# EDGAR Filing Document

**Accession Number:** 0000769218
**File Stem:** 0001193125-26-211092
**Filing Date:** 2026-5
**Character Count:** 262577
**Document Hash:** c8cfe81b97602cbbc18278ddd289c069
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-211092.hdr.sgml**: 20260507

**ACCESSION NUMBER**: 0001193125-26-211092

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 7

**CONFORMED PERIOD OF REPORT**: 20260507

**FILED AS OF DATE**: 20260507

**DATE AS OF CHANGE**: 20260507

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AEGON LTD.
- **CENTRAL INDEX KEY:** 0000769218
- **STANDARD INDUSTRIAL CLASSIFICATION:** LIFE INSURANCE [6311]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D0
- **FISCAL YEAR END:** 1231
- **LEGAL ENTITY IDENTIFIER:** O4QK7KMMK83ITNTHUG69

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-10882
- **FILM NUMBER:** 26951914

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** WORLD TRADE CENTER SCHIPHOL
- **STREET 2:** SCHIPHOL BOULEVARD 223
- **CITY:** SCHIPHOL
- **PROVINCE COUNTRY:** P7
- **ZIP:** 1118 BH
- **BUSINESS PHONE:** 011-31-20-259-2500

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** WORLD TRADE CENTER SCHIPHOL
- **STREET 2:** SCHIPHOL BOULEVARD 223
- **CITY:** SCHIPHOL
- **PROVINCE COUNTRY:** P7
- **ZIP:** 1118 BH

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AEGON NV
- **DATE OF NAME CHANGE:** 19970423

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**Form 6-K** 

**REPORT OF FOREIGN ISSUER** 

**PURSUANT TO RULE 13A-16 OR 15D-16** 

**OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the month of May 2026** 

**Commission File Number: 001-10882** 

## Aegon Ltd.
**(Translation of registrant's name into English)** 

---

| | | | |
|:---|:---|:---|:---|
| **Aegon Limited**<br> An exempted company with liability limited by shares<br>www.aegon.com | **Statutory seat**<br> Canon's Court 22 Victoria Street Hamilton HM 12<br> Bermuda | **Principal place of business**<br> World Trade Center<br> Schiphol Boulevard 223<br> 1118 BH Schiphol<br> The Netherlands | Bermuda Registrar of<br> Companies number: 202302830<br> (September 30, 2023)<br> Dutch Chamber of Commerce<br> number: 27076669<br> Aegon Limited is a<br> non-resident company under<br> the Dutch Act Non Residential<br> Companies |

---

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒ Form 40-F ☐

The information and exhibits included in this Report on Form 6-K shall be deemed to be incorporated by reference in the registration statement on Form F-3 (File Nos. 333-287291, 333-287291-01) of Aegon Ltd and to be a part thereof from the date on which this report is furnished, to the extent not superseded by documents or reports subsequently filed or furnished.

------

**EXHIBIT INDEX** 

---

| | |
|:---|:---|
| **Exhibit**<br> **Number** | **Description** |
| 1.1 | [Underwriting Agreement, dated April 30, 2026 among AEGON Funding Company LLC, AEGON Ltd. and the underwriters named therein.](d264679dex11.htm) |
| 4.1 | [Eleventh Supplemental Indenture, dated as of May 7, 2026, among AEGON Funding Company LLC, AEGON LTD., The Bank of New York Mellon Trust Company, N.A., as trustee and Citibank, N.A., as registrar and paying agent](d264679dex41.htm) |
| 4.2 | [Form of Note (included in Exhibit 4.1)](d264679dex41.htm) |
| 5.1 | [Opinion of Allen Overy Sheaman Sterling LLP, Paris, France as to the validity of the guaranteed notes as to certain matters of New York Law.](d264679dex51.htm) |
| 5.2 | [Opinion of Conyers Dill & Pearman, Bermuda as to the validity of the guaranteed notes as to certain matters of Bermuda Law](d264679dex52.htm) |

---

------

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  |  | Aegon Ltd. |
|  |  | (Registrant) |
| Date: May 7, 2026 | By: | /s/ Marvin R. Brizee |
|  |  | Marvin R. Brizee |
|  |  | Senior Vice President and |
|  |  | Head of Treasury |

---

## Exhibit 1.1

**Exhibit 1.1** 

**EXECUTION VERSION** 

**U.S.$500,000,000** 

**AEGON FUNDING COMPANY LLC,** 

**as Issuer** 

**AEGON LTD.,** 

**as Guarantor** 

**5.625% SENIOR NOTES DUE 2036** 

**UNDERWRITING AGREEMENT** 

**dated April 30, 2026** 

------

April 30, 2026

BofA Securities, Inc.

One Bryant Park

New York, New York 10036

United States of America

Citigroup Global Markets Inc.

388 Greenwich Street

New York, New York 10013

United States of America

Deutsche Bank Securities Inc.

1 Columbus Circle

New York, New York 10019

United States of America

Morgan Stanley & Co. LLC

1585 Broadway

New York, New York 10036

United States of America

Wells Fargo Securities, LLC

550 South Tryon Street, 5th Floor

Charlotte, North Carolina 28202

United States of America

As Representatives of the several

Underwriters named in Schedule II hereto

Ladies and Gentlemen:

Aegon Funding Company LLC (the "**Issuer**"), a Delaware limited liability company, proposes to issue and sell to the several underwriters named in Schedule II hereto (the "**Underwriters**"), for whom you (the "**Representatives**") are acting as representatives, the aggregate principal amount of its securities identified in Schedule I hereto, (the "**Notes**"). The Notes will be senior unsecured obligations of the Issuer and fully and unconditionally guaranteed on a senior unsecured basis (the "**Guarantee**" and, together with the Notes, the "**Securities**") by Aegon Ltd., an exempted company with limited liability by shares registered

------

under the Companies Act of 1981 of Bermuda and having its principal place of business at World Trade Center Schiphol, Schiphol Boulevard 223, 1118 BH Schiphol, The Netherlands (the "**Company**" or "**Guarantor**") and will be issued under an indenture (the "**Base Indenture**") dated as of October 11, 2001 among the Company, the Issuer and The Bank of New York Mellon Trust Company, N.A. (as successor Trustee to Citibank, N.A. under the Agreement of Resignation, Appointment and Acceptance dated as of August 21, 2007 by and among the Company, the Issuer, The Bank of New York Mellon Trust Company, N.A. and Citibank, N.A., the "**Trustee**"), as supplemented and modified to the date hereof, and as shall be further supplemented and modified by an eleventh supplemental indenture to be dated as of the Closing Date as defined hereinafter (the "**Eleventh Supplemental Indenture**" and collectively, with the Base Indenture as supplemented to the date hereof, the "**Indenture**").

The Company and the Issuer have filed with the U.S. Securities and Exchange Commission (the "**Commission**") a shelf registration statement on Form F-3ASR (Nos. 333-287291 and 333-287291-01) covering the registration of various types of securities under the U.S. Securities Act of 1933, as amended (the "**Securities Act**"), including the Securities, and have filed with, or transmitted for filing to, or shall promptly hereafter file with or transmit for filing to, the Commission a prospectus supplement (the "**Prospectus Supplement**") specifically relating to the Securities pursuant to Rule 424 under the Securities Act. The term "**Registration Statement**" means the registration statement, including the exhibits thereto, as amended to the date of this Agreement and includes any prospectus supplement that is filed with the Commission and deemed by virtue of Rule 430B to be part of the Registration Statement. The term **"Base Prospectus"** means the prospectus dated May 15, 2025 included in the Registration Statement. The term "**Prospectus**" means the Base Prospectus together with the Prospectus Supplement in the form filed pursuant to Rule 424(b) of the Securities Act (or in the form first made available to the Underwriters by the Company to meet requests of purchasers pursuant to Rule 173 under the Securities Act). The term "**preliminary prospectus**" means a preliminary prospectus supplement specifically relating to the Securities, together with the Base Prospectus. The preliminary prospectus, the Time of Sale Prospectus (as defined below) and the Prospectus will be used in connection with the offering and sale of the Securities.

As used in this Agreement, the following terms have the following meanings:

"**Free Writing Prospectus**" has the meaning set forth in Rule 405 under the Securities Act.

"**Issuer Free Writing Prospectus**" means (i) any "issuer free writing prospectus" as defined in Rule 433 under the Securities Act relating to the Securities and (ii) a road show relating to the Securities that is a free writing prospectus pursuant to Rule 433(d)(8)(i) under the Securities Act, whether or not required to be filed with the Commission.

------

"**Time of Sale**" means 3:47 pm (New York time) on April 30, 2026.

"**Time of Sale Prospectus**" means the preliminary prospectus, together with any Free Writing Prospectus listed on Schedule III hereof.

As used herein, the terms "**Registration Statement**," "**Base Prospectus**," "**Prospectus**," "**preliminary prospectus**" and the "**Time of Sale Prospectus**" shall include, in each case, the documents, if any, incorporated by reference therein. The terms "**supplement**," "**amendment**" and "**amend**" as used herein shall include all documents deemed to be incorporated by reference in the Registration Statement, the Base Prospectus, the Prospectus, the preliminary prospectus and the Time of Sale Prospectus that are filed subsequent to the date of the Base Prospectus by the Company with the Commission pursuant to the U.S. Securities Exchange Act of 1934, as amended (the "**Exchange Act**") but, with respect to the Time of Sale Prospectus, shall not include any incorporated documents filed after the Time of Sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Representations and Warranties*. The Issuer and the Company, jointly and severally, represent and warrant to and agree with each of the Underwriters that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registration Statement has become effective; no stop order suspending the effectiveness of the Registration Statement is in effect, and no proceedings for such purpose are pending before or, to the Company's knowledge, threatened by the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) Each document, if any, incorporated by reference or deemed to be incorporated by reference in the Time of Sale Prospectus and the Prospectus, complied or will comply when so filed in all material respects with the requirements of the Exchange Act and the applicable rules and regulations of the Commission thereunder, (ii) each part of the Registration Statement, when such part became effective, did not contain, and each such part, as amended or supplemented, if applicable, will not contain, any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading, (iii) the Registration Statement, the Time of Sale Prospectus and the Prospectus comply and, as amended or supplemented, if applicable, will comply in all material respects with the requirements of the Securities Act and the U.S. Trust Indenture Act of 1939, as amended (the "**Trust Indenture Act**"), and the applicable rules and regulations of the Commission thereunder and (iv) (x) the Time of Sale Prospectus as of the Time of Sale did not contain, (y) the Prospectus does not contain and the Prospectus, as amended or supplemented, if applicable, will not contain, and (z) any individual Issuer Free Writing Prospectus, when

