of shares of Common Stock in Parent’s public offering of Common Stock pursuant to its registration
statement on Form S-3 (No. 333-166303). 
 6. Free Writing Communications. (a) Issuer Free Writing
Communications. The Company and the Guarantor jointly and severally represent and agree that, unless the Company obtains the prior consent of the Representative, and each Purchaser represents and agrees that, unless it obtains the prior consent
of the Company and the Representative, it has not made and will not make any offer relating to the Offered Securities that would constitute an Issuer Free Writing Communication. 

(b) Term Sheets. The Company consents to the use by any Purchaser of a Free Writing Communication that
(i) contains only (A) information describing the preliminary terms of the Offered Securities or their offering or (B) information that describes the final terms of the Offered Securities or their offering and that is included in or is
subsequently included in the Final Offering Memorandum, including by means of a pricing term sheet in the form of Exhibit B-1 hereto, or (ii) does not contain any material information about the Company or the Guarantor or their securities that
was provided by or on behalf of the Company or the Guarantor, it being understood and agreed that the Company and the Guarantor shall not be responsible to any Purchaser for liability arising from any inaccuracy in such Free Writing Communications
referred to in clause (i) or (ii) as compared with the information in the Preliminary Offering Memorandum, the Final Offering Memorandum or the General Disclosure Package. 

7. Conditions of the Obligations of the Purchasers. The obligations of the several Purchasers to purchase and pay for the Offered
Securities on the Closing Date will be subject to the accuracy of the representations and warranties of the Company and the Guarantor herein (as though made on the Closing Date), to the accuracy of the statements of officers of the Company and the
Guarantor made pursuant to the provisions hereof, to the performance by the Company and the Guarantor of their respective obligations hereunder and to the following additional conditions precedent: 

  
 -15-

 (a) Accountants’ Comfort Letter. The Representative shall
have received letters, dated, respectively, the date hereof and the Closing Date, of Ernst & Young LLP and Deloitte & Touche LLP confirming that they are registered public accounting firms and independent public accountants within
the meaning of the Securities Laws and substantially in the form agreed to with the Representative (except that, in the letter dated the Closing Date, the specified date referred to in the letter shall be a date no more than three days prior to the
Closing Date). 
 (b) No Material Adverse Change. Subsequent to the Applicable Time,
there shall not have occurred (i) any change in the condition (financial or otherwise), results of operations, business, properties or prospects of the Company, Parent and the Subsidiaries taken as a whole which, in the judgment of the
Representative, is material and adverse and makes it impractical or inadvisable to proceed with the offering, sale or delivery of the Offered Securities; (ii) any downgrading in the rating of any debt securities of the Company or the Guarantor
by any “nationally recognized statistical rating organization” (as defined in Section 3(a)(62) under the Exchange Act), or any public announcement that any such organization has under surveillance or review its rating of any debt
securities of the Company or the Guarantor (other than an announcement with positive implications of a possible upgrading, and no implication of a possible downgrading, of such rating); (iii) any change in U.S. or international financial,
political or economic conditions or currency exchange rates or exchange controls the effect of which is such as to make it, in the judgment of the Representative, impractical to proceed with the offering, sale or delivery of or to enforce contracts
for the sale of the Offered Securities, whether in the primary market or in respect of dealings in the secondary market; (iv) any suspension or material limitation of trading in securities generally on the New York Stock Exchange, or any
setting of minimum or maximum prices for trading on such exchange; (v) or any suspension of trading of any securities of the Company or the Guarantor on any exchange or in the over-the-counter market; (vi) any banking moratorium declared
by any U.S. federal or New York authorities; (vii) any major disruption of settlements of securities, payment, or clearance services in the United States or any other country where such securities are listed or (viii) any attack on,
outbreak or escalation of hostilities or act of terrorism involving the United States, any declaration of war by the U.S. Congress or any other national or international calamity or emergency if, in the judgment of the Representative, the effect of
any such attack, outbreak, escalation, act, declaration, calamity or emergency is such as to make it impractical or inadvisable to proceed with the offering, sale or delivery of the Offered Securities or to enforce contracts for the sale of the
Offered Securities. 
 (c) Opinion of Counsel for Company and the Guarantor. The Representative shall have
received an opinion, dated the Closing Date, of Weil, Gotshal & Manges LLP, counsel for the Company and the Guarantor, substantially in the form attached hereto as Exhibit A. 

(d) Opinion of Counsel for Purchasers. The Representative shall have received from Davis Polk & Wardwell
LLP, counsel for the Purchasers, such opinion or opinions, dated the Closing Date, with respect to such matters as the Representative may require, and the Company shall have furnished to such counsel such documents as they request for the purpose of
enabling them to pass upon such matters. 
 (e) Officers’ Certificate. The Representative shall have
received a certificate, dated the Closing Date, of an executive officer of the Company and the Guarantor and a principal financial or accounting officer of the Company and the Guarantor in which such officers shall state that: the representations
and warranties of the Company and the Guarantor in this Agreement are true and correct; the Company and the Guarantor have complied with all agreements and satisfied all conditions on their parts to be performed or satisfied hereunder at or prior to
the Closing Date; and, subsequent to the dates of the most recent financial statements in the General Disclosure Package and the Final Offering Memorandum, there has been no material adverse change in the condition (financial or otherwise), results
of operations, business, properties or prospects of the Company, Parent and the Subsidiaries taken as a whole except as set forth in the General Disclosure Package and the Final Offering Memorandum or as described in such certificate. 

  
 -16-

 (f) Registration Rights Agreement. The Company and the Guarantor
shall have executed and delivered the Registration Rights Agreement, in form and substance reasonably satisfactory to the Purchasers, and the Purchasers shall have received such executed counterparts. 

(g) Real Property Deliverables. The Company shall deliver to the Collateral Agent on or prior to the Closing Date,
with respect to each parcel of real property owned by the Company or the Guarantor that is included in the Notes Collateral, each of the following, in form and substance reasonably satisfactory to the Representative: 

 

	 	i.	a fully executed Mortgage Amendment relating to each mortgage delivered in connection with the Existing Securities in form suitable for filing or recording and evidence
that a counterpart of such Mortgage Amendment has been submitted for recording in all filing or recording offices that the Representative may reasonably deem necessary or desirable and that all filing, documentary, stamp, intangible and recording
taxes and fees have been paid; 

  

	 	ii.	a fully paid policy or policies of title insurance relating to such mortgaged real property issued by a nationally-recognized title insurance company and in an amount
reasonably satisfactory to the Representative, insuring the lien of such Mortgage (as amended) to be a valid first lien on the mortgaged real property described therein, free and clear of all liens other than liens permitted pursuant to the
Indenture, together with coinsurance, reinsurance and such endorsements as are reasonably satisfactory to the Representative; and 

  

	 	iii.	an opinion of counsel, in the state in which such parcel of real property is located, from counsel reasonably satisfactory to the Representative with respect to such
matters as the Representative may require, substantially in the forms attached hereto as Exhibits C-1, C-2, C-3 and C-4. 

 The Company and the Guarantor will furnish the Purchasers with such conformed copies of such opinions, certificates, letters and documents as the Representative reasonably request. 

8. Indemnification and Contribution. (a) Indemnification of Purchasers. The Company and the Guarantor will jointly and
severally indemnify and hold harmless each Purchaser, its officers, employees, agents, partners, members, directors and its affiliates and each person, if any, who controls such Purchaser within the meaning of Section 15 of the Securities Act
or Section 20 of the Exchange Act (each, an “Indemnified Party”), against any and all losses, claims, damages or liabilities, joint or several, to which such Indemnified Party may become subject, under the Securities Act, the
Exchange Act, other Federal or state statutory law or regulation or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of
any material fact contained in any part of the Preliminary Offering Memorandum or the Final Offering Memorandum, in each case as amended or supplemented, or any Issuer Free Writing Communication (including with limitation, any Supplemental Marketing
Material), or arise out of or are based upon the omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and
will reimburse each Indemnified Party for any legal or other expenses reasonably incurred by such Indemnified Party in connection with investigating or defending against any loss, claim, damage, liability, action, litigation, investigation or
proceeding whatsoever (whether or not such Indemnified Party is a party thereto), whether threatened or commenced and in connection with the enforcement of this provision with respect to any of the above as such expenses are incurred; provided,
however, that the Company and the Guarantor will not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement in or omission or alleged
omission from any of such documents in reliance upon and in conformity with written information furnished to the Company by any Purchaser through the Representative specifically for use therein, it being understood and agreed that the only such
information furnished by any Purchaser consists of the information described as such in subsection (b) below. 

  
 -17-

 (b) Indemnification of Company. Each Purchaser will severally
and not jointly indemnify and hold harmless each of the Company, the Guarantor, each of their respective directors, each of their respective officers and each person, if any, who controls the Company or the Guarantor within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act (each, a “Purchaser Indemnified Party”), against any losses, claims, damages or liabilities to which such Purchaser Indemnified Party may become subject,
under the Securities Act, the Exchange Act, other Federal or state statutory law or regulation or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement
or alleged untrue statement of any material fact contained in the Preliminary Offering Memorandum or the Final Offering Memorandum, in each case as amended or supplemented, or any Issuer Free Writing Communication or arise out of or are based upon
the omission or alleged omission of a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading, in each case to the extent, but only to the extent, that such untrue
statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished to the Company by such Purchaser through the Representative specifically for use therein, and will
reimburse any legal or other expenses reasonably incurred by such Purchaser Indemnified Party in connection with investigating or defending against any such loss, claim, damage, liability, action, litigation, investigation or proceeding whatsoever
(whether or not such Purchaser Indemnified Party is a party thereto) whether threatened or commenced based upon any such untrue statement or omission, or any such alleged untrue statement or omission as such expenses are incurred, it being
understood and agreed that the only such information furnished by any Purchaser consists of the following information in the Preliminary Offering Memorandum and Final Offering Memorandum: under the caption “Plan of Distribution” paragraphs
10, 11 and 12 (Short Positions). 
 (c) Actions against Parties; Notification. Promptly after receipt by an indemnified
party under this Section of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 8, notify the indemnifying party of the
commencement thereof; but the failure to notify the indemnifying party shall not relieve it from any liability that it may have under subsection (a) or (b) above except to the extent that it has been materially prejudiced (through the
forfeiture of substantive rights or defenses) by such failure; and provided further that the failure to notify the indemnifying party shall not relieve it from any liability that it may have to an indemnified party otherwise than under subsection
(a) or (b) above. In case any such action is brought against any indemnified party and it notifies the indemnifying party of the commencement thereof, the indemnifying party will be entitled to participate therein and, to the extent that
it may wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party (who shall not, except with the consent of the indemnified party, be counsel to
the indemnifying party), and after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying party will not be liable to such indemnified party under this Section for any legal or
other expenses subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable costs of investigation. No indemnifying party shall, without the prior written consent of the indemnified party, effect any
settlement of any pending or threatened action in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party unless such settlement (i) includes an unconditional
release of such indemnified party from all liability on any claims that are the subject matter of such action and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any
indemnified party. 
 (d) Contribution. If the indemnification provided for in this Section is unavailable or insufficient
to hold harmless an indemnified party in respect of any losses, claims, damages or liabilities referred to herein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of the losses,
claims, damages or liabilities referred to herein (i) in such proportion as is appropriate to reflect the relative benefits received by the Company and the Guarantor on 

  
 -18-

 
the one hand and the Purchasers on the other from the offering of the Offered Securities or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in
such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Company and the Guarantor on the one hand and the Purchasers on the other in connection with the
statements or omissions which resulted in such losses, claims, damages or liabilities as well as any other relevant equitable considerations. The relative benefits received by the Company and the Guarantor on the one hand and the Purchasers on the
other shall be deemed to be in the same proportion as the total net proceeds from the offering (before deducting expenses) received by the Company bear to the total discounts and commissions received by the Purchasers from the Company under this
Agreement. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by
the Company and the Guarantor or the Purchasers and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. The amount paid by an indemnified party as a result of
the losses, claims, damages or liabilities referred to in the first sentence of this subsection (d) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or
defending any action or claim which is the subject of this subsection (d). Notwithstanding the provisions of this subsection (d), no Purchaser shall be required to contribute any amount in excess of the amount by which the total price at which the
Offered Securities purchased by it were resold exceeds the amount of any damages which such Purchaser has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Purchasers’ obligations in this
subsection (d) to contribute are several in proportion to their respective purchase obligations and not joint. The Company, the Guarantor and the Purchasers agree that it would not be just and equitable if contribution pursuant to this
Section 8(d) were determined by pro rata allocation (even if the Purchasers were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to in this
Section 8(d). 
 9. Default of Purchasers. If any Purchaser or Purchasers default in their obligations to purchase
Offered Securities hereunder on the Closing Date and the aggregate principal amount of Offered Securities that such defaulting Purchaser or Purchasers agreed but failed to purchase does not exceed 10% of the total principal amount of Offered
Securities that the Purchasers are obligated to purchase on the Closing Date, the Representative may make arrangements satisfactory to the Company for the purchase of such Offered Securities by other persons, including any of the Purchasers, but if
no such arrangements are made by the Closing Date, the non-defaulting Purchasers shall be obligated severally, in proportion to their respective commitments hereunder, to purchase the Offered Securities that such defaulting Purchasers agreed but
failed to purchase on the Closing Date. If any Purchaser or Purchasers so default and the aggregate principal amount of Offered Securities with respect to which such default or defaults occur exceeds 10% of the total principal amount of Offered
Securities that the Purchasers are obligated to purchase on the Closing Date and arrangements satisfactory to the Representative and the Company for the purchase of such Offered Securities by other persons are not made within 36 hours after
such default, this Agreement will terminate without liability on the part of any non-defaulting Purchaser or the Company, except as provided in Section 10. As used in this Agreement, the term “Purchaser” includes any person
substituted for a Purchaser under this Section. Nothing herein will relieve a defaulting Purchaser from liability for its default. 
 10. Survival of Certain Representations and Obligations. The respective indemnities, agreements, representations, warranties and other statements of the Company, the Guarantor or their respective
officers and of the several Purchasers set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation, or statement as to the results thereof, made by or on behalf of any Purchaser, the Company,
the Guarantor or any of their respective representatives, officers or directors or any controlling person, and will survive delivery of and payment for the Offered Securities. If the purchase of the Offered Securities by the Purchasers is not
consummated for any reason other than solely because of the termination of this Agreement pursuant to Section 9 hereof, the Company 

  
 -19-

 
will reimburse the Purchasers for all out-of-pocket expenses (including fees and disbursements of counsel) reasonably incurred by them in connection with the offering of the Offered Securities,
and the respective obligations of the Company, the Guarantor and the Purchasers pursuant to Section 8 hereof shall remain in effect. For the avoidance of doubt, if this Agreement is terminated pursuant to Section 9 hereof, the respective
obligations of the Company, the Guarantor and the Purchasers pursuant to Section 8 hereof shall remain in effect. In addition, if any Offered Securities have been purchased hereunder, the representations and warranties in Section 2 and all
obligations under Section 5 shall also remain in effect. 
 11. Notices. All communications hereunder will be in
writing and, if sent to the Purchasers, will be mailed, delivered or faxed and confirmed to Merrill Lynch, Pierce, Fenner & Smith Incorporated, One Bryant Park, New York, NY 10036, Fax: (212) 901-7897, Attention: High Grade Transaction
Management/Legal; or, if sent to the Company or the Guarantor, will be mailed, delivered or faxed and confirmed to it at AK Steel Corporation, 9227 Centre Pointe Drive, West Chester, OH 45069, Attention: General Counsel; provided, however, that
any notice to an Purchaser pursuant to Section 8 will be mailed, delivered or telegraphed and confirmed to such Purchaser. 

