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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">MORGAN STANLEY FINANCE LLC,<BR>
as Issuer</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">MORGAN STANLEY,<BR>
as Guarantor</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">and</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">THE
BANK OF NEW YORK MELLON,</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">as Warrant Agent</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 12pt Times New Roman, Times, Serif">_______________________</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">[FORM
OF WARRANT AGREEMENT]</FONT><BR> <BR> <BR> <BR> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">dated
as of February 16, 2016</FONT><BR>  </P>



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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>TABLE
OF CONTENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">_______________</P>



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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 12pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">ARTICLE
                                         1</FONT></P>
                                                                                                           <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"> Warrants</FONT></P></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="width: 90%; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    1.01<I>.  Ranking</I></FONT></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">2</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    1.02<I>.  Form, Execution and Delivery of Warrant Certificates</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">2</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    1.03<I>.  Number Unlimited; Issuable in Series</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">4</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    1.04<I>.  Countersignature and Delivery of Warrant Certificates</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">6</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    1.05<I>.  Place of Exercise; Registration of Transfers and Exchanges</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">9</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    1.06<I>.  Mutilated or Missing Warrant Certificates</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">13</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    1.07<I>.  Registered Holders.</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">14</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    1.08<I>.  Cancellation</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">15</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    1.09<I>.  Additional Warrant Agents</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">16</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    1.10<I>.  Appointment of Calculation Agents</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">16</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    1.11<I>.  CUSIP Numbers</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">16</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 12pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">ARTICLE
                                         2</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"> Duration and Exercise of Warrants</FONT></P></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    2.01<I>.  Duration and Exercise of Warrants</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">17</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    2.02<I>.  Return of Money Held Unclaimed for Two Years</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">17</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 12pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">ARTICLE
                                         3</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"> Other Provisions Relating to Rights of Warrantholders</FONT></P></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    3.01<I>.  Warrantholder May Enforce Rights</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">17</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    3.02<I>.  No Rights as Holder of Warrant Property Conferred by Warrants or Warrant Certificates</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">17</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    3.03<I>.  Company’s Covenant Not to Merge, Consolidate, Sell or Convey Property Except Under Certain Conditions</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">18</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    3.04.  <I>Successor Person Substituted</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">18</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    3.05.  <I>Opinion of Counsel Delivered to Warrant Agent</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">19</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 12pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">ARTICLE
                                         4</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"> Warrants Acquired by the Company; Payment of Taxes</FONT></P></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    4.01<I>.  Warrants Acquired by the Company</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">19</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    4.02<I>.  Payment of Taxes</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">20</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 12pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">ARTICLE
                                         5</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"> Concerning the Warrant Agent</FONT></P></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    5.01<I>.  Warrant Agent</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">20</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    5.02<I>.  Condition of Warrant Agent’s Obligations</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">20</FONT></TD></TR>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in; width: 90%"><FONT STYLE="font-size: 10pt">Section
    5.03<I>.  Resignation and Appointment of Successor</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; width: 10%"><FONT STYLE="font-size: 10pt">23</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    5.04. <I>Force Majeure</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">25</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 12pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">ARTICLE
                                         6</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"> Miscellaneous</FONT></P></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    6.01<I>.  Amendment</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">25</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    6.02<I>.  Notices and Demands to the Company, the Guarantor  and the Warrant Agent</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">27</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    6.03<I>.  Addresses for Notices</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">27</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    6.04<I>.  Notices to Warrantholders</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">28</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    6.05<I>.  Obtaining of Approvals</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">28</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    6.06<I>.  Persons Having Rights under this Agreement</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">28</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    6.07<I>.  Inspection of Agreement</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">28</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    6.08<I>.  Officer’s Certificates and Opinions of Counsel; Statements to Be Contained Therein</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">29</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    6.09<I>.  Payments Due on Saturdays, Sundays and Holidays</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">29</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    6.10<I>.  Judgment Currency</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">30</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    6.11<I>.  Headings</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">30</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    6.12<I>.  Counterparts</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">31</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    6.13<I>.  Applicable Law</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">31</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    6.14. <I>Waiver of Jury Trial</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">31</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    6.15.  <I>Submission to Jurisdiction; Waiver of Immunity</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">31</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 12pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 11pt">ARTICLE
                                         7</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"> guarantee</FONT></P></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    7.01<I>.  The Guarantee</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">31</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    7.02<I>.  Guarantee Unconditional</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">32</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    7.03<I>.  Discharge; Reinstatement</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">32</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    7.04<I>.  Waiver by the Guarantor</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">33</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    7.05<I>.  Subrogation</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">33</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    7.06<I>.  Stay of Acceleration</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">33</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    7.07<I>.  Savings Clause</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">33</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    7.08.  <I>Execution and Delivery of Guarantee</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">33</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    7.09<I>.  Release of Guaranty</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">34</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
7.10.  <I>Guarantor’s Covenant Not to Merge, Consolidate, Sell or Convey Property Except Under Certain Conditions</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">34</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    7.11.  <I>Successor Person Substituted</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">34</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    7.12.  <I>Termination of the Guarantee upon Merger</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">35</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    7.13<I>.</I>  <I>Opinion of Counsel Delivered to Warrant Agent</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">35</FONT></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 12pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0pt; padding-left: 0.5in"><FONT STYLE="font-size: 10pt">Section
    7.14.  <I>Not Insured</I></FONT></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-size: 10pt">35</FONT></TD></TR>
</TABLE>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Exhibit I	–	Form
of Registered Call Warrant Certificate</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Exhibit II	–	Form
of Registered Put Warrant Certificate</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"> </FONT></P>



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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">WARRANT
AGREEMENT</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"> </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">THIS AGREEMENT,
dated as of February 16, 2016, among MORGAN STANLEY FINANCE LLC, a Delaware limited liability company (the “<B>Company</B>”)
and a wholly-owned subsidiary of Morgan Stanley, MORGAN STANLEY, a Delaware corporation (the “<B>Guarantor</B>”),
and THE BANK OF NEW YORK MELLON (the “<B>Warrant Agent</B>”).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"> </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">WHEREAS,
the Company has entered into a Senior Indenture dated as of February 16, 2016, among the Company, the Guarantor and The Bank of
New York Mellon, as Trustee (the “<B>Trustee</B>”) (as amended or supplemented from time to time, the “<B>Indenture</B>”),
providing for the issuance from time to time of its unsecured debt securities to be issued in one or more series as provided in
the Indenture;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"> </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">WHEREAS,
the Company has duly authorized the issue from time to time of warrants (the “<B>Warrants</B>”) to purchase or sell
(i) securities issued by the Company or by an entity affiliated or not affiliated with the Company, a basket of such securities,
an index or indices of such securities or any combination of the above, (ii) currencies or (iii) commodities (the property described
in clauses (i), other than the Company’s debt securities, (ii) and (iii), in relation to a Warrant, being hereinafter referred
to as the “<B>Unaffiliated Warrant Property</B>” applicable to such Warrant, and the Company’s debt securities
issued pursuant to the Indenture to be purchased or sold upon exercise of any Warrant, being hereinafter referred to as the “<B>Warrant
Securities</B>,” and together with the Unaffiliated Warrant Property, the “<B>Warrant Property</B>”) to be issued
in one or more series and in such number and with such terms as may from time to time be authorized in accordance with the terms
of this Agreement;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"> </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">WHEREAS,
the Company has duly authorized the execution and delivery of this Agreement to provide, among other things, for the delivery
and administration of the Warrants;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"> </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">WHEREAS,
the Guarantor has duly authorized the full and unconditional guarantee of the Warrants, and in order to provide the general terms
and conditions of the Warrants and the guarantee of same, the Guarantor has duly authorized the execution and delivery of this
Agreement; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"> </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">WHEREAS,
all things necessary to make this Agreement a valid agreement according to its terms have been done;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"> </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">NOW, THEREFORE,
the parties hereto agree as follows:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"> </FONT></P>


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<P STYLE="font: small-caps 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt; font-variant: normal; text-transform: uppercase">Article
1</FONT><FONT STYLE="font-size: 10pt"><BR>
Warrants</FONT></P>