------

considered together with the Time of Sale Prospectus, did not contain, any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, except that the representations and warranties set forth in this paragraph do not apply to statements or omissions in (A) that part of the Registration Statement constituting the Statement of Eligibility and Qualification (Form T-1) under the Trust Indenture Act of the Trustee or (B) the Registration Statement, the Time of Sale Prospectus, the Prospectus or any such Issuer Free Writing Prospectus based upon information relating to any Underwriter furnished to the Company in writing by such Underwriter through you expressly for use therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Issuer and the Company (including their agents and representatives, other than the Underwriters) have not made, used, prepared, authorized, approved or referred to and will not prepare, make, use, authorize, approve or refer to or make any offer or solicitation of an offer relating to the Securities that would constitute a Free Writing Prospectus other than (i) any document not constituting a prospectus pursuant to Section 2(a)(10)(a) of the Securities Act; (ii) other written communications approved in writing in advance by the Representatives including the term sheet substantially as set forth in Schedule I; or (iii) an electronic road show, if any, furnished to the Representatives for their approval before first use. Any such Free Writing Prospectus as of its issue date and at all subsequent times through the completion of the public offer and sale of the Securities, complies or will comply in all material respects with the requirements of the Securities Act and the rules and regulations thereunder and has been, or will be, filed with the Commission in accordance with the Securities Act (to the extent required pursuant to Rule 433(d) thereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Neither the Issuer nor the Company has distributed or will distribute, prior to the later of the Closing Date and the completion of the Underwriters' distribution of the Securities, any offering material in connection with the offering and sale of the Securities other than a preliminary prospectus, the Prospectus, the Time of Sale Prospectus or any Issuer Free Writing Prospectus reviewed and consented to by the Representatives or included in Schedule I hereto or the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The consolidated historical financial statements as of December 31, 2024 and 2025 and for the years ended December 31, 2023, 2024 and 2025 and the related notes thereto of the Company and its subsidiaries, included or incorporated by reference or deemed to be incorporated by reference in each of the Time of Sale Prospectus and the Prospectus present a true and fair view of the consolidated financial position of the Company and its subsidiaries, respectively, as of the dates indicated and the results of their operations and the changes in their cash flows for the periods specified; such consolidated financial statements have been prepared in conformity with International Financial Reporting Standards ("**IFRS**") as issued by the IASB and applied on a consistent basis throughout the periods covered thereby.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The pro forma financial statements furnished on Form 6-K with the Commission on April 28, 2026 and incorporated by reference in the Time of Sale Prospectus and the Prospectus (the "**Pro Forma Financial Statements**") include assumptions that provide a reasonable basis for presenting the significant effects directly attributable to the transactions and events described therein, the related pro forma adjustments give appropriate effect to those assumptions, and the pro forma adjustments reflect the proper application of those adjustments to the historical financial statement amounts in the Pro Forma Financial Statements. The Pro Forma Financial Statements comply as to form in all material respects with the applicable accounting requirements of Regulation S-X promulgated by the Commission ("**Regulation S-X**") and the pro forma adjustments have been properly applied to the historical amounts in the compilation of those statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Since the date of the most recent consolidated financial statements of the Company included or incorporated by reference or deemed to be incorporated by reference in each of the Time of Sale Prospectus and the Prospectus there has not been any material adverse change in or affecting the business, consolidated financial position, consolidated results of operations or prospects of the Company and its subsidiaries taken as a whole, as applicable, except in each case as otherwise disclosed in the Time of Sale Prospectus or the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Issuer has been duly incorporated and is validly existing under the laws of the State of Delaware; the Company has been duly incorporated and is validly existing as an exempted company with limited liability under the laws of Bermuda; each of the Issuer and the Company has the corporate power and authority to own, lease and operate its property and to conduct its business as described in the Time of Sale Prospectus and is duly qualified to transact business and in good standing in each jurisdiction in which the conduct of its business or its ownership or leasing of property requires such qualification and in which the failure to be so qualified would have a material adverse effect on the condition, financial or otherwise, or on the earnings, business, prospects or operations of the Company and its subsidiaries taken as a whole (a "**Material Adverse Effect**") and the Company owns, directly or indirectly, all of the issued and outstanding share capital or capital stock of the Issuer.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Significant Subsidiary (as defined below) of the Company has been duly incorporated, is validly existing as a corporation under the laws of the jurisdiction of its incorporation, has the corporate power and authority to own its property and to conduct its business as described in the Time of Sale Prospectus and is duly qualified to transact business in each jurisdiction in which the conduct of its business or its ownership or leasing of property requires such qualification and in which the failure to be so qualified or in good standing would have a Material Adverse Effect. "**Significant Subsidiaries**" or a "**Significant Subsidiary**" has the meaning set forth in Rule 1-02 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The authorized capital stock of the Company conforms as to legal matters to the description thereof contained in the Time of Sale Prospectus and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) At the Closing Date (as defined below), (i) the Notes will have been duly authorized, and, when executed and authenticated in accordance with the provisions of the Indenture and delivered and paid for pursuant to this Agreement, will constitute valid and legally binding obligations of the Issuer enforceable in accordance with their terms subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general applicability relating to or affecting creditors' rights and entitled to the benefits provided by the Indenture; (ii) the Guarantee has been duly authorized by the Company and, when the Notes are issued and delivered by the Issuer pursuant to this Agreement, the Guarantee will have been duly endorsed thereon and will constitute valid and legally binding obligations of the Company with respect to such Securities, enforceable in accordance with their terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general applicability relating to or affecting creditors' rights and to general equity principles; and (iii) the Indenture has been duly authorized by each of the Issuer and the Company and, at the Closing Date, as defined hereinafter, will have been executed and delivered by each of the Issuer and the Company and duly qualified under the Trust Indenture Act and, assuming due authorization, execution and delivery of the Indenture by the Trustee, the Indenture will, at the Closing Date, be a valid and legally binding instrument of each of the Issuer and the Company enforceable in accordance with its terms subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general applicability relating to or affecting creditors' rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) This Agreement has been duly authorized, executed and delivered by each of the Issuer and the Company.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The execution and delivery by each of the Issuer and the Company of, and the performance by the Issuer and the Company of their respective obligations under, and the consummation by the Issuer and the Company of the transactions contemplated in, this Agreement, the Notes, the Guarantee and the Indenture, as applicable, will not contravene any provision of (i) applicable law or (ii) the by-laws of either the Issuer or the Company or any equivalent corporate governance document of any subsidiary or (iii) any material license, indenture, mortgage, deed of trust, loan agreement or other agreement or instrument binding upon the Issuer or the Company or any of the Company's Significant Subsidiaries, taken as a whole, or (iv) any judgment, order or decree of any governmental body, agency or court having jurisdiction over the Issuer or the Company or any of the Company's other subsidiaries or any of their respective properties or assets, and no consent, approval, authorization, registration, notification, clearance, order or qualification of or with any court, governmental or supranational body or agency or taxing authority is required for the performance by the Issuer or the Company of its obligations under this Agreement, the Notes, the Guarantee and the Indenture, as applicable, except such as may be required by the securities or Blue Sky laws of the various states or the regulations of the Bermuda Monetary Authority in connection with the offer and sale of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) There are (i) no legal or governmental, administrative or other proceedings pending or, to the Issuer's and the Company's knowledge, threatened to which the Issuer or the Company or any of the Company's other subsidiaries is a party or to which any of the properties of the Issuer or the Company or any of the Company's other subsidiaries is subject that (A) except as disclosed in the Time of Sale Prospectus, would have a Material Adverse Effect or in any manner question the validity of this Agreement, the Indenture, the Notes or the Guarantee or the ability of the Issuer or the Company to perform their respective obligations thereunder (as applicable) or (B) are required to be described in the Registration Statement or the Time of Sale Prospectus and are not so described and (ii) no statutes, regulations, contracts or other documents that are required to be described in the Registration Statement or the Time of Sale Prospectus or to be filed or incorporated by reference as exhibits to the Registration Statement that are not described, filed or incorporated as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) There has not occurred any material adverse change, or any development involving a prospective material adverse change, in the condition, financial or otherwise, or in the earnings, business, prospects or operations of the Company and its subsidiaries, taken as a whole, from that set forth in the Time of Sale Prospectus (exclusive of any amendments or supplements thereto subsequent to the Time of Sale).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Each preliminary prospectus filed as part of the Registration Statement as originally filed or as part of any amendment thereto, or filed pursuant to Rule 424 under the Securities Act, and the Base Prospectus complied when so filed in all material respects with the requirements of the Securities Act and the applicable rules and regulations of the Commission thereunder.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Neither the Issuer nor the Company is, or, after giving effect to the offering and sale of the Securities and the application of the proceeds thereof as described in the Time of Sale Prospectus and the Prospectus, will be, required to register as an "investment company" within the meaning of the U.S. Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) At the time of filing the Registration Statement and any post-effective amendment thereto, at the earliest time thereafter that the Issuer or any offering participant made a bona fide offer (within the meaning of Rule 164(h)(2) under the Securities Act) of the Securities and at the date hereof, the Issuer was not and is not an "ineligible issuer," and the Company was and is a well-known seasoned issuer, in each case as defined in Rule 405 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Except where the failure to have such ownership or possession or to have the right to acquire such Intellectual Property (as defined below) could not reasonably be expected to have a Material Adverse Effect either individually or in the aggregate, (i) the Issuer, Company, and each of its Significant Subsidiaries owns, possesses, licenses or has other rights to use on reasonable terms all material patents, patent applications, trademarks, service marks, trade names, trademark registrations, service mark registrations, copyrights, licenses and know-how (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems or procedures) (collectively, the "**Intellectual Property**") necessary for the conduct of its respective business as now conducted or as proposed in the Time of Sale Prospectus or the Prospectus to be conducted; and (ii) there is no pending or, to the Issuer's or the Company's knowledge, threatened claim or other proceeding by any third party challenging the validity, scope or enforceability of any of the Issuer's, the Company's or any of the Significant Subsidiaries' Intellectual Property, and the none of them received any written notice of any claim of infringement of or conflict with any such rights of any third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Each of the Issuer, the Company and Significant Subsidiaries has paid all material amount of taxes due and has filed all tax returns of a material nature to be filed through the date hereof, or has properly requested extensions for the filing thereof, except for any such tax, fine or penalty being contested in good faith by the Issuer, Company or Significant Subsidiary, or as would not, individually or in the aggregate, have a Material Adverse Effect. Except as otherwise disclosed in each of the Time of Sale Prospectus and the Prospectus, there is no tax liability that has been, or could reasonably be expected to be, asserted against the Issuer, any Company or any Significant Subsidiary or any of their respective properties or assets, that would, individually or in the aggregate, have a Material Adverse Effect.