In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), the
Purchasers are required to obtain, verify and record information that identifies their respective clients, including the Company, which information may include the name and address of their respective clients, as well as other information that will
allow the Purchasers to properly identify their respective clients. 
 12. Successors. This Agreement will inure to
the benefit of and be binding upon the parties hereto and their respective successors and the officers and directors and controlling persons referred to in Section 8, and no other person will have any right or obligation hereunder, except that
holders of Offered Securities shall be entitled to enforce the agreements for their benefit contained in the second and third sentences of Section 5(b) hereof against the Company as if such holders were parties thereto. 

13. Representation of Purchasers. You will act for the several Purchasers in connection with this purchase, and any action under
this Agreement taken by you jointly or individually will be binding upon all the Purchasers. 
 14. Counterparts. This
Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute one and the same Agreement. 

15. Absence of Fiduciary Relationship. The Company and the Guarantor acknowledge and agree that: 

(a) No Other Relationship. The Purchasers have been retained solely to act as Purchasers in connection with the sale of Offered
Securities and that no fiduciary, advisory or agency relationship between the Company and the Guarantor, on the one hand, and the Purchasers, on the other hand, has been created in respect of any of the transactions contemplated by this Agreement or
the Final Offering Memorandum, irrespective of whether the Purchasers have advised or is advising the Company or the Guarantor on other matters; 
 (b) Arms’ Length Negotiations. The price of the Offered Securities set forth in this Agreement was established by the Company following discussions and arms-length negotiations with the
Purchasers, and the Company and the Guarantor are capable of evaluating and understanding and understand and accept the terms, risks and conditions of the transactions contemplated by this Agreement; 

(c) Absence of Obligation to Disclose. The Company and the Guarantor have been advised that the Purchasers and their affiliates are
engaged in a broad range of transactions which may involve interests that differ from those of the Company and the Guarantor and that the Purchasers have no obligation to disclose such interests and transactions to the Company or the Guarantor by
virtue of any fiduciary, advisory or agency relationship; and 

  
 -20-

 (d) Waiver. The Company and the Guarantor waive, to the fullest extent permitted by
law, any claims they may have against the Purchasers for breach of fiduciary duty or alleged breach of fiduciary duty and agree that the Purchasers shall have no liability (whether direct or indirect) to the Company or the Guarantor in respect of
such a fiduciary duty claim or to any person asserting a fiduciary duty claim on behalf of or in right of the Company or the Guarantor, including stockholders, employees or creditors of the Company or the Guarantor. 

16. Applicable Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State
of New York. 
 The Company and the Guarantor hereby submit to the non-exclusive jurisdiction of the Federal and state courts
in the Borough of Manhattan in The City of New York in any suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. The Company and the Guarantor irrevocably and unconditionally waive any objection to
the laying of venue of any suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby in Federal and state courts in the Borough of Manhattan in The City of New York and irrevocably and unconditionally
waive and agree not to plead or claim in any such court that any such suit or proceeding in any such court has been brought in an inconvenient forum. 

  
 -21-

 EXECUTION VERSION 
 If the foregoing is in accordance with the Purchasers’ understanding of our agreement, kindly sign and return to us one of the counterparts hereof, whereupon it will become a binding agreement
between the Company, the Guarantor and the several Purchasers in accordance with its terms. 
  

			
	Very truly yours,
	
	AK STEEL CORPORATION
		
	By:	 	/s/ David E. Westcott
		 	Name: David E. Westcott
		 	Title: Treasurer

  

			
	 AK STEEL HOLDING CORPORATION,

as Parent and Guarantor

		
	By:	 	/s/ David E. Westcott
		 	Name: David E. Westcott
		 	Title: Treasurer

  
 [Signature
Page to Purchase Agreement] 

					
	 The foregoing Purchase Agreement
         is hereby confirmed and accepted

        as of the date first above written.

	
	MERRILL LYNCH, PIERCE, FENNER & SMITH
		 		 	INCORPORATED
			
		 	By:	 	/s/ Mark W. Kushemba
		 		 	Name: Mark W. Kushemba
		 		 	Title: Director
	
	         Acting on behalf of itself

        and as the Representative of
         the several Purchasers

  

  
 [Signature
Page to Purchase Agreement] 

 SCHEDULE A 

 

					
	 Purchaser
	  	Principal Amount of
Offered Securities	 
	 Merrill Lynch, Pierce, Fenner & Smith Incorporated
	  	$	30,000,000	  
	 Total
	  	$	30,000,000	  
		  	  
	  
	 

  
 -24-

 SCHEDULE B 
 Issuer Free Writing Communications (included in the General Disclosure Package) 
 1. Final
Term Sheet, dated June 19, 2013, a copy of which is attached hereto as Exhibit B-1. 

  
 -25-

 Exhibit B-1 
 AK Steel Corporation 
 Pricing Term Sheet 

$30,000,000 8.750% Senior Secured Notes due 2018 
  

			
		
	Issuer:	  	AK Steel Corporation
		
	Security Type:	  	Senior Secured Notes (the “Notes”)
		
	Principal Amount:	  	US $30,000,000
		
	Maturity:	  	December 1, 2018
		
	Coupon:	  	8.750%
		
	Price to Public:	  	106.5%, plus accrued and unpaid interest from June 1, 2013
		
	Yield to Worst:	  	7.017%
		
	Interest Payment Dates:	  	June 1 and December 1, commencing December 1, 2013
		
	Optional Redemption:	  	 At any time prior to December 1, 2015, the Notes will be redeemable at AK Steel’s option, in whole or in part, at a redemption
price equal to 100% of the principal amount of Notes being redeemed plus a “make-whole” premium of the Treasury Rate as of such redemption date plus 50 basis points plus accrued and unpaid interest to the redemption date.

 
 The Notes will be redeemable at AK Steel’s option, in whole or in part, at any
time on or after December 1, 2015 at the redemption price for the Notes (expressed as a percentage of principal amount) set forth below, plus accrued and unpaid interest to the redemption date, if redeemed during the twelve-month period commencing
on December 1 of the years indicated below:

  

					
	 Year
	  	Redemption Price	 
	 2015
	  	 	104.375	% 
	 2016
	  	 	102.188	% 
	 2017 and thereafter
	  	 	100.000	% 

  

					
		  		  	At any time prior to December 1, 2015, AK Steel may redeem up to 35% of the principal amount of the Notes (including the existing Notes, the Notes offered hereby and any additional
Notes) with the net cash proceeds of offerings of AK Holding’s shares of common stock at a redemption price of 108.750% of the principal amount of the Notes, plus accrued and unpaid interest to the redemption date, if any; provided that
at least 65% of the aggregate principal amount of Notes originally issued remains outstanding after the redemption.

			
		
	CUSIP/ISIN:	  	 U00974 AC6 / USU00974AC68 (Regulation S)
 001546AQ3 / US001546AQ33 (Rule 144A)

		
	Distribution:	  	144A / Reg S with Registration Rights
		
	Pricing Date:	  	June 19, 2013
		
	Settlement Date:	  	June 24, 2013 (T + 3)
		
	Sole Book-Running Manager:	  	 Merrill Lynch, Pierce, Fenner & Smith

Incorporated

 The information in this Pricing Term Sheet dated June 19, 2013 (the “Pricing Supplement”) to the
Preliminary Offering Memorandum dated June 19, 2013 (the “Preliminary Offering Memorandum”) supplements the Preliminary Offering Memorandum and supersedes the information in the Preliminary Offering Memorandum to the extent
inconsistent with the information in the Preliminary Offering Memorandum. In all other respects, this term sheet is qualified in its entirety by reference to the Preliminary Offering Memorandum. 

This communication is confidential and is intended for the sole use of the person to whom it is provided by the sender. The information in this
communication does not purport to be a complete description of these Notes or the offering. Please refer to the Preliminary Offering Memorandum for a more complete description. 
 This communication shall not constitute an offer to sell or the solicitation of an offer to buy securities nor shall there be any sale of these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification under the laws of any such jurisdiction. 
 The Notes have
not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or the laws of any other place. The Notes may not be offered or sold in the United States or to U.S. persons (as defined in Regulation S) except in
transactions exempt from, or not subject to, the registration requirements of the Securities Act and are being offered only (1) to “qualified institutional buyers” as defined in Rule 144A under the Securities Act and (2) outside
the United States to non-U.S. persons in compliance with Regulation S under the Securities Act. 
 June 19, 2013

 SCHEDULE C 
 Security Agreements 
  

	1.	Security Agreement between the Company and U.S. Bank National Association. 

 

	2.	Collateral Trust Agreement between the Company and U.S. Bank National Association. 

 

	3.	Blocked Account Control Agreement between the Company, U.S. Bank National Association, as Collateral Agent, and U.S. Bank National Association as Depositary Bank.

  

	4.	Mortgages over the Company’s owned real properties constituting Notes Collateral located in Ashland, KY; Coshocton, OH; Mansfield, OH; Middletown, OH; Zanesville,
OH; Rockport, IN; and Butler, PA. 

  

	5.	Mortgage Amendments over the Company’s owned real properties constituting Notes Collateral located in Ashland, KY; Coshocton, OH; Mansfield, OH; Middletown, OH;
Zanesville, OH; Rockport, IN; and Butler, PA. 

 ANNEX I 
 Resale Pursuant to Regulation S or Rule 144A. Each Purchaser understands that: 
 Such
Purchaser agrees that it has not offered or sold and will not offer or sell the Offered Securities in the United States or to, or for the benefit or account of, a U.S. person (other than a distributor), in each case, as defined in Rule 902 of
Regulation S (i) as part of its distribution at any time and (ii) otherwise until 40 days after the later of the commencement of the offering of the Offered Securities pursuant hereto and the Closing Date, other than in accordance
with Regulation S or another exemption from the registration requirements of the Securities Act. Such Purchaser agrees that, during such 40-day restricted period, it will not cause any advertisement with respect to the Offered Securities
(including any “tombstone” advertisement) to be published in any newspaper or periodical or posted in any public place and will not issue any circular relating to the Offered Securities, except such advertisements as are permitted by and
include the statements required by Regulation S. 
 Such Purchaser agrees that, at or prior to confirmation of a sale of Offered Securities
by it to any distributor, dealer or person receiving a selling concession, fee or other remuneration during the 40-day restricted period referred to in Rule 903 of Regulation S, it will send to such distributor, dealer or person receiving
a selling concession, fee or other remuneration a confirmation or notice to substantially the following effect: 
 “The
Securities covered hereby have not been registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered and sold within the United States or to, or for the account or benefit of, U.S. persons
(i) as part of your distribution at any time or (ii) otherwise until 40 days after the later of the date the Securities were first offered to persons other than distributors in reliance upon Regulation S and the Closing Date, except
in either case in accordance with Regulation S under the Securities Act (or in accordance with Rule 144A under the Securities Act or to accredited investors in transactions that are exempt from the registration requirements of the Securities
Act), and in connection with any subsequent sale by you of the Securities covered hereby in reliance on Regulation S under the Securities Act during the period referred to above to any distributor, dealer or person receiving a selling
concession, fee or other remuneration, you must deliver a notice to substantially the foregoing effect. Terms used above have the meanings assigned to them in Regulation S under the Securities Act.” 