<P STYLE="font: small-caps 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-size: 10pt"> </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section 1.01<I>.
Ranking. </I>The Warrants are unsecured contractual obligations of the Company and will rank <I>pari passu</I> with the Company’s
other unsecured contractual obligations and with the Company’s unsecured and unsubordinated debt.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"> </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
1.02<I>. Form, Execution and Delivery of Warrant Certificates. </I>(a) Certificates (“<B>Warrant
Certificates</B>”) evidencing the Warrants of each series shall be substantially in the form of Exhibits I and II
hereto or in such form (not inconsistent with this Agreement) as shall be established by or pursuant to one or more Board
Resolutions (as defined below) of the Company (as set forth in a Board Resolution of the Company or, to the extent
established pursuant to, rather than set forth in, a Board Resolution of the Company, in an Officer’s Certificate (as
defined below) of the Company detailing such establishment) or in one or more agreements supplemental hereto, in each case
with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this
Agreement. The Warrant Certificates may have imprinted or otherwise reproduced thereon such letters, numbers or other marks
of identification or designation and such legends or endorsements as the officers of the Company executing the same may
approve (execution thereof to be conclusive evidence of such approval) and that are not inconsistent with the provisions of
this Agreement, or as may be required to comply with any law or with any rule or regulation made pursuant thereto, or with
any rule or regulation of any self-regulatory organization (an “<B>SRO</B>”) on which the Warrants of such series
may be listed or quoted, or of any securities depository, or to conform to usage. Warrant Certificates shall be signed on
behalf of the Company by a manager, the president, any vice president, the treasurer or any assistant treasurer or such
other person specifically designated by the Board of the Company to execute Warrant Certificates, which signature may or may
not be attested by the secretary, an assistant secretary or a manager of the Company. The signature of any of such officers
may be either manual or facsimile. Typographical and other minor errors or defects in any such signature shall not affect the
validity or enforceability of any Warrant Certificate that has been duly countersigned and delivered by the Warrant
Agent.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"> </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">“<B>Board</B>”
means either the Board of Directors of the Guarantor or the Board of Managers of the Company, as applicable, or any committee
of such Board duly authorized to act on its behalf for the purposes of this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"> </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">“<B>Board
Resolution</B>” means a copy of one or more resolutions, certified by the secretary or an assistant secretary of the Company
or the Guarantor, as applicable, to have been duly adopted or consented to by such Board and to be in full force and effect, and
delivered to the Warrant Agent.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"> </FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">“<B>Company</B>”
means (except as otherwise provided in ‎Article 5), Morgan Stanley Finance LLC, a Delaware limited liability company and,
subject to ‎Article 3, its successors and assigns.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"> </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">“<B>Guarantee</B>”
means the guarantee of the Company’s obligations under this Agreement and the Warrants by the Guarantor pursuant to ‎‎Article
7.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"> </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">“<B>Guarantor</B>”
means Morgan Stanley, a Delaware corporation, and, subject to ‎‎Article 7, its successors and assigns, in each case unless
and until the Guarantor is released from the Guarantee pursuant to this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"> </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">“<B>Officer’s
Certificate</B>” means (i) with respect to the Company, a certificate signed by any one of the following: a manager, the
president, any vice president, the treasurer, any assistant treasurer, the secretary, any assistant secretary or such other person
authorized by the Board of the Company to execute any such certificate and (ii) with respect to the Guarantor, a certificate signed
by any one of the following: the chairman of the board, the chief executive officer, the president, the chief operating officer,
the chief financial officer, any executive vice president, the treasurer, any assistant treasurer, the secretary, any assistant
secretary or such other person authorized by the Board of the Guarantor to execute any such certificate, in each case, delivered
to the Warrant Agent. Without limiting the generality of the foregoing, if the Warrants of any series are to be issued as components
of a unit (“<B>Unit</B>”) with one or more other securities of the Company, an officer’s certificate or similar
certificate relating to the Warrants delivered pursuant to an indenture or unit agreement or similar agreement governing such
Units or one or more other components thereof may also constitute an Officer’s Certificate under this Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"> </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT></FONT>In case any officer of the Company who shall have signed a Warrant Certificate, either manually or by facsimile
signature, shall cease to be such officer before such Warrant Certificate shall have been countersigned and delivered by the Warrant
Agent to the Company or delivered by the Company, such Warrant Certificate nevertheless may be countersigned and delivered as
though the person who signed such Warrant Certificate had not ceased to be such officer of the Company; and a Warrant Certificate
may be signed on behalf of the Company by any person who, at the actual date of the execution of such Warrant Certificate, shall
be a proper officer of the Company to sign such Warrant Certificate, although at the date of the execution of this Agreement any
such person was not such officer.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.9in"><FONT STYLE="font-size: 10pt"> </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>Pending the preparation of final Warrant Certificates evidencing Warrants of any series, the Company may execute and the
Warrant Agent shall countersign and deliver temporary Warrant Certificates evidencing such Warrants (printed, lithographed, typewritten
or otherwise produced, in each case in form satisfactory to the Warrant Agent). Such temporary Warrant Certificates shall be issuable
substantially in the form of the final Warrant Certificates but with such omissions, insertions and variations as may be appropriate
for temporary Warrant</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.9in"><FONT STYLE="font-size: 10pt"> </FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Certificates, all as may be determined
by the Company with the concurrence of the Warrant Agent. Such temporary Warrant Certificates may contain such reference to any
provisions of this Agreement as may be appropriate. Every such temporary Warrant Certificate shall be executed by the Company
and shall be countersigned by the Warrant Agent upon the same conditions and in substantially the same manner, and with like effect,
as the final Warrant Certificates. Without unreasonable delay, the Company shall execute and shall furnish final Warrant Certificates
and thereupon such temporary Warrant Certificates may be surrendered in exchange therefor without charge, and the Warrant Agent
shall countersign and deliver in exchange for such temporary Warrant Certificates final Warrant Certificates evidencing a like
aggregate number of Warrants of the same series and of like tenor as those evidenced by such temporary Warrant Certificates. Until
so exchanged, such temporary Warrant Certificates and the Warrants evidenced thereby shall be entitled to the same benefits under
this Agreement as final Warrant Certificates and the Warrants evidenced thereby.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"> </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 1.03<I>. Number Unlimited; Issuable
in Series. </I>(a) The aggregate number of Warrants that may be delivered under this Agreement is unlimited. </P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"> </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">  </FONT>The Warrants may be issued in one or more series. There shall be established in or pursuant to one or more Board Resolutions
of the Company (and to the extent established pursuant to, rather than set forth in, a Board Resolution of the Company, in an
Officer’s Certificate of the Company detailing such establishment) or established in one or more agreements supplemental
hereto, prior to the initial issuance of Warrants of any series;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.9in"><FONT STYLE="font-size: 10pt"> </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>the designation of the Warrants of the series, which shall distinguish the Warrants of the series from the Warrants of
all other series;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt"> </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>any
limit upon the aggregate number of the Warrants of the series that may be countersigned and delivered under this
Agreement (disregarding any Warrants countersigned and delivered upon registration of transfer of, or in exchange for, or in
lieu of, other Warrants of the series);</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt"> </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii) </FONT>the
specific Warrant Property purchasable or salable upon exercise of the Warrants of the series, and the amount thereof (or the
method for determining the same);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt"> </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">  </FONT>the
price at which the Warrants of the series will be issued and, if other than U.S. dollars, the coin or currency or
composite currency in which such issue price will be payable;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"> </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif">  </FONT>whether the Warrants of the series are warrants to purchase (“<B>call warrants</B>”) or warrants to sell (“<B>put
warrants</B>”) the Warrant Property;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt"> </FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>the price at which and, if other than U.S. Dollars, the coin or currency or composite currency with which the Warrant Property
may be purchased or sold upon exercise of the Warrants of the series (or the method for determining the same);</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt"> </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(vii)<FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>whether the exercise price for the Warrants of the
series may be paid in cash or by the exchange of any other security of the Company, or both, or otherwise, and the method of
exercise of the Warrants of the series;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt"> </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(viii)<FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>
whether the exercise of the Warrants of the series is to be settled in cash or by delivery of the Warrant Property or both,
or otherwise;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt"> </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </FONT><FONT STYLE="font-size: 10pt">(ix)<FONT STYLE="font-family: Times New Roman, Times, Serif">  </FONT>the
terms by which (A) in the case of call warrants, the Warrant Agent shall deliver all funds received by it in payment for the
exercise of Warrants to the Company and the Company shall deliver the Warrant Property or (B) in the case of put
warrants, the Warrant Agent shall deliver the Warrant Property received to the Company in exchange for the funds delivered by
the Company;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt"> </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </FONT><FONT STYLE="font-size: 10pt">(x)<FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>the date on which the right to exercise the Warrants of the series shall commence and the date (the “<B>Expiration
Date</B>”) on which such right shall expire or, if the Warrants of the series are not continuously exercisable throughout
such period, the specific date or dates on which they will be exercisable;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"> </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </FONT><FONT STYLE="font-size: 10pt">(xi)<FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>whether the Warrant Certificates representing the Warrants of the series will be in registered form (“<B>Registered
Warrants</B>”) or bearer form (“<B>Bearer Warrants</B>”) or both;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"> </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </FONT><FONT STYLE="font-size: 10pt">(xii)<FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>whether the Warrant Certificates evidencing any Registered Warrants or Bearer Warrants of the series will be issued in
global form (“<B>Global Warrant Certificates</B>”) or definitive form (“<B>Definitive Warrant Certificates</B>”)
or both, and whether and on what terms (if different from those set forth herein) Warrant Certificates in one form may be converted
into or exchanged for Warrant Certificates in the other form;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt"> </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </FONT><FONT STYLE="font-size: 10pt">(xiii)<FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>any warrant agents, depositaries, authenticating or paying agents, transfer agents or registrars or any determination or
calculation agents or other agents with respect to Warrants of the series;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt"> </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </FONT><FONT STYLE="font-size: 10pt">(xiv)<FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>any addition to, elimination of or other change in the defaults or covenants with respect to the Warrants of such series,
including making defaults or covenants inapplicable or changing the remedies available to Holders of the Warrants of such series
upon a default or a failure by the Company or the Guarantor to perform a covenant;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt"> </FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(xv)<FONT STYLE="font-family: Times New Roman, Times, Serif">  </FONT>whether the Warrants of the series will be issued separately or together as a unit (a “<B>Unit</B>”) with one
or more other securities of the Company or any other person and, if the Warrants of the series are to be issued as components
of Units, whether and on what terms the Warrants of the series may be separated from the other components of such Units prior
to the Expiration Date of such Warrants; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt"> </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(xvi)<FONT STYLE="font-family: Times New Roman, Times, Serif">  </FONT>any other terms of the Warrants of the series (which terms shall not be inconsistent with the provisions of this Agreement).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-size: 10pt"> </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif"> All
Warrants of any one series shall be substantially identical, except as may otherwise be provided by or pursuant to the Board Resolution
of the Company or Officer’s Certificate of the Company referred to above or as set forth in any such agreement supplemental
hereto. All Warrants of any one series need not be issued at the same time and may be issued from time to time, consistent with
the terms of this Agreement, if so provided by or pursuant to such Board Resolution of the Company, such Officer’s Certificate
of the Company or in any such agreement supplemental hereto.</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.9in"><FONT STYLE="font-size: 10pt"> </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Notwithstanding
Section 1.03(b)(ii) hereof and unless otherwise expressly provided with respect to a series of Warrants, the aggregate number
of Warrants of a series may be increased and additional Warrants of such series may be issued up to a maximum limit upon the aggregate
number authorized with respect to such series as increased.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">  </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section
1.04<I>. Countersignature and Delivery of Warrant Certificates. </I>  (a) The Company may deliver Warrant Certificates
evidencing Warrants of any series executed by the Company to the Warrant Agent for countersignature together with the
applicable documents referred to below in this Section, and the Warrant Agent shall thereupon countersign and deliver such
Warrant Certificates to or upon the order of the Company (contained in the Issuer Order (as defined below) referred to below
in this Section) or pursuant to such procedures acceptable to the Warrant Agent as may be specified from time to time by an
Issuer Order. Any terms of the Warrants evidenced by such Warrant Certificates may be determined by or pursuant to such
Issuer Order or such other procedures. If provided for in such procedures, such Issuer Order may authorize countersignature
and delivery pursuant to oral instructions from the Company or its duly authorized agent, which instructions shall be
promptly confirmed in writing. In countersigning such Warrant Certificates and accepting the responsibilities under this
Agreement in relation to the Warrants evidenced by such Warrant Certificates, the Warrant Agent shall be entitled to receive
(in the case of subparagraphs ‎1.04(a)(ii), ‎1.04(a)(iii) and ‎1.04(a)(iv) below, only at or before the time of
the first request of the Company to the Warrant Agent to countersign Warrant Certificates in a particular form evidencing
Warrants) and shall be fully protected in relying upon, unless and until such documents have been superseded or
revoked:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i)	an Issuer Order requesting
such countersignature and setting forth delivery instructions if the Warrant Certificates are not to be delivered to the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii)	any Board Resolution
of the Company, Officer’s Certificate of the Company and/or executed supplemental agreement pursuant to which the forms and
terms of the Warrants evidenced by such Warrant Certificates were established;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iii)	an Officer’s Certificate
of the Company setting forth the forms and terms of the Warrants evidenced by such Warrant Certificates stating that the form or
forms and terms of the Warrants evidenced by such Warrant Certificates have been established pursuant to Sections ‎1.02 and
‎1.03 and comply with this Agreement, and covering such other matters as the Warrant Agent may reasonably request; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iv)	at the option of the
Company, either one or more Opinions of Counsel (as defined below) or one or more letters addressed to the Warrant Agent each permitting
it to rely on such Opinions of Counsel, substantially to the effect that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(A)	the forms of the Warrant
Certificates have been duly authorized and established in conformity with the provisions of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(B)	in the case of an underwritten
offering, the terms of the Warrants have been duly authorized and established in conformity with the provisions of this Agreement
and, in the case of an offering that is not underwritten, certain terms of the Warrants have been established pursuant to a Board
Resolution of the Company, an Officer’s Certificate of the Company or a supplemental agreement in accordance with this Agreement,
and when such other terms as are to be established pursuant to procedures set forth in an Issuer Order shall have been established,
all terms will have been duly authorized by the Company and will have been established in conformity with the provisions of this
Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(C)	when the Warrant Certificates
have been executed by the Company and countersigned by the Warrant Agent in accordance with the provisions of this Agreement and
delivered to and duly paid for by the purchasers thereof, subject to such other conditions as may be set forth in such opinion
of counsel, (i) they will have been duly issued under this Agreement and the Warrants evidenced thereby will be valid and legally
binding obligations of the Company and the Guarantor, respectively, enforceable in accordance with their respective terms, and
will be entitled to the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.05in; text-indent: 0.8in"> </P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-indent: 0pt">benefits of this Agreement and (ii) the Guarantee
with respect to such Warrants will have been duly issued under this Agreement and will be a valid and binding obligation of the
Guarantor, enforceable in accordance with its terms, and will be entitled to the benefits of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 76.5pt"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">In rendering such opinions, such counsel may qualify
any opinions as to enforceability by stating that such enforceability may be limited by bankruptcy, insolvency, reorganization,
liquidation, moratorium and other similar laws affecting the rights and remedies of creditors and is subject to general principles
of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). Such counsel may rely,
as to all matters governed by the laws of jurisdictions other than the State of New York and the federal law of the United States,
upon opinions of other counsel (copies of which shall be delivered to the Warrant Agent), who shall be counsel reasonably satisfactory
to the Warrant Agent, in which case the opinion shall state that such counsel believes he and the Warrant Agent are entitled so
to rely. Such counsel may also state that, insofar as such opinion involves factual matters, such counsel has relied, to the extent
such counsel deems proper, upon certificates of officers of the Company, the Guarantor and their respective subsidiaries and certificates
of public officials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">“<B>Issuer Order</B>” means
a written statement, request or order of the Company signed in its name by any one of the following: a manager, the president,
any vice president, the treasurer, any assistant treasurer or such other person specifically designated by the Board of the Company
to execute any such written instrument, request or order. Without limiting the generality of the foregoing, if the Warrants of
a series are issued as components of Units, an issuer order or similar order relating to the Warrants delivered pursuant to an
indenture or unit or similar agreement governing such Units or one or more other components thereof may also constitute an Issuer
Order under this Agreement if addressed to the Warrant Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">“<B>Opinion of Counsel</B>”
means an opinion in writing signed by legal counsel to the Company or the Guarantor, who may be an employee of or counsel to the
Company or the Guarantor, and who shall be satisfactory to the Warrant Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)	The Warrant Agent shall have the
right to decline to countersign and deliver any Warrant Certificates under this Section if the Warrant Agent, being advised by
counsel, determines that such action may not lawfully be taken by the Company or the Guarantor or if the Warrant Agent (i) in good
faith by its board of directors or board of trustees or by a committee of its trust officers determines that such action would
expose the Warrant Agent to personal liability to existing registered or beneficial holders of Warrants (each, a “<B>Warrantholder</B>”)
or would affect the Warrant Agent’s own rights, duties or immunities under the Warrant</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"> </P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certificates, the Warrants, this Agreement or otherwise or (ii)
in good faith determines that the terms of such Warrants are administratively unacceptable to it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>If the Company shall establish pursuant to Section ‎1.03 that the Warrants of a series are to be evidenced in whole
or in part by one or more Global Warrant Certificates, then the Company shall execute and the Warrant Agent shall, in accordance
with this Section and the Issuer Order with respect to such series, countersign and deliver one or more Global Warrant Certificates
that (i) shall evidence all or part of the Warrants of such series issued in such form and not yet canceled, (ii) shall be registered
in the name of the Depositary (as defined below) for such Warrants or the nominee of such Depositary, (iii) shall be delivered