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Each of the Issuer, the Company and Significant Subsidiaries possesses all licenses, certificates, permits and other authorizations issued by, and has made all declarations and filings with, all applicable governmental or regulatory authorities that are necessary for the ownership or lease of its properties or the conduct of its business as described in each of the Time of Sale Prospectus and the Prospectus, except where the failure to possess or make the same would not, individually or in the aggregate, have a Material Adverse Effect; and except as described in each of the Time of Sale Prospectus and the Prospectus, none of the Issuer, Company or Significant Subsidiaries has received notice of any revocation or modification of any such license, certificate, permit or authorization or has any reason to believe that any such license, certificate, permit or authorization will not be renewed in the ordinary course, except where the failure to possess or make the same would not, individually or in the aggregate, have a Material Adverse Effect, and except as described in each of the Time of Sale Prospectus and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) No labor disturbance by or dispute with employees of each of the Issuer, the Company and Significant Subsidiaries exists or, to the knowledge of the Issuer and the Company, is contemplated or threatened, which could reasonably be expected to have a Material Adverse Effect and except as set forth in the Time of Sale Prospectus or Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) Except as described in each of the Time of Sale Prospectus and the Prospectus i) each of the Issuer, the Company and the Significant Subsidiaries (x) is in compliance with any and all applicable laws, rules, regulations, requirements, decisions and orders relating to the protection of human health or safety, the environment, natural resources, hazardous or toxic substances or wastes, pollutants or contaminants (collectively, "**Environmental Laws**"), (y) has received and is in compliance with all permits, licenses, certificates or other authorizations or approvals required of them under applicable Environmental Laws to conduct their respective businesses, and (z) has not received written notice of any actual or potential liability under or relating to any Environmental Laws, including for the investigation or remediation of any disposal or release of hazardous or toxic substances or wastes, pollutants or contaminants, and ii) there are no costs or liabilities associated with Environmental Laws of or relating to the Issuer, any of the Company and any of the Significant Subsidiaries, except in each case where any such failure to comply, or failure to receive required permits, licenses or approvals, or such costs or liabilities, as would not, individually or in the aggregate, have a Material Adverse Effect.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Each of the Issuer, the Company and the Company's subsidiaries maintains systems of internal accounting controls sufficient to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS as issued by the IASB or applicable local generally accepted accounting principles ("**GAAP**"), including, but not limited to internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management's general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with IFRS (as issued by the IASB) or applicable local GAAP and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management's general or specific authorization; and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. There are no material weaknesses in the internal controls of the Issuer, any Company or any subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) There exists no event or circumstance which is or may (with the passing of time, the giving of notice, the making of any determination, or any combination thereof) constitute, if any Securities were then in issue, (i) in respect of the Issuer, (A) commencement of proceedings under Chapters 7 and 11 of Title 11 of the U.S. Code, as amended (together with the rules and regulations made pursuant thereto) or any other similar non-U.S., federal or state law for the relief of debtors, (B) the entry of an order for relief against the Issuer in an involuntary case, (C) the appointment of a custodian of the Issuer or for all or substantially all of its property, (D) a general assignment for the benefit of the Issuer's creditors, or (ii) in respect of the Company, winding up or bankruptcy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) None of the Issuer, the Company or any of the Company's other subsidiaries, or any director, officer, agent, employee or other person associated with or acting on behalf of any of the Issuer, the Company, or any of the Company's other subsidiaries, has used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds; violated or is in violation of any provision of any applicable anti-bribery or anti-corruption law or regulation enacted in any jurisdiction including, without limitation, the U.S. Foreign Corrupt Practices Act of 1977 and the UK Bribery Act 2010 (together, the "**Anti-Bribery and Corruption Laws**"); or made, offered or promised to make, or authorized the payment or giving of any bribe, rebate, payoff, influence payment, facilitation payment, kickback or other unlawful payment or gift of money or anything of value prohibited under any applicable law or regulation.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) To the best of the Issuer's and the Company's knowledge and belief, no actions or investigations by any governmental or regulatory agency are ongoing or threatened against the Issuer, the Company or the Company's other subsidiaries or any of the directors, officers, employees, associated parties or persons acting on their behalf, in relation to a breach of the Anti-Bribery and Corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) The Issuer, the Company and the Company's other subsidiaries have instituted and will maintain and enforce policies and procedures designed to ensure compliance with the Anti-Bribery and Corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) Neither the Issuer nor the Company will directly or indirectly use, lend or contribute the proceeds raised under this Agreement and the Indenture for any purpose that would breach the Anti-Bribery and Corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) None of the Issuer, the Company, or to the best of the Issuer's and the Company's knowledge, any of the Company's other subsidiaries or any director, officer, agent, employee or affiliate of the Issuer or the Company or any of the Company's other subsidiaries are currently (i) the target of any economic sanctions administered or enforced by the U.S. Government, (including, without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury ("**OFAC Sanctions**") or the U.S. Department of State and including, without limitation, the designation as a "specially designated national" or "blocked person"), the United Nations Security Council, the European Union, the U.K. government and any other relevant sanctions authority (collectively, the "**Sanctions**") or (ii) located or operating in a country or territory that is the target of comprehensive, country- or territory-wide Sanctions, and the Issuer and the Company will not, directly or indirectly, use the proceeds raised in connection with the issue of the Securities or lend, contribute or otherwise make available such proceeds to any person or entity (whether or not related to the Company) for the purpose of financing the activities or business of or with any person or entity that, at the time of such financing, is the target of any Sanctions or is organized, resident, operating or is located in a country or territory that is the subject or the target of country-wide or region-wide Sanctions that would prohibit or restrict dealings with an entity or individual organized, operating or resident in such a country or region (including without limitation, the Crimea, so-called Donetsk People's Republic, so-called Luhansk People's Republic, and non-government controlled areas of the Kherson and Zaporizhzhia regions of Ukraine, Cuba, Iran, North Korea.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) The operations of the Issuer, the Company and, to the best of the Issuer's and the Company's knowledge, the Company's other subsidiaries (i) are and have been conducted at all times in compliance with applicable financial record keeping and reporting requirements and applicable money laundering statutes in The Netherlands, Bermuda and the United States and of the jurisdictions in which the Issuer, Company and the Company's other subsidiaries conduct their business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, "**Anti-Money Laundering Laws**") and (ii) have instituted and will maintain and enforce policies and procedures designed to ensure compliance with the Anti-Money Laundering Laws; (iii) no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Issuer or the Company or, to the knowledge of the Issuer and the Company after due and careful inquiry, any of the Company's other subsidiaries with respect to Anti-Money Laundering Laws is pending and, to the best of the Issuer's and the Company's knowledge, no such actions, suits or proceedings are threatened and (iv) shall not directly or indirectly use the transaction proceeds for any purpose that would breach Anti-Money Laundering Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) Except as described in each of the Time of Sale Prospectus and the Prospectus, (i)(x) there has been no security breach or attack or other compromise of or relating to any of the Issuer's or the Company's and the Company's other subsidiaries' information technology and computer systems, networks, hardware, software, data (including the data of their respective customers, employees, suppliers, vendors and any third party data maintained by or on behalf of them), equipment or technology ("**IT Systems and Data**") and (y) the Issuer and the Company and the Company's other subsidiaries have not been notified of, and have no knowledge of any event or condition that would reasonably be expected to result in, any security breach, attack or compromise to their IT Systems and Data to the extent that such security breach, attack or compromise, as described here in Section 1(ff), would be material in the context of the offering of the Securities, (ii) the Issuer and the Company and the Company's other subsidiaries have materially complied, and as at the Time of Sale Prospectus are in compliance, with, all applicable laws, statutes or any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority and internal policies and contractual obligations relating to the privacy and security of IT Systems and Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation or modification and (iii) the Issuer and the Company and the Company's other subsidiaries have implemented backup and disaster recovery technology consistent with applicable laws, regulations, internal policies and contractual obligations.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) EY Accountants B.V., who has audited the consolidated historical financial statements of the Company for the years ended December 31, 2024 and 2025 incorporated by reference in the Time of Sale Prospectus and the Prospectus, and delivered their audit reports with respect to such financial statements, are independent auditors with respect to the Company in accordance with audit regulation and guidance issued by the PCAOB.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) PricewaterhouseCoopers Accountants N.V. LLP, who has audited the consolidated historical financial statements of the Company for the year ended December 31, 2023 incorporated by reference in the Time of Sale Prospectus and the Prospectus, and delivered their report with respect to such financial statements, were on the date of such audit report independent auditors with respect to the Company in accordance with audit regulation and guidance issued by the PCAOB.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) contained in any of the Time of Sale Prospectus or the Prospectus has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) Nothing has come to the attention of the Company or the Issuer that has caused it to believe that the statistical and market-related data included in each of the Time of Sale Prospectus and the Prospectus is not based on or derived from sources that are reliable and accurate in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** *Agreements to Sell and Purchase.* Subject to the terms and conditions and in reliance upon the representations and warranties set forth herein, the Issuer agrees to sell to each Underwriter, and each Underwriter agrees, severally and not jointly, to purchase from the Issuer the principal amount of the Securities set forth opposite such Underwriter's name in Schedule II hereto, at the purchase price of 99.286% (being equal to the issue price of 99.736% less a gross spread of 0.450% representing commission to be paid to the Underwriters) of the principal amount of the Securities plus accrued interest, if any, from May 7, 2026 if settlement occurs after that date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *Terms of the Offering*. The Issuer and the Company are advised by you that the Underwriters propose to offer the Securities for sale to the public as set forth in the Time of Sale Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *Payment and Delivery.* Payment for the Securities shall be made to the Issuer in immediately available funds in New York, New York against delivery of such Securities for the respective accounts of the several Underwriters by 10:00 am, New York time, on May 7, 2026, or at such other time on the same or such later date not more than three business days after that date as shall be designated in writing by you, which time and date may be postponed by agreement among the Representatives and the Issuer and the Company may agree upon in writing or as provided in Section 10. The time and date of such payment are herein referred to as the "**Closing Date**".