 EXHIBIT A 
 Form of Opinion from Weil, Gotshal & Manges LLP 
 June [ ], 2013 

Merrill Lynch, Pierce, Fenner & Smith Incorporated 
 One Bryant Park 
 New York, NY 10036 
 Ladies and Gentlemen: 
 We have acted as counsel to AK Steel Corporation (the
“Company”) and AK Steel Holding Corporation (“Parent” and together with the Company, the “Companies”) in connection with the preparation, authorization, execution and delivery
of, and the consummation of the transactions contemplated by, the purchase agreement, dated June [ ], 2013 (the “Agreement”) between the Companies and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as initial
purchaser (the “Initial Purchaser”), relating to the issuance by the Company of $30,000,000 aggregate principal amount of its 8.750% Senior Secured Notes due 2018 (the “Notes”). The Notes are being
issued pursuant to an indenture, dated as of November 20, 2012 (the “Indenture”), among the Companies and U.S. Bank National Association, as trustee (the “Trustee”). The Company’s obligations
under the Indenture and the Notes are guaranteed by Parent, and such guarantee (the “Guarantee”) is set forth in the Indenture. The Notes are required to be exchanged for new notes (the “Exchange
Notes” and the guarantee by Parent thereof, the “Exchange Guarantee”) in accordance with the terms and conditions of the Registration Rights Agreement, dated as of June [ ], 2013 (the “Registration
Rights Agreement”), among the Companies and the Initial Purchaser. This opinion is being rendered to you pursuant to Section 7(c) of the Agreement. Capitalized terms defined in the Agreement and used (but not otherwise defined)
herein are used herein as so defined. 
 In so acting, we have examined originals or copies (certified or otherwise identified to our
satisfaction) of (i) the Agreement; (ii) the Indenture; (iii) executed copies of global certificates representing the Notes; (iv) the Guarantee; (v) the Preliminary Offering Memorandum, dated June [ ], 2013 (the
“Preliminary Offering Memorandum”); (vi) the written communications identified in Schedule B to the Agreement (together with the Preliminary Offering Memorandum, the “Time of Sale Documents”)
(vii) the Final Offering Memorandum, dated June [ ], 2013 (the “Offering Memorandum”); (viii) the certificate of incorporation of each of the Companies; (ix) the by-laws of each of the Companies; (x) the
Registration Rights Agreement; (xi) the Security Agreement, dated as of November 20, 2012 (the “Security Agreement”), among the Company and U.S. Bank National Association, as collateral agent (the
“Collateral Agent”); (xii) the Collateral Trust Agreement, dated as of November 20, 2012 (the “Collateral Trust Agreement”), among the Company, the Trustee and the Collateral Agent;
(xiii)

 
the Blocked Account Control Agreement, dated as of November 20, 2012 (the “Control Agreement” and together with the Security Agreement and the Collateral Trust
Agreement, the “Security Documents”) among the Company, the Collateral Agent and U.S. Bank National Association as depositary bank (the “Bank”), (xiv) the financing statements on Form UCC-1
attached hereto as Schedule A (the “Delaware Financing Statements”) and (xv) such corporate records, agreements, documents and other instruments, and such certificates or comparable documents of public officials and of
officers and representatives of the Companies, and have made such inquiries of such officers and representatives, as we have deemed relevant and necessary as a basis for the opinions hereinafter set forth. 

In such examination, we have assumed the genuineness of all signatures, the legal capacity of all natural persons, the authenticity of all documents
submitted to us as originals, the conformity to original documents of all documents submitted to us as certified, conformed or photostatic copies and the authenticity of the originals of such latter documents. As to all questions of fact material to
these opinions that have not been independently established, we have relied upon certificates or comparable documents of officers and representatives of the Companies and upon the representations and warranties of the Companies contained in the
Agreement. As used herein, “to our knowledge” and “of which we are aware” mean the conscious awareness of facts or other information by any lawyer in our firm actively involved in the transactions contemplated by the Agreement,
after consultation with such other lawyers in our firm as each such actively involved lawyer has deemed appropriate. 
 Based on the foregoing,
and subject to the qualifications stated herein, we are of the opinion that: 
 1. Each of the Companies is a corporation validly existing and in
good standing under the laws of the State of Delaware and each of the Companies has all requisite corporate power and authority to own, lease and operate its properties and to carry on its business as now being conducted. 

2. Each of the Companies has all requisite corporate power and authority to execute and deliver the Agreement and to perform its obligations thereunder.
The execution, delivery and performance of the Agreement by the Companies have been duly authorized by all necessary corporate action on the part of each of the Companies. The Agreement has been duly and validly executed and delivered by each of the
Companies. 
 3. Each of the Companies has all requisite corporate power and authority to execute and deliver the Indenture and to perform its
obligations thereunder. The execution, delivery and performance of the Indenture by the Companies have been duly authorized by all necessary corporate action on its part. The Indenture has been duly and validly executed and delivered by the
Companies and (assuming the due authorization, execution and delivery thereof by the Trustee) constitutes the legal, valid and binding obligation of each of the Companies, enforceable against each of them in accordance with its terms, subject to
applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors’ rights and remedies generally, and subject, as to enforceability, to general principles of equity,

 
including principles of commercial reasonableness, good faith and fair dealing (regardless of whether enforcement is sought in a proceeding at law or in equity). No opinion is expressed in this
paragraph as to the attachment, perfection or priority of any liens granted pursuant to the Indenture. 
 4. The Company has all requisite
corporate power and authority to execute and deliver the Notes and to perform its obligations thereunder. The execution, delivery and performance of the Notes by the Company have been duly authorized by all necessary corporate action on the part of
the Company. The Notes have been duly and validly executed and when delivered to and paid for by the Initial Purchaser in accordance with the terms of the Agreement (assuming the due authentication thereof by the Trustee) will constitute the legal,
valid and binding obligations of the Company, enforceable against it in accordance with their terms and will be entitled to the benefits of the Indenture, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium and similar laws affecting creditors’ rights and remedies generally, and subject, as to enforceability, to general principles of equity, including principles of commercial reasonableness, good faith and fair dealing (regardless of
whether enforcement is sought in a proceeding at law or in equity). 
 5. Parent has all requisite corporate power and authority to execute and
deliver the Guarantee and to perform its obligations thereunder. The execution, delivery and performance of the Guarantee by Parent have been duly authorized by all necessary corporate action on the part of Parent. The Guarantee has been duly and
validly executed and delivered by Parent and, when the Notes have been duly authenticated by the Trustee in accordance with the Indenture and delivered to and paid for by the Initial Purchaser in accordance with the terms of the Agreement, will
constitute the legal, valid and binding obligation of Parent, enforceable against Parent in accordance with its terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting
creditors’ rights and remedies generally, and subject, as to enforceability, to general principles of equity, including principles of commercial reasonableness, good faith and fair dealing (regardless of whether enforcement is sought in a
proceeding at law or in equity). 
 6. Each of the Companies has all requisite corporate power and authority to execute and deliver the
Registration Rights Agreement and to perform its obligations thereunder. The execution, delivery and performance of the Registration Rights Agreement by the Companies have been duly authorized by all necessary corporate action on the part of each of
the Companies. The Registration Rights Agreement has been duly and validly executed and delivered by the Companies and (assuming the due authorization, execution and delivery thereof by the other parties thereto) constitutes the legal, valid and
binding obligations of each of the Companies, enforceable against each of them in accordance with their terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors’
rights and remedies generally, and subject, as to enforceability, to general principles of equity, including principles of commercial reasonableness, good faith and fair dealing (regardless of whether enforcement is sought in a proceeding at law or
in equity) except that rights to indemnification and contribution thereunder may be limited by federal or state securities laws or public policy relating thereto. 

 7. The Company has all requisite corporate power and authority to execute and deliver the Exchange Notes and
to perform its obligations thereunder. The execution, delivery and performance of the Exchange Notes by the Company have been duly authorized by all necessary corporate action on the part of the Company. When the Exchange Notes have been duly and
validly executed and delivered by the Company in accordance with the terms of the Registration Rights Agreement and the Exchange Offer (assuming the due authentication thereof by the Trustee) they will constitute the legal, valid and binding
obligations of the Company, enforceable against it in accordance with their terms and will be entitled to the benefits of the Indenture, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws
affecting creditors’ rights and remedies generally, and subject, as to enforceability, to general principles of equity, including principles of commercial reasonableness, good faith and fair dealing (regardless of whether enforcement is sought
in a proceeding at law or in equity). 
 8. Parent has all requisite corporate power and authority to execute and deliver the Exchange Guarantee
and to perform its obligations thereunder. The execution, delivery and performance of the Exchange Guarantee by Parent have been duly authorized by all necessary corporate action on the part of Parent. When the Exchange Notes have been duly and
validly executed and delivered by the Company in accordance with the terms of the Registration Rights Agreement and the Exchange Offer (assuming the due authentication thereof by the Trustee), the Exchange Guarantee will constitute the legal, valid
and binding obligation of Parent, enforceable against it in accordance with their terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors’ rights and remedies
generally, and subject, as to enforceability, to general principles of equity, including principles of commercial reasonableness, good faith and fair dealing (regardless of whether enforcement is sought in a proceeding at law or in equity).

 9. The Company has all requisite corporate power and authority to execute and delivery the Security Documents and to perform its obligations
thereunder. The execution, delivery and performance of the Security Documents by the Company have been duly authorized by all necessary corporate action on the part of the Company. The Security Documents have been duly and validly executed and
delivered by the Company and (assuming the due authorization, execution and delivery thereof by the other parties party thereto) constitute the legal, valid and binding obligations of the Company, enforceable against it in accordance with their
terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors’ rights and remedies generally, and subject, as to enforceability, to general principles of equity,
including principles of commercial reasonableness, good faith and fair dealing (regardless of whether enforcement is sought in a proceeding at law or in equity) and except that certain remedial provisions of the Security Agreement are or may be
unenforceable in whole or in part under the laws of the State of New York, but the inclusion of such provisions does not affect the validity of the Security Agreement, and the Security Agreement contains adequate provisions for the practical
realization of the rights and benefits afforded thereby. No opinion is expressed in this paragraph as to the attachment, perfection or priority of any liens granted pursuant to the Security Documents. 

 10. The execution and delivery by each of the Companies of the Agreement, the Indenture, the Notes, the
Guarantee, the Registration Rights Agreement, the Exchange Notes and the Security Documents, as applicable, and the performance by each of the Companies of its respective obligations thereunder will not conflict with, constitute a breach of or
default under or violate (i) any of the terms, conditions or provisions of its certificate of incorporation or by-laws; (ii) any of the terms, conditions or provisions of any document, agreement or other instrument listed on Schedule B
hereto, (iii) Delaware corporate, New York or federal law (other than federal and state securities or blue sky laws, as to which we express no opinion in this paragraph), or (iv) any judgment, writ, injunction, decree, order or ruling of
any court or governmental authority binding on it of which we are aware. 
 11. No consent, approval, waiver, license or authorization or other
action by or filing with any Delaware corporate, New York or federal governmental authority is required in connection with the execution and delivery by the Companies of the Agreement, the Indenture, the Notes, the Guarantee, the Registration Rights
Agreement, the Exchange Notes and the Security Documents, the consummation by the Companies of the transactions contemplated thereby or the performance by the Companies of their respective obligations thereunder, except for federal and state
securities or blue sky laws, as to which we express no opinion in this paragraph, those already obtained. 
 12. Except as set forth in the Time
of Sale Documents, the Offering Memorandum or the documents incorporated by reference therein, to our knowledge, there is no litigation, proceeding or governmental investigation pending or overtly threatened against Parent or any of its subsidiaries
that relates to any of the transactions contemplated by the Agreement or which, if adversely determined, would have a material adverse effect on the business, assets or financial condition of Parent and its subsidiaries taken as a whole. 

13. (a) The security interests created by the Security Agreement continue to be valid security interests in the Collateral (as defined in the Security
Agreement), as security for the Secured Obligations (as defined in the Security Agreement), including the Notes. In reliance upon acknowledgement copies of the Delaware Financing Statements, and assuming that the Delaware Financing Statements have
not been released, amended or terminated, such security interests continue to be perfected, to the extent a security interest in the Collateral may be perfected by the filing of a financing statement under the Uniform Commercial Code of the State of
Delaware (the “DE UCC”). 
 (b) The security interests created by the Security Agreement continue to be valid security
interests in the Collateral Proceeds Account described therein. We have assumed that (i) the Bank’s jurisdiction (within the meaning of Section 9-304(b)) of the UCC is the State of New York (the “NY UCC” and,
together with the DE UCC, the “UCC”) and (ii) the Collateral Proceeds Account is a “deposit account” as defined in Section 9-102(a)(29) of the NY UCC. 

 The opinions in subparagraph (a) (and, with respect to clauses (A) and (B) below, the
opinions in subparagraph (b)) are subject to the following exceptions: 
 A. that with respect to rights in the Collateral of the Company, we
express no opinion, and have assumed that the Company has rights in the Collateral; 
 B. that with respect to any Collateral as to which the
perfection of a lien or security interest is governed by the laws of any jurisdiction other than the States of Delaware and New York, we express no opinion; 
 C. that with respect to any Collateral which is or may become fixtures (as defined in Section 9-102(a)(41) of the UCC) or a commercial tort claim (as defined in Section 9-102(a)(13) of the UCC),
we express no opinion. 
 In addition, the opinions in this paragraph 13 are subject to (i) the limitations on perfection of security
interests in proceeds resulting from the operation of Section 9-315 of the UCC; (ii) the limitations with respect to buyers in the ordinary course of business imposed by Sections 9-318 and 9-320 of the UCC; (iii) the limitations with
respect to documents, instruments and securities imposed by Sections 8-302, 9-312 and 9-331 of the UCC; (iv) the provisions of Section 9-203 of the UCC relating to the time of attachment; and (v) Section 552 of Title 11 of the
United States Code (the “Bankruptcy Code”) with respect to any Collateral acquired by any Company subsequent to the commencement of a case against or by the Company under the Bankruptcy Code. 