by the Warrant Agent to such Depositary or pursuant to such Depositary’s instructions and (iv) shall bear a legend substantially
to the following effect: “Unless and until it is exchanged in whole or in part for Warrants in definitive registered form,
this Warrant Certificate and the Warrants evidenced hereby may not be transferred except as a whole by the Depositary to the nominee
of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary
or any such nominee to a successor Depositary or a nominee of such successor Depositary.”</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">“<B>Depositary</B>”
means, with respect to the Warrants of any series that are or may be evidenced by one or more Global Warrant Certificates, the
person or persons designated as Depositary by the Company pursuant to Section ‎1.03 hereof until a successor Depositary shall
have become such pursuant to the applicable provisions of this Agreement, and thereafter “<B>Depositary</B>” shall
mean or include each person who is then a Depositary hereunder, and if at any time there is more than one such person, “<B>Depositary</B>”
as used with respect to the Warrants of any such series shall mean the Depositary with respect to that series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)	If so required by applicable law,
each Depositary for a series of Warrants must, at the time of its designation and at all times while it serves as Depositary, be
a clearing agency registered under the Securities Exchange Act of 1934 and any other applicable statute or regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)	Each Warrant Certificate shall be
dated the date of its countersignature. A Warrant Certificate shall not be valid for any purpose, and no Warrant evidenced thereby
shall be exercisable, unless and until such Warrant Certificate has been countersigned by the manual signature of an authorized
signatory of the Warrant Agent. Such countersignature by an authorized signatory of the Warrant Agent upon any Warrant Certificate
executed by the Company in accordance with this Agreement shall be conclusive evidence that the Warrant Certificate so countersigned
and the Warrants evidenced thereby have been duly issued hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 1.05<I>. Place of Exercise; Registration
of Transfers and Exchanges. </I>(a) Except as otherwise established pursuant to Section ‎1.03 with respect to Warrants of a
series, Warrants may be presented for exercise at the Warrant</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Agent’s Window (as defined below) in accordance with procedures
to be established pursuant to Section ‎1.03.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)	Except as otherwise provided herein
or as established pursuant to Section ‎1.03 with respect to the Warrants of a series, the Warrant Agent shall from time to
time register the transfer of any outstanding Registered Definitive Warrant Certificates upon the records to be maintained by it
for that purpose (the “<B>Warrant Register</B>”) at the Warrant Agent’s Office (as defined below), subject to
such reasonable regulations as the Company or the Warrant Agent may prescribe with respect to the Warrants of such series, upon
surrender thereof at the Warrant Agent’s Window (as defined below), Attention: Transfer Area, duly endorsed by, or accompanied
by a written instrument or instruments of transfer in form satisfactory to the Warrant Agent and the Company duly executed by,
the Registered Holder(s) (as defined below) thereof or by the duly appointed legal representative thereof or by a duly authorized
attorney, such signature to be guaranteed by a bank or trust company with a correspondent office in The City of New York or by
a broker or dealer that is a member of the Financial Industry Regulatory Authority, Inc. (“<B>FINRA</B>”) or by a member
of a national securities exchange or in such other manner acceptable to the Warrant Agent and the Company. Upon any such registration
of transfer, one or more new Warrant Certificates of the same series and like terms evidencing a like number of unexercised Warrants
shall be issued to the transferee(s) and the surrendered Warrant Certificate shall be cancelled by the Warrant Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)	Except as otherwise established
for a series of Warrants pursuant to Section ‎1.03, at the option of a Registered Holder, Definitive Warrant Certificates may
be exchanged for other Definitive Warrant Certificates evidencing the same aggregate number of unexercised Warrants of the same
series and of like tenor upon surrender to the Warrant Agent of the Definitive Warrant Certificates to be exchanged at the Warrant
Agent’s Window, Attention: Transfer Area. The “<B>Warrant Agent’s Window</B>” shall be the window of the
Warrant Agent maintained for purposes of transfer and tender in the Borough of Manhattan, The City of New York (or at the address
of any additional agency established by the Company pursuant to Section 1.09 hereof, or at the address of any successor Warrant
Agent (as provided in ‎Section 5.03)), which is, on the date of this Agreement, The Bank of New York Mellon, Transfer Area,
101 Barclay Street, 7W, New York, New York 10286. If the Warrants of any series are issued in both registered and unregistered
form, except as otherwise established for such series pursuant to Section ‎1.03, at the option of the holder thereof, Warrant
Certificates evidencing Bearer Warrants of any series may be exchanged for Definitive Warrant Certificates evidencing an equal
number of unexercised Registered Warrants of the same series and of like tenor upon surrender of such Warrant Certificates evidencing
Bearer Warrants to be exchanged at the Warrant Agent’s Window, Attention: Transfer Area. Unless otherwise established for
such series pursuant to Section ‎1.03, Registered Warrants of any series may not be exchanged for Bearer Warrants of such series.
Upon surrender of any unexercised Warrant</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"> </P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certificate for exchange, the Warrant Agent shall cancel such
Warrant Certificate, and the Company shall execute, and the Warrant Agent shall countersign and deliver, one or more new Warrant
Certificates evidencing a like number of unexercised Warrants of the same series and of like tenor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)	Warrants evidenced by the Warrant
Certificates issued upon transfer or exchange pursuant to paragraph ‎(b) or ‎(c) of this Section shall be valid obligations
of the Company (and the Guarantee on such Warrants shall be a valid obligation of the Guarantor), constituting the same obligations
of the Company as the Warrants evidenced by the Warrant Certificates surrendered for transfer or exchange, and entitled to the
same benefits under this Agreement as were such Warrants evidenced by the Warrant Certificates prior to such surrender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)	Except as provided in ‎Section
1.06, no service charge shall be made for any registration of transfer or exchange of Warrant Certificates, but the Company may
require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration
of transfer or exchange of Warrant Certificates, other than exchanges pursuant to this Section not involving any transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)	In the event that upon any exercise
of Warrants evidenced by a Warrant Certificate the number of Warrants exercised shall be less than the total number of Warrants
evidenced by such Warrant Certificate, there shall be issued to the Registered Holder thereof (or, in the case of Bearer Warrants,
the holder thereof) or his assignee a new Warrant Certificate evidencing the number of Warrants of the same series and of like
tenor not exercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g)	Warrant Certificates evidencing
Bearer Warrants shall be transferable by delivery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(h)	Notwithstanding any other provision
of this Agreement, unless and until it is exchanged in whole or in part for Definitive Warrant Certificates, a Global Warrant Certificate
evidencing all or a portion of the Warrants of a series may not be transferred except as a whole by the Depositary for such series
to a nominee of such Depositary or by a nominee of such Depositary to such Depositary or another nominee of such Depositary or
by such Depositary or any such nominee to a successor Depositary for such series or a nominee of such successor Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i)	If at any time the Depositary for
any series of Warrants notifies the Company that it is unwilling or unable to continue as Depositary for such series or if at any
time the Depositary for such series shall no longer be eligible under this Agreement, the Company shall appoint a successor Depositary
with respect to such series. If a successor Depositary for such series is not appointed by the Company within 90 days after the
Company receives such notice or becomes aware of such ineligibility, the Company’s election pursuant to ‎Section 1.03
that such series be evidenced by one or more Global Warrant Certificates shall no</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"> </P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">longer be effective and the Company will execute, and the Warrant
Agent, upon receipt of an Officer’s Certificate of the Company for the countersignature and delivery of Definitive Warrant
Certificates evidencing Warrants of such series, will countersign and deliver Definitive Warrant Certificates evidencing Warrants
of such series and of like tenor in an aggregate number equal to the number of the unexercised Warrants represented by such Global
Warrant Certificate or Certificates in exchange for such Global Warrant Certificate or Certificates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(j)	If established pursuant to ‎Section
1.03 with respect to a series of Warrants evidenced in whole or in part by one or more Global Warrant Certificates, the Depositary
for such series may surrender such Global Warrant Certificate or Certificates in exchange in whole or in part for Definitive Warrant
Certificates evidencing Warrants of the same series and of like tenor on such terms as are acceptable to the Company and such Depositary.
Thereupon, the Company shall execute, and the Warrant Agent shall countersign and deliver, without service charge,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i)	to the person specified
by such Depositary a new Definitive Warrant Certificate of the same series and of like tenor in an aggregate number equal to and
in exchange for such person’s beneficial interest in the Warrants evidenced by such Global Warrant Certificate or Certificates;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii)	to such Depositary a
new Global Warrant Certificate or Certificates evidencing Warrants of the same series and of like tenor in number equal to the
difference, if any, between the number of unexercised Warrants evidenced by the surrendered Global Warrant Certificates and the
number of unexercised Warrants evidenced by such Definitive Warrant Certificate countersigned and delivered pursuant to clause
‎1.05(j)(i) above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.75in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Upon the exchange of a Global Warrant Certificate for Definitive
Warrant Certificates, such Global Warrant Certificate shall be canceled by the Warrant Agent or an agent of the Company or the
Warrant Agent. Registered Definitive Warrant Certificates issued in exchange for a Registered Global Warrant Certificate pursuant
to this Section shall be registered in such names and in such authorized denominations as the Depositary for such series, pursuant
to instructions from its direct or indirect participants or otherwise, shall instruct the Warrant Agent or an agent of the Company
or the Warrant Agent. The Warrant Agent or such agent shall deliver such Warrant Certificates to or as directed by the persons
in whose names such Warrant Certificates are so registered. Definitive Bearer Warrant Certificates issued in exchange for a Global
Bearer Warrant Certificate pursuant to this Section shall be issued in such authorized denominations as the Depositary for such
series, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Warrant Agent or an
agent of the Company or the Warrant Agent. The Warrant Agent or such agent</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">shall deliver such Warrant Certificates to or as directed by
the Depositary for such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(k)	Notwithstanding anything herein
or in the terms of any series of Warrants to the contrary, none of the Company, the Warrant Agent or any agent of the Company or
the Warrant Agent (any of which, other than the Company, shall rely on an Officer’s Certificate of the Company and an Opinion
of Counsel) shall be required to exchange any Bearer Warrant for a Registered Warrant if such exchange would result in adverse
Federal income tax consequences to the Company or the Guarantor under then applicable United States Federal income tax laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(l)	The Company will maintain one or
more offices or agencies in a city or cities located outside the United States (including any city in which such an agency is required
to be maintained under the rules of any stock exchange on which the Warrants of such series are listed) where the Bearer Warrants,
if any, of each series may be presented for exercise and payment. No payment on any Bearer Warrants will be made upon presentation
of such Bearer Warrant at an agency of the Company within the United States nor will any payment be made by transfer to an account
in, or by mail to an address in, the United States unless pursuant to applicable United States laws and regulations then in effect
such payment can be made without adverse tax consequences to the Company. Notwithstanding the foregoing, payments in United States
dollars with respect to Bearer Warrants of any series which are payable in United States dollars may be made at an agency of the
Company maintained in the Borough of Manhattan, The City of New York if such payment in United States dollars at each agency maintained
by the Company outside the United States for payment on such Bearer Warrants is illegal or effectively precluded by exchange controls
or other similar restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(m)	The Company may from time to time
designate one or more additional offices or agencies where the Warrants of a series may be presented for exercise and payment,
where the Warrants of that series may be presented for exchange as provided in this Agreement and where the Registered Warrants
of that series may be presented for registration of transfer as in this Agreement provided, and the Company may from time to time
rescind any such designation, as the Company may deem desirable or expedient; <I>provided, however</I>, that no such designation
or rescission shall in any manner relieve the Company of its obligation to maintain the agencies provided for in this Section.
The Company will give to the Warrant Agent prompt written notice of any such designation or rescission thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 1.06<I>. Mutilated or Missing Warrant
Certificates. </I>(a) If any Warrant Certificate evidencing Warrants of any series is mutilated, lost, stolen or destroyed,
the Company may in its discretion execute, and the Warrant Agent may countersign and deliver, in exchange and substitution for
the mutilated Warrant Certificate, or in replacement for the Warrant Certificate lost, stolen or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">destroyed, a new Warrant Certificate representing an equivalent
number of unexercised Warrants of the same series and of like tenor, bearing an identification number, if applicable, not contemporaneously
outstanding, but only (in case of loss, theft or destruction) upon receipt of evidence satisfactory to the Company, the Guarantor
and the Warrant Agent of such loss, theft or destruction of such Warrant Certificate and security or indemnity, if requested, also
satisfactory to them. Applicants for such substitute Warrant Certificates shall also comply with such other reasonable regulations
and pay such other reasonable charges as the Company or the Warrant Agent may prescribe.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)	In case the Warrants evidenced by
any such mutilated, lost, stolen or destroyed Warrant Certificate have been or are about to be exercised, or deemed to be exercised,
the Company in its absolute discretion may, instead of issuing a new Warrant Certificate, and subject to the conditions set forth
in clause ‎1.06(a) above, direct the Warrant Agent to treat the same as if it had received the Warrant Certificate together
with an irrevocable exercise notice in proper form in respect thereof, as established with respect to the Warrants of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)	The Warrants evidenced by each new
Warrant Certificate issued pursuant to this Section in lieu of any lost, stolen or destroyed Warrant Certificate shall be original,
additional contractual obligations of the Company and the Guarantor, and shall be entitled to the same benefits under this Agreement
as the Warrants evidenced by the Warrant Certificate that was lost, stolen or destroyed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)	Upon the issuance of any new Warrant
Certificate in accordance with this Section, the Company may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Warrant
Agent) connected therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)	The provisions of this Section are
exclusive and shall preclude (to the extent lawful) any other rights and remedies with respect to the replacement or payment of
mutilated, lost, stolen or destroyed Warrant Certificates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 1.07<I>. Registered Holders. </I>(a)  Prior to due presentment for registration of transfer, the Company, the Guarantor, the Warrant Agent, and any agent of the Company,
the Guarantor or the Warrant Agent may deem and treat the person in whose name a Warrant Certificate shall be registered in the
Warrant Register (a “<B>Registered Holder</B>”) as the absolute owner of the Registered Warrants evidenced thereby
(notwithstanding any notation of ownership or other writing on the Warrant Certificate) for any purpose whatsoever, and as the
person entitled to exercise the rights represented by the Registered Warrants evidenced thereby, and none of the Company, the Guarantor
or the Warrant Agent, or any agent of the Company, the Guarantor or the Warrant Agent, shall be affected by any notice to the contrary.
All payments on account of any Registered Warrant to the Registered Holder, or upon his order, shall be valid, and to the extent
of the sum or sums so paid, effectual to satisfy and discharge the liability of the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Company for moneys paid upon such Registered Warrant. This Section
shall be without prejudice to the rights of Warrantholders as described elsewhere herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)	The Company, the Guarantor, the
Warrant Agent and any agent of the Company, the Guarantor or the Warrant Agent may treat the holder of any Bearer Warrant as the
absolute owner of such Bearer Warrant for the purpose of exercising the rights represented thereby and for all other purposes,
and none of the Company, the Guarantor or the Warrant Agent, or any agent of the Company, the Guarantor or the Warrant Agent shall
be affected by any notice to the contrary. All payments on account of such Bearer Warrant made to any such person, or upon his
order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for moneys
payable upon such Bearer Warrant. This Section shall be without prejudice to the rights of Warrantholders as described elsewhere
herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 1.08<I>. Cancellation. </I>All Warrant
Certificates surrendered to the Warrant Agent for redemption or registration of transfer or exchange shall be promptly cancelled
by the Warrant Agent. The Company may at any time deliver to the Warrant Agent for cancellation any Warrant Certificates previously
countersigned and delivered hereunder which the Company may have acquired in any manner whatsoever, and all Warrant Certificates
so delivered shall, upon receipt by the Warrant Agent of an Issuer Order, be promptly cancelled by the Warrant Agent. No Warrant
Certificates shall be countersigned in lieu of or in exchange for any Warrant Certificates cancelled as provided in this Section,
except as permitted by this Agreement. All cancelled Warrant Certificates held by the Warrant Agent shall be disposed of in accordance
with its customary procedures and a certificate of their disposition shall be delivered by the Warrant Agent to the Company, unless
by Issuer Order the Company shall direct that cancelled Warrant Certificates be returned to it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the Company notifies the Trustee of its
election to redeem Warrant Securities pursuant to the Indenture or the terms thereof, the Company may elect, and shall give notice
to the Warrant Agent of its election, to cancel the unexercised Warrants to purchase or sell such Warrant Securities, the Warrant
Certificates evidencing such Warrants and the rights evidenced thereby. Promptly after receipt of such notice by the Warrant Agent,
the Company shall, or, at the Company’s request, the Warrant Agent shall in the name of and at the expense of the Company,
give notice of such cancellation, as provided in ‎Section 6.04, to the Holders of such Warrant Certificates, such notice to
be so given not less than 30 nor more than 60 days (or within any other redemption notice period specified in such Warrant Securities)
prior to the date fixed for the redemption of the Warrant Securities pursuant to the Indenture or the terms thereof. The unexercised
Warrants, the Warrant Certificates and the rights evidenced thereby shall be cancelled and become void on the 15th day prior to
such date fixed for redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the Company or any affiliate of the Company
shall acquire any Warrant Certificate, such acquisition shall not operate as a cancellation of such Warrant Certificate unless
and until such Warrant Certificate is delivered to the Warrant Agent for the purpose of cancellation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 1.09<I>. Additional Warrant Agents.
</I>Whenever the Company shall appoint a warrant agent other than the Warrant Agent with respect to the Warrants of any series,
it will cause such warrant agent to execute and deliver to the Warrant Agent an instrument in which such agent shall agree with
the Warrant Agent, subject to the provisions of this Section,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)	that it will hold all Warrant Property
received by it as such agent for any payment with respect to the Warrants of such series in trust for the benefit of the Warrantholders
of such series if any, or of the Warrant Agent, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)	that it will give the Warrant Agent
notice of any failure by the Company to make any payment with respect to the Warrants of such series when the same shall be due
and payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company will, on or prior to each date
of any payment of Warrants of any such series, deposit with the Warrant Agent or any such additional warrant agent a sum sufficient
to make such payment, and the Company will promptly notify the Warrant Agent of any failure to take such action with respect to
any such additional warrant agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 1.10<I>. Appointment of Calculation
Agents. </I>Pursuant to ‎Section 1.03 hereof, the Company may, in connection with any series of Warrants appoint Morgan Stanley
& Co. LLC, Morgan Stanley & Co. International plc or any other person or entity as Calculation Agent to make any calculations
as may be required pursuant to the terms of any such series of Warrants. Any such Calculation Agent shall act as an independent
expert and, unless otherwise provided by this Agreement, its calculations and determinations under this Agreement shall, absent
manifest error, be final and binding on the Company, the Warrant Agent and the Warrantholders. Any such calculations will be made
available to a Warrantholder for inspection at the Warrant Agent’s Office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 1.11<I>. CUSIP Numbers. </I>The
Company in issuing the Warrants may use “CUSIP,” “ISIN” and other similar numbers (if then generally in
use), and, if so, the Warrant Agent shall use “CUSIP,” “ISIN” and other similar numbers in notices of redemption
as a convenience to Holders; <I>provided</I> that any such notice may state that no representation is made as to the correctness
of such numbers either as printed on the Warrants or as contained in any notice of a redemption and that reliance may be placed
only on the other identification numbers printed on the Warrants, and any such redemption shall not be affected by any defect in
or omission of such numbers. The Company will promptly notify the Warrant Agent of any changes in the “CUSIP,” “ISIN”
and other similar numbers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>