------

Delivery of the Securities shall be made through the facilities of The Depository Trust Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. *Conditions to the Underwriters' Obligations*. The several obligations of the Underwriters are subject to the performance by the Issuer and the Company of their respective covenants and other obligations hereunder and to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The representations and warranties of the Issuer and the Company contained herein shall be true and correct on the date hereof and on and as of the Closing Date; and the statements of the Issuer, Company and their respective officers made in any certificates delivered pursuant to this Agreement shall be true and correct on and as of the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subsequent to the Time of Sale and prior to the Closing Date there shall have been no material adverse change in the condition, financial or otherwise, or in the earnings, business, prospects or operations of the Company and its subsidiaries, taken as a whole, from that set forth in the Time of Sale Prospectus (exclusive of any amendments or supplements thereto subsequent to the date of this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Underwriters shall have received on the Closing Date a certificate, dated the Closing Date and signed by an executive officer of the Company, to the effect set forth in Sections 5(a) and 5(b) above and to the effect that the representations and warranties of the Company contained in this Agreement are true and correct as of such Closing Date and that the Company has complied in all material respects with all of the agreements and satisfied all of the conditions on its part to be performed or satisfied hereunder on or before such Closing Date. The officer signing and delivering such certificate may rely upon the best of his or her knowledge as to proceedings threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Underwriters shall have received on the Closing Date a certificate, dated the Closing Date and signed by an executive officer of the Issuer to the effect that the representations and warranties of the Issuer contained in this Agreement are true and correct as of such Closing Date and that the Issuer has complied in all material respects with all of the agreements and satisfied all of the conditions on its part to be performed or satisfied hereunder on or before such Closing Date. The officer signing and delivering such certificate may rely upon the best of his or her knowledge as to proceedings threatened.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Underwriters shall have received on the Closing Date an opinion of Andrew Williams, general counsel for the Issuer, dated the Closing Date, substantially in the form attached to this Agreement as Exhibit A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Underwriters shall have received on the Closing Date an opinion of Onno van Klinken, general counsel for the Company, dated the Closing Date, substantially in the form attached to this Agreement as Exhibit B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Underwriters shall have received on the Closing Date an opinion of Conyers, Dill & Pearman, Bermuda LLP, Bermuda counsel for the Company, dated the Closing Date, substantially in the form attached to this Agreement as Exhibit C.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Underwriters shall have received on the Closing Date an opinion and a disclosure letter of Allen Overy Shearman Sterling LLP, Paris, France, U.S. counsel for the Issuer and the Company, dated the Closing Date, substantially in the forms attached to this Agreement as Exhibits D-1 and D-2, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Underwriters shall have received on the Closing Date an opinion of Allen Overy Shearman Sterling LLP, Amsterdam, The Netherlands, Dutch tax counsel for the Issuer and the Company, dated the Closing Date, substantially in the form attached to this Agreement as Exhibit E.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Underwriters shall have received on the Closing Date an opinion and a disclosure letter of Davis Polk & Wardwell London LLP, U.S. counsel for the Underwriters, dated the Closing Date, in form and substance satisfactory to the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Underwriters shall have received on the Closing Date an opinion of Reed Smith LLP, counsel for the Trustee, dated the Closing Date, substantially in the form attached to this Agreement as Exhibit F.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Underwriters shall have received (i) on the date hereof a letter dated as of the date hereof, in form and substance reasonably satisfactory to the Underwriters, from EY Accountants B.V., PricewaterhouseCoopers Accountants N.V. and KPMG Accountants N.V. and (ii) on the Closing Date, a letter dated as of the Closing Date, in form and substance reasonably satisfactory to the Underwriters, from EY Accountants B.V., each containing statements and information of the type ordinarily included in accountants' "comfort letters" to underwriters with respect to the financial statements, the Pro Forma Financial Statements and certain financial information contained in the Registration Statement, the Time of Sale Prospectus and the Prospectus.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Underwriters shall have received on the date hereof, and on the Closing Date, a certificate dated as of the date hereof and the Closing Date, respectively, in form and substance reasonably satisfactory to the Underwriters, from the Company's Chief Financial Officer with respect to certain data and financial information contained in the Time of Sale Prospectus and the Prospectus, providing "management comfort" with respect to such information and substantially in the form attached to this Agreement as Exhibit G.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Subsequent to the earlier of (A) the Time of Sale and (B) the execution and delivery of this Agreement and prior to the Closing Date, (i) no downgrading shall have occurred in the rating accorded to the Notes or any other debt securities or preferred stock issued or guaranteed by the Company or any of its subsidiaries by any "nationally recognized statistical rating organization", as such term is defined by the Commission for purposes of Rule 3(a)(62) under the Exchange Act; and (ii) no such organization shall have publicly announced that it has under surveillance or review, or has changed its outlook with respect to, its rating of the Notes or of any other debt securities or preferred stock issued or guaranteed by the Company or any of its subsidiaries (other than an announcement with positive implications of a possible upgrading).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) If any condition specified in this Section shall not have been fulfilled when and as required to be fulfilled, this Agreement may be terminated by the Underwriters by notice to the Issuer and the Company at any time at or prior to the Closing Time, and such termination shall be without liability of any party to any other party except as provided in Section 10 and except that Sections 1, 8, 13, 16, 17, 18 and 19 shall survive any such termination and remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. *Covenants of the Issuer and the Company*. In further consideration of the agreements of the Underwriters herein contained, each of the Issuer and the Company, jointly and severally, covenants with each Underwriter as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To furnish to you upon request, without charge, three signed copies of the Registration Statement (including exhibits thereto and documents incorporated therein by reference) and for delivery to each other Underwriter a conformed copy of the Registration Statement (without exhibits thereto) and to furnish to you in New York, New York, without charge, prior to 10:00 am New York time on the business day next succeeding the date of this Agreement and during the period mentioned in Section 6(e) below, as many copies of the Prospectus, each Free Writing Prospectus, the Time of Sale Prospectus and/or the Registration Statement as you may reasonably request.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Before amending or supplementing the Registration Statement, the Time of Sale Prospectus and/or the Prospectus, to furnish to you a copy of each such proposed amendment or supplement and not to file any such proposed amendment or supplement to which you reasonably object, and to file with the Commission within the applicable period specified in Rule 424(b) under the Securities Act any prospectus required to be filed pursuant to such Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To prepare any Free Writing Prospectus to be included in the Time of Sale Prospectus in relation to the Securities in a form which shall be provided to the Representatives for their review and comment prior to the Time of Sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If required by Rule 430B(h) under the Securities Act, to prepare a form of prospectus in a form which shall be provided to the Representatives for their review and comment prior to any filing and to file such form of prospectus pursuant to Rule 424(b) under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the Time of Sale Prospectus is being used to solicit offers to buy the Securities at a time when the Prospectus is not yet available to prospective purchasers and any event shall occur or condition exist as a result of which it is necessary to amend or supplement the Time of Sale Prospectus in order to make the statements therein, in the light of the circumstances, not misleading, or if any event shall occur or condition exist as a result of which any Free Writing Prospectus included as part of the Time of Sale Prospectus conflicts with the information contained in the Registration Statement then on file, or if, in the opinion of counsel for the Underwriters, it is necessary to amend or supplement the Time of Sale Prospectus to comply with applicable law, the Issuer and the Company shall forthwith prepare (subject to Sections 6(b) and 6(c) hereof), file with the Commission and furnish, at their own expense, to the Underwriters and to any dealer upon request, either amendments or supplements to the Time of Sale Prospectus so that the statements therein as so amended or supplemented will not, in the light of the circumstances when delivered to a prospective purchaser, be misleading or so that any Free Writing Prospectus which is included as part of the Time of Sale Prospectus, as amended or supplemented, will no longer conflict with the Registration Statement, or so that the Time of Sale Prospectus as amended or supplemented, will comply with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If, during such period after the first date of the offering of the Securities as in the opinion of counsel for the Underwriters the Prospectus (or in lieu thereof the notice referred to in Rule 173(a) under the Securities Act) is required by law to be delivered or made available to investors in connection with sales by an Underwriter, any event shall occur or condition exist as a result of which it is necessary to amend or supplement the Prospectus in order to make the statements therein, in the light of the circumstances when the Prospectus (or in lieu thereof the

------

notice referred to in Rule 173(a) under the Securities Act) is delivered to a purchaser, not misleading, or if, in the opinion of counsel for the Underwriters, it is necessary to amend or supplement the Prospectus to comply with applicable law, forthwith to prepare (subject to Section 6(b) hereof), file with the Commission and furnish, at its own expense, to the Underwriters, either amendments or supplements to the Prospectus so that the statements in the Prospectus as so amended or supplemented will not, in the light of the circumstances when the Prospectus (or in lieu thereof the notice referred to in Rule 173(a) under the Securities Act) is delivered to a purchaser, be misleading or so that the Prospectus, as amended or supplemented, will comply with law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Before preparing, using, authorizing, approving, referring to or filing any Free Writing Prospectus, the Issuer or the Company, as the case may be, will furnish to the Representatives and counsel for the Underwriters a copy of the proposed Free Writing Prospectus. Neither the Issuer nor the Company will use, authorize, approve, refer to or file any Free Writing Prospectus to which the Underwriters reasonably object. Neither the Issuer nor the Company will take any action that would result in an Underwriter being required to file with the Commission pursuant to Rule 433(d) under the Securities Act a Free Writing Prospectus prepared by or on behalf of the Underwriter that the Underwriter otherwise would not have been required to file thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) To endeavor to qualify the Securities for offer and sale under the securities or Blue Sky laws of such jurisdictions as you shall reasonably request. Neither the Issuer nor the Company shall be required to qualify as a foreign corporation or to take any action that would subject it to general service of process in any such jurisdiction where it is not presently qualified or where it would be subject to taxation as a foreign corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To the extent the term sheet substantially as set forth in Schedule I indicates that the Notes are expected to be listed, to use all commercially reasonable efforts to cause the Notes to be listed or authorized for listing on the stock exchange indicated on the term sheet substantially as set forth in Schedule I.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Issuer will cooperate with the Representatives and use its reasonable best efforts to permit the Notes to be eligible for clearance and settlement through DTC.

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) None of the Issuer or Company will take, directly or indirectly, any action designed to or that could reasonably be expected to cause or result in any stabilization or manipulation of the price of the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) To make generally available to the Issuer's and the Company's security holders and to you as soon as practicable an earnings statement that satisfies the provisions of Section 11(a) of the Securities Act and the rules and regulations of the Commission thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Issuer will, pursuant to reasonable procedures developed in good faith, retain copies of each Free Writing Prospectus that is not required to be filed with the Commission in accordance with Rule 433 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Except as otherwise expressly provided or agreed, whether or not the transactions contemplated in this Agreement are consummated or this Agreement is terminated, to pay or cause to be paid the following expenses incident to the performance of its obligations under this Agreement: (i) the fees, disbursements and expenses of the Issuer's and the Company's counsel and accountants in connection with the registration and delivery of the Notes and the Guarantee under the Securities Act and all other fees or expenses in connection with the preparation and filing of the Registration Statement, any preliminary prospectus, the Time of Sale Prospectus, any Free Writing Prospectus or the Prospectus and amendments and supplements to any of the foregoing, including any printing costs associated there with, and the mailing and delivering of copies thereof to the Underwriters, in the quantities hereinabove specified, (ii) all costs and expenses related to the delivery of the Securities to the Underwriters, including any taxes payable thereon, (iii) all issue, transfer, stamp and other similar taxes in connection with the transactions contemplated under this Agreement, (iv) the costs and charges of any transfer agent, registrar or depositary, (v) the fees and disbursements of the Trustee and its counsel, (vi) all expenses and application fees incurred in connection with the approval of the Notes for book-entry transfer by DTC and (vii) any fees charged by rating agencies for the rating of the Notes. Except as expressly provided otherwise, the Underwriters shall pay all their costs and expenses including, without limitation, fees and disbursements of their counsel.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. *Covenants of Underwriters.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Underwriter understands that no action has been or will be taken in any jurisdiction, except in the United States, that would permit a public offering of the Securities, or the possession, circulation or distribution of the Prospectus, any Free Writing Prospectus, the Time of Sale Prospectus or any other material relating to the Company in any jurisdiction where action for that purpose is required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) Each of the Underwriters has complied and will comply with all applicable provisions of the Financial Services and Markets Act 2000 (as amended, the "**FSMA**") with respect to anything done by it in relation to the Securities in, from or otherwise involving the United Kingdom; and (ii) each of the Underwriters has only communicated or caused to be communicated and will only communicate or cause to be communicated any invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) received by it in connection with the issue or sale of the Securities in circumstances in which Section 21(1) of the FSMA does not apply to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each of the Underwriters has represented and agreed severally and not jointly that it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any Securities to any retail investor in the United Kingdom. For the purposes of this provision (a) the expression "retail investor" means a person who is not a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018; and (b) the expression an "offer" includes the communication in any form and by any means of sufficient information on the terms of the offer and the Securities to be offered so as to enable an investor to decide to purchase or subscribe for the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Underwriters will not take any action (including without limitation, the possession or distribution of the Preliminary Prospectus, any Free Writing Prospectus, the Time of Sale Prospectus, the Prospectus or any other offering document or any publicity or other material relating to the Securities) in any country or jurisdiction where such action would (i) result in any violation of applicable law, or (ii) cause the issuance of the Securities to be considered an offering to the public under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Underwriters shall not use, refer to or distribute any Free Writing Prospectus except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Free Writing Prospectus that (A) is not an Issuer Free Writing Prospectus, and (B) contains only information describing the preliminary terms of the Securities or their offering, which information is limited to the categories of terms referenced on Schedule I or otherwise permitted under Rule 134 of the Securities Act;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Free Writing Prospectus as shall be agreed in writing with the Issuer and the Company that has not been distributed, used or referenced by such Underwriter in a manner reasonably designed to lead to its broad unrestricted dissemination unless the Issuer and the Company consent in writing to such dissemination; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a Free Writing Prospectus identified in Schedule III hereto as forming part of the Time of Sale Prospectus.