We further assume that all filings will be timely made and duly filed as necessary (i) in the event of a change in the name, identity or corporate
structure of the Company, (ii) in the event of a change in the location of any Company and (iii) to continue to maintain the effectiveness of the original filings. 
 14. Assuming (i) the representations of the Initial Purchaser and the Companies contained in the Agreement are true, correct and complete; (ii) compliance by the Initial Purchaser and the
Companies with their respective covenants set forth in the Agreement; (iii) the accuracy of the representations and warranties made in accordance with the Agreement and the Offering Memorandum by purchasers to whom the Initial Purchaser
initially resells the Notes; and (iv) that purchasers to whom the Initial Purchaser initially resells the Notes receive a copy of the Offering Memorandum prior to such sale or a preliminary offering memorandum containing a section captioned
“Notice to Investors” that is substantially similar to the section captioned “Notice to Investors” in the Offering Memorandum, it is not necessary in connection with the offer, sale and delivery of the Notes to the Initial
Purchaser pursuant to the Agreement or the offer and resales of the Notes by the Initial Purchaser, in the manner contemplated by the Agreement and described in the Offering Memorandum, to register the Notes under the Securities Act of 1933 (it
being understood that we express no opinion with respect to any subsequent reoffer or resale of the Notes), or to qualify the Indenture under the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”).

 15. The Indenture conforms in all material respects to the requirements of the Trust Indenture Act and the rules and regulations of the
Commission applicable to an indenture which is qualified thereunder. 

 16. The statements in the Time of Sale Documents and the Offering Memorandum under the captions
“Description of the Notes” and “Description of Certain Indebtedness,” in each case insofar as such statements constitute summaries of the legal matters or documents referred to therein, fairly summarize the matters referred to
therein in all material respects. 
 17. The statements in the Time of Sale Documents and the Offering Memorandum under the caption “U.S.
Federal Income Tax Consequences,” insofar as they constitute statements of United States federal income tax law or legal conclusions with respect thereto, and subject to the limitations set forth therein, fairly summarize the matters referred
to therein in all material respects. 
 18. Neither of the Companies is, and immediately after giving effect to the sale of the Notes and the
application of the proceeds thereof as described in the Offering Memorandum neither will be, an “investment company” as defined in the Investment Company Act of 1940, as amended. 
 The opinions expressed herein are limited to the laws of the State of New York, the corporate laws of the State of Delaware, Articles 8 and 9 of the DE UCC and the federal laws of the United States, and
we express no opinion as to the effect on the matters covered by this letter of the laws of any other jurisdiction. 
 The opinions expressed
herein are rendered solely for your benefit in connection with the transactions described herein. Those opinions may not be used or relied upon by any other person, nor may this letter or any copies hereof be furnished to a third party, filed with a
governmental agency, quoted, cited or otherwise referred to without our prior written consent. 
 Very truly yours, 

 Form of 10b-5 letter from Weil, Gotshal & Manges LLP 

June [ ], 2013 
 Merrill Lynch, Pierce,
Fenner & Smith Incorporated 
 One Bryant Park 
 New York, NY 10036 
 Ladies and Gentlemen: 

Reference is made to the Preliminary Offering Memorandum, dated June [ ], 2013 (the “Preliminary Offering Memorandum”) and the
Offering Memorandum, dated June [ ], 2013 (the “Offering Memorandum”), relating to the 8.750% Senior Secured Notes due 2018 (the “Securities”) of AK Steel Corporation (the
“Company”), as to which we have acted as counsel to the Company. We refer to the Preliminary Offering Memorandum, taken together with the term sheet and other documents listed on Schedule A hereto, as the “Pricing
Disclosure Package.” We refer to the Preliminary Offering Memorandum, the term sheet and other documents listed on Schedule A hereto, and the Offering Memorandum as the “Offering Documents.” This letter is
furnished to you pursuant to Section [7(c)] of the Purchase Agreement, dated as of June [ ], 2013, among the Company, AK Steel Holding Corporation, as guarantor, and you, as the initial purchaser (the “Agreement”).
Capitalized terms defined in the Agreement and used (but not otherwise defined) herein are used herein as so defined. 

The primary purpose of our professional engagement was not to establish or confirm factual matters or financial or quantitative
information, and many determinations involved in the preparation of the Offering Documents are of a non-legal character. In addition, we have not undertaken any obligation to verify independently any of the factual matters set forth in the Offering
Documents or in the documents incorporated by reference therein (the “Incorporated Documents”). Consequently, we are not passing upon and do not assume any responsibility for the accuracy, completeness or fairness of the
statements contained or incorporated by reference in the Offering Documents (other than as stated in paragraphs 16 and 17 of our opinion of even date herewith). Also, we do not make any statement herein with respect to any of the financial
statements and related notes thereto, the financial statement schedules or the financial or accounting data contained or incorporated by reference in the Offering Documents. 
 We have reviewed the Offering Documents (including the Incorporated Documents) and we have participated in conferences with representatives of the Company, its independent public accountants, you and your
counsel, at which conferences the contents of the Offering Documents, the Incorporated Documents and related matters were discussed. However, we did not participate in the preparation of the Incorporated Documents. 

 Subject to the foregoing, we confirm to you that, on the basis of the information we gained in the course of
performing the services referred to above, no facts have come to our attention which cause us to believe that the Pricing Disclosure Package (including the Incorporated Documents), as of [6:30] PM on June [ ], 2013, contained any untrue statement of
a material fact or omitted to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, or the Offering Memorandum (including the Incorporated Documents),
as of its date or as of the date hereof, contained or contains any untrue statement of a material fact or omitted or omits to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading. 
 The statements made herein are set forth solely for your benefit and are addressed to you solely in your
capacity as the initial purchaser of the Securities. Neither this letter nor any of such statements may be used or relied upon by, or assigned to, any other person (including any subsequent purchaser or transferee of the Securities), and neither
this letter nor any copies hereof may be furnished to any other person, filed with a governmental agency, quoted, cited or otherwise referred to without our prior written consent. 
 Very truly yours, 

 EXHIBIT C-1 
 Form of Opinion from Indiana Counsel 
 [TO BE PLACED ON LETTERHEAD OF WYATT,
TARRANT & COMBS, LLP] 
 June [        ], 2013 

U.S. Bank National Association, as 

        Collateral Agent for the benefit of 
         the Secured Parties, as described 

        in the Mortgage 
 c/o U.S. Bank National Association 
 425 Walnut Street, 6th Floor 
 Cincinnati, OH 45202 
 Attn: Corporate Trust Department 

Re: The Mortgage Amendment and other Documents (as defined below) 
 Ladies and Gentlemen: 
 We have acted as special legal counsel in the State of
Indiana (the “State”) in connection with the original closing of the transactions contemplated by that certain Indenture dated as of November 20, 2012 (the “Indenture”), entered into among AK
Steel Corporation, a Delaware corporation, as the Company described therein (the “Mortgagor”), AK Steel Holding Corporation, a Delaware corporation, as the Parent Guarantor described therein (the
“Guarantor”), U.S. Bank National Association (“U.S. Bank”), as the Trustee described therein (U.S. Bank, when acting in such capacity, is referred to herein as the “Trustee”),
and U.S. Bank, as the Collateral Agent for the Secured Parties (U.S. Bank, when acting in such capacity, is referred to herein as the “Collateral Agent”), and in connection with the delivery of the mortgage more particularly
described in Schedule I attached hereto (the “Mortgage”). Certain initially capitalized terms used but not defined herein shall have the respective meanings assigned to them in the Mortgage. 

As legal counsel in the State to Mortgagor as described above, we have examined copies each of the following documents: [i] the
Indenture; [ii] the Mortgage; [iii] the Security Agreement dated as of November 20, 2012 (the “Security Agreement”), entered into among Mortgagor, the other grantors party thereto and the Collateral Agent; [iv] the
Collateral Trust Agreement dated as of November 20, 2012 

 (the “Collateral Trust Agreement”), entered into among Mortgagor, the other grantors
party thereto, U.S. Bank, as Trustee and Collateral Agent; [v] the Fixture Filing more particularly described in Schedule II attached hereto (the “Fixture Filing”); and [vi] Amendment No. 1 to Mortgage,
Assignment of Leases and Rents, Security Agreement and Fixture Filing (the “Mortgage Amendment”). The Indenture, the Mortgage, the Security Agreement, the Collateral Trust Agreement, the Fixture Filing and the Mortgage
Amendment are collectively referred to herein as the “Documents”. Mortgagor, Parent Guarantor, Trustee and Collateral Agent and all other parties to any of the Documents are sometimes collectively referred to herein as the
“Transaction Parties”. 
 This opinion (the “Opinion”) is furnished at the request of
the Collateral Agent and in accordance with the requirements set forth in the Documents and supplements the previous opinion letter dated March 20, 2013, which we rendered to the Collateral Agent as special legal counsel in the State for
Mortgagor in connection with the original closing of the transactions contemplated by the Mortgage (the “Prior Opinion”). This Opinion and the matters addressed herein are expressly made and rendered subject to (and with
reliance upon) all of the assumptions, qualifications and limitations set forth in our Prior Opinion, as restated with respect to the matters set forth herein as of the date hereof as is fully set forth herein. 

We call your attention to the fact that our engagement in this matter has been limited to representing Mortgagor with respect to matters
of Indiana law relating to the Mortgage Amendment. Accordingly, there may be matters of a legal nature that could have a bearing on the ability of Mortgagor or one or more of the other Transaction Parties to perform under the Documents with respect
to which we have not been consulted, and to the extent the obligations of Mortgagor may be dependent on such matters and their possible effect upon Mortgagor and/or this transaction, we express no opinion. 

As to certain questions of fact material to our Opinion, we have relied without independent investigation on, and we have assumed the
accuracy and validity of, the representations and warranties made in the Documents. Except for the Documents described above, we have not reviewed any other documents or instruments executed or delivered by the Transaction Parties or conducted any
other examination of any public records, and the opinions rendered herein are limited accordingly. 
 For purposes of this
Opinion, we have assumed with your permission and without independent investigation, the following: 
 (a) Mortgagor is a
corporation duly formed, validly existing and in good standing under the laws of the State of Delaware and has all requisite corporate power and all material governmental licenses, authorizations, consents and approvals necessary to own and operate
the Mortgaged Property and to enter into and consummate the transactions contemplated by the Documents. 
 (b) To the extent the
obligations of Mortgagor may be dependent on such matters, each of the other Transaction Parties is duly formed or organized, as applicable, is validly existing and in good standing under the laws of the applicable jurisdiction of formation or
organization, as applicable, and has all requisite power and authority (entity, corporate or otherwise) and all material governmental licenses, authorizations, consents and approvals necessary to enter into and consummate the transactions
contemplated by the Documents. 
 (c) The execution, delivery and performance by each of the Transaction Parties of the Documents
to which it is a party: [i] are within its stated powers and authority; [ii] have been duly authorized by all necessary action of and by such Transaction Parties; [iii] do not require any authorization, approval or consent of, or filings or
registrations with, any governmental or regulatory authority or agency outside of the State, except for authorizations, consents or approvals that we have been advised have already been obtained or filings that have already been made and that remain
in effect; [iv] do not contravene any provision of its certificate of incorporation or bylaws or other applicable organizational or governance documents of such party; and [v] do not contravene or constitute a breach of or default under any
applicable provision of the laws of any jurisdiction other than the State or any applicable regulation thereunder or under any agreement, judgment, injunction, order, decree or other instrument binding upon it, as applicable. 

 (d) Each of the Documents has been duly executed and delivered by each of the applicable
Transaction Parties and contains the required acknowledgment (where applicable) with notary’s seal affixed of the parties thereto and all required exhibits attached. 
 (e) The persons who have executed and delivered the Documents on behalf of each of the Transaction Parties thereto are duly authorized to do so by and on behalf of such party. 

(f) The genuineness of the signatures of all persons signing any document, instrument or certificate and the legal capacity of natural
persons. 
 (g) Each of the Documents: [i] except with respect to Mortgagor (and only to the limited extent set forth herein),
constitutes the legal, valid and binding obligation of the Transaction Parties and is enforceable against each of such Transaction Parties in accordance with its respective terms; and [ii] are enforceable under the laws of the State of New York, as
applicable. 
 (h) The Mortgaged Property exists and Mortgagor owns and has sufficient rights in the Mortgaged Property purported
to be owned by it necessary to grant the security interests in such Mortgaged Property contemplated by the Documents. 
 (i) The
Mortgage Amendment will be duly recorded and properly and timely filed in the appropriate records of the Filing Office (as hereinafter defined), as applicable, in accordance with State law. 

(j) The documents submitted to us as originals are authentic and the documents submitted to us as copies conform to the original, executed
documents. 
 (k) The Collateral Agent and each of the Secured Parties are either: [i] duly qualified to do business and are in
good standing as a foreign entity in the State or are otherwise exempt from qualification requirements; or [ii] if not qualified or entitled to exemption from qualification, are engaged in no activities or transactions in the State that would
require them to qualify to do business in the State. 
 (l) The Collateral Agent, the Secured Parties and the Noteholders have
each given value for the security interests created and the Liens granted under the Documents. 
 (m) There has been no mutual
mistake of fact or misunderstanding, fraud, duress or undue influence on the part of any party to or beneficiary of the Documents with respect to the transactions provided for therein. 

(n) The Collateral Agent and each of the other Transaction Parties have complied with and will comply with all material terms and
conditions of the Documents to be complied with by such parties and their conduct has complied and will comply with all requirements of good faith, fair dealing and conscionability. 

(o) The Collateral Agent and each of the other Transaction Parties have complied with all legal requirements pertaining to its respective
status as such status relates to its rights to enforce the Documents against Mortgagor. 
 (p) The indebtedness evidenced by the
Notes complies with any lending limitations and other restrictions applicable to the Noteholders. 
 (q) No bankruptcy or
insolvency proceeding is pending by or against Mortgagor. 
 (r) There are no agreements or understandings among the Transaction
Parties, written or oral, and there is no usage of trade or course of prior dealing among the Transaction Parties that would, in either case, define, supplement or qualify the terms of the Documents. 