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<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-variant: normal; text-transform: uppercase">Article
2</FONT><BR>
Duration and Exercise of Warrants</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 2.01<I>. Duration and Exercise of
Warrants. </I>All terms with respect to duration and exercise of Warrants will be established pursuant to ‎Section 1.03 for
each series of Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 2.02<I>. Return of Money Held Unclaimed
for Two Years. </I>Except as otherwise provided herein, any money or other assets deposited with or paid to the Warrant Agent for
the payment of any Warrants and not paid but remaining unclaimed for two years after the date upon which such money or other assets
shall have become due and payable shall be repaid by the Warrant Agent to the Company or the Guarantor, as the case may be, at
the Company’s or the Guarantor’s request, as the case may be, pursuant to an Officer’s Certificate of the Company
or the Guarantor, as the case may be, and the holders of such Warrants shall thereafter look only to the Company or the Guarantor,
as the case may be, for any payment which such holders may be entitled to collect and all liability of the Warrant Agent with respect
to such money shall thereupon cease; <I>provided</I> that the Warrant Agent, before making any such repayment, may (but shall not
be obligated to) at the expense of the Company or the Guarantor, as the case may be, notify (i) in the case of Registered Warrants
evidenced by Definitive Warrant Certificates, the Registered Holders, (ii) in the case of Warrants evidenced by one or more Global
Warrant Certificates, the participants of the Depositary, and (iii) in the case of Bearer Warrants evidenced by Definitive Warrant
Certificates, the holders thereof, in each case as provided in ‎Section 6.04, that said money has not been so applied and remains
unclaimed and that after a date named in the notification any unclaimed balance of said money then remaining will be returned to
the Company or the Guarantor, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-variant: normal; text-transform: uppercase">Article
3</FONT><BR>
Other Provisions Relating to Rights of Warrantholders</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 3.01<I>. Warrantholder May Enforce
Rights. </I>Notwithstanding any of the provisions of this Agreement, any Warrantholder may, without the consent of the Warrant
Agent, the Depositary, any participant of the Depositary, any other Warrantholder, the holder of any Warrant Property or, if applicable,
the common depositary for Euroclear Bank S.A./N.V., or its successor, as operator of the Euroclear System, and Clearstream Banking,
<I>société anonyme</I>, Luxembourg, or its successor, in and for its own behalf, enforce, and may institute and maintain,
any suit, action or proceeding against the Company and/or the Guarantor suitable to enforce, or otherwise in respect of, its right
to exercise its Warrants as provided in this Agreement and established with respect to such Warrants pursuant to Section ‎1.03.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 3.02<I>. No Rights as Holder of
Warrant Property Conferred by Warrants or Warrant Certificates. </I>No Warrant Certificate or Warrant evidenced</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">thereby shall entitle the holder or any beneficial owner thereof
to any of the rights of a holder or beneficial owner of Warrant Property, including, without limitation, the right to receive the
payment of principal of (premium, if any) or interest, if any, on Warrant Property or to vote or to enforce any rights under any
documents governing Warrant Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 3.03<I>. Company’s Covenant
Not to Merge, Consolidate, Sell or Convey Property Except Under Certain Conditions.</I> The Company covenants that it will not
merge or consolidate with any other Person or sell, lease or convey all or substantially all of its assets to any other Person,
unless (i) either the Company shall be the continuing Person, or the successor Person by merger or consolidation or the Person
which acquires by sale, lease or conveyance substantially all the assets of the Company (if other than the Company) shall be a
Person organized under the laws of the United States of America or any State thereof or the District of Columbia and shall expressly
assume the due and punctual payment of the principal of and interest on all the Warrants according to their tenor, and the due
and punctual performance and observance of all of the covenants and conditions of this Agreement to be performed or observed by
the Company, by supplemental agreement satisfactory to the Warrant Agent, executed and delivered to the Warrant Agent by such Person,
and (ii) the Company, such successor Person or such acquiring Person, as the case may be, shall not, immediately after such merger
or consolidation, or such sale, lease or conveyance, be in default in the performance of any such covenant or condition. For the
avoidance of doubt, the Person referred to in this <I>‎‎</I>Section 3.03 may be the Guarantor or any Subsidiary of the
Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">“<B>Person</B>” means any individual,
corporation, limited liability company, partnership, joint venture, association, joint stock company, trust, unincorporated organization
or government or any agency or political subdivision thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">“<B>Subsidiary</B>” means any
corporation, limited liability company, partnership or other entity of which at the time of determination the Guarantor owns or
controls directly or indirectly more than 50% of the shares of voting stock or equivalent interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 3.04. <I>Successor Person Substituted</I>.
In case of any such consolidation, merger, sale, lease or conveyance, and following such an assumption by the successor Person,
such successor Person shall succeed to and be substituted for the Company, with the same effect as if it had been named as the
Company herein. Such successor Person may cause to be signed, and may issue (and, in the case of Warrants to purchase or sell Warrant
Securities, may execute and deliver Warrant Securities in its own name pursuant to the Indenture, in fulfillment of its obligations
to deliver Warrant Securities upon exercise of the Warrants) either in its own name or in the name of the Company prior to such
succession any or all of the Warrants issuable hereunder which theretofore shall not have been signed by the Company and delivered
to the Warrant Agent; and, upon the order of such successor Person, instead of the Company, and subject to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">all the terms, conditions and limitations in this Agreement
prescribed, the Warrant Agent shall countersign and deliver any Warrants which previously shall have been signed and delivered
by the officers of the Company to the Warrant Agent for countersignature, and any Warrants which such successor Person thereafter
shall cause to be signed and delivered to the Warrant Agent for that purpose. All of the Warrants so issued shall in all respects
have the same legal rank and benefit under this Agreement as the Warrants theretofore or thereafter issued in accordance with the
terms of this Agreement as though all of such Warrants had been issued at the date of the execution hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In case of any such consolidation, merger,
sale, lease or conveyance such changes in phrasing and form (but not in substance) may be made in the Warrant Certificates representing
the Warrants thereafter to be issued as may be appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event of any such sale or conveyance
(other than a conveyance by way of lease), the Company or any successor Person which shall theretofore have become such in the
manner described in this Article shall be discharged from all obligations and covenants under this Agreement, the Warrants and
the Warrant Certificates and may be liquidated and dissolved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 3.05. <I>Opinion of
Counsel Delivered to Warrant Agent</I>. The Warrant Agent, subject to the provisions of ‎ Article 5, may receive an
Opinion of Counsel as conclusive evidence that any such consolidation, merger, sale, lease or conveyance of the Company, and
any such assumption, and any such liquidation or dissolution, complies with the applicable provisions of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-variant: normal; text-transform: uppercase">Article
4</FONT><BR>
Warrants Acquired by the Company; Payment of Taxes</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 4.01<I>. Warrants Acquired by the
Company. </I> (a) In the event the Company shall purchase or otherwise acquire Warrants, such Warrants may, at the option
of the Company, be (i) in the case of Bearer Warrants or Registered Warrants evidenced by Definitive Warrant Certificates, delivered
to the Warrant Agent, and if so delivered, the Warrant Agent shall promptly cancel such Warrants on the records of the Warrant
Agent or (ii) in the case of Warrants evidenced by one or more Global Warrant Certificates, surrendered free through a participant
of the Depositary to the Depositary for credit to the account of the Warrant Agent maintained at the Depositary, and if so credited,
the Warrant Agent shall promptly note the cancellation of such Warrants by notation on the records of the Warrant Agent and the
Warrant Agent shall cause its records to be marked to reflect the reduction in the number of Warrants evidenced by the Global Warrant
Certificate or Certificates by the number of Warrants so canceled promptly after such account is credited. Warrants acquired by
the Company may also, at the option of the Company, be resold by the Company directly or to or through any of its affiliates in
lieu of being surrendered to the Warrant Agent or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">credited to its account. No Warrant Certificate shall be countersigned
in lieu of or in exchange for any Warrant that is canceled as provided herein, except as otherwise expressly permitted by this
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)	Any canceled Warrant Certificate
held by the Warrant Agent under this Agreement shall be disposed of by the Warrant Agent in accordance with its customary procedures
unless otherwise directed by the Company, and the Warrant Agent shall deliver a certificate of disposition to the Company evidencing
the same.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 4.02<I>. Payment of Taxes. </I>The
Company will pay all stamp, withholding and other duties, if any, attributable to the initial issuance of each series or tranche
of Warrants; <I>provided, however</I>, that, anything in this Agreement to the contrary notwithstanding, the Company shall not
be required to pay any tax or other governmental charge that may be payable in respect of any transfer involving any beneficial
or record interest in, or ownership interest of, any Warrants or Warrant Certificates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-variant: normal; text-transform: uppercase">Article
5</FONT><BR>
Concerning the Warrant Agent</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 5.01<I>. Warrant Agent. </I>The
Company hereby appoints The Bank of New York Mellon as Warrant Agent of the Company in respect of the Warrants upon the terms and
subject to the conditions set forth herein; and The Bank of New York Mellon hereby accepts such appointment. The Warrant Agent
shall have the powers and authority granted to and conferred upon it in this Agreement and such further powers and authority to
act on behalf of the Company as the Company may hereafter grant to or confer upon it with its consent. All of the terms and provisions
with respect to such powers and authority contained in any Warrant Certificate are subject to and governed by the terms and provisions
hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 5.02<I>. Condition of Warrant Agent’s
Obligations. </I>The Warrant Agent accepts its obligations herein set forth upon the terms and conditions hereof, including the
following, to all of which the Company agrees and to all of which the rights hereunder of the holders from time to time of the
Warrants shall be subject:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)	The Company agrees promptly to pay
the Warrant Agent the compensation to be agreed upon with the Company for all services rendered by the Warrant Agent and to reimburse
the Warrant Agent for its reasonable out-of-pocket expenses (including attorneys’ fees and expenses) incurred by the Warrant
Agent without negligence or bad faith on its part in connection with the services rendered by it hereunder. The Company also agrees
to indemnify the Warrant Agent for, and to hold it harmless against, any loss, liability or expense (including reasonable attorneys’
fees and expenses) incurred without negligence or bad faith</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"> </P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">on the part of the Warrant Agent, arising out of or in connection
with its acting as such Warrant Agent hereunder, as well as the reasonable costs and expenses of defending against any claim of
liability in the premises. The obligations of the Company under this Section shall survive the expiration of all Warrants issued
under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)	In acting under this Agreement,
the Warrant Agent is acting solely as agent of the Company and does not assume any obligation or relationship of agency or trust
for or with any Warrantholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)	The Warrant Agent may consult with
counsel satisfactory to it (including counsel to the Company or the Guarantor), and the opinion of such counsel shall be full and
complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in
accordance with the opinion of such counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)	The Warrant Agent shall be protected
and shall incur no liability for or in respect of any action taken or thing suffered by it in reliance upon any notice, direction,
consent, certificate, affidavit, opinion, statement or other paper or document reasonably believed by it to be genuine and to have
been presented or signed by the proper parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)	The Warrant Agent and its officers,
directors and employees may become the owner of, or acquire any interest in, any Warrants or other obligations of the Company or
the Guarantor, with the same rights that it or they would have if it were not the Warrant Agent hereunder and, to the extent permitted
by applicable law, it or they may engage or be interested in any financial or other transaction with the Company or the Guarantor
and may act on behalf of, or as depositary, trustee or agent for, any committee or body of owners or holders of Warrants or other
obligations of the Company or the Guarantor as freely as if it were not the Warrant Agent hereunder. Nothing in this Agreement
shall be deemed to prevent the Warrant Agent from acting as Trustee under the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)	Money held by the Warrant Agent
in trust hereunder need not be segregated from other funds held by the Warrant Agent, except to the extent required by law. The
Warrant Agent shall be under no obligation to invest or pay interest on any money received by it hereunder, except as otherwise
agreed with the Company. The Warrant Agent shall not be responsible for advancing funds on behalf of the Company. Any interest
accrued on funds deposited with the Warrant Agent under this Agreement shall be paid to the Company from time to time and the Holders
of Warrants shall have no claim to any such interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(g)	The Warrant Agent shall not be under
any responsibility with respect to the validity or sufficiency of this Agreement or the execution and delivery hereof (except the
due authorization, execution and delivery hereof by the Warrant Agent) or with respect to the validity or execution of the Warrant
Certificates (except its countersignature thereof).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(h)	The recitals contained herein and in the Warrant Certificates (except as to the Warrant Agent’s countersignature thereon)
shall be taken as the statements of the Company or the Guarantor, as applicable, and the Warrant Agent assumes no responsibility
for the correctness of the same.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i)	The Warrant Agent shall be obligated
to perform such duties as are specifically set forth in this Agreement and no implied duties or obligations shall be read into
this Agreement against the Warrant Agent. The Warrant Agent shall not be under any obligation to take any action hereunder likely
to involve it in any expense or liability, the payment of which is not, in its reasonable opinion, assured to it. The Warrant Agent
shall not be accountable or under any duty or responsibility for the application by the Company of any proceeds of the issuance
of any Warrants. The Warrant Agent shall have no duty or responsibility in case of any default by the Company or the Guarantor
in the performance of their respective covenants or agreements contained in this Agreement or in any Warrant Certificate or in
the case of the receipt of any written demand from a holder of a Warrant with respect to such default, including, without limiting
the generality of the foregoing, any duty or responsibility to initiate or attempt to initiate any proceedings at law or otherwise
or, except as provided in ‎Section 6.02, to make any demand upon the Company and/or the Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(j)	The rights, privileges, protections,
immunities and benefits given to the Warrant Agent, including, without limitation, its right to be indemnified, are extended to,
and shall be enforceable by, each agent, custodian and other person employed to act hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(k)	Anything in this Agreement notwithstanding,
in no event shall the Warrant Agreement be liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever
(including but not limited to loss of profit), even if the Warrant Agent has been advised as to the likelihood of such loss or
damage and regardless of the form of action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(l)	The Warrant Agent shall have the
same rights and protections as the Trustee granted under Sections 6.01 and 6.02 of the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Nothing herein contained shall be deemed
to authorize the Warrant Agent to exercise any remedy against the Company or the Guarantor solely as a result of, or because it
is related directly or indirectly to, the insolvency of the Guarantor or the commencement of any proceedings relative to the Guarantor
under Title 11 of the United States Code, or the appointment of a receiver for the Guarantor under Title II of the Dodd-Frank Wall
Street Reform and Consumer Protection Act of 2010 or the commencement of any other applicable federal or state bankruptcy, insolvency,
resolution or other similar law, or solely as a result of, or because it is related directly or indirectly to, a receiver, assignee
or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official having been appointed for or having taken
possession of the Guarantor or its property, or solely as a result of, or because it is related directly or indirectly to, the
institution</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">of any other comparable judicial or regulatory proceedings relative
to the Guarantor, or to the creditors or property of the Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 5.03<I>. Resignation and Appointment
of Successor. </I> (a)The Company agrees, for the benefit of the holders from time to time of the Warrants, that there shall
at all times be a Warrant Agent hereunder with respect to each series of Warrants until all the Warrants of such series are no
longer outstanding or until monies for the payment of all outstanding Warrants of such series, if any, shall have been paid to
the Warrant Agent and shall have been returned to the Company as provided in ‎Section 2.02, whichever occurs earlier.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)	The Warrant Agent may at any time
resign as such agent with respect to any series of Warrants by giving at least 30 days’ written notice to the Company and
the Guarantor of such intention on its part, specifying the date on which its desired resignation shall become effective, subject
to the appointment of a successor Warrant Agent with respect to such series and acceptance of such appointment by such successor
Warrant Agent as hereinafter provided. The Warrant Agent hereunder may be removed with respect to any series of Warrants at any
time by the filing with it of an instrument in writing signed by or on behalf of the Company and specifying such removal and the
date when it shall become effective, which, other than in the case of the removal of the Warrant Agent in connection with an event
set forth in clause 5.03(c)(iii), ‎5.03(c)(iv), ‎5.03(c)(v), 5.03(c)(vi) or 5.03(c)(vii) below, shall be at least 30 days’ after the filing of such instrument. Such resignation or removal shall take
effect (subject to the passage of the foregoing 30 day periods, if applicable) upon the appointment by the Company, as hereinafter
provided, of a successor Warrant Agent with respect to such series (which shall be a banking institution organized under the laws
of the United States of America or one of the states thereof, have a combined capital and surplus of at least $50,000,000 (as set
forth in its most recent reports of condition published pursuant to law or to the requirements of any United States federal or
state regulatory or supervisory authority) and having its principal place of business in the United States of America) and the
acceptance of such appointment by such successor Warrant Agent. In the event a successor Warrant Agent has not been appointed and
accepted its duties within 90 days of the Warrant Agent’s notice of resignation, the Warrant Agent may apply to any court
of competent jurisdiction for the designation of a successor Warrant Agent with respect to such series. The obligation of the Company
under ‎Section 5.02(a) shall continue to the extent set forth therein notwithstanding the resignation or removal of the Warrant
Agent with respect to any series of Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)	In case at any time the Warrant
Agent with respect to any series of Warrants (i) shall give notice of its intent to resign, or (ii) shall be removed, or (iii)
shall become incapable of acting, or (iv) shall be adjudged as bankrupt or insolvent, or make an assignment for the benefit of
its creditors, or consent to the appointment of a receiver or custodian of all or any substantial part of its property, or (v)
shall admit in writing its inability to pay or meet its debts as they mature, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"> </P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(vi) if a receiver or custodian of it or of all or any substantial
part of its property shall be appointed, or (vii) if any public officer shall have taken charge or control of the Warrant Agent
or of its property or affairs, for the purpose of rehabilitation, conservation or liquidation, a successor Warrant Agent, qualified
as aforesaid, shall be promptly appointed by the Company by an instrument in writing, filed with the successor Warrant Agent. Upon
the appointment as aforesaid of a successor Warrant Agent and acceptance by the latter of such appointment and subject to the 30
day notice period set forth in clause ‎5.03(b) above, if applicable, the Warrant Agent so superseded shall cease to
be Warrant Agent hereunder with respect to such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)	Any successor Warrant Agent appointed
hereunder with respect to any series of Warrants shall execute, acknowledge and deliver to its predecessor and to the Company and
the Guarantor an instrument accepting such appointment hereunder, and thereupon such successor Warrant Agent, without any further
act, deed or conveyance, shall become vested with all the authority, rights, powers, trusts, immunities, duties and obligations
of such predecessor with like effect as if originally named as Warrant Agent with respect to such series hereunder, and such predecessor,
upon payment of its charges and disbursements then unpaid, shall thereupon become obligated to transfer, deliver and pay over,
and such successor Warrant Agent shall be entitled to receive, all monies, securities and other property on deposit with or held
by such predecessor (including, without limitation, the Warrant Register) as Warrant Agent with respect to such series hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)	If a successor Warrant Agent is
appointed with respect to the Warrants of one or more (but not all) series, the Company, the Guarantor, the predecessor Warrant
Agent and each successor Warrant Agent with respect to the Warrants of any applicable series shall execute and deliver an agreement
supplemental hereto that shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights,
powers and duties of the predecessor Warrant Agent with respect to the Warrants of any series as to which the predecessor Warrant
Agent is not retiring shall continue to be vested in the predecessor Warrant Agent, and shall add to or change any of the provisions
of this Agreement as shall be necessary to provide for or facilitate the administration of the Warrants hereunder by more than
one Warrant Agent, it being understood that nothing herein or in such supplemental agreement shall constitute such Warrant Agents
Co-Warrant Agents of the same Warrants and that each such Warrant Agent shall be a Warrant Agent with respect to separate series
of Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)	Any corporation into which the Warrant
Agent hereunder may be merged or converted or any corporation with which the Warrant Agent may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which the Warrant Agent shall be a party or any corporation to which
the Warrant Agent shall sell or otherwise transfer all or substantially all the corporate agency assets and business of the Warrant
Agent, provided that it shall</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">be qualified as aforesaid, shall be the successor Warrant Agent
under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 5.04. <I>Force Majeure.</I> In no
event shall the Warrant Agent be responsible or liable for any failure or delay in the performance of its obligations hereunder
arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages,
accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions,
loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Warrant
Agent shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as
soon as practicable under the circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-variant: normal; text-transform: uppercase">Article
6</FONT><BR>
Miscellaneous</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 6.01<I>. Amendment. </I>(a)<I>
</I>This Agreement and the terms of the Warrants of any series may be amended (by means of an agreement supplemental hereto or
otherwise) by the Company, the Guarantor and the Warrant Agent, without the consent of the Warrantholders of any series of Warrants,
(i) to evidence the merger of the Company with and into the Guarantor or the succession of another Person to the Company or the
Guarantor, as applicable, or successive successions, and the assumption by the successor Person of the covenants, agreements and
obligations of the Company or the Guarantor, as applicable, pursuant to ‎Article 3 and/or ‎Article 7, as applicable, and,
in the case of the merger of the Company with and into the Guarantor, to evidence the elimination of the Guarantee, (ii) for the
purpose of curing any ambiguity, or of curing, correcting or supplementing any defective or inconsistent provision contained herein
or therein, (iii) to establish the forms or terms of Warrant Certificates or Warrants of any series as permitted by Sections ‎1.02
and ‎1.03, (iv) to evidence and provide for the acceptance of appointment hereunder by a successor Warrant Agent with respect
to the Warrants of any series and to add to or change any of the provisions of this Agreement as shall be necessary to provide
for or facilitate the administration of the Warrants hereunder by more than one Warrant Agent pursuant to ‎Section 5.03, (v)
to add to, change or eliminate any of the provisions of this Agreement in respect of all or any Warrants of any series (and if
such addition, change or elimination is to apply with respect to less than all Warrants of any series, stating that it is expressly
being made to apply solely with respect to such Warrants within such series); <I>provided</I> that any such addition, change or
elimination (A) shall neither (1) apply to any Warrants issued prior to the execution of such supplemental agreement and entitled
to the benefit of such provision nor (2) modify the rights of any Holder of such Warrant with respect to such provision or (B)
shall become effective only when there is no such Warrant</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">outstanding, or (vi) in any other manner which the Company and
the Guarantor may deem necessary or desirable and which will not materially and adversely affect the interests of the Warrantholders
of such series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)	The Company, the Guarantor and the
Warrant Agent may modify or amend this Agreement (by means of an agreement supplemental hereto or otherwise) with the consent of
Warrantholders holding not less than a majority in number of the then outstanding Warrants of all series affected by such modification
or amendment, for any purpose; <I>provided,</I> <I>however</I>, that no such modification or amendment that changes the exercise
price of the Warrants of any series, reduces the amount receivable upon exercise, cancellation or expiration of the Warrants other