The Issuer and the Company hereby agree that the Underwriters shall distribute to investors a Free Writing Prospectus that contains the final terms of the Securities substantially in the form set forth in Schedule I hereto and that such Free Writing Prospectus shall be filed by the Issuer in accordance with Rule 433(d) and shall be considered an Issuer Free Writing Prospectus for purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. *Indemnity and Contribution.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Issuer and the Company, jointly and severally, agrees to indemnify and hold harmless each Underwriter, each person, if any, who controls any Underwriter within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act and each affiliate of any Underwriter within the meaning of Rule 405 under the Securities Act, from and against any and all losses, claims, damages and liabilities (including, without limitation, any legal or other expenses reasonably incurred in connection with defending or investigating any such action or claim) caused by any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or any amendment thereof, any preliminary prospectus, any Issuer Free Writing Prospectus, any Time of Sale Prospectus and the Prospectus (as amended or supplemented if the Issuer or the Company shall have furnished any amendments or supplements thereto), or caused by any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as such losses, claims, damages or liabilities are caused by any such untrue statement or omission or alleged untrue statement or omission based upon information relating to any Underwriter furnished to the Issuer or the Company in writing by such Underwriter through you expressly for use therein.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Underwriter agrees, severally and not jointly, to indemnify and hold harmless each of the Issuer and the Company, the directors of the Issuer and the Company, officers of the Issuer and the Company who sign the Registration Statement and each person, if any, who controls the Issuer or the Company within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the foregoing indemnity from the Issuer and the Company to such Underwriter, but only with reference to information relating to such Underwriter furnished to the Issuer or the Company in writing by such Underwriter through the Representatives expressly for use in the Registration Statement, any preliminary prospectus, any Issuer Free Writing Prospectus, any Time of Sale Prospectus or the Prospectus or any amendments or supplements thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In case any proceeding (including any governmental investigation) shall be instituted involving any person in respect of which indemnity may be sought pursuant to Sections 8(a) or 8(b), such person (the "**indemnified party**") shall promptly notify the person against whom such indemnity may be sought (the "**indemnifying party**") in writing and the indemnifying party, upon request of the indemnified party, shall retain counsel reasonably satisfactory to the indemnified party to represent the indemnified party and any others the indemnifying party may designate in such proceeding and shall pay the fees and disbursements of such counsel related to such proceeding. In any such proceeding, any indemnified party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such indemnified party unless (i) the indemnifying party and the indemnified party shall have mutually agreed to the retention of such counsel or (ii) the named parties to any such proceeding (including any impleaded parties) include both the indemnifying party and the indemnified party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is understood that the indemnifying party shall not, in respect of the legal expenses of any indemnified party in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all such indemnified parties and that all such fees and expenses shall be reimbursed as they are incurred. Such firm shall be designated in writing by the Representatives, in the case of parties indemnified pursuant to Section 8(a), and by the Issuer or the Company in the case of parties indemnified pursuant to Section 8(b). The indemnifying party shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party from and against any loss or liability by reason of such settlement or judgment. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened proceeding in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement (1) includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such proceeding and (2) does not include a statement as to an admission of fault, culpability or failure to act by or on behalf of any indemnified party.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the extent the indemnification provided for in Section 8(a) or 8(b) is unavailable to an indemnified party or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then each indemnifying party under such paragraph, in lieu of indemnifying such indemnified party thereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the Issuer and the Company on the one hand and the Underwriters on the other hand from the offering of the Securities or (ii) if the allocation provided by clause 8(d)(i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause 8(d)(i) above but also the relative fault of the Issuer and the Company on the one hand and of the Underwriters on the other hand in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received by the Issuer and the Company on the one hand and the Underwriters on the other hand in connection with the offering of the Securities shall be deemed to be in the same respective proportions as the net proceeds from the offering of the Securities (before deducting expenses) received by the Issuer and the Company and the total underwriting discounts and commissions received by the Underwriters, in each case as set forth in the table on the cover of the Prospectus, bear to the aggregate offering price of the Securities. The relative fault of the Issuer and the Company on the one hand and the Underwriters on the other hand shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Issuer and the Company or by the Underwriters and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Underwriters' respective obligations to contribute pursuant to this Section 8 are several in proportion to the respective principal amount of Securities they have purchased hereunder, and not joint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each of the Issuer and the Company and the Underwriters agree that it would not be just or equitable if contribution pursuant to this Section 8 were determined by *pro rata* allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in Section 8(d). The amount paid or payable by an indemnified party as a result of the losses, claims, damages and liabilities referred to in the immediately preceding paragraph shall be

------

deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 8, no Underwriter shall be required to contribute any amount in excess of the amount by which the principal amount of Notes purchased by it and distributed to the public exceeds the amount of any damages that such Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The remedies provided for in this Section 8 are not exclusive and shall not limit any rights or remedies which may otherwise be available to any indemnified party at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The indemnity and contribution provisions contained in this Section 8 and the representations, warranties and other statements of the Issuer and the Company contained in this Agreement shall remain operative and in full force and effect regardless of (i) any termination of this Agreement, (ii) any investigation made by or on behalf of any Underwriter, any person controlling any Underwriter or any affiliate of any Underwriter or by or on behalf of the Issuer or the Company, the officers or directors of the Issuer or the Company or any person controlling the Issuer or the Company and (iii) acceptance of and payment for any of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. *Termination*. The Underwriters may terminate this Agreement by notice given by you to the Company, if after the execution and delivery of this Agreement and prior to the Closing Date (a) trading generally, or trading in the Company's common shares, shall have been suspended or materially limited on, or by, as the case may be, the New York Stock Exchange or Euronext Amsterdam N.V., (b) a material disruption in securities settlement, payment or clearance services in the United States or The Netherlands shall have occurred, (c) any moratorium on commercial banking activities shall have been declared by Federal or New York State authorities or by the competent governmental or regulatory authorities in The Netherlands or in Bermuda or (d) there shall have occurred any outbreak or escalation of hostilities, or any change in financial markets, currency exchange rates or controls or any calamity or crisis that, in your judgment after consultation with us, to the extent practicable, is material and adverse and which, singly or together with any other event specified in this clause (d), makes it, in your judgment, impracticable or inadvisable to proceed with the offer, sale or delivery of the Securities on the terms and in the manner contemplated in the Time of Sale Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. *Effectiveness; Defaulting Underwriters*. This Agreement shall become effective upon the execution and delivery hereof by the parties hereto.

------

If, on the Closing Date, any one or more of the Underwriters shall fail or refuse to purchase Securities that it has or they have agreed to purchase hereunder on such date, and the aggregate principal amount of Securities which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase is not more than one-tenth of the aggregate principal amount of Securities to be purchased on such date, the other Underwriters shall be obligated severally in the proportions that the principal amount of Securities set forth opposite their respective names in Schedule II bears to the aggregate principal amount of Securities set forth opposite the names of all such non-defaulting Underwriters, or in such other proportions as you may specify, to purchase the Securities which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase on such date; *provided* that in no event shall the principal amount of Securities that any Underwriter has agreed to purchase pursuant to this Agreement be increased pursuant to this Section 10 by an amount in excess of one-ninth of such principal amount of Securities without the written consent of such Underwriter. If, on the Closing Date any Underwriter or Underwriters shall fail or refuse to purchase Securities and the aggregate principal amount of Securities with respect to which such default occurs is more than one-tenth of the aggregate principal amount of Securities to be purchased, and arrangements satisfactory to you, the Issuer and the Company for the purchase of such Securities are not made within 36 hours after such default, this Agreement shall terminate without liability on the part of any non-defaulting Underwriter, the Issuer or the Company. In any such case either you, the Issuer or the Company shall have the right to postpone the Closing Date, but in no event for longer than seven days, in order that the required changes, if any, in the Registration Statement and in the Prospectus or in any other documents or arrangements may be effected. Any action taken under this paragraph shall not relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement.

If this Agreement shall be terminated by the Underwriters, or any of them, because of any failure or refusal on the part of the Issuer or the Company to comply with the terms or to fulfill any of the conditions of this Agreement or if for any reason the Issuer or the Company shall be unable to perform its obligations under this Agreement, the Issuer or the Company, as the case may be, will reimburse the Underwriters or such Underwriters as have so terminated this Agreement with respect to themselves, severally, for all out-of-pocket expenses (including the fees and disbursements of their counsel) incurred by such Underwriters in connection with this Agreement or the offering contemplated hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. *Arm's Length Relationship; No Fiduciary Duty.* Each of the Issuer and the Company acknowledges and agrees that: (i) the purchase and sale of the Notes pursuant to this Agreement, including the determination of the terms of the offering of the Notes and any related discounts and commissions, is an arm's-length commercial transaction between the Issuer and the Company, on the one hand, and the several Underwriters, on the other hand; (ii) in connection with the

------

offering contemplated hereby and the process leading to such transaction each Underwriter is and has been acting solely as a principal and is not the agent or fiduciary of the Issuer, the Company or their respective affiliates, stockholders, creditors, employees or any other party; (iii) no Underwriter has assumed or will assume an advisory or fiduciary responsibility in favor of the Issuer or the Company with respect to the offering contemplated hereby or the process leading thereto (irrespective of whether such Underwriter has advised or is currently advising the Issuer or the Company on other matters) and no Underwriter has any obligation to the Company or the Issuer with respect to the offering contemplated hereby except the obligations expressly set forth in this Agreement; (iv) the several Underwriters and their respective affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Issuer or the Company; and (v) the Underwriters have not provided any legal, accounting, regulatory or tax advice with respect to the offering contemplated hereby and the Issuer and the Company have consulted their own legal, accounting, regulatory and tax advisors to the extent they deemed appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. *Counterparts*. This Agreement may be signed in two or more counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. *Applicable Law*. This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. *Headings*. The headings of the sections of this Agreement have been inserted for convenience of reference only and shall not be deemed a part of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. *Certain Defined Terms.* For purposes of this Agreement, (a) except where otherwise expressly provided, the term "affiliate" has the meaning set forth in Rule 405 under the Securities Act; (b) the term "Business Day" means any day other than a day on which banks are permitted or required to be closed in New York City or London; (c) the term "Subsidiary" has the meaning set forth in Rule 405 under the Securities Act; and (d) the term "written communication" has the meaning set forth in Rule 405 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. *Submission to Jurisdiction; Appointment of Agent for Service.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Issuer and the Company irrevocably submits to the non-exclusive jurisdiction of any New York State or U.S. Federal court sitting in The City of New York over any suit, action or proceeding arising out of or relating to this Agreement, the Prospectus, the Registration Statement or the offering of the Securities, and agrees that any such suit, action, or proceeding may be brought in any such court. Each of the Issuer and the Company irrevocably waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. To the extent that the Issuer or the Company has or hereafter may acquire any immunity (on the grounds of sovereignty or otherwise) from the jurisdiction of any court or from any legal process with respect to itself or its property, the Issuer or the Company, as applicable, irrevocably waives, to the fullest extent permitted by law, such immunity in respect of any such suit, action or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company hereby irrevocably designates and appoints Transamerica Corporation, 6400 C Street SW, Cedar Rapids, Iowa 52499, United States of America, as its authorized agent for service of process in any suit, action or proceeding described in the preceding paragraph and agrees that service of process in any such suit, action or proceeding may be made upon it at the office of such agent. The Company waives, to the