 Upon the basis of the foregoing, and subject to the assumptions, qualifications and
limitations set forth herein, we are of the opinion, under applicable State law in effect on the date of this Opinion, that: 

1. The execution, delivery and/or recordation of an amendment to the Mortgage is required or recommended in order to assure that: [i] the
Collateral Agent will continue to have a valid and enforceable mortgage lien on the Mortgaged Property for the benefit of the Secured Parties with the same priority as provided by the lien of the Mortgage; and [ii] the Mortgage will continue to
secure the Secured Obligations described in the Mortgage, as amended by the Mortgage Amendment to include the Initial Additional Notes issued pursuant to the Indenture. The Mortgage, as amended by the Mortgage Amendment, will continue to constitute
legal, valid and binding obligations of Mortgagor, enforceable in accordance with its terms, except as the enforceability thereof may be limited by bankruptcy, insolvency or other similar laws relating to the enforcement of creditors’ rights
generally and by general equitable principles. 
 2. The Mortgage, as amended by the Mortgage Amendment, will continue to
constitute a legal, valid and binding obligation of Mortgagor and, to the extent it is governed by the laws of the State, will be enforceable against Mortgagor in accordance with its terms, except as set forth below and in our Prior Opinion.

 3. None of the execution, delivery and performance by Mortgagor of the Mortgage Amendment nor the consummation of the
transactions contemplated thereby require any authorization, approval or consent of, or filings or registrations with any governmental or regulatory authority or agency of or in the State, except as contemplated hereby. 

4. The Mortgage Amendment is in appropriate form for recording in the applicable Recorder’s Office of the County in the State in
which the Real Property is located (the “Filing Office”). 
 5. Neither the Collateral Agent nor any of
the other Secured Parties is required [a] to pay any tax in the State or be qualified to do business or file any designation for service of process or file any reports in the State, or [b] comply with any statutory or regulatory rule or requirement
applicable only to financial institutions chartered or qualified to do business in the State, in each instance solely by reason of its execution and delivery or acceptance of the Mortgage Amendment or the other Documents or by reason of its
participation in any of the transactions under or contemplated by the Documents. 
 6. Upon proper recording of the Mortgage
Amendment in the Filing Office, the security interests originally granted by Mortgagor in favor of the Collateral Agent for the benefit of the Secured Parties pursuant to the Mortgage upon such of the Mortgaged Property described in the Mortgage as
constitutes real property (the “Real Property”) and as constitutes fixtures under the laws of the State (which such security interests were originally perfected upon the recording of the Mortgage and the filing of the Fixture
Filing as described in our Prior Opinion) will continue to be perfected as originally accomplished by the recording of the Mortgage and the filing of the Fixture Filing in the Filing Office as described in our Prior Opinion to the extent that a
security interest in such Mortgaged Property can be perfected by such recording and filing in the Filing Office, and will not require any further consent or authorization of, approval by, notice to, filing with or other act by or in respect of, any
governmental authority of the State. 
 7. The recording of the Mortgage Amendment in the appropriate records of the applicable
Filing Office is the only action, recording or filing necessary to publish notice and to establish of record the rights of the parties under the Mortgage, as amended by the Mortgage Amendment, with respect to which such rights where perfection can
be accomplished upon recordation of the Mortgage. 
 8. No state or local recording taxes, fees or other charges (including
without limitation mortgage taxes, intangible taxes, documentary stamp taxes, recording taxes, transfer taxes or similar taxes or charges), are payable to the State or any jurisdiction therein in connection with the execution, delivery, or filing
for record of the Mortgage Amendment, except for filing fees and recording fees in a nominal amount. 

 The foregoing opinions are subject to and are expressly limited by the following
assumptions, qualifications and limitations, in addition to those previously set forth: 
 A. The opinion concerning
enforceability of the Mortgage, as amended by the Mortgage Amendment, is subject to: [i] all applicable bankruptcy, insolvency, reorganization, fraudulent conveyancing, preferential transfer, moratorium or similar laws of general application and
court decisions affecting the rights of creditors; [ii] general principles of equity (regardless of whether enforceability is considered in a proceeding at law or in equity), including concepts of good faith, fair dealing, commercial reasonableness,
unconscionability and materiality; and [iii] the assumption that [a] there has not been any mutual mistake of fact or misunderstanding, fraud, duress, or undue influence with respect to any of the Transaction Parties, and [b] the Collateral Agent,
the Secured Parties and any agent acting for any such parties in connection with the Secured Obligations have acted without notice of any valid defense against the enforcement of any rights created by, or adverse claim to any property or security
interest transferred or created as part of, the Secured Obligations. 
 B. Certain rights, remedies and other
provisions in the Documents may be limited or rendered unenforceable by applicable State laws or judicial decisions governing such provisions, but in our opinion such laws and judicial decisions do not, subject to the other qualifications and
limitations in this opinion, render the Documents invalid as a whole, and there exist, in the Documents or pursuant to applicable law, adequate rights, remedies and provisions for the practical realization of the principal benefits intended to be
provided by the Documents, except for the economic consequences of any judicial, administrative or other procedural delay which may be imposed by, relate to or result from such laws and judicial decisions. 

(d) C. Without limitation of Paragraph B above: 
 (1) The provisions of the Documents that attempt to incorporate by reference the provisions of any unrecorded document may not constitute constructive notice to third-parties without actual notice of the
contents of the unrecorded document. 
 (2) Any provisions contained in the Mortgage which provide that the Documents secure
future advances are limited by IC §32-29-1-10 which provides, in pertinent part, that a loan secured by a mortgage lien on real property in the State may secure future obligations and advances up to the maximum amount stated in the mortgage.
The lien of the Mortgage will secure such future obligations and advances only to the extent of the dollar amount so specified in the Mortgage, as amended by the Mortgage Amendment. 

(3) The provisions contained in the Documents regarding the immediate right to realize upon the Mortgaged Property and institute an action
with respect to the Secured Obligations are subject to the provisions of IC §32-30-10-10 regarding the commencement of actions to recover on the same debt. 
 (4) IC §32-28-1-2 requires a holder of a lien on real property to release the lien in the Recorder’s Office where the lien is recorded within fifteen (15) days from the date of
satisfaction, and any provisions in the Mortgage in conflict with this requirement may not be enforceable. 
 (5) Any provisions
contained in the Documents for waiver of jury trial by the Transaction Parties or that impose liquidated damages, penalties, forfeitures, late payment charges or an increase in the applicable interest rate upon default by the Transaction Parties or
upon other conditions, that appoint the Collateral Agent, the Secured Parties or others as the agent or attorney-in-fact for the Transaction Parties that provide that the Collateral Agent, the Secured Parties or any other Person shall be liable only
for gross negligence or willful misconduct, or that purport to select a particular court as the forum for the resolution of disputes may not be enforceable under State law but their inclusion in the Documents will not impair the enforceability of
the other provisions of the Documents. 

 (6) We express no opinion as to the enforceability of any provisions of the Documents that
purport to make the Mortgaged Property secure future indebtedness of Mortgagor that is not evidenced by the Notes and is of a materially different class or character than the indebtedness evidenced by the Notes and/or the Secured Obligations. We
express no opinion regarding the effectiveness of the change in the amount of future advances purported to be secured by the Mortgage to the extent of and in relation to intervening matters of record between the date the Mortgage was originally
recorded in the Filing Office and the date an amendment to the Mortgage is filed in the Filing Office. 
 (7) No opinion is
expressed on [a] the laws, statutes and ordinances, administrative decisions, rules and regulations and other legal requirements of counties, towns, municipalities and political subdivisions of the State (other than the county, town, municipality
and political subdivision of the State in which the Mortgage shall be recorded) or [b] any law or regulation concerning securities, taxation, labor, employee benefits, environmental protection, anti-trust or unfair competition. 

D. Our opinions expressed in above are not intended to pertain in any way to any consents, authorizations or approvals which the
Transaction Parties or any other person may be required to obtain after the date of this Opinion, in order to comply with the covenants required to be performed by such party contained in the Documents. 

(e) E. We have assumed that: [1] the Mortgaged Property exists and that Mortgagor has sufficient rights in the applicable
Mortgaged Property to grant a security interest in such Mortgaged Property, and we express no opinion as to the nature or extent of the rights of Mortgagor or title of any party in or to any of the Mortgaged Property; and [2] adequate consideration
has been provided to Mortgagor to support the enforceability and performance of the obligations of Mortgagor arising under the Mortgage Amendment and each of the other Documents. 

(f) F. We express no opinion regarding the validity or enforceability: [1] of the security interests under the Mortgage as
security for any future liabilities or obligations of Mortgagor to the Collateral Agent, the Secured Parties or the Noteholders that are determined, in the case of liabilities or obligations created in the future, not to constitute “future
advances” within the meaning of Section 9.1-204(c) of the Uniform Commercial Code as adopted in the State (the “UCC”), or are determined not to have been within the contemplation of the parties at the time the
Documents were executed; [2] of the liens, assignments or security interests under the Mortgage in the Mortgaged Property consisting of contracts, agreements or instruments that contain provisions that prohibit or impose conditions upon the granting
of an assignment, security interest, pledge or similar transfer thereof, except to the extent such provisions are rendered ineffective under Sections 9.1-406, 9.1-407, 9.1-408 or 9.1-409 of the UCC; or [3] of the security interests under the
Mortgage as they relate to any interest in or claim in, or under, any policy of insurance. With respect to future advances that are not “obligatory”, the mortgage lien created by the Mortgage will be subordinate to the claims of any
lienholders, purchasers and other persons of which the Collateral Agent or the Secured Parties have actual notice at the time the advances are made. 
 (g) G. The security interest created in [1] proceeds of the Mortgaged Property and the perfection of such security interest is limited to the extent set forth in Section 9.1-315 of the UCC
and [2] any after-acquired commercial tort claim is limited to the extent set forth in Section 9.1-204 of the UCC. 

(h) H. Provisions contained in the Documents purporting to make the Transaction Parties liable for attorneys’ fees incurred
by the Collateral Agent, the Secured Parties or any other Person are enforceable only to the extent of “reasonable attorney fees”. 
 (i) I. We have not examined title to or ownership of any of the real or personal property intended to be encumbered pursuant to the Documents and express no opinion with regard to: [1] title to
or ownership of such real or personal property; [2] priority of the liens, security interests or assignments created by the Documents; [3] the factual adequacy of the descriptions of the real or personal property for the

 
purpose of encumbering the actual property intended to be encumbered pursuant to the Documents; and [4] survey, zoning or land use (including subdivision) matters relating to the property
intended to be encumbered pursuant to the Documents. We understand that with respect to title matters (including matters relating to the perfection and priority of the liens on the Mortgaged Property), the Collateral Agent and the Secured Parties
will be relying on the title insurance commitment issued by a national title insurance company. We have not made any investigation of, and do not express an opinion as to, any such matters. 

(j) This Opinion is limited to the law (excluding the principles of conflict of laws) of the State, and we do not express any
opinion concerning any other law. Our advice on each legal issue addressed in this letter represents our opinion as to how that issue would be resolved were it to be considered by the courts of the jurisdiction upon whose law our opinion on that
issue is based. The manner in which any particular issue would be treated in any actual court case would depend in part on facts and circumstances particular to the case, and this letter is not intended to guarantee the outcome of any legal dispute
which may arise in the future. 
 (k) The opinions expressed in this letter are given solely the benefit of [i]
Collateral Agent, its successors and assigns, [ii] the Secured Parties from time-to-time, their successors and assigns, [iii] any Person who shall acquire a participation interest in the interest of any of the Secured Parties (collectively, the
“Reliance Parties”), and no other person or entity may rely hereon without our prior written consent except that our prior written consent is not needed to furnish a copy of this Opinion to any Reliance Party (or any Person
considering whether to become a Reliance Party), or otherwise as may be required of any Reliance Party by applicable law or regulation or in accordance with any auditing or oversight function or request of regulatory agencies to which a Reliance
Party is subject. We expressly disclaim any responsibility for advising you of any change occurring hereafter in circumstances concerning the transaction which is the subject of this Opinion, including any changes in the law or in factual matters
occurring after the date of this Opinion. 
 (l) We are members of the Bar of the State of Indiana and we do not
hold ourselves out as being conversant with, and express no opinion as to, the laws of any jurisdiction other than the laws of the State of Indiana. While certain members of this firm are admitted to practice in other jurisdictions, for purposes of
this Opinion we have not examined any laws other than the laws of the State and the federal laws of the United States, nor have we consulted with members of this firm who are admitted in other jurisdictions with respect to the laws of such
jurisdictions. 
 Sincerely, 

WYATT, TARRANT & COMBS, LLP 
 cc: Opinions & Standards Committee 

 SCHEDULE I 

(Description of the Mortgage) 
 Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing dated as of March 20, 2013, made by AK Steel Corporation, as Mortgagor, in favor of U.S. Bank National Association, as
Collateral Agent for the Secured Parties, as Mortgagee, relating to the Mortgaged Property having an address of 6500 North U.S. 231 in the City of Rockport, County of Spencer, State of Indiana, recorded as
[            ] in the Office of the Recorder of Spencer County, Indiana. 

 SCHEDULE II 

(Description of Fixture Filing) 
 Uniform Commercial Code Financing Statement on form UCC-1 naming AK Steel Corporation, as the “Debtor”, and U.S. Bank National Association, as Collateral Agent, as the “Secured Party”,
filed in the real estate records as a fixture filing in Fixture Filing Book [            ], Page [        ], the Office of the Recorder of Spencer
County, Indiana. 