than in accordance with the antidilution provisions or other similar adjustment provisions included in the terms of the Warrants,
shortens the period of time during which the Warrants of such series may be exercised, or otherwise materially and adversely affects
the exercise rights of the affected Warrantholders, removes the Guarantee on the Warrants (except in accordanec with ‎Section
7.12) or reduces the percentage of the number of outstanding Warrants of such series, the consent of whose holders is required
for modification or amendment of this Agreement, may be made without the consent of each Warrantholder affected thereby. In the
case of Warrants evidenced by one or more Global Warrant Certificates, the Company and the Warrant Agent shall be entitled to rely
upon certification in form satisfactory to each of them that any requisite consent has been obtained from holders of beneficial
ownership interests in the relevant Global Warrant Certificate. Such certification may be provided by participants of the Depositary
acting on behalf of such beneficial owners of Warrants, <I>provided</I> that any such certification is accompanied by a certification
from the Depositary as to the Warrant holdings of such participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)	An amendment that changes or eliminates
any provision of this Agreement that has expressly been included solely for the benefit of one or more particular series of Warrants,
or that modifies the rights of Warrantholders of such series with respect to such provision, shall be deemed not to affect the
rights under this Agreement of the Warrantholders of any other series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)	Upon the request of the Company
and the Guarantor, accompanied by a copy of the resolutions of their respective Boards (which resolutions may provide general terms
or parameters for such action and may provide that the specific terms of such action may be determined in accordance with or pursuant
to an Issuer Order or an Officer’s Certificate of the Guarantor, as applicable) certified by the secretary or an assistant
secretary of the Company or the Guarantor, as applicable, authorizing the execution of any such amendment, and upon the filing
with the Warrant Agent of evidence of the consent of Warrantholders as aforesaid, the Warrant Agent shall join with the Company
and the Guarantor in the execution of such amendment unless such amendment affects the Warrant Agent’s own rights, duties
or immunities under this Agreement or otherwise, in which case the Warrant Agent may in its discretion, but shall not be obligated
to, enter into such amendment. In executing, or accepting the additional</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">duties created by, any amendment permitted by this Article,
the Warrant Agent shall be entitled to receive, and shall be fully protected in relying upon, an Opinion of Counsel stating that
the execution of such amendment is authorized or permitted by this Agreement. The fact and date of the execution of any consent
of Warrantholders, or the authority of the person executing the same, may be proved in any manner which the Warrant Agent (with
the approval of the Company) deems sufficient.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)	It shall not be necessary for the
consent of the Warrantholders under this Section to approve the particular form of any proposed amendment, but it shall be sufficient
if such consent shall approve the substance thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 6.02<I>. Notices and Demands to
the Company, the Guarantor and the Warrant Agent. </I>If the Warrant Agent shall receive any notice or demand addressed to the
Company and/or the Guarantor by any Warrantholder pursuant to the provisions of this Agreement or the terms of the Warrants of
any series, the Warrant Agent shall promptly forward such notice or demand to the Company and the Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 6.03<I>. Addresses for Notices.
</I>Any communications to the Warrant Agent with respect to this Agreement shall be in writing addressed to The Bank of New York
Mellon, 101 Barclay Street, 7W, New York, New York 10286, Attention: Corporate Trust Administration (the “Warrant Agent’s
Office”) and any communications to the Company or the Guarantor with respect to this Agreement shall be addressed to Morgan
Stanley Finance LLC and/or Morgan Stanley, in each case, at 1585 Broadway, New York, New York 10036, Attention: Treasurer (or in
each case to such other address as shall be given in writing to the other parties hereto).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Warrant Agent agrees to accept and act
upon instructions or directions pursuant to this Agreement sent by unsecured e-mail, facsimile transmission or other similar unsecured
electronic methods; <I>provided, however</I>, that (a) the party providing such electronic instructions or directions, subsequent
to the transmission thereof, shall provide the originally executed instructions or directions to the Warrant Agent in a timely
manner and (b) such originally executed instructions or directions shall be signed by an authorized representative of the party
providing such instructions or directions. The Warrant Agent shall not be liable for any losses, costs or expenses arising directly
or indirectly from the Warrant Agent’s reliance upon and compliance with such instructions or directions up until such time
as the Warrant Agent receives any subsequent written instruction or direction that supersedes such earlier written instructions
or directions. The party providing instructions or directions by unsecured e-mail, facsimile transmission or other similar unsecured
electronic methods, as aforesaid, agrees to assume all risks arising out of the use of such electronic methods to submit instructions
and directions to the Warrant Agent, including without limitation the risk of the Warrant Agent acting on unauthorized instructions,
and the risk of interception and misuse by third parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 6.04<I>. Notices to Warrantholders. </I>The Company may cause to have notice given to the Warrantholders of any series by providing
the Warrant Agent with a form of notice to be distributed by (i) in the case of Registered Warrants evidenced by Definitive Warrant
Certificates, the Warrant Agent to Registered Holders by first class mail, (ii) in the case of Warrants evidenced by one or more
Global Warrant Certificates, the Depositary to be distributed by the Depositary to its participants in accordance with the custom
and practices of the Depositary or (iii) in the case of Bearer Warrants evidenced by Definitive Warrant Certificates, either (a)
the customary notice provisions of the clearing system or systems through which beneficial interests in such Bearer Warrants are
owned if such Bearer Warrants are held only in global form or (b) publication at least once in an Authorized Newspaper (as defined
below) in The City of New York, and Western Europe.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">“<B>Authorized Newspaper</B>”
means a newspaper (which, in the case of The City of New York, will, if practicable, be The Wall Street Journal (Eastern Edition)
and, in the case of Western Europe, will, if practicable, be the Financial Times (London Edition)) published in an official language
of the country of publication customarily published at least once a day for at least five days in each calendar week and of general
circulation in The City of New York, and Western Europe, as applicable. If it shall be impractical in the opinion of the Warrant
Agent to make any publication of any notice required hereby in an Authorized Newspaper, any publication or other notice in lieu
thereof that is made or given with the approval of the Warrant Agent shall constitute a sufficient publication of such notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 6.05<I>. Obtaining of Approvals.
</I>The Company or the Guarantor will from time to time take all action that may be necessary to obtain and keep effective any
and all filings or notices under applicable law, which may be or become required in connection with the issuance, sale, trading,
transfer or delivery of the Warrant Certificates or the exercise of the Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 6.06<I>. Persons Having Rights under
this Agreement. </I>Nothing in this Agreement expressed or implied and nothing that may be inferred from any of the provisions
hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the Company, the Guarantor,
the Warrant Agent and the Warrantholders any right, remedy or claim under or by reason of this Agreement or of any covenant, condition,
stipulation, promise or agreement hereof, and all covenants, conditions, stipulations, promises and agreements contained in this
Agreement shall be for the sole and exclusive benefit of the Company, the Guarantor, the Warrant Agent, their respective successors
and the Warrantholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 6.07<I>. Inspection of Agreement.
</I>A copy of this Agreement shall be available at all reasonable times at the Warrant Agent’s Office for inspection by the
Warrantholders, participants of the Depositary certified as such by the Depositary or any person certified by any such participant
to be an indirect</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">participant of the Depositary or any person certified by any
such participant to be a beneficial owner of a Warrant, in each case, on behalf of whom such participant holds Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 6.08<I>. Officer’s
Certificates and Opinions of Counsel; Statements to Be Contained Therein. </I>(a) Each certificate or opinion provided for in
this Agreement and delivered to the Warrant Agent with respect to compliance with a condition or covenant provided for in
this Agreement shall include (i) a statement that the person making such certificate or opinion has read such covenant or
condition, (ii) a brief statement as to the nature and scope of the examination or investigation upon which the statements or
opinions contained in such certificate or opinion are based, (iii) a statement that, in the opinion of such person, such
person has made such examination or investigation as is necessary to enable such person to express an informed opinion as to
whether or not such covenant or condition has been complied with and (iv) a statement as to whether or not, in the opinion of
such person, such condition or covenant has been complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)	Any certificate, statement or opinion
of an officer of the Company or the Guarantor may be based, insofar as it relates to legal matters, upon a certificate or opinion
of or representations by counsel, unless such officer knows that the certificate or opinion or representations with respect to
the matters upon which such officer’s certificate, statement or opinion may be based as aforesaid are erroneous, or in the
exercise of reasonable care should know that the same are erroneous. Any certificate, statement or opinion of counsel may be based,
insofar as it relates to factual matters, information with respect to which is in the possession of the Company or the Guarantor,
as applicable, upon the certificate, statement or opinion of or representations by an officer or officers of the Company or the
Guarantor, as applicable, unless such counsel knows that the certificate, statement or opinion or representations with respect
to the matters upon which such officer’s certificate, statement or opinion may be based as aforesaid are erroneous, or in
the exercise of reasonable care should know that the same are erroneous.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)	Any certificate, statement or opinion
of an officer of the Company, an officer of the Guarantor or of counsel may be based, insofar as it relates to accounting matters,
upon a certificate or opinion of or representations by an accountant or firm of accountants in the employ of the Company or the
Guarantor, unless such officer or counsel, as the case may be, knows that the certificate or opinion or representations with respect
to the accounting matters upon which such officer’s or counsel’s, as the case may be, certificate, statement or opinion
may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are erroneous. Any certificate
or opinion of any independent firm of public accountants filed with and directed to the Warrant Agent shall contain a statement
that such firm is independent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.65in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 6.09<I>. Payments Due on Saturdays,
Sundays and Holidays. </I>If the date fixed for any payment with respect to the Warrants of any series appertaining</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">thereto shall not be a Business Day (as defined below), then
such payment need not be made on such date, but may be made on the next succeeding Business Day with same force and effect as if
made on the date fixed, and no interest shall accrue for the period after such date (unless otherwise specified).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">“<B>Business Day</B>” means,
with respect to any Warrant, a Business Day as defined in any debt security included in any unit comprising such Warrant or as
otherwise established pursuant to Section ‎1.03 hereof or if the term Business Day is not so specified, Business Day means
any day that is not a Saturday or Sunday or a legal holiday in The City of New York or a day on which banking institutions in
The City of New York are authorized or required by law, regulation or executive order to be closed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 6.10<I>. Judgment Currency.
</I>Each of the Company and the Guarantor agrees, to the fullest extent that it may effectively do so under applicable law, that
(a) if for the purpose of obtaining judgment in any court it is necessary to convert the sum due in respect of the Warrants of
any series (the “<B>Required Currency</B>”) into a currency in which a judgment will be rendered (the “<B>Judgment
Currency</B>”), the rate of exchange used shall be the rate (as determined by the Exchange Rate Agent (as defined in the
Indenture)) at which in accordance with normal banking procedures the Exchange Rate Agent could purchase in The City of New York
the Required Currency with the Judgment Currency on the day on which final unappealable judgment is entered, unless such day is
not a New York Banking Day (as defined below), in which event, to the extent permitted by applicable law, the rate of exchange
used shall be the rate (as determined by the Exchange Rate Agent) at which in accordance with normal banking procedures the Exchange
Rate Agent could purchase in The City of New York the Required Currency with the Judgment Currency on the last New York Banking
Day preceding the day on which final unappealable judgment is entered and (b) its respective obligations under this Agreement
and the terms of the Warrants of such series to make payments in the Required Currency (i) shall not be discharged or satisfied
by any tender, or any recovery pursuant to any judgment (whether or not entered in accordance with clause 6.10(a)), in any currency
other than the Required Currency, except to the extent that such tender or recovery shall result in the actual receipt, by the
payee, of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable
as an alternative or additional cause of action for the purpose of recovering in the Required Currency so expressed to be payable
and (iii) shall not be affected by judgment being obtained for any other sum due under this Agreement. For purposes of the foregoing,
“<B>New York Banking Day</B>” means any day except a Saturday, Sunday or a legal holiday in The City of New York or
a day on which banking institutions in The City of New York are authorized or required by law or executive order to close.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 6.11<I>. Headings. </I>The descriptive
headings of the several Articles and Sections of this Agreement are inserted for convenience only and shall not control or affect
the meaning or construction of any of the provisions hereof.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 6.12<I>. Counterparts. </I>This
Agreement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original; but such
counterparts shall together constitute but one and the same instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 6.13<I>. Applicable Law. </I>This
Agreement and each Warrant and the Guarantee shall be deemed to be a contract under the laws of the State of New York, and for
all purposes shall be construed in accordance with the laws of said State, excluding choice of law provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 6.14. <I>Waiver of Jury Trial</I>.
EACH OF THE COMPANY, THE GUARANTOR AND THE WARRANT AGENT, AND EACH WARRANTHOLDER BY ITS ACCEPTANCE HEREOF, HEREBY IRREVOCABLY WAIVES,
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR
RELATING TO THIS AGREEMENT, THE WARRANTS OR THE TRANSACTIONS CONTEMPLATED HEREBY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 6.15. <I>Submission to Jurisdiction;
Waiver of Immunity</I>. For the benefit of the Warrantholders, each of the Company and the Guarantor hereby (i) irrevocably submits
to the non-exclusive jurisdiction of any New York State court or United States federal court sitting in the Borough of Manhattan
in the City of New York solely for purposes of any legal action or proceeding arising out of or relating to the Warrants or this
Agreement and (ii) irrevocably waives, to the fullest extent permitted by law, any objection that it may now or hereafter have
to the laying of venue of any legal action or proceeding in any New York State court or United States federal court sitting in
the Borough of Manhattan in the City of New York, and any claim that any such action or proceedings brought in any such court has
been brought in an inconvenient forum. Each of the Company and the Guarantor agrees that a final judgment in any such legal action
or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided
by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-variant: normal; text-transform: uppercase">Article
7</FONT><BR>
guarantee</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 7.01<I>. The Guarantee. </I>Subject
to the provisions of this Article, the Guarantor hereby irrevocably, fully and unconditionally guarantees, on an unsecured basis,
the full and punctual payment (whether at stated maturity, upon redemption or acceleration, or otherwise) of the principal of,
premium, if any, and interest on, and all other amounts payable, including property deliverable, under, the Warrants, and the full
and punctual payment of all other amounts payable by the Company under this Agreement. Upon failure by the Company to pay punctually
any such amount, the Guarantor shall forthwith on demand pay the</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">amount not so paid at the place and in the manner specified
in this Agreement. This Guarantee constitutes a guaranty of payment and not of collection.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 7.02<I>. Guarantee Unconditional.
</I>The obligations of the Guarantor hereunder are unconditional and absolute and, without limiting the generality of the foregoing,
will not be released, discharged or otherwise affected by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)	any extension, renewal, settlement,
compromise, waiver or release in respect of any obligation of the Company under this Agreement or any Warrant, by operation of
law or otherwise;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)	any modification or amendment of
or supplement to this Agreement or any Warrant;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)	any change in the corporate existence,
structure or ownership of the Company, or any insolvency, bankruptcy, reorganization or other similar proceeding affecting the
Company or its assets or any resulting release or discharge of any obligation of the Company contained in this Agreement or any
Warrant;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)	the existence of any claim, set off
or other rights which the Guarantor may have at any time against the Company, the Warrant Agent or any other Person, whether in
connection with this Agreement or any unrelated transactions, provided that nothing herein prevents the assertion of any such claim
by separate suit or compulsory counterclaim;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)	any invalidity or unenforceability
relating to or against the Company for any reason of this Agreement or any Warrant, or any provision of applicable law or regulation
purporting to prohibit the payment by the Company of the principal of or interest on any Warrant or any other amount payable by
the Company under this Agreement; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)	any other act or omission to act
or delay of any kind by the Company, the Warrant Agent or any other Person or any other circumstance whatsoever which might, but
for the provisions of this paragraph, constitute a legal or equitable discharge of or defense to the Guarantor’s obligations
hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 7.03<I>. Discharge; Reinstatement</I>.<I>
</I>The Guarantor’s obligations under this Article with respect to any Warrants will remain in full force and effect until
the principal of, premium, if any, and interest on such Warrants and all other amounts payable by the Company under this Agreement
with respect to such Warrants have been paid in full. If at any time any payment of the principal of, premium, if any, or interest
on any Warrant or any other amount payable by the Company under this Agreement is rescinded or must be otherwise restored or returned
upon the insolvency, bankruptcy or reorganization of the Company or otherwise, the Guarantor’s obligations hereunder with
respect to such payment</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">will be reinstated as though such payment had been due but not
made at such time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 7.04<I>. Waiver by the Guarantor</I>.<I>
</I>The Guarantor irrevocably waives acceptance hereof, presentment, demand, protest and any notice not provided for herein, as
well as any requirement that at any time any action be taken by any Person against the Company or any other Person. The Guarantor
hereby agrees that, in the event of a default in payment of the principal of, interest on, and all other amounts payable under
any Warrant, whether at its stated maturity, by declaration of acceleration, call for redemption or otherwise, legal proceedings
may be instituted by the Warrant Agent on behalf of, or by, the Holder of such Warrant, subject to the terms and conditions set
forth in this Agreement, directly against the Guarantor to enforce this Guarantee without first proceeding against the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 7.05<I>. Subrogation</I>.<I> </I>Upon
making any payment with respect to any obligation of the Company under this Article, the Guarantor shall be subrogated to the rights
of the payee against the Company with respect to such obligation, provided that the Guarantor may not enforce any right of subrogation
with respect to such payment so long as any amount payable by the Company hereunder or under the Warrants remains unpaid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 7.06<I>. Stay of Acceleration.</I>
If acceleration of the time for payment of any amount payable by the Company under this Agreement or the Warrants is stayed upon
the insolvency, bankruptcy or reorganization of the Company, all such amounts otherwise subject to acceleration under the terms
of this Agreement are nonetheless payable by the Guarantor hereunder forthwith on demand by the Warrant Agent or the Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 7.07<I>. Savings Clause</I>. Notwithstanding
anything to the contrary in this Article, the Guarantor, and by its acceptance of Warrants, each Holder, hereby confirms that it
is the intention of all such parties that the Guarantee not constitute a fraudulent conveyance under applicable fraudulent conveyance
provisions of the United States Bankruptcy Code or any comparable provision of state law. To effectuate that intention, the Warrant
Agent, the Holders and the Guarantor hereby irrevocably agree that the obligations of the Guarantor under the Guarantee are limited
to the maximum amount that would not render the Guarantor’s obligations subject to avoidance under applicable fraudulent
conveyance provisions of the United States Bankruptcy Code or any comparable provision of state law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 7.08. <I>Execution and Delivery
of Guarantee. </I>The execution by the Guarantor of this Agreement (or a supplemental agreement) evidences the Guarantee of the
Guarantor, whether or not the person signing as an officer of the Guarantor still holds that office at the time of countersignature
of any Warrant. The delivery of any Warrant by the Warrant Agent after countersignature</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"> </P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">constitutes due delivery of the Guarantee set forth in this
Agreement on behalf of the Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 7.09<I>. Release of Guaranty</I>.<I>
</I>The Guarantee of the Guarantor of the Warrants will terminate upon cancellation of the Warrants, as provided in ‎Section
1.08.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon delivery by the Company to the Warrant
Agent of an Officer’s Certificate and an Opinion of Counsel to the foregoing effect, the Warrant Agent will execute any documents
reasonably required in order to evidence the release of the Guarantor from its obligations under the Guarantee of the Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 7.10.	<I>Guarantor’s Covenant
Not to Merge, Consolidate, Sell or Convey Property Except Under Certain Conditions</I>. The Guarantor covenants that it will not
merge or consolidate with any other Person or sell, lease or convey all or substantially all of its assets to any other Person,
unless (i) either the Guarantor shall be the continuing Person, or the successor Person by merger or consolidation or the Person
which acquires by sale, lease or conveyance substantially all the assets of the Guarantor (if other than the Guarantor) shall be
a Person organized under the laws of the United States of America or any State thereof or the District of Columbia and shall expressly
assume the full, irrevocable and unconditional guarantee of the due and punctual payment of the principal of and interest on all
the Warrants according to their tenor, and the due and punctual performance and observance of all of the covenants and conditions
of this Agreement to be performed or observed by the Guarantor, by supplemental agreement satisfactory to the Warrant Agent, executed
and delivered to the Warrant Agent by such Person, and (ii) the Guarantor, such successor Person or such acquiring Person, as the
case may be, shall not, immediately after such merger or consolidation, or such sale, lease or conveyance, be in default in the
performance of any such covenant or condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 7.11.	<I>Successor Person Substituted</I>.
In case of any such consolidation, merger, sale, lease or conveyance, and following such an assumption by the successor Person,
such successor Person shall succeed to and be substituted for the Guarantor, with the same effect as if it had been named as the
Guarantor herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In case of any such consolidation, merger,
sale, lease or conveyance such changes in phrasing and form (but not in substance) may be made in the Warrant Certificates representing
the Warrants thereafter to be issued as may be appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event of any such sale or conveyance
(other than a conveyance by way of lease) the Guarantor or any successor Person which shall theretofore have become such in the
manner described in this Article shall be discharged from all obligations and covenants under this Agreement, the Warrants and
the Warrant Certificates and may be liquidated and dissolved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 7.12.	<I>Termination of the Guarantee
upon Merger</I>. The Guarantee of the Guarantor of the Warrants will terminate upon the merger of the Company with and into the
Guarantor in accordance with ‎Article 3 and this Article.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 7.13<I>.	Opinion of Counsel Delivered
to Warrant Agent</I>. The Warrant Agent, subject to the provisions of ‎Article 5, may receive an Opinion of Counsel as conclusive
evidence that any such consolidation, merger, sale, lease or conveyance of the Guarantor, and any such assumption, and any such
liquidation or dissolution, complies with the applicable provisions of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 7.14.	<I>Not Insured.</I> This
Guarantee is not insured by the Federal Deposit Insurance Corporation of the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, this Agreement has been
duly executed by the parties hereto as of the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Times New Roman, Times, Serif; width: 35%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><P STYLE="margin-top: 0; margin-bottom: 0">MORGAN STANLEY FINANCE LLC,</P>
                    <P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 0.25in">ISSUER</P>
                    <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
                    <P STYLE="margin-top: 0; margin-bottom: 0"> </P></TD>
    <TD> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%">By:</TD>
    <TD STYLE="width: 82%; border-bottom: Black 1pt solid"> </TD>
    <TD STYLE="width: 9%"> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> </TD>
    <TD>Name:	</TD>
    <TD> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> </TD>
    <TD>Title:	</TD>
    <TD> </TD></TR>
</TABLE><BR STYLE="clear: both">