------

fullest extent permitted by law, any other requirements of or objections to personal jurisdiction with respect thereto. The Company represents and warrants that such agent has agreed to act as the Company's agent for service of process, and the Company agrees to take any and all action, including the filing of any and all documents and instruments, that may be necessary to continue such appointment in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. *Judgment Currency.* If for the purposes of obtaining judgment in any court it is necessary to convert a sum due hereunder into any currency other than U.S. dollars, the parties hereto agree, to the fullest extent permitted by law, that the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Underwriters could purchase U.S. dollars with such other currency in The City of New York on the Business Day preceding that on which final judgment is given. The obligation of the Company with respect to any sum due from it to any Underwriter or any person controlling any Underwriter shall, notwithstanding any judgment in a currency other than U.S. dollars, not be discharged until the first Business Day following receipt by such Underwriter or controlling person of any sum in such other currency, and only to the extent that such Underwriter or controlling person may in accordance with normal banking procedures purchase U.S. dollars with such other currency. If the U.S. dollars so purchased are less than the sum originally due to such Underwriter or controlling person hereunder, the Company agrees as a separate obligation and notwithstanding any such judgment, to indemnify such Underwriter or controlling person against such loss. If the U.S. dollars so purchased are greater than the sum originally due to such Underwriter or controlling person hereunder, such Underwriter or controlling person agrees to pay to the Company an amount equal to the excess of the dollars so purchased over the sum originally due to such Underwriter or controlling person hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. *Recognition of the U.S. Special Resolution Regimes and Limitation on the Exercise of Certain Rights Related to Affiliate Insolvency Proceedings.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event that any party that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from such party of this Agreement and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that any party that is a Covered Entity or a BHC Act Affiliate of such party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement was governed by the laws of the United States or a state of the United States.

------

"**BHC Act Affiliate**" of a party means an "affiliate" (as such term is defined under, and interpreted in accordance with, 12 U.S.C. § 1841(k)) of such party.

"**Covered Entity**" means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a "**covered entity**" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a "**covered bank**" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a "**covered FSI**" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

"**Default Right**" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

"**Insolvency Proceeding**" means a receivership, insolvency, liquidation, resolution, or similar proceeding.

"**U.S. Special Resolution Regime**" means each of (i) the U.S. Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the U.S. Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. *EU Blocking Regulation.* Each Underwriter, the Issuer and the Company agrees and confirms that it is not entitled to the benefit of or does not seek, make or repeat, as appropriate the representation and warranty and undertaking contained in sub-clause 1(v) of this Agreement to the extent that those provisions would result in a violation of Council Regulation (EC) 2271/1996 (the "**EU Blocking Regulation"**) or any law or regulation implementing the EU Blocking Regulation in any member state of the European Union or the United Kingdom.

[SIGNATURE PAGES FOLLOW]

------

---

| | | |
|:---|:---|:---|
| Very truly yours, | Very truly yours, | Very truly yours, |
| Aegon Funding Company LLC | Aegon Funding Company LLC | Aegon Funding Company LLC |
| By: | /s/ Bonnie T. Gerst | /s/ Bonnie T. Gerst |
|  | Name: | Bonnie T. Gerst |
|  | Title: | Senior Vice President |
| Aegon Ltd. | Aegon Ltd. | Aegon Ltd. |
| By: | /s/ Marvin R. Brizee | /s/ Marvin R. Brizee |
|  | Name: | Marvin R. Brizee |
|  | Title: | Senior Vice President and Head of Group Treasury |

---

*[Signature Page to the Underwriting Agreement]* 

------

---

| | | |
|:---|:---|:---|
| Accepted as of the date hereof. | Accepted as of the date hereof. | Accepted as of the date hereof. |
| By: | BofA Securities, Inc. | BofA Securities, Inc. |
| By: | /s/ Randolph B. Randolph | /s/ Randolph B. Randolph |
|  | Name: | Randolph B. Randolph |
|  | Title: | Managing Director |
| By: | Citigroup Global Markets Inc. | Citigroup Global Markets Inc. |
| By: | /s/ Adam D. Bordner | /s/ Adam D. Bordner |
|  | Name: | Adam D. Bordner |
|  | Title: | Managing Director |
| By: | Deutsche Bank Securities Inc. | Deutsche Bank Securities Inc. |
| By: | /s/ Brendan Murphy | /s/ Brendan Murphy |
|  | Name: | Brendan murphy |
|  | Title: | Managing Director, Head of US IG Syndicate, DBSI |
| By: | /s/ Christopher J. Kulusic | /s/ Christopher J. Kulusic |
|  | Name: | Christopher J. Kulusic |
|  | Title: | Managing Director, DBSI |
| By: | Morgan Stanley & Co. LLC | Morgan Stanley & Co. LLC |
| By: | /s/ Howard Brocklehurst | /s/ Howard Brocklehurst |
|  | Name: | Howard Brocklehurst |
|  | Title: | Managing Director |

---

*[Signature Page to the Underwriting Agreement]* 

------

---

| | | |
|:---|:---|:---|
| By: | Wells Fargo Securities, LLC | Wells Fargo Securities, LLC |
| By: | /s/ Carolyn Hurley | /s/ Carolyn Hurley |
|  | Name: | Carolyn Hurley |
|  | Title: | Managing Director |

---

*[Signature Page to the Underwriting Agreement]* 

------

**SCHEDULE II** 

---

| | |
|:---|:---|
| **Underwriters** | **Principal Amount**<br>**of Securities to be**<br>**Purchased** |
|  BofA Securities, Inc. | $140000000 |
|  Citigroup Global Markets Inc. | $90000000 |
|  Deutsche Bank Securities Inc. | $90000000 |
|  Morgan Stanley & Co. LLC | $90000000 |
|  Wells Fargo Securities, LLC | $90000000 |
|  **Total** | $**500000000** |

---

------

**SCHEDULE III** 

**Free Writing Prospectus filed with the Commission under Rule 433** 

1. Final Term Sheet containing the final terms of the Securities substantially as set forth in Schedule I hereto

## Exhibit 4.1

**Exhibit 4.1** 

AEGON FUNDING COMPANY LLC,

*as Issuer* 

and

AEGON LTD.,

*as Parent Guarantor* 

and

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

*as Trustee* 

and

CITIBANK, N.A.,

*as Registrar and Paying Agent* 

**ELEVENTH SUPPLEMENTAL INDENTURE** 

*Dated as of May 7, 2026* 

U.S.$500,000,000 5.625% Senior Notes due 2036

------

**TABLE OF CONTENTS** 

---

| | | |
|:---|:---|:---|
|  |  | *Page* |
|  **ARTICLE ONE DEFINITIONS** | **ARTICLE ONE DEFINITIONS** | **2** |
|  Section 1.01 | Provisions of the Base Indenture | 2 |
|  Section 1.02 | Definitions of Terms | 2 |
|  **ARTICLE TWO GENERAL TERMS AND CONDITIONS OF THE NOTES** | **ARTICLE TWO GENERAL TERMS AND CONDITIONS OF THE NOTES** | **5** |
|  Section 2.01 | Designation and Principal Amount | 5 |
|  Section 2.02 | Stated Maturity and Maturity | 5 |
|  Section 2.03  | Form, Issuance, Registration and Exchange | 5 |
|  Section 2.04 | Payment Provisions | 6 |
|  Section 2.05 | Ranking | 6 |
|  Section 2.06 | Guarantees | 6 |
|  Section 2.07 | Defeasance | 6 |
|  **ARTICLE THREE REDEMPTION, OPTIONAL REPAYMENT AND SUBSTITUTION** | **ARTICLE THREE REDEMPTION, OPTIONAL REPAYMENT AND SUBSTITUTION** | **7** |
|  Section 3.01 | General | 7 |
|  Section 3.02 | Optional Redemption | 8 |
|  Section 3.03 | Redemption for Tax Reasons | 9 |
|  Section 3.04 | Issuer Substitution | 10 |
|  **ARTICLE FOUR REMEDIES** | **ARTICLE FOUR REMEDIES** | **12** |
|  Section 4.01 | Event of Default | 12 |
|  **ARTICLE FIVE COVENANTS OF THE ISSUER** | **ARTICLE FIVE COVENANTS OF THE ISSUER** | **13** |
|  Section 5.01 | Covenant Not to Merge, Consolidate, Sell of Convey Property Except Under Certain Conditions | 13 |
|  Section 5.02 | Limitation on Liens | 14 |
|  Section 5.03 | Additional Payments | 14 |
|  Section 5.04 | Provision of Information | 16 |
|  **ARTICLE SIX SATISFACTION AND DISCHARGE** | **ARTICLE SIX SATISFACTION AND DISCHARGE** | **17** |
|  **ARTICLE SEVEN SUPPLEMENTAL INDENTURES** | **ARTICLE SEVEN SUPPLEMENTAL INDENTURES** | **17** |
|  Section 7.01 | Supplemental Indentures Without Consent of Holders | 17 |
|  Section 7.02 | Supplemental Indentures with Consent of Holders | 19 |
|  **ARTICLE EIGHT MISCELLANEOUS PROVISIONS** | **ARTICLE EIGHT MISCELLANEOUS PROVISIONS** | **19** |
|  Section 8.01 | Further Issuances | 19 |
|  Section 8.02 | Notices and Demands on Issuer, Trustee and Holders | 20 |
|  Section 8.03 | Ratification of Base Indenture; Eleventh Supplemental Indenture Controls | 20 |
|  Section 8.04 | Trustee Not Responsible for Recitals | 21 |
|  Section 8.05 | Governing Law | 21 |
|  Section 8.06 | Submission to Jurisdiction; Appointment of Agent for Service | 21 |
|  Section 8.07 | Severability | 21 |
|  Section 8.08 | Counterparts | 22 |
|  Section 8.09 | Paying Agent | 22 |
|  Section 8.10 | Rights of Trustee Unaffected | 23 |

---

------

ELEVENTH SUPPLEMENTAL INDENTURE, dated as of May 7, 2026 (the "**Eleventh Supplemental Indenture**"), among:

(1) AEGON FUNDING COMPANY LLC, Delaware limited liability company formed under the laws of the state of Delaware,
having its registered office at Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware, 19801, as the Issuer ()"**AFC**" or the "**Issuer** ");

(2) AEGON LTD., an exempted company limited by shares registered under the Companies Act of 1981 of Bermuda, having
its principal office at World trade Center, Schiphol Boulevard 223, 1118 BH, Schiphol, The Netherlands, as the guarantor ()"**Aegon Ltd.**" or the "**Parent Guarantor**") ;

(3) THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association duly organized and existing
under the laws of the United States of America, as Trustee (the "**Trustee**") under the Indenture dated as of October 11, 2001 (the "**Base Indenture** "), among the Issuer, Aegon N.V. (subsequently renamed Aegon
Ltd.) and the Trustee (as successor in interest to Citibank, N.A.), as modified and supplemented by a supplemental indenture dated as of November 14, 2003, a second supplemental indenture dated as of June 1, 2005, a third supplemental
indenture dated as of November 23, 2005, a fourth supplemental indenture dated as of December 12, 2005, a fifth supplemental indenture dated as of June 28, 2006, a sixth supplemental indenture dated as of September 21, 2007, a
seventh supplemental indenture dated as of November 27, 2009, an eighth supplemental indenture dated as of January 31, 2012, a ninth supplemental indenture dated as of April 11, 2018, a tenth supplemental indenture dated as of
October 22, 2019 and as shall be further supplemented by this Eleventh Supplemental Indenture among the Issuer, the Parent Guarantor, the Trustee and Paying Agent (this "**Eleventh Supplemental Indenture**" together with the Base
Indenture, the "**Indenture** "); and

(4) CITIBANK, N.A., a national banking association, as the Registrar (herein called the
" **Registrar**") and Paying Agent (herein called the "**Paying Agent** ").