 EXHIBIT C-2 
 Form of Opinion from Kentucky Counsel 
 [TO BE PLACED ON LETTERHEAD OF WYATT,
TARRANT & COMBS, LLP] 
 June [        ], 2013 

U.S. Bank National Association, as 

        Collateral Agent for the benefit of 
         the Secured Parties, as described 

        in the Mortgage 
 c/o U.S. Bank National Association 
 425 Walnut Street, 6th Floor 
 Cincinnati, OH 45202 
 Attn: Corporate Trust Department 

Re: The Mortgage Amendment and other Documents (as defined below) 
 Ladies and Gentlemen: 
 We have acted as special legal counsel in the Commonwealth
of Kentucky (the “State”) in connection with the original closing of the transactions contemplated by that certain Indenture dated as of November 20, 2012 (the “Indenture”), entered into among AK
Steel Corporation, a Delaware corporation, as the Company described therein (the “Mortgagor”), AK Steel Holding Corporation, a Delaware corporation, as the Parent Guarantor described therein (the
“Guarantor”), U.S. Bank National Association (“U.S. Bank”), as the Trustee described therein (U.S. Bank, when acting in such capacity, is referred to herein as the “Trustee”),
and U.S. Bank, as the Collateral Agent for the Secured Parties (U.S. Bank, when acting in such capacity, is referred to herein as the “Collateral Agent”), and in connection with the delivery of the mortgage more particularly
described in Schedule I attached hereto (the “Mortgage”). Certain initially capitalized terms used but not defined herein shall have the respective meanings assigned to them in the Mortgage. 

As legal counsel in the State to Mortgagor as described above, we have examined copies each of the following documents: [i] the
Indenture; [ii] the Mortgage; [iii] the Security Agreement dated as of November 20, 2012 (the “Security Agreement”), entered into among Mortgagor, the other grantors party thereto and the Collateral Agent; [iv] the
Collateral Trust Agreement dated as of November 20, 2012 

 (the “Collateral Trust Agreement”), entered into among Mortgagor, the other grantors
party thereto, U.S. Bank, as Trustee and Collateral Agent; [v] the Fixture Filing more particularly described in Schedule II attached hereto (the “Fixture Filing”); and [vi] Amendment No. 1 to Mortgage,
Assignment of Leases and Rents, Security Agreement and Fixture Filing (the “Mortgage Amendment”). The Indenture, the Mortgage, the Security Agreement, the Collateral Trust Agreement, the Fixture Filing and the Mortgage
Amendment are collectively referred to herein as the “Documents”. Mortgagor, Parent Guarantor, Trustee and Collateral Agent and all other parties to any of the Documents are sometimes collectively referred to herein as the
“Transaction Parties”. 
 This opinion (the “Opinion”) is furnished at the request of
the Collateral Agent and in accordance with the requirements set forth in the Documents and supplements the previous opinion letter dated March 20, 2013, which we rendered to the Collateral Agent as special legal counsel in the State for
Mortgagor in connection with the original closing of the transactions contemplated by the Mortgage (the “Prior Opinion”). This Opinion and the matters addressed herein are expressly made and rendered subject to (and with
reliance upon) all of the assumptions, qualifications and limitations set forth in our Prior Opinion, as restated with respect to the matters set forth herein as of the date hereof as is fully set forth herein. 

We call your attention to the fact that our engagement in this matter has been limited to representing Mortgagor with respect to matters
of Indiana law relating to the Mortgage Amendment. Accordingly, there may be matters of a legal nature that could have a bearing on the ability of Mortgagor or one or more of the other Transaction Parties to perform under the Documents with respect
to which we have not been consulted, and to the extent the obligations of Mortgagor may be dependent on such matters and their possible effect upon Mortgagor and/or this transaction, we express no opinion. 

As to certain questions of fact material to our Opinion, we have relied without independent investigation on, and we have assumed the
accuracy and validity of, the representations and warranties made in the Documents. Except for the Documents described above, we have not reviewed any other documents or instruments executed or delivered by the Transaction Parties or conducted any
other examination of any public records, and the opinions rendered herein are limited accordingly. 
 For purposes of this
Opinion, we have assumed with your permission and without independent investigation, the following: 
 (a) Mortgagor is a
corporation duly formed, validly existing and in good standing under the laws of the State of Delaware and has all requisite corporate power and all material governmental licenses, authorizations, consents and approvals necessary to own and operate
the Mortgaged Property and to enter into and consummate the transactions contemplated by the Documents. 
 (b) To the extent the
obligations of Mortgagor may be dependent on such matters, each of the other Transaction Parties is duly formed or organized, as applicable, is validly existing and in good standing under the laws of the applicable jurisdiction of formation or
organization, as applicable, and has all requisite power and authority (entity, corporate or otherwise) and all material governmental licenses, authorizations, consents and approvals necessary to enter into and consummate the transactions
contemplated by the Documents. 
 (c) The execution, delivery and performance by each of the Transaction Parties of the Documents
to which it is a party: [i] are within its stated powers and authority; [ii] have been duly authorized by all necessary action of and by such Transaction Parties; [iii] do not require any 

 
authorization, approval or consent of, or filings or registrations with, any governmental or regulatory authority or agency outside of the State, except for authorizations, consents or approvals
that we have been advised have already been obtained or filings that have already been made and that remain in effect; [iv] do not contravene any provision of its certificate of incorporation or bylaws or other applicable organizational or
governance documents of such party; and [v] do not contravene or constitute a breach of or default under any applicable provision of the laws of any jurisdiction other than the State or any applicable regulation thereunder or under any agreement,
judgment, injunction, order, decree or other instrument binding upon it, as applicable. 
 (d) Each of the Documents has been
duly executed and delivered by each of the applicable Transaction Parties and contains the required acknowledgment (where applicable) with notary’s seal affixed of the parties thereto and all required exhibits attached. 

(e) The persons who have executed and delivered the Documents on behalf of each of the Transaction Parties thereto are duly authorized to
do so by and on behalf of such party. 
 (f) The genuineness of the signatures of all persons signing any document, instrument or
certificate and the legal capacity of natural persons. 
 (g) Each of the Documents: [i] except with respect to Mortgagor (and
only to the limited extent set forth herein), constitutes the legal, valid and binding obligation of the Transaction Parties and is enforceable against each of such Transaction Parties in accordance with its respective terms; and [ii] are
enforceable under the laws of the State of New York, as applicable. 
 (h) The Mortgaged Property exists and Mortgagor owns and
has sufficient rights in the Mortgaged Property purported to be owned by it necessary to grant the security interests in such Mortgaged Property contemplated by the Documents. 
 (i) The Mortgage Amendment will be duly recorded and properly and timely filed in the appropriate records of the Filing Office (as hereinafter defined), as applicable, in accordance with State law.

 (j) The documents submitted to us as originals are authentic and the documents submitted to us as copies conform to the
original, executed documents. 
 (k) The Collateral Agent and each of the Secured Parties are either: [i] duly qualified to do
business and are in good standing as a foreign entity in the State or are otherwise exempt from qualification requirements; or [ii] if not qualified or entitled to exemption from qualification, are engaged in no activities or transactions in the
State that would require them to qualify to do business in the State. 
 (l) The Collateral Agent, the Secured Parties and the
Noteholders have each given value for the security interests created and the Liens granted under the Documents. 
 (m) There has
been no mutual mistake of fact or misunderstanding, fraud, duress or undue influence on the part of any party to or beneficiary of the Documents with respect to the transactions provided for therein. 

(n) The Collateral Agent and each of the other Transaction Parties have complied with and will comply with all material terms and
conditions of the Documents to be complied with by such parties and their conduct has complied and will comply with all requirements of good faith, fair dealing and conscionability. 

 (o) The Collateral Agent and each of the other Transaction Parties have complied with all
legal requirements pertaining to its respective status as such status relates to its rights to enforce the Documents against Mortgagor. 
 (p) The indebtedness evidenced by the Notes complies with any lending limitations and other restrictions applicable to the Noteholders. 

(q) No bankruptcy or insolvency proceeding is pending by or against Mortgagor. 

(r) There are no agreements or understandings among the Transaction Parties, written or oral, and there is no usage of trade or course of
prior dealing among the Transaction Parties that would, in either case, define, supplement or qualify the terms of the Documents. 
 Upon the basis of the foregoing, and subject to the assumptions, qualifications and limitations set forth herein, we are of the opinion, under applicable State law in effect on the date of this Opinion,
that: 
 1. The execution, delivery and/or recordation of an amendment to the Mortgage is required or recommended in order to
assure that: [i] the Collateral Agent will continue to have a valid and enforceable mortgage lien on the Mortgaged Property for the benefit of the Secured Parties with the same priority as provided by the lien of the Mortgage; and [ii] the Mortgage
will continue to secure the Secured Obligations described in the Mortgage, as amended by the Mortgage Amendment to include the Initial Additional Notes issued pursuant to the Indenture. The Mortgage, as amended by the Mortgage Amendment, will
continue to constitute legal, valid and binding obligations of Mortgagor, enforceable in accordance with its terms, except as the enforceability thereof may be limited by bankruptcy, insolvency or other similar laws relating to the enforcement of
creditors’ rights generally and by general equitable principles. 
 2. The Mortgage, as amended by the Mortgage Amendment,
will continue to constitute a legal, valid and binding obligation of Mortgagor and, to the extent it is governed by the laws of the State, will be enforceable against Mortgagor in accordance with its terms, except as set forth below and in our Prior
Opinion. 
 3. None of the execution, delivery and performance by Mortgagor of the Mortgage Amendment nor the consummation of the
transactions contemplated thereby require any authorization, approval or consent of, or filings or registrations with any governmental or regulatory authority or agency of or in the State, except as contemplated hereby. 

4. The Mortgage Amendment is in appropriate form for recording in the applicable Clerk’s Office of the County in the State in which
the Real Property is located (the “Filing Office”). 
 5. Neither the Collateral Agent nor any of the
other Secured Parties is required [a] to pay any tax in the State or be qualified to do business or file any designation for service of process or file any reports in the State, or [b] comply with any statutory or regulatory rule or requirement
applicable only to financial institutions chartered or qualified to do business in the State, in each instance solely by reason of its execution and delivery or acceptance of the Mortgage Amendment or the other Documents or by reason of its
participation in any of the transactions under or contemplated by the Documents. 

 6. Upon proper recording of the Mortgage Amendment in the Filing Office, the security
interests originally granted by Mortgagor in favor of the Collateral Agent for the benefit of the Secured Parties pursuant to the Mortgage upon such of the Mortgaged Property described in the Mortgage as constitutes real property (the
“Real Property”) and as constitutes fixtures under the laws of the State (which such security interests were originally perfected upon the recording of the Mortgage and the filing of the Fixture Filing as described in our
Prior Opinion) will continue to be perfected as originally accomplished by the recording of the Mortgage and the filing of the Fixture Filing in the Filing Office as described in our Prior Opinion to the extent that a security interest in such
Mortgaged Property can be perfected by such recording and filing in the Filing Office, and will not require any further consent or authorization of, approval by, notice to, filing with or other act by or in respect of, any governmental authority of
the State. 
 7. The recording of the Mortgage Amendment in the appropriate records of the applicable Filing Office is the only
action, recording or filing necessary to publish notice and to establish of record the rights of the parties under the Mortgage, as amended by the Mortgage Amendment, with respect to which such rights where perfection can be accomplished upon
recordation of the Mortgage. 
 8. No state or local recording taxes, fees or other charges (including without limitation
mortgage taxes, intangible taxes, documentary stamp taxes, recording taxes, transfer taxes or similar taxes or charges), are payable to the State or any jurisdiction therein in connection with the execution, delivery, or filing for record of the
Mortgage Amendment, except for filing fees and recording fees in a nominal amount. 
 The foregoing opinions are subject to and
are expressly limited by the following assumptions, qualifications and limitations, in addition to those previously set forth: 

C. The opinion concerning enforceability of the Mortgage, as amended by the Mortgage Amendment, is subject to: [i] all
applicable bankruptcy, insolvency, reorganization, fraudulent conveyancing, preferential transfer, moratorium or similar laws of general application and court decisions affecting the rights of creditors; [ii] general principles of equity (regardless
of whether enforceability is considered in a proceeding at law or in equity), including concepts of good faith, fair dealing, commercial reasonableness, unconscionability and materiality; and [iii] the assumption that [a] there has not been any
mutual mistake of fact or misunderstanding, fraud, duress, or undue influence with respect to any of the Transaction Parties, and [b] the Collateral Agent, the Secured Parties and any agent acting for any such parties in connection with the Secured
Obligations have acted without notice of any valid defense against the enforcement of any rights created by, or adverse claim to any property or security interest transferred or created as part of, the Secured Obligations. 

D. Certain rights, remedies and other provisions in the Documents may be limited or rendered unenforceable by applicable State
laws or judicial decisions governing such provisions, but in our opinion such laws and judicial decisions do not, subject to the other qualifications and limitations in this opinion, render the Documents invalid as a whole, and there exist, in the
Documents or pursuant to applicable law, adequate rights, remedies and provisions for the practical realization of the principal benefits intended to be provided by the Documents, except for the economic consequences of any judicial, administrative
or other procedural delay which may be imposed by, relate to or result from such laws and judicial decisions. 

 (m) C. Without limitation of Paragraph B above: 

(1) The provisions of the Documents that attempt to incorporate by reference the provisions of any unrecorded document may not constitute
constructive notice to third-parties without actual notice of the contents of the unrecorded document. 
 (2) Any provisions
contained in the Mortgage which provide that the Documents secure future advances are limited by KRS §382.520 which provides, in pertinent part, that a loan secured by a mortgage lien on real property in the State may secure future obligations
and advances up to the maximum amount stated in the mortgage. The lien of the Mortgage will secure such future obligations and advances only to the extent of the dollar amount so specified in the Mortgage, as amended by the Mortgage Amendment.