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Times New Roman, Times, Serif; width: 35%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                    <P STYLE="margin-top: 0; margin-bottom: 0">MORGAN STANLEY,</P>
                    <P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 0.25in">GUARANTOR</P>
                    <P STYLE="margin-top: 0; margin-bottom: 0"> </P></TD>
    <TD> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%">By:</TD>    <TD STYLE="width: 82%; border-bottom: Black 1pt solid"> </TD>
    <TD STYLE="width: 9%"> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> </TD>    <TD>Name:	</TD>
    <TD> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> </TD>    <TD>Title:	</TD>
    <TD> </TD></TR>
</TABLE><BR STYLE="clear: both">


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Times New Roman, Times, Serif; width: 35%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><P STYLE="margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">THE BANK OF NEW YORK MELLON,</P>
                    <P STYLE="margin: 0pt 0 0pt 0.25in; text-indent: 0in">WARRANT AGENT</P>

<P STYLE="margin: 0pt 0"></P>
                    <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
                    <P STYLE="margin-top: 0; margin-bottom: 0"> </P></TD>
    <TD> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%">By:</TD>    <TD STYLE="width: 82%; border-bottom: Black 1pt solid"> </TD>
    <TD STYLE="width: 9%"> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> </TD>    <TD>Name:	</TD>
    <TD> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> </TD>    <TD>Title:	</TD>
    <TD> </TD></TR>
</TABLE><BR STYLE="clear: both">