W I T N E S S E T H:

WHEREAS, the Issuer, Aegon N.V. (subsequently renamed Aegon Ltd.) and Citibank, N.A. executed and delivered the Base Indenture to provide for the future issuance by the Issuer of its Securities to be issued from time to time in one or more series as might be determined under the Base Indenture, in an unlimited aggregate principal amount, which may be authenticated and delivered as provided in the Base Indenture;

WHEREAS, the Trustee is the successor in interest to Citibank, N.A. under the Indenture pursuant to the terms of the Agreement of Resignation, Appointment and Acceptance dated as of August 21, 2007 by and among the Issuer, Aegon N.V. (subsequently renamed Aegon Ltd.), the Trustee and Citibank, N.A;

WHEREAS, Section 301 of the Base Indenture permits the terms of any series of Securities to be established pursuant to a Board Resolution or in one or more indentures supplemental to the Base Indenture;

------

WHEREAS, pursuant to the terms of the Base Indenture, the Issuer may issue Securities now and additional Securities of the same or different series at later dates under the Base Indenture, as established by the Issuer, and the Issuer desires to initially issue $500,000,000 aggregate principal amount of Securities, entitled the 5.625% Senior Notes due 2036 (the "**Notes**"), the form and substance of such Notes and the terms, provisions and conditions thereof to be set forth as provided in the Base Indenture as supplemented by this Eleventh Supplemental Indenture and such Securities shall be guaranteed by the Parent Guarantor (the "**Parent Guarantee**"), the form and substance of such Parent Guarantee and the terms, provisions and conditions thereof to be set forth as provided in the Base Indenture as supplemented by this Eleventh Supplemental Indenture and substantially in the form of Schedule 2 hereto.

WHEREAS, the Issuer desires to appoint Citibank, N.A. as the Registrar and Paying Agent under the Indenture with respect to the Notes;

WHEREAS, the Notes shall be treated as a separate series of Securities in accordance with the terms of the Indenture and for all purposes under the Indenture; and

WHEREAS, each of the Issuer and the Parent Guarantor has duly authorized the execution and delivery of this Eleventh Supplemental Indenture and requested that the Trustee and the Registrar and Paying Agent execute and deliver this Eleventh Supplemental Indenture, and all requirements necessary to make this Eleventh Supplemental Indenture a valid and binding instrument in accordance with its terms have been done.

NOW, THEREFORE, in consideration of the purchase and acceptance of the Notes by the Holders thereof, and for the purpose of setting forth, as provided in the Indenture, the form and substance of the Notes and the Parent Guarantee to be endorsed thereon and the terms, provisions and conditions of each thereof, as well as for other purposes set forth herein, the parties hereto hereby agree as follows:

ARTICLE ONE

DEFINITIONS

Section 1.01 *Provisions of the Base Indenture.*

Except as herein otherwise expressly provided, all the definitions, provisions, terms and conditions of the Base Indenture shall remain in full force and effect with respect to the Notes. The Base Indenture, as amended and supplemented by this Eleventh Supplemental Indenture, is in all respects ratified and confirmed, and the Base Indenture and this Eleventh Supplemental Indenture shall be read, taken and considered as one and the same instrument for all purposes and every Holder of Notes of any series authenticated and delivered under the Base Indenture shall be bound hereby.

Section 1.02 *Definitions of Terms.*

For all purposes of this Eleventh Supplemental Indenture and the Notes, except as otherwise expressly provided or unless the subject matter or context otherwise requires:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all terms used in this Eleventh Supplemental Indenture that are defined in the Base Indenture have the meanings assigned to them in the Base Indenture, except as otherwise provided in this Eleventh Supplemental Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) unless otherwise specified, a reference to a "Section" or "Article" refers to a Section or Article, as the case may be, of this Eleventh Supplemental Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) headings are for convenience of reference only and do not affect interpretation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the words "herein", "hereof" and "hereunder" and other words of similar import refer to this Eleventh Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the term "Securities" as defined in the Base Indenture and as used in any definition therein, shall be deemed to include or refer to, as applicable, the Notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the following terms have the meanings set forth below for purposes of this Eleventh Supplemental Indenture and the Base Indenture as it relates to the series of Notes issued hereunder;

"**Additional Amounts**" has the meaning set forth in Section 5.03.

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

"**Beneficial Owner**" means any Person owning an interest in a Global Security as reflected on the books of DTC or on the books of a DTC Participant or on the books of an indirect participant for which a DTC Participant acts as agent.

"**Board of Directors**" means either the board of directors of Aegon Funding Company LLC or the Executive Board of Aegon Ltd, as applicable, or any duly authorized committee thereof or nominated thereby.

"**Business Day**" means a day other than a Saturday, a Sunday or a day on which commercial banking institutions are authorized or required by law or executive order to close or be closed in the City of New York, or with respect to place of payments, in such place of payment.

"**Closing Date**" means May 7, 2026.

"**Covenant Defeasance**" has the meaning set forth in Section 2.07.

"**DTC Participant**" means a broker, dealer, bank or other financial institution or other Person for whom from time to time DTC effects book-entry transfers and pledges of securities deposited with DTC.

------

"**DTC**" means The Depository Trust Company, its nominees, and their respective successors.

"**Event of Default**" has the meaning set forth in Section 4.01.

"**Exchange Act**" means the United States Securities Exchange Act of 1934, as amended.

"**FATCA**" means (1) Sections 1471 through 1474 of the Code or, any associated regulations or other official guidance; (2) any treaty, law, regulation or other official guidance enacted or adopted in any other jurisdiction, or relating to an intergovernmental agreement between the United States and any other jurisdiction, which (in either case) facilitates the implementation of (1) above; or (3) any agreement pursuant to the implementation of (1) or (2) above with the United States Internal Revenue Service, the United States government or any governmental or taxation authority in any other jurisdiction.

"**Global Securities**" has the meaning set forth in the Base Indenture.

"**Group**" means the Parent Guarantor and its consolidated subsidiaries and Undertakings, as reflected in the primary consolidated financial statements of the Parent Guarantor.

"**Holder**" means the person in whose name a Security is registered in the Registrar's Security Register.

"**Issuer Substitution**" has the meaning set forth in Section 3.04.

"**Legal Defeasance**" has the meaning set forth in Section 2.01.

"**Maturity Date**" means May 7, 2036.

"**Par Call Date**" has the meaning set forth in Section 3.02.

"**Person**" means any individual, corporation, partnership, joint venture, association, joint stock company, trust, unincorporated organization or government or any agency or political subdivision thereof.

"**Registrar**" has the meaning set forth in the recitals.

"**Regular Record Date**" as used with respect to any Interest Payment Date (except a date for payment of defaulted interest) will be the date that is 15 calendar days immediately prior to such Interest Payment Date, whether or not such date is a Business Day.

"**Relevant Debt**" has the meaning set forth in Section 5.02.

"**Relevant Taxing Jurisdiction**" has the meaning set forth in Section 5.03.

"**Securities Act**" means the United States Securities Act of 1933, as amended.

"**Substitute**" has the meaning set forth in Section 5.01.

"**Tax Event**" has the meaning set forth in Section 3.03.

------

"**Treasury Rate**" has the meaning set forth in Section 3.02.

"**U.S. Dollars**" or "**U.S.$**" means the lawful currency of the United States.

"**U.S. Government Obligations**" means securities which are (i) direct obligations of the United States government or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States government, the payment of which is unconditionally guaranteed by the United States government, which, in either case, are "full faith and credit" obligations of the United States government payable in U.S. Dollars and are not callable or redeemable at the option of the issuer thereof and shall also include a depositary receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation or a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account of the holder of a depositary receipt; *provided* that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the U.S. Government Obligation or the specific payment of interest on or principal of the U.S. Government Obligation evidenced by such depositary receipt.

ARTICLE TWO

GENERAL TERMS AND CONDITIONS OF THE NOTES

Section 2.01 *Designation and Principal Amount.*

The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is unlimited.

Section 2.02 *Stated Maturity and Maturity*

The principal amount of the Notes will come due on May 7, 2036 (the "**Stated Maturity**"). The principal amount of the Notes may become due before its Stated Maturity by reason of redemption or acceleration after a default as detailed in Sections 3.02, 3.03 and 4.01. The day on which the principal of the Notes actually becomes due, whether at its Stated Maturity or earlier, is called the "**Maturity**" of the principal amount of the Notes.

Section 2.03 *Form, Issuance, Registration and Exchange*

The Notes will be issued only in registered form without coupons and in denominations of U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof.

Upon their original issuance, Notes offered and sold shall be issued in the form of one or more Global Securities in definitive, fully registered form, without coupons, substantially in the form set forth in Schedule 1, with such applicable legends as provided herein. Such Global Securities shall be registered in the name of the Depositary, or its nominee, and deposited with the Registrar, at its corporate trust office specified in Section 8.02, as custodian for the Depositary, duly executed by the Issuer and authenticated by the Trustee.

Schedule 1 hereto is hereby incorporated into and expressly made a part of this Eleventh Supplemental Indenture.

------

Section 2.04 *Payment Provisions*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The interest rate payable in respect of the Notes is equal to 5.625% per annum. Interest on the Notes shall be payable semi-annually in arrear on May 7 and November 7, beginning on November 7, 2026 (each an "**Interest Payment Date**"). Each payment of interest due on an Interest Payment Date or at Maturity will include interest accrued from and including the last date to which interest has been paid or made available for payment, or from the Issue Date, if none has been paid, to but excluding the immediately following payment date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For interest due on the Notes on an Interest Payment Date, the Issuer will pay the interest to the Holder in whose name the Note is registered at the close of business on the Regular Record Date relating to the Interest Payment Date. For interest due at Maturity but on a day that is not an Interest Payment Date, the Issuer will at such Maturity pay the interest to the Holder entitled to receive the principal amount of the Note. For the principal amount due on the Notes at Maturity, the Issuer will pay the amount to the Holder of the Note against surrender of the Note at the proper place of payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Interest for the Notes will be computed on a fixed rate basis of a 360-day year of twelve 30-day months and, in the case of an incomplete month, the number of days elapsed. If any Interest Payment Date falls on a day that is not a Business Day, interest will be paid the following day that is a Business Day with the full force and effect as if paid on the Interest Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any payment on the Notes is due on a day that is not a Business Day, the Issuer will make the payment on the day that is the next Business Day. Payments postponed to the next Business Day in this situation will be treated hereunder as if they were made on the original due date. Postponement of this kind will not result in a default under the Notes, Guarantees or this Indenture. No interest will accrue on the postponed amount from the original due date to the next day that is a Business Day.