 (3) KRS §382.365 requires a holder of a lien on real property to release the lien in the Recorder’s Office where the
lien is recorded within fifteen (15) days from the date of satisfaction, and any provisions in the Mortgage in conflict with this requirement may not be enforceable. 
 (4) Any provisions contained in the Documents for waiver of jury trial by the Transaction Parties or that impose liquidated damages, penalties, forfeitures, late payment charges or an increase in the
applicable interest rate upon default by the Transaction Parties or upon other conditions, that appoint the Collateral Agent, the Secured Parties or others as the agent or attorney-in-fact for the Transaction Parties that provide that the Collateral
Agent, the Secured Parties or any other Person shall be liable only for gross negligence or willful misconduct, or that purport to select a particular court as the forum for the resolution of disputes may not be enforceable under State law but their
inclusion in the Documents will not impair the enforceability of the other provisions of the Documents. 
 (5) We express no
opinion as to the enforceability of any provisions of the Documents that purport to make the Mortgaged Property secure future indebtedness of Mortgagor that is not evidenced by the Notes and is of a materially different class or character than the
indebtedness evidenced by the Notes and/or the Secured Obligations. We express no opinion regarding the effectiveness of the change in the amount of future advances purported to be secured by the Mortgage to the extent of and in relation to
intervening matters of record between the date the Mortgage was originally recorded in the Filing Office and the date an amendment to the Mortgage is filed in the Filing Office. 

(6) No opinion is expressed on [a] the laws, statutes and ordinances, administrative decisions, rules and regulations and other legal
requirements of counties, towns, municipalities and political subdivisions of the State (other than the county, town, municipality and political subdivision of the State in which the Mortgage shall be recorded) or [b] any law or regulation
concerning securities, taxation, labor, employee benefits, environmental protection, anti-trust or unfair competition. 
 D. Our
opinions expressed in above are not intended to pertain in any way to any consents, authorizations or approvals which the Transaction Parties or any other person may be required to obtain after the date of this Opinion, in order to comply with the
covenants required to be performed by such party contained in the Documents. 
 (n) E. We have assumed that: [1] the
Mortgaged Property exists and that Mortgagor has sufficient rights in the applicable Mortgaged Property to grant a security interest in such Mortgaged Property, and we express no opinion as to the nature or extent of the rights of Mortgagor or title
of any party in or to any of the Mortgaged Property; and [2] adequate consideration has been provided to Mortgagor to support the enforceability and performance of the obligations of Mortgagor arising under the Mortgage Amendment and each of the
other Documents. 

 (o) F. We express no opinion regarding the validity or enforceability: [1] of the
security interests under the Mortgage as security for any future liabilities or obligations of Mortgagor to the Collateral Agent, the Secured Parties or the Noteholders that are determined, in the case of liabilities or obligations created in the
future, not to constitute “future advances” within the meaning of Section 9-204(c) of the Uniform Commercial Code as adopted in the State (the “UCC”), or are determined not to have been within the contemplation
of the parties at the time the Documents were executed; [2] of the liens, assignments or security interests under the Mortgage in the Mortgaged Property consisting of contracts, agreements or instruments that contain provisions that prohibit or
impose conditions upon the granting of an assignment, security interest, pledge or similar transfer thereof, except to the extent such provisions are rendered ineffective under Sections 9-406, 9-407, 9-408 or 9-409 of the UCC; or [3] of the security
interests under the Mortgage as they relate to any interest in or claim in, or under, any policy of insurance. With respect to future advances that are not “obligatory”, the mortgage lien created by the Mortgage will be subordinate to the
claims of any lienholders, purchasers and other persons of which the Collateral Agent or the Secured Parties have actual notice at the time the advances are made. 
 (p) G. The security interest created in [1] proceeds of the Mortgaged Property and the perfection of such security interest is limited to the extent set forth in Section 9-315 of the UCC
and [2] any after-acquired commercial tort claim is limited to the extent set forth in Section 9-204 of the UCC. 

(q) H. Provisions contained in the Documents purporting to make the Transaction Parties liable for attorneys’ fees incurred
by the Collateral Agent, the Secured Parties or any other Person are enforceable only to the extent of “reasonable attorney fees”. 
 (r) I. We have not examined title to or ownership of any of the real or personal property intended to be encumbered pursuant to the Documents and express no opinion with regard to: [1] title to
or ownership of such real or personal property; [2] priority of the liens, security interests or assignments created by the Documents; [3] the factual adequacy of the descriptions of the real or personal property for the purpose of encumbering the
actual property intended to be encumbered pursuant to the Documents; and [4] survey, zoning or land use (including subdivision) matters relating to the property intended to be encumbered pursuant to the Documents. We understand that with respect to
title matters (including matters relating to the perfection and priority of the liens on the Mortgaged Property), the Collateral Agent and the Secured Parties will be relying on the title insurance commitment issued by a national title insurance
company. We have not made any investigation of, and do not express an opinion as to, any such matters. 
 (s) This
Opinion is limited to the law (excluding the principles of conflict of laws) of the State, and we do not express any opinion concerning any other law. Our advice on each legal issue addressed in this letter represents our opinion as to how that
issue would be resolved were it to be considered by the courts of the jurisdiction upon whose law our opinion on that issue is based. The manner in which any particular issue would be treated in any actual court case would depend in part on facts
and circumstances particular to the case, and this letter is not intended to guarantee the outcome of any legal dispute which may arise in the future. 

 (t) The opinions expressed in this letter are given solely the benefit of [i]
Collateral Agent, its successors and assigns, [ii] the Secured Parties from time-to-time, their successors and assigns, [iii] any Person who shall acquire a participation interest in the interest of any of the Secured Parties (collectively, the
“Reliance Parties”), and no other person or entity may rely hereon without our prior written consent except that our prior written consent is not needed to furnish a copy of this Opinion to any Reliance Party (or any Person considering
whether to become a Reliance Party), or otherwise as may be required of any Reliance Party by applicable law or regulation or in accordance with any auditing or oversight function or request of regulatory agencies to which a Reliance Party is
subject. We expressly disclaim any responsibility for advising you of any change occurring hereafter in circumstances concerning the transaction which is the subject of this Opinion, including any changes in the law or in factual matters occurring
after the date of this Opinion. 
 (u) We are members of the Bar of the Commonwealth of Kentucky and we do not hold
ourselves out as being conversant with, and express no opinion as to, the laws of any jurisdiction other than the laws of the Commonwealth of Kentucky. While certain members of this firm are admitted to practice in other jurisdictions, for purposes
of this Opinion we have not examined any laws other than the laws of the State and the federal laws of the United States, nor have we consulted with members of this firm who are admitted in other jurisdictions with respect to the laws of such
jurisdictions. 
  

	
	Sincerely,
	
	WYATT, TARRANT & COMBS, LLP

 cc: Opinions & Standards Committee 

 SCHEDULE I 

(Description of the Mortgage) 
 Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing dated as of March 20, 2013, made by AK Steel Corporation, as Mortgagor, in favor of U.S. Bank National Association, as
Collateral Agent for the Secured Parties, as Mortgagee, relating to the Mortgaged Property being comprised of two (2) separate tracts both having an address of 170 Armco Road in the City of Ashland, located in the Counties of both Boyd and
Greenup, Commonwealth of Kentucky, recorded as [                    ] in the Office of the Clerk of Boyd County, Kentucky, and also being recorded as
[                    ] in the Office of the Clerk of Greenup County, Kentucky. 

 SCHEDULE II 

(Description of Fixture Filing) 
 Uniform Commercial Code Financing Statement on form UCC-1 naming AK Steel Corporation, as the “Debtor”, and U.S. Bank National Association, as Collateral Agent, as the “Secured Party”,
filed in the real estate records as a fixture filing in Fixture Filing Book [                    ], Page
[        ], the Office of the Clerk of Boyd County, Kentucky, and also filed in the real estate records as a fixture filing in Fixture Filing Book
[                    ], Page [        ], the Office of the Clerk of Greenup County, Kentucky. 

 EXHIBIT C-3 
 Form of Opinion from Ohio Counsel 
 Michael C. Fletcher, Esq. 

Direct: (513) 763-3513 
 mfletcher@gfh-law.com 
 June     , 2013

 To the Collateral Agent and the other 
     Secured Parties Referred to Below 
 c/o U.S. Bank National Association

 425 Walnut Street, 6th Floor 

Cincinnati, OH 45202 
 Attention: Corporate Trust
Department 
 Ladies and Gentlemen: 
 We have acted as special counsel in the State of Ohio in connection with the transactions contemplated by the Indenture dated as of November 20, 2012 (the “Indenture”) among AK Steel
Corporation, as issuer (the “Mortgagor”), AK Steel Holding Corporation, the parent guarantor party thereto, U.S. Bank National Association (“U.S. Bank”), as trustee, and U.S. Bank, as collateral agent for the
Secured Parties (in such capacity, the “Collateral Agent”), and, in connection with those certain mortgages delivered pursuant to the Indenture by the Mortgagor and described on Schedule 1 hereto (the
“Mortgages”), delivered an opinion of counsel dated March 20, 2013, to the Collateral Agent. 
 We have
examined the Indenture, pursuant to which, among other things, the Mortgagor issued on the date hereof an additional $30,000,000 in aggregate principal amount of the Mortgagor’s 8.750% Senior Secured Notes Due 2018 (the “Initial
Additional Notes”). Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to them in the Mortgages and, if such terms are not in the Mortgages, then the Amendments. 

In addition we have examined the amendments to the Mortgages described in Schedule 2 hereto (collectively, the
“Amendments”). 
 We have also examined and relied upon the originals, or copies certified or otherwise
identified to our satisfaction, of such documents, corporate records, certificates of public officials and other instruments, and have conducted such other investigations of fact and law as we have deemed necessary or advisable for purposes of this
opinion. 

 We are of the opinion that, under applicable law in effect on the date of this opinion:

 1. The execution, delivery and/or recordation of amendments to the Mortgages is required or recommended in
order to assure that (i) the Secured Parties continue to have valid and enforceable Liens on the Mortgaged Properties with the same priorities as pursuant to the Mortgages; and (ii) the Mortgages as amended by the Amendments will secure
the Initial Additional Notes issued pursuant to the Indenture. The Mortgages, as amended by the Amendments, constitute legal, valid and binding obligations of the Mortgagor, enforceable in accordance with their terms, except as the enforceability
thereof may be limited by bankruptcy, insolvency or other similar laws relating to the enforcement of creditors’ rights generally and by general equitable principles. 

2. No authorizations, approvals or consents of, or filings or registrations with, any governmental or regulatory authority
or agency of or in the State of Ohio are necessary for the execution, delivery, performance or recordation by the Mortgagor of the Amendments, except for authorizations, consents, approvals that have already been obtained or filings that have
already been made and that remain in effect, and those filings that are referred to below. 
 3. The Amendments
will not result in a loss of, or adverse affect on, the priority of the Liens created by the Mortgages. The Mortgages, as amended by the Amendments, are sufficient to create valid mortgage Liens upon such of the Mortgaged Property described therein
(the “Real Property”) as constitutes real property under the laws of the State of Ohio and create valid security interests in any goods located or to be located on the Real Property that now or may hereafter constitute
“fixtures” within the meaning of Article 9 of the Uniform Commercial Code as in effect in the State of Ohio on the date hereof (the “ Ohio UCC”) (such goods being hereinafter referred to as “Fixtures”), in
each case, in favor of the Collateral Agent for the benefit of the Secured Parties and securing the Secured Obligations, including without limitation the Original Notes and the Initial Additional Notes. The recording of the Amendments in the offices
designated in Schedule 2 hereto are the only filings, recordings and registrations necessary to perfect, publish notice of and preserve the Liens on the Mortgaged Property and security interest in the Fixtures created by the Mortgages, as
amended by the Amendments. 
 4. No taxes or other charges, including, without limitation, intangible or
documentary stamp taxes, mortgage or recording taxes, transfer taxes or similar charges, are payable to the State of Ohio or to any jurisdiction therein on account of the execution, delivery or recordation of the Amendments, the issuance of the
Initial Additional Notes or the filing, recording or registration of the Amendments except for nominal filing or recording fees. 
 5. The Amendments are in a form suitable for recording in the Recorder’s Office of Muskingum County, Butler County, Richland County and Coshocton County, in the State of Ohio. 

This Opinion is intended to supplement the previous opinion dated March 20, 2013 (the “March Opinion”) addressed to the
Collateral Agent. The comments and qualifications set forth in the March Opinion apply to the opinions set forth herein. 
 We
are admitted to practice in the State of Ohio and the foregoing opinions are limited to the laws of said State and the federal laws of the United States of America. We express no opinion with respect to the laws of any other jurisdiction.

 This opinion may not be relied upon by any person or entity, other than the addressees
hereof, their respective successors and/or assigns and their respective counsels, without our prior consent. 
 Very truly yours,

 Schedule 1 
 Mortgages: 
  

	1.	Open-End Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing dated as of March 20, 2013, from AK Steel Corporation, the Mortgagor, to
U.S. Bank National Association, as Collateral Agent for the Secured Parties, the Mortgagee, relating to the Mortgaged Property known as 17400 State Route 16, in the City/Town of Coshocton, County of Coshocton, State of Ohio recorded in Mortgage
Official Record Book 603, page 350 in the Recorder’s Office, County of Coshocton, State of Ohio. 

  

	2.	Open-End Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing dated as of March 20, 2013 from AK Steel Corporation the Mortgagor, to
U.S. Bank National Association, as Collateral Agent for the Secured Parties, the Mortgagee, relating to the Mortgaged Property known as 913 Bowman Street, in the City/Town of Mansfield, County of Richland, State of Ohio, recorded in Official Record
Book 2212, page 379 of the Recorder’s Office, County of Richland, State of Ohio. 