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>


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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"> EXHIBIT I</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[FORM OF FACE OF REGISTERED CALL WARRANT
CERTIFICATE]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">No. _____</TD>
    <TD STYLE="width: 50%; text-align: right">CUSIP No. __________</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">  </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">[Unless and until it is exchanged in whole
or in part for Warrants in definitive registered form, this Warrant Certificate and the Warrants evidenced hereby may not be transferred
except as a whole by the Depositary to the nominee of the Depositary or by a nominee of the Depositary to the Depositary or another
nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless this Warrant Certificate is presented
by an authorized representative of the Depositary (55 Water Street, New York) to Morgan Stanley or its agent for registration of
transfer, exchange or payment, and any Warrant issued is registered in the name of Cede & Co. or such other name as requested
by an authorized representative of the Depositary and any payment hereon is made to Cede & Co. or such other entity as is requested
by an authorized representative of the Depositary, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY A PERSON
IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.]<SUP>1</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><BR>
<BR>
MORGAN STANLEY FINANCE LLC<BR>
<BR>
[Designation of Warrants]<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NUMBER OF WARRANTS EVIDENCED BY THIS CERTIFICATE: [UP TO _____]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">WARRANT PROPERTY:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">AMOUNT OF WARRANT PROPERTY<BR>
PURCHASABLE PER WARRANT:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">CALL PRICE PER WARRANT:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">FORM OF PAYMENT OF<BR>
CALL PRICE:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 3pt 0.25in; text-indent: -0.25in">________________ </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>1
</SUP></FONT><FONT STYLE="font-size: 9pt">Applies to global warrant certificates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"> </P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"> </P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">FORM OF SETTLEMENT:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">DATES OF EXERCISE:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">OTHER TERMS:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Warrant Certificate certifies that
__________, or registered assigns, is the Registered Holder of the number of [Designation of Warrants] (the “<B>Warrants</B>”)
[specified above]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>2</SUP></FONT> [specified on Schedule A hereto]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>3</SUP></FONT>.
Upon receipt by the Warrant Agent of this Warrant Certificate, the exercise notice on the reverse hereof (or an exercise notice
in substantially identical form delivered herewith) (the “<B>Exercise Notice</B>”), duly completed and executed, and
the Call Price per Warrant set forth above, in the form set forth above, for each Warrant to be exercised (the “<B>Exercise
Property</B>”) at the Warrant Agent’s Window, Attention: Corporate Trust Administration, in the Borough of Manhattan,
The City of New York, each Warrant evidenced hereby entitles the Registered Holder hereof to receive, subject to the terms and
conditions set forth herein and in the Warrant Agreement (as defined below), from Morgan Stanley Finance LLC (the “<B>Company</B>”)
the amount and form of property (the “<B>Warrant Property</B>”) specified above. Any payment due on, including any
property deliverable under, the Warrants is fully and unconditionally guaranteed by Morgan Stanley. Warrants will not entitle the
Warrantholder to any of the rights of the holders of any of the Warrant Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Reference is hereby made to the further
provisions of this Warrant Certificate set forth on the reverse hereof, and such further provisions shall for all purposes have
the same effect as though fully set forth in this place.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Warrant Certificate shall not be valid
unless countersigned by the Warrant Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 3pt 0.25in; text-indent: -0.25in">_________________ </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>2
</SUP></FONT><FONT STYLE="font-size: 9pt">Applies to definitive warrant certificates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 9pt"> </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>3
</SUP></FONT><FONT STYLE="font-size: 9pt">Applies to global warrant certificates. </FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"> </P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, Morgan Stanley Finance
LLC has caused this instrument to be duly executed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated:______________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Times New Roman, Times, Serif; width: 35%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">MORGAN STANLEY FINANCE LLC</FONT></P>
                    <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
                    <P STYLE="margin-top: 0; margin-bottom: 0"> </P></TD>    <TD> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%">By:</TD>    <TD STYLE="width: 75%; border-bottom: Black 1pt solid"> </TD>    <TD STYLE="width: 16%"> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> </TD>    <TD>Name:	</TD>    <TD> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> </TD>    <TD>Title:	</TD>    <TD> </TD></TR>
</TABLE><BR STYLE="clear: both">


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 35%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">[Attest:</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: -4mm !important">By:</TD>
    <TD STYLE="width: 95%; border-bottom: Black 1pt solid"></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center">[Secretary]]</TD>
    </TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 35%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 12pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Countersigned as of the date above written: </FONT></P>
                                            <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"> </FONT></P>
                                            <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">THE BANK
OF NEW YORK MELLON,</FONT></P>
                                            <P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 0.25in"><FONT STYLE="font-size: 10pt">as Warrant Agen</FONT>t</P>
                                            <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
                                            <P STYLE="margin-top: 0; margin-bottom: 0"> </P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: -4mm !important; font-size: 12pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 95%; border-bottom: Black 1pt solid; font-size: 12pt"><FONT STYLE="font-size: 10pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">Authorized Signatory</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"> </P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[FORM OF REVERSE OF REGISTERED CALL WARRANT
CERTIFICATE]<BR>
<BR>
<BR>
MORGAN STANLEY FINANCE LLC<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Warrants evidenced by this Warrant Certificate
are part of a duly authorized issue of Warrants issued by the Company pursuant to a Warrant Agreement, dated as of February 16,
2016 (the “<B>Warrant Agreement</B>”), among the Company, as issuer, Morgan Stanley, as guarantor (the “<B>Guarantor</B>”),
and The Bank of New York Mellon (the “<B>Warrant Agent</B>”) and are subject to the terms and provisions contained
in the Warrant Agreement, to all of which terms and provisions each Warrantholder consents by acceptance of this Warrant Certificate
or a beneficial interest therein and which Warrant Agreement is hereby incorporated by reference in and made a part of this Warrant
Certificate. Without limiting the foregoing, all capitalized terms used herein and not otherwise defined shall have the meanings
set forth in the Warrant Agreement. A copy of the Warrant Agreement is on file at the Warrant Agent’s Office. The Warrants
constitute a separate series of Warrants under the Warrant Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Warrants are unsecured contractual obligations
of the Company and rank <I>pari passu</I> with the Company’s other unsecured contractual obligations and with the Company’s
unsecured and unsubordinated debt. Any payment due on, including any property deliverable under, the Warrants is fully and unconditionally
guaranteed by the Guarantor on an unsecured basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to the provisions hereof and the
Warrant Agreement, each Warrant may be exercised during the dates of exercise set forth on the face hereof by delivering or causing
to be delivered this Warrant Certificate, the Exercise Notice, duly completed and executed, and the Exercise Property to the Warrant
Agent’s Window, in the Borough of Manhattan, The City of New York, which is, on the date hereof (unless otherwise specified
herein), The Bank of New York Mellon, 101 Barclay Street, 7W, New York, New York 10286, Attention: Corporate Trust Administration,
or at such other address as the Warrant Agent may specify from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each Warrant entitles the Warrantholder
to receive, upon exercise, the Warrant Property set forth on the face hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Warrant Agreement and the terms of the
Warrants are subject to amendment as provided in the Warrant Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Warrant Certificate shall be governed
by, and interpreted in accordance with, the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"> </P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Designation of Warrants]</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Exercise Notice<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Bank of New York Mellon<BR>
101 Barclay Street, 7W<BR>
New York, New York 10286</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: Corporate Trust Administration</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The undersigned (the “<B>Registered
Holder</B>”) hereby irrevocably exercises __________ Warrants (the “<B>Exercised Warrants</B>”) and delivers
to you herewith a Warrant Certificate or Certificates, registered in the Registered Holder’s name, representing a number
of Warrants at least equal to the number of Exercised Warrants, and the Exercise Property with respect thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Registered Holder hereby directs the
Warrant Agent (a) to deliver the Warrant Property as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">and (b) if the number of Exercised Warrants
is less than the number of Warrants represented by the enclosed Warrant Certificate, to deliver a Warrant Certificate representing
the unexercised Warrants to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 10%"> </td>
    <td style="width: 39%"> </td>
    <td style="width: 2%"> </td>
    <td style="width: 49%"> </td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt">Dated:</font></td>
    <td style="border-bottom: Black 1pt solid"> </td>
    <td> </td>
    <td style="border-bottom: Black 1pt solid"> </td></tr>
<tr style="vertical-align: top">
    <td> </td>
    <td> </td>
    <td> </td>
    <td style="text-align: center"><font style="font-size: 10pt">(Registered Holder)</font></td></tr>
</table>
<P STYLE="margin-top: 0; margin-bottom: 0"> </P>

<P STYLE="margin-top: 0; margin-bottom: 0"> </P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Times New Roman, Times, Serif; width: 49%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 14%"><font style="font-size: 10pt">By:</font></td>
    <TD STYLE="width: 86%; border-bottom: Black 1pt solid"> </td></tr>
<tr style="vertical-align: top">
    <td> </td>
    <td><font style="font-size: 10pt">Authorized Signature</font></td></tr>
<tr style="vertical-align: top">
    <td> </td>
    <td><font style="font-size: 10pt">Address:</font></td></tr>
<tr style="vertical-align: top">
    <td> </td>
    <td><font style="font-size: 10pt">Telephone:</font></td></tr>
</table><BR STYLE="clear: both">

<P STYLE="margin-top: 0; margin-bottom: 0"> </P>

<P STYLE="margin-top: 0; margin-bottom: 0"> </P><BR STYLE="clear: both">

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"> </P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[If Warrant is a Global Warrant, insert
this Schedule A.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">SCHEDULE A</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"> </P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Designation of Warrants]</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">GLOBAL<BR>
WARRANT<BR>
SCHEDULE OF EXCHANGES<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The initial number of Warrants represented
by this Global Warrant is __________. In accordance with the Warrant Agreement and the Unit Agreement dated as of February 16,
2016 among the Company, the Guarantor, The Bank of New York Mellon, as Unit Agent, as Warrant Agent, as Collateral Agent, and as
Trustee under the Indenture referred to therein and the Holders from time to time of the Units described therein, the following
(A) exchanges of [the number of Warrants indicated below for a like number of Warrants to be represented by a Global Warrant that
has been separated from a Unit (a “<B>Separated Warrant</B>”)]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT>
[the number of Warrants that had been represented by a Global Warrant that is part of a Unit (an “<B>Attached Unit Warrant</B>”)
for a like number of Warrants represented by this Global Warrant]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>2</SUP></FONT>
or (B) reductions as a result of the exercise of the number of Warrants indicated below have been made:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 12%; padding-bottom: 1pt; padding-left: 0pt"><P STYLE="height: 3pt"><FONT STYLE="font-size: 9pt"> </FONT></P><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 9pt">Date
                                         of Exchange or Exercise</FONT></P></TD><TD STYLE="width: 1%; padding-bottom: 1pt; padding-left: 0pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
    <TD STYLE="width: 12%; text-align: left; padding-bottom: 1pt; padding-left: 0pt"><P STYLE="height: 3pt"><FONT STYLE="font-size: 9pt"> </FONT></P><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 9pt">[Number
                                         Exchanged for Separated Warrants]<SUP>1</SUP></FONT></P></TD><TD STYLE="width: 1%; padding-bottom: 1pt; padding-left: 0pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
    <TD STYLE="width: 12%; text-align: left; padding-bottom: 1pt; padding-left: 0pt"><P STYLE="height: 3pt"><FONT STYLE="font-size: 9pt"> </FONT></P><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 9pt">[Reduced
                                         Number Outstanding Following Such Exchange]<SUP>1</SUP></FONT></P></TD><TD STYLE="width: 1%; padding-bottom: 1pt; padding-left: 0pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
    <TD STYLE="width: 12%; text-align: left; padding-bottom: 1pt; padding-left: 0pt"><P STYLE="height: 3pt"><FONT STYLE="font-size: 9pt"> </FONT></P><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 9pt">[Number
                                         of Attached Unit Warrants Exchanged for Warrants represented by this Separated Warrant]<SUP>2</SUP></FONT></P></TD><TD STYLE="width: 1%; padding-bottom: 1pt; padding-left: 0pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
    <TD STYLE="width: 12%; text-align: left; padding-bottom: 1pt; padding-left: 0pt"><P STYLE="height: 3pt"><FONT STYLE="font-size: 9pt"> </FONT></P><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 9pt">[Increased
                                         Number Outstanding Following Such Exchange]<SUP>2</SUP></FONT></P></TD><TD STYLE="width: 1%; padding-bottom: 1pt; padding-left: 0pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
    <TD STYLE="width: 11%; text-align: left; padding-bottom: 1pt; padding-left: 0pt"><P STYLE="height: 3pt"><FONT STYLE="font-size: 9pt"> </FONT></P><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 9pt">Number
                                         of Warrants Exercised</FONT></P></TD><TD STYLE="width: 1%; padding-bottom: 1pt; padding-left: 0pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
    <TD STYLE="width: 11%; text-align: left; padding-bottom: 1pt; padding-left: 0pt"><P STYLE="height: 3pt"><FONT STYLE="font-size: 9pt"> </FONT></P><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 9pt">Reduced
                                         Number Outstanding Following Such Exercise</FONT></P></TD><TD STYLE="width: 1%; padding-bottom: 1pt; padding-left: 0pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
    <TD STYLE="width: 11%; text-align: left; padding-bottom: 1pt; padding-left: 0pt"><P STYLE="height: 3pt"><FONT STYLE="font-size: 9pt"> </FONT></P><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 9pt">Notation
                                         Made by or on Behalf of Warrant Agent</FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_______________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>1
</SUP></FONT><FONT STYLE="font-size: 9pt">Applies only if this Global Warrant is part of a Unit.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-size: 9pt"> </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>2
</SUP></FONT><FONT STYLE="font-size: 9pt">Applies only if this Global Warrant has been separated from a Unit. </FONT></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">EXHIBIT II</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><BR>
<BR>
[FORM OF FACE OF REGISTERED PUT WARRANT CERTIFICATE]<BR>
<BR>
</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">No. _____</TD>
    <TD STYLE="width: 50%; text-align: right">CUSIP No. __________</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">[Unless and until it is exchanged in whole
or in part for Warrants in definitive registered form, this Warrant Certificate and the Warrants evidenced hereby may not be transferred
except as a whole by the Depositary to the nominee of the Depositary or by a nominee of the Depositary to the Depositary or another
nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless this Warrant Certificate is presented
by an authorized representative of the Depositary (55 Water Street, New York) to Morgan Stanley or its agent for registration of
transfer, exchange or payment, and any Warrant issued is registered in the name of Cede & Co. or such other name as requested
by an authorized representative of the Depositary and any payment hereon is made to Cede & Co. or such other entity as is requested
by an authorized representative of the Depositary, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY A PERSON
IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">MORGAN STANLEY FINANCE LLC<BR>
<BR>
[Designation of Warrants]<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NUMBER OF WARRANTS EVIDENCED BY THIS CERTIFICATE: [UP TO ____]<SUP>1</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CASH SETTLEMENT VALUE PER WARRANT (OR METHOD OF DETERMINING
SAME):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[WARRANT PROPERTY:]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>2</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">[AMOUNT OF WARRANT PROPERTY<BR>
SALABLE PER WARRANT:]<SUP>2</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 3pt 0.25in; text-indent: -0.25in">________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>1
</SUP></FONT><FONT STYLE="font-size: 9pt">Applies to global warrant certificates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 9pt"> </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>2
</SUP></FONT><FONT STYLE="font-size: 9pt">Only if the terms of the Warrants contemplate that the holder may deliver Warrant Property
to exercise the Warrants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"> </P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"> </P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[PUT PRICE FOR SUCH SPECIFIED AMOUNT OF WARRANT PROPERTY PER
WARRANT:]<SUP>2</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[METHOD OF DELIVERY OF ANY WARRANT PROPERTY TO BE DELIVERED
FOR SALE UPON EXERCISE OF WARRANTS:]<SUP> 2</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">DATES OF EXERCISE:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">OTHER TERMS:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Warrant Certificate certifies that
__________, or registered assigns, is the Registered Holder of the number of [Designation of Warrants] (the “<B>Warrants</B>”)
[specified above]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT> [specified on Schedule A hereto]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>2</SUP></FONT>.
Upon receipt by the Warrant Agent of this Warrant Certificate, the exercise notice on the reverse hereof (or an exercise notice
in substantially identical form delivered herewith)(the “<B>Exercise Notice</B>”), duly completed and executed, and
the Amount of Warrant Property saleable per Warrant set forth above, adjusted, if applicable, as set forth above, for each Warrant
to be exercised, delivered as set forth above at the Warrant Agent’s Window, Attention: Corporate Trust Administration, in
the Borough of Manhattan, The City of New York (which is, on the date hereof, The Bank of New York Mellon, 101 Barclay Street,
7W, New York, New York 10286, Attention: Corporate Trust Administration), each Warrant evidenced hereby entitles the Registered
Holder hereof to receive, subject to the terms and conditions set forth herein and in the Warrant Agreement (as defined below),
from Morgan Stanley Finance LLC (the “<B>Company</B>”) the [Cash Settlement Value] [Put Price]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>3</SUP></FONT>
per Warrant specified above. Any payment due on, including any property deliverable under, the Warrants is fully and unconditionally
guaranteed by Morgan Stanley.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless otherwise indicated above, a Warrant
will not require or entitle a Warrantholder to sell or deliver to the Company, nor will the Company be under any obligation to,
nor will it, purchase or take delivery from any Warrantholder of, any Warrant Property, and upon exercise of a Warrant, the Company
will make only a cash payment in the amount of the Cash Settlement Value or Put Price per Warrant. Warrantholders will not receive
any interest on any Cash Settlement Value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Reference is hereby made to the further
provisions of this Warrant Certificate set forth on the reverse hereof and such further provisions shall for all purposes have
the same effect as though fully set forth in this place.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 3pt 0.25in; text-indent: -0.25in">________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>1
</SUP></FONT><FONT STYLE="font-size: 9pt">Applies to definitive warrant certificates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 9pt"> </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>2
</SUP></FONT><FONT STYLE="font-size: 9pt">Applies to global warrant certificates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 9pt"> </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>3
</SUP></FONT><FONT STYLE="font-size: 9pt">Only if the terms of the Warrants contemplate that the holder may deliver Warrant Property
to exercise the Warrants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"> </P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Warrant Certificate shall not be valid
unless countersigned by the Warrant Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"> </P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, Morgan Stanley Finance
LLC has caused this instrument to be duly executed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated:______________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Times New Roman, Times, Serif; width: 35%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD COLSPAN="2">MORGAN STANLEY FINANCE LLC<P STYLE="margin-top: 0; margin-bottom: 0"> </P>
                    <P STYLE="margin-top: 0; margin-bottom: 0"> </P></TD>    <TD> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%">By:</TD>    <TD STYLE="width: 75%; border-bottom: Black 1pt solid"> </TD>    <TD STYLE="width: 16%"> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> </TD>    <TD>Name:	</TD>    <TD> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD> </TD>    <TD>Title:	</TD>    <TD> </TD></TR>
</TABLE><BR STYLE="clear: both">