Section 2.05 *Ranking*

The Notes will be senior unsecured obligations of the Issuer and will rank equally in right of payment among themselves and with all other senior indebtedness of the Issuer. The Notes will rank senior to all existing and any future subordinated indebtedness of the Issuer.

Section 2.06 *Parent Guarantee*

The Parent Guarantee will be senior unsecured obligations of the Parent Guarantor. The Parent Guarantee will rank equally in right of payment among themselves and with respect to all other senior obligations of the Parent Guarantor.

Section 2.07 *Defeasance*

The Issuer and the Parent Guarantor may, at its option and at any time, elect to have the Issuer's and the Parent Guarantor's respective obligations discharged with respect to (i) defeasance and discharge of indebtedness in compliance with Article 1302 of the Base Indenture ("**Legal Defeasance**") or (ii) defeasance of any term, provision or condition set forth in Sections 5.01 and 5.02 ("**Covenant Defeasance**") with respect to the Securities at any time after the applicable conditions set forth below have been satisfied:

------

In order to exercise Legal Defeasance with respect to the Notes, the Issuer and Parent Guarantor must comply with Section 1304 of the Base Indenture.

In order to exercise Covenant Defeasance with respect to the Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Issuer or the Parent Guarantor shall have irrevocably deposited or caused to be deposited with the Trustee, specifically pledged as security for, and dedicated solely to, the benefit of the Holders, (i) cash in U.S. Dollars in an amount, or (ii) U.S. Government Obligations which through the payment of interest thereon and principal thereof in accordance with their terms will provide not later than the due date of any payment required hereunder cash in U.S. Dollars in an amount, or (iii) any combination of (i) and (ii), sufficient to pay all of the principal of, and interest and Additional Amounts on, the Securities then Outstanding on the dates such payments are due in accordance with the terms of such Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no Event of Default under, or event which, with notice, or lapse of time or both, would become an Event of Default shall have occurred and be continuing on the date of such deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Issuer or the Parent Guarantor shall have delivered to the Trustee an opinion of tax counsel of recognized standing with respect to U.S. federal income tax matters to the effect that the Beneficial Owners of Securities for U.S. federal income tax purposes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of the exercise of such Covenant Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would be the case if such Covenant Defeasance had not occurred; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Issuer or Parent Guarantor shall have delivered to the Trustee an Officer's Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for relating to such Covenant Defeasance have been complied with.

In the event Covenant Defeasance occurs with respect to the Notes, the events (not including bankruptcy, insolvency or reorganization events) described under Article 4 will no longer constitute an Event of Default with respect to the Securities.

ARTICLE THREE

REDEMPTION, OPTIONAL REPAYMENT AND SUBSTITUTION

Section 3.01 *General.*

Any redemption made in accordance with this Article 3 shall be made in accordance with Sections 1102 through 1107 of the Base Indenture, as applicable.

------

Section 3.02 *Optional Redemption*

Prior to February 7, 2036 (three months prior to their Maturity date) (the "**Par Call Date**"), the Issuer may redeem the Notes in whole or in part, at its option, at any time and from time to time at a redemption price (expressed as a percentage of the principal amount of the Notes to be redeemed and rounded to three decimal places) equal to the greater of: (a)(i) the sum of the present values determined by the Issuer of the remaining scheduled payments of principal and interest thereon (assuming the Notes matured on the Par Call Date) discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months, and in the case of an incomplete month, the number of days elapsed) at the Treasury Rate plus 20 basis points, less (ii) any accrued and unpaid interest to, but excluding, the redemption date, or (b) 100% of the principal amount of the Notes to be redeemed, plus, in either case, any accrued and unpaid interest thereon to, but excluding, the redemption date.

On or after the Par Call Date, the Issuer may redeem the Notes at its option, in whole or in part, at any one time and from time to time, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest thereon to, but excluding, the redemption date.

In connection with such optional redemption the following defined terms apply:

"**Treasury Rate**" means, with respect to any redemption date, the yield determined by the Issuer in accordance with the following two paragraphs.

The Treasury Rate shall be determined by the Issuer after 4:15 p.m. New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third Business Day preceding the redemption date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as "Selected Interest Rates (Daily) – H.15" (or any successor designation or publication) ("**H.15**") under the caption "U.S. government securities—Treasury Constant Maturities—Nominal" (or any successor caption or heading) ("**H.15 TCM**"). In determining the Treasury Rate, the Issuer shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the Par Call Date (the "**Remaining Life**"); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life – and shall interpolate to the Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date.

------

If on the third Business Day preceding the redemption date H.15 TCM is no longer published, the Issuer shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second Business Day preceding such redemption date of the United States Treasury security maturing on, or with a maturity that is closest to, the Par Call Date, as applicable. If there is no United States Treasury security maturing on the Par Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the Par Call Date, one with a maturity date preceding the Par Call Date and one with a maturity date following the Par Call Date, the Issuer shall select the United States Treasury security with a maturity date preceding the Par Call Date. If there are two or more United States Treasury securities maturing on the Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Issuer shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places.

The Issuer's actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error. Neither the Trustee nor the Paying Agent shall be responsible for calculating the redemption price or for verifying any calculations of such redemption price. Notice of any redemption will be mailed or electronically delivered (or otherwise transmitted in accordance with the depositary's procedures) at least 10 days but not more than 60 days before the redemption date to the Trustee, the Paying Agent and to each Holder of the Notes to be redeemed.

If the Issuer decides to redeem fewer than all of the outstanding Notes (a partial redemption) and the Notes to be redeemed are Global Notes then held by DTC (or another depositary), the Notes to be redeemed shall be selected in accordance with the procedures of DTC (or such other depositary) or by lot. No Notes of a principal amount of less than $2,000 will be redeemed in part. If any Note is to be redeemed in part only, the notice of redemption that relates to the Note will state the portion of the principal amount of the Note to be redeemed.

Unless the Issuer defaults in payment of the redemption price, on and after the redemption date interest will cease to accrue on the Notes or portions thereof called for redemption.

Section 3.03 *Tax Redemption.*

The provisions of Section 1109 of the Base Indenture are hereby replaced by Section 3.03 hereof and shall not apply with respect to the Securities.

The Securities may be redeemed at the option of the Issuer in whole (but not in part), after having given at least 30 days' but not more than 60 days' notice to each Holder of the Securities with a copy to the Trustee (which notice shall be irrevocable), at a Redemption Price equal to the aggregate principal amount thereof plus accrued but unpaid interest to, but excluding, the date fixed for redemption (including any Additional Amounts) if, as a result of any change in the laws or regulations of any Relevant Taxing Jurisdiction or in the official interpretation or administration of any such laws or regulations becomes effective on or after the Original Issue Date specified pursuant to the terms of the Securities, the Issuer (or if the Parent Guarantee is called upon, the Parent Guarantor) would be required to pay Additional Amounts with respect to the Securities on the next succeeding Interest Payment Date as described in Section 5.03 hereof and the Issuer or the Parent Guarantor, as applicable, cannot avoid this requirement by taking reasonable measures (a "**Tax Event**").

------

Prior to giving any such notice for redemption, the Issuer or the Parent Guarantor, as applicable, will deliver to the Trustee (for the benefit of the Holders of the Securities) an Officer's Certificate, stating that a Tax Event has occurred and is continuing and setting forth in reasonable detail a statement of circumstances showing that the conditions precedent to the right of the Issuer to redeem the Securities pursuant to this Section have been satisfied and an opinion of independent legal or tax advisers of recognized standing with respect to tax matters of the applicable Relevant Taxing Jurisdiction to the effect that a Tax Event has occurred and is continuing and setting forth in reasonable detail a statement of circumstances showing that the conditions precedent to the right of the Issuer to redeem the Securities pursuant to this Section have been satisfied. The Trustee is not responsible for the content of any opinion required by this condition. The opinion and Officer's Certificate shall be available for inspection or collection at all reasonable times during normal business hours by a Holder at the office of the Trustee or may be provided by email to a Holder following their prior written request to the Trustee and provision of proof of holding and identity (in a form satisfactory to the Trustee).

Section 3.04 *Issuer Substitution*

The Issuer may at any time, following a consolidation, merger or sale of all or substantially all of its assets, without the consent of the Holders, substitute itself as principal debtor under the Securities following consolidation, merger or sale of all or substantially all of its assets with such Substitute, provided that immediately after giving effect to such transaction, no Event of Default has occurred or is continuing in respect of the Securities and no payment in respect of such Securities is at the relevant time due. The substitution shall be made by a supplemental indenture and may only take place if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Substitute shall expressly assume the Issuer's obligations in their entirety under the Securities and under this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Substitute is organized under the laws of the United States, the United Kingdom (including the Channel Islands and Isle of Man), Bermuda or any other country that is a member of the Organization of Economic Co-operation and Development as of the date of such succession;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) each stock exchange on which the Securities are listed shall have confirmed that, following the proposed substitution of the Substitute, the substituted Securities will continue to be listed on such stock exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if as a result of such consolidation, merger or sale, assets of the Parent Guarantor would become subject to a Lien to secure payment of any Relevant Debt for borrowed money of the Parent Guarantor which would not be permitted under this Indenture, the Parent Guarantor or the Substitute, as the case may be, prior to or simultaneous to the consolidation or merger or such sale, as the case may be, shall take such steps as shall be necessary to effectively secure the substituted Securities equally and rateably with (or prior to) all Relevant Debt secured thereby;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Substitute agrees, in the supplemental indenture, to indemnify the Trustee, the Paying Agent and each Holder against (A) any tax, duty, assessment or governmental charge which is imposed on such Holder by (or by any subdivision or authority having power to tax in or of) the Relevant Taxing Jurisdiction with respect to any Security that would not have been so imposed had the substitution not been made and (B) any cost or expense relating to the substitution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all the provisions set forth in this Indenture with respect to the Issuer shall apply to the Securities following the substitution as if such Securities were originally issued by the Substitute;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Notes and obligations of the Substitute under the Notes and the Indenture shall be unconditionally guaranteed by the Parent Guarantor as set forth in this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) all actions, conditions and things required to be taken, fulfilled and done (including the obtaining of any necessary consents) to ensure that (A) the supplemental indenture and the Securities, and such other documentation as may be necessary to be executed by the Substitute to effect the substitution represent valid, legally binding and enforceable obligations of the Substitute and (B) the supplemental indenture and such other documentation as may be necessary to be executed by the Issuer to effect the substitution represent valid, legally binding and enforceable obligations of the Issuer have been taken, fulfilled and done and are in full force and effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Issuer shall have delivered to the Trustee a certificate and legal opinion, subject to customary assumptions and qualifications, addressed to the Trustee as to the fulfilment of the conditions specified in paragraph (g) above and as to compliance with the provisions of the Indenture described under this section.

Upon the execution of the supplemental indenture by all parties thereto and the satisfaction of the other conditions set out herein and the supplemental indenture, the Substitute shall