  

	3.	Open-End Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing dated as of March 20, 2013 from AK Steel Corporation the Mortgagor, to
U.S. Bank National Association, as Collateral Agent for the Secured Parties, the Mortgagee, relating to the Mortgaged Properties known as 1801 Crawford Street and 705 Curtis Street, in the City/Town of Middletown, County of Butler, State of Ohio,
recorded in Book 8562, page 716 in the Recorder’s Office, County of Butler, State of Ohio. 

  

	4.	Open-End Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing dated as of March 20, 2013 from AK Steel Corporation the Mortgagor, to
U.S. Bank National Association, as Collateral Agent for the Secured Parties, the Mortgagee, relating to the Mortgaged Property known as 1724 Linden Avenue, in the City/Town of Zanesville, County of Muskingum, State of Ohio, recorded in Book 2458,
page 681 in the Recorder’s Office, County of Muskingum, State of Ohio. 

 Schedule 2 
 Amendments to Mortgages: 
  

	 	1.	Amendment No. 1 to Open-End Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing dated as of June
            , 2013, from AK Steel Corporation, the Mortgagor, to U.S. Bank National Association, as Collateral Agent for the Secured Parties, the Mortgagee, relating to the Mortgaged
Property known as 17400 State Route 16, in the City/Town of Coshocton, County of Coshocton, State of Ohio to be filed in the Ohio Recorder’s Office, County of Coshocton, State of Ohio. 

 

	 	2.	Amendment No. 1 to Open-End Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing dated as of June
            , 2013, from AK Steel Corporation, the Mortgagor, to U.S. Bank National Association, as Collateral Agent for the Secured Parties, the Mortgagee, relating to the Mortgaged
Property known as 913 Bowman Street, in the City/Town of Mansfield, County of Richland, State of Ohio to be filed in the Ohio Recorder’s Office, County of Richland, State of Ohio. 

 

	 	3.	Amendment No. 1 to Open-End Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing dated as of June
            , 2013, from AK Steel Corporation, the Mortgagor, to U.S. Bank National Association, as Collateral Agent for the Secured Parties, the Mortgagee, relating to the Mortgaged
Property known as 1801 Crawford Street and 705 Curtis Street, in the City/Town of Middletown, County of Butler, State of Ohio to be filed in the Ohio Recorder’s Office, County of Butler, State of Ohio. 

 

	 	4.	Amendment No. 1 to Open-End Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing dated as of June
            , 2013, from AK Steel Corporation, the Mortgagor, to U.S. Bank National Association, as Collateral Agent for the Secured Parties, the Mortgagee, relating to the Mortgaged
Property known as 1724 Linden Avenue, in the City/Town of Zanesville, County of Muskingum, State of Ohio to be filed in the Ohio Recorder’s Office, County of Muskingum, State of Ohio. 

 EXHIBIT C-4 
 Form of Opinion from Pennsylvania Counsel 
 June     , 2013

 To the Collateral Agent and the other 
     Secured Parties Referred to Below 
 c/o U.S. Bank National Association

 425 Walnut Street, 6th Floor 

Cincinnati, OH 45202 
 Attention: Corporate Trust
Department 
 Ladies and Gentlemen: 
 We have acted as special counsel in the Commonwealth of Pennsylvania in connection with the transactions contemplated by the Indenture dated as of November 20, 2012 (the “Indenture”)
among AK Steel Corporation, as issuer (the “Mortgagor”), AK Steel Holding Corporation, the parent guarantor party thereto, U.S. Bank National Association (“U.S. Bank”), as trustee, and U.S. Bank, as collateral agent
for the Secured Parties (in such capacity, the “Collateral Agent”), and, in connection with that certain mortgage delivered pursuant to the Indenture by the Mortgagor and described on Schedule 1 hereto (the
“Mortgage”), delivered an opinion of counsel dated March 20, 2013, to the Collateral Agent. More recently, we have assisted in the preparation of the Amendment (defined below), and have been requested to render this opinion
pursuant to Section 11.02(b) of the Indenture. 
 We have examined the Indenture, pursuant to which, among other things,
the Mortgagor issued on the date hereof an additional $30,000,000 in aggregate principal amount of the Mortgagor’s 8.750% Senior Secured Notes Due 2018 (the “Initial Additional Notes”). Capitalized terms used herein and not
otherwise defined herein shall have the meanings assigned to them in the Mortgage and, if such terms are not in the Mortgage, then the Amendment. 
 In addition we have examined the amendment to the Mortgage described in Schedule 2 hereto ( the “Amendment”). 

We have also examined and relied upon the originals, or copies certified or otherwise identified to our satisfaction, of such documents,
corporate records, certificates of public officials and other instruments, and have conducted such other investigations of fact and law as we have deemed necessary or advisable for purposes of this opinion. In rendering our opinion, we have assumed
the genuineness of all signatures, the authenticity of all documents submitted to us as originals and the conformity to authentic original documents of all documents submitted to us as certified, conformed or photostatic copies. In rendering this
opinion, we have assumed that: 
 (a) Mortgagor is a corporation duly formed, validly existing and in good standing under the
laws of Delaware, and has all requisite corporate power and all material governmental licenses, authorizations, consents and approvals necessary to own and operate the Mortgaged Property. 

 (b) The Documents, as that term is defined in our March 20, 2013 opinion, remain in
full force and effect, and continue to be legal, valid and binding obligations of the parties thereto. 
 (c) The execution,
delivery and performance by Mortgagor of the Amendment, as well as its grant of the rights set forth in the Mortgage, as modified by the Amendment, and the continuing performance by Mortgagor of each of the other Documents to which it is a party
(i) are within its corporate powers, (ii) have been duly authorized by all necessary corporate action, (iii) do not require any authorization, approval or consent of, or filings or registrations with, any governmental or regulatory
authority or agency outside of the Commonwealth of Pennsylvania, except for authorizations, consents or approvals that have already been obtained or filings that have already been made and that remain in effect, (iv) do not contravene any
provision of its certificate of incorporation or bylaws, and (v) do not contravene or constitute a breach of or default under any applicable provision of the laws of any jurisdiction other than the Commonwealth of Pennsylvania or the federal
laws of the United States or any applicable regulation thereunder or under any agreement, judgment, injunction, order, decree or other instrument binding upon it. 
 (d) The Mortgage was duly recorded in the office and under the instrument number set forth on Schedule 1, and no document has been executed or delivered by Mortgagor, nor has any document been
recorded in any official records in Butler County, PA, in either case, which could adversely affect the perfected status of the liens, encumbrances and security interests of the Mortgage. 

(e) The Amendment has been duly executed and delivered by Mortgagor. 

(f) Mortgagor owns the Mortgaged Property. 
 (g) The Amendment will be duly recorded in the office described in Schedule 1. 
 (h) All factual matters, including but not limited to representations and warranties, contained in the Indenture, the Mortgage and the Amendment are true and correct as set forth therein. 

(i) To the extent the obligations of Mortgagor may be dependent upon such matters, other than with respect to Mortgagor, the Collateral
Agent is duly formed, validly existing and in good standing under the laws of its jurisdiction of formation; it has the requisite corporate or organizational power and authority to perform its obligations under the Amendment; the Amendment has been
duly authorized, executed and delivered by, and each constitutes the legally valid and binding obligations of, the Collateral Agent, enforceable against the Collateral Agent in accordance with its respective terms. 

(j) The Collateral Agent is a federally chartered financial institution. 

We are of the opinion that, under applicable law in effect on the date of this opinion: 

1. The execution, delivery and/or recordation of an amendment to the Mortgage is required or recommended in order to
assure that (i) the Secured Parties continue to have a valid and enforceable Lien on the Mortgaged Property; and (ii) the Mortgage, as modified by the recorded Amendment, will secure the Initial Additional Notes issued pursuant to the
Indenture. The Lien imposed by the Mortgage on the Real Property (defined below) will continue to have priority from the date that the Mortgage 

 
was recorded, except to the extent that the principal balance of the Secured Obligations exceeds the amount set forth in Recital (A) of the Mortgage prior to the execution, delivery and
recordation of the Amendment, in which case that Lien will (a) to the extent that said principal balance does not exceed the amount set forth in Recital (A) of the Mortgage, as increased by the Amendment, have priority as of the date the
Amendment is recorded, or (b) to the extent said principal balance exceeds the increased amount set forth in Recital (A) of the Mortgage, as amended by the Amendment, have priority as of the date such excess principal amount was advanced.
The Mortgage, as modified by the Amendment, constitutes a legal, valid and binding obligation of the Mortgagor, enforceable in accordance with its terms, except as the enforceability thereof may be limited by bankruptcy, insolvency or other similar
laws relating to the enforcement of creditors’ rights generally, including but not limited to fraudulent transfer laws, and limitations on self-help, and by general equitable principles, including but not limited to concepts of materiality,
reasonableness, good faith and fair dealing, and the possible unavailability of specific performance or injunctive relief. 
 2. No authorizations, approvals or consents of, or filings or registrations with, any governmental or regulatory authority or agency of or in the Commonwealth of Pennsylvania are necessary for the
execution, delivery, performance or recordation by the Mortgagor of the Amendment, except for authorizations, consents, approvals that have already been obtained or filings that have already been made and that remain in effect, and those filings
that are referred to below. 
 3. The Amendment will not result in a loss of, or adverse affect on, the priority
of the Lien created by the Mortgage. The Mortgage, as amended by the Amendment, continues to impose a valid mortgage Lien upon such of the Mortgaged Property described therein (the “Real Property”) as constitutes real property under
the laws of the Commonwealth of Pennsylvania, and continues to attach a valid security interest in any goods located or to be located on the Real Property that now or may hereafter constitute “fixtures” within the meaning of Article 9 of
the Uniform Commercial Code as in effect in the Commonwealth of Pennsylvania on the date hereof (the “Pennsylvania UCC”) (such goods being hereinafter referred to as “Fixtures”), in each case, in favor of the
Collateral Agent for the benefit of the Secured Parties and securing the Secured Obligations, including without limitation the Original Notes and the Initial Additional Notes. The recording of the Amendment in the office designated in Schedule
1 hereto is the only filing, recording and registration necessary to continue the perfected status of, publish notice of and preserve the Lien on the Mortgaged Property and security interest in the Fixtures created by the Mortgage, as amended by
the Amendments. 
 4. No taxes or other charges, including, without limitation, intangible or documentary stamp
taxes, mortgage or recording taxes, transfer taxes or similar charges, are payable to the Commonwealth of Pennsylvania or to any jurisdiction therein on account of the execution, delivery or recordation of the Amendment, the issuance of the Initial
Additional Notes or the filing, recording or registration of the Amendment, except for nominal filing or recording fees. 
 5. The Amendment is in a form suitable for recording in the office designated in Schedule 1. 

 The opinions expressed above as to the enforceability of the Mortgage, as modified by the
Amendment, are subject to the qualification that certain of the remedial provisions thereof, including but not limited to provisions providing for non-judicial foreclosure, may be limited by applicable law, although such limitations do not in our
opinion make the remedies provided for therein inadequate for the practical realization of the benefits of the security intended to be afforded thereby. Our opinions as to the enforceability and perfected status of the Mortgage is also subject to
the qualification that if Collateral Agent receives notice pursuant to the Pennsylvania Open-End Mortgage Law, 42 Pa. C.S.A. 8143 et. seq., the lien and security interest provided by the Mortgage with respect to Additional Secured
Obligations arising subsequent to Collateral Agent’s receipt of such notice may be impaired by that law. Our opinions as to the perfected status of the liens imposed upon the Mortgaged Property are contingent upon the proper indexing of the
Mortgage and the Amendment in the office designated on Schedule 1. 
 We have made no examination of and express no opinion with
respect to: (i) title to or descriptions of the Mortgaged Property; (ii) the nature or extent of Mortgagor’s rights in or title to the Mortgaged Property; (iii) the existence or non-existence of liens, security interests, charges
or encumbrances on or in the Mortgaged Property; (iv) the priority of any liens on any part of the Mortgaged Property; and (v) the applicability of any laws governing the issuance of securities. 

We are admitted to practice in the Commonwealth of Pennsylvania, and the foregoing opinions are limited to the laws of said Commonwealth
and the federal laws of the United States of America. This opinion is given as of the date hereof, and we disclaim any obligation to update this opinion letter in reaction to events occurring after the date of this opinion letter. 

This opinion is rendered only to the Collateral Agent and the Secured Parties and their respective successors and assigns, and is solely
for their benefit in connection with the transactions contemplated by the Documents and may not be relied upon by the Collateral Agent or any Secured Party or any of their respective successors or assigns for any other purpose without our prior
written consent. 
 Very truly yours, 

 Schedule 1 
 Mortgage and Recording Office: 
 Open-End Mortgage, Assignment of Leases and
Rents, Security Agreement and Fixture Filing executed on March 14, 2013, to be effective as of March 20, 2013 from AK Steel Corporation, successor by merger to ARMCO, INC., to U.S. Bank National Association, as Collateral Agent for the
Secured Parties, relating to the Mortgaged Property described therein and located in the Township of Butler, County of Butler, Commonwealth of Pennsylvania recorded on March 22, 2013 in the office set forth below at Instrument No.
201303220008355. 
 The Recording Office is the Office of the Recorder of Deeds of Butler County, Pennsylvania. 

 Schedule 2 
 Amendment to Mortgage: 
 Amendment No. 1, to the Mortgage described in
Schedule 1, which Amendment No.1 was executed by the Mortgagor on May             , 2013, and by the Mortgagee on May
            , 2013, to be effective on May             , 2013.

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