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 35%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">[Attest:</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: -4mm !important">By:</TD>
    <TD STYLE="width: 95%; border-bottom: Black 1pt solid"></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center">[Secretary]]</TD>
    </TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 35%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 12pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Countersigned as of the date above written: </FONT></P>
                                            <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"> </FONT></P>
                                            <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">THE BANK
OF NEW YORK MELLON,</FONT></P>
                                            <P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 0.25in"><FONT STYLE="font-size: 10pt">as Warrant Agen</FONT>t</P>
                                            <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
                                            <P STYLE="margin-top: 0; margin-bottom: 0"> </P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: -4mm !important; font-size: 12pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 95%; border-bottom: Black 1pt solid; font-size: 12pt"><FONT STYLE="font-size: 10pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">Authorized Signatory</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"> </P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[FORM OF REVERSE OF REGISTERED PUT WARRANT
CERTIFICATE]<BR>
<BR>
<BR>
MORGAN STANLEY FINANCE LLC<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9pt 0pt 0; text-indent: 0.5in">The Warrants evidenced by this Warrant
Certificate are part of a duly authorized issue of Warrants issued by the Company pursuant to a Warrant Agreement, dated as of
February 16, 2016 (the “<B>Warrant Agreement</B>”), among the Company, as issuer, Morgan Stanley, as guarantor (the
“<B>Guarantor</B>”), and The Bank of New York Mellon (the “<B>Warrant Agent</B>”) and are subject to the
terms and provisions contained in the Warrant Agreement, to all of which terms and provisions each Warrantholder consents by acceptance
of this Warrant Certificate or a beneficial interest therein and which Warrant Agreement is hereby incorporated by reference in
and made a part of this Warrant Certificate. Without limiting the foregoing, all capitalized terms used herein and not otherwise
defined shall have the meanings set forth in the Warrant Agreement. A copy of the Warrant Agreement is on file at the Warrant Agent’s
Office. The Warrants constitute a separate series of Warrants under the Warrant Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9pt 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9pt 0pt 0; text-indent: 0.5in">The Warrants are unsecured contractual
obligations of the Company and rank <I>pari passu</I> with the Company’s other unsecured contractual obligations and with
the Company’s unsecured and unsubordinated debt. Any payment due on, including any property deliverable under, the Warrants
is fully and unconditionally guaranteed by the Guarantor on an unsecured basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9pt 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9pt 0pt 0; text-indent: 0.5in">Subject to the provisions hereof
and the Warrant Agreement, each Warrant may be exercised during the dates of exercise set forth on the face hereof by delivering
or causing to be delivered this Warrant Certificate, the Exercise Notice, duly completed and executed, and the Exercise Property
for each such Warrant to the Warrant Agent’s Window, in the Borough of Manhattan, The City of New York, which is, on the
date hereof (unless otherwise specified herein), The Bank of New York Mellon, 101 Barclay Street, 7W, New York, New York 10286,
Attention: Corporate Trust Administration, or at such other address as the Warrant Agent may specify from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9pt 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9pt 0pt 0; text-indent: 0.5in">Each Warrant entitles the Warrantholder
to receive, upon exercise, the [Cash Settlement Value] [Put Price]<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT>
per Warrant set forth on the face hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9pt 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9pt 0pt 0; text-indent: 0.5in">The Warrant Agreement and the terms
of the Warrants are subject to amendment as provided in the Warrant Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9pt 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9pt 0pt 0; text-indent: 0.5in">This Warrant Certificate shall be
governed by, and interpreted in accordance with, the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9pt 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9pt 3pt 0pt; text-indent: 0pt">_________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9pt 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>1
</SUP></FONT><FONT STYLE="font-size: 9pt">Only if the terms of the Warrants contemplate that the holder may deliver Warrant Property
to exercise the Warrants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9pt 0pt 0; text-indent: 0.5in"> </P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"> </P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">[Designation of Warrants]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"> </P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Exercise Notice</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Bank of New York Mellon<BR>
101 Barclay Street, 7W<BR>
New York, New York 10286<BR>
<BR>
Attention: Corporate Trust Administration<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The undersigned (the “<B>Registered
Holder</B>”) hereby irrevocably exercises __________ Warrants (the “<B>Exercised Warrants</B>”) and delivers
to you herewith a Warrant Certificate or Certificates, registered in the Registered Holder’s name, representing a number
of Warrants at least equal to the number of Exercised Warrants[, and the Warrant Property with respect thereto].<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Registered Holder hereby directs the
Warrant Agent (a) to deliver the [Cash Settlement Value][Put Price]<SUP>1</SUP> per Warrant as follows:<BR>
<BR>
<BR>
and (b) if the number of Exercised Warrants is less than the number of Warrants represented by the enclosed Warrant Certificate,
to deliver a Warrant Certificate representing the unexercised Warrants to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 10%; font-size: 12pt"> </td>
    <TD STYLE="width: 39%; font-size: 12pt"> </td>
    <TD STYLE="width: 2%; font-size: 12pt"> </td>
    <TD STYLE="width: 49%; font-size: 12pt"> </td></tr>
<tr style="vertical-align: top">
    <TD STYLE="font-size: 12pt"><font style="font-size: 10pt">Dated:</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt"> </td>
    <TD STYLE="font-size: 12pt"> </td>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt"> </td></tr>
<tr style="vertical-align: top">
    <TD STYLE="font-size: 12pt"> </td>
    <TD STYLE="font-size: 12pt"> </td>
    <TD STYLE="font-size: 12pt"> </td>
    <TD STYLE="font-size: 12pt; text-align: center"><font style="font-size: 10pt">(Registered Holder)</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 3pt"> </P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Times New Roman, Times, Serif; width: 49%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 14%"><font style="font-size: 10pt">By:</font></td>
    <TD STYLE="border-bottom: Black 1pt solid; width: 86%"> </td></tr>
<tr style="vertical-align: top">
    <TD> </td>
    <TD><font style="font-size: 10pt">Authorized Signature</font></td></tr>
<tr style="vertical-align: top">
    <TD> </td>
    <TD><font style="font-size: 10pt">Address:</font></td></tr>
<tr style="vertical-align: top">
    <TD> </td>
    <TD><font style="font-size: 10pt">Telephone:</font></td></tr>
</TABLE><BR STYLE="clear: both">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 3pt"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 3pt">__________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>1
</SUP></FONT><FONT STYLE="font-size: 9pt">Only if terms of the Warrants contemplate that the holder may deliver Warrant Property
to exercise the Warrants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"> </P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">[If Warrant
is a Global Warrant, insert this Schedule A.]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">SCHEDULE A</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"> </P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Designation of Warrants]</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">GLOBAL<BR>
WARRANT<BR>
SCHEDULE OF EXCHANGES<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The initial number of Warrants represented
by this Global Warrant is __________. In accordance with the Warrant Agreement and the Unit Agreement dated as of February 16,
2016 among the Company, the Guarantor, The Bank of New York Mellon, as Unit Agent, as Warrant Agent, as Collateral Agent, and as
Trustee under the Indenture referred to therein and the Holders from time to time of the Units described therein, the following
(A) exchanges of [the number of Warrants indicated below for a like number of Warrants to be represented by a Global Warrant that
has been separated from a Unit (a “<B>Separated Warrant</B>”)]<SUP>1</SUP> [the number of Warrants that had been represented
by a Global Warrant that is part of a Unit (an “<B>Attached Unit Warrant</B>”) for a like number of Warrants represented
by this Global Warrant]<SUP>2</SUP> or (B) reductions as a result of the exercise of the number of Warrants indicated below have
been made:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0pt; width: 12%"><P STYLE="height: 3pt"><FONT STYLE="font-size: 9pt"> </FONT></P><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 9pt">Date
                                         of Exchange or Exercise</FONT></P></TD><TD STYLE="padding-bottom: 1pt; padding-left: 0pt; width: 1%"><FONT STYLE="font-size: 9pt"> </FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0pt; width: 12%"><P STYLE="height: 3pt"><FONT STYLE="font-size: 9pt"> </FONT></P><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">[<FONT STYLE="font-size: 9pt">Number
                                         Exchanged for Separated Warrants]<SUP>1</SUP></FONT></P></TD><TD STYLE="padding-bottom: 1pt; padding-left: 0pt; width: 1%"><FONT STYLE="font-size: 9pt"> </FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0pt; width: 12%"><P STYLE="height: 3pt"><FONT STYLE="font-size: 9pt"> </FONT></P><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 9pt">[Reduced
                                         Number Outstanding Following Such Exchange]<SUP>1</SUP></FONT></P></TD><TD STYLE="padding-bottom: 1pt; padding-left: 0pt; width: 1%"><FONT STYLE="font-size: 9pt"> </FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0pt; width: 12%"><P STYLE="height: 3pt"><FONT STYLE="font-size: 9pt"> </FONT></P><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 9pt">[Number
                                         of Attached Unit Warrants Exchanged for Warrants represented by this Separated Warrant]<SUP>2</SUP></FONT></P></TD><TD STYLE="padding-bottom: 1pt; padding-left: 0pt; width: 1%"><FONT STYLE="font-size: 9pt"> </FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0pt; width: 12%"><P STYLE="height: 3pt"><FONT STYLE="font-size: 9pt"> </FONT></P><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 9pt">[Increased
                                         Number Outstanding Following Such Exchange]<SUP>2</SUP></FONT></P></TD><TD STYLE="padding-bottom: 1pt; padding-left: 0pt; width: 1%"><FONT STYLE="font-size: 9pt"> </FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0pt; width: 11%"><P STYLE="height: 3pt"><FONT STYLE="font-size: 9pt"> </FONT></P><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 9pt">Number
                                         of Warrants Exercised</FONT></P></TD><TD STYLE="padding-bottom: 1pt; padding-left: 0pt; width: 1%"><FONT STYLE="font-size: 9pt"> </FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0pt; width: 11%"><P STYLE="height: 3pt"><FONT STYLE="font-size: 9pt"> </FONT></P><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 9pt">Reduced
                                         Number Outstanding Following Such Exercise</FONT></P></TD><TD STYLE="padding-bottom: 1pt; padding-left: 0pt; width: 1%"><FONT STYLE="font-size: 9pt"> </FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0pt; width: 11%"><P STYLE="height: 3pt"><FONT STYLE="font-size: 9pt"> </FONT></P><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 9pt">Notation
                                         Made by or on Behalf of Warrant Agent</FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD><TD STYLE="padding-bottom: 1pt"> </TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"> </TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 9pt"> </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 9pt"> </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 9pt"> </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 9pt"> </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 3pt; text-indent: 0pt">___________________<FONT STYLE="font-size: 9pt"> </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>1
</SUP></FONT><FONT STYLE="font-size: 9pt">Applies only if this Global Warrant is part of a Unit.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 9pt"> </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><SUP>2
</SUP></FONT><FONT STYLE="font-size: 9pt">Applies only if this Global Warrant has been separated from a Unit.</FONT></P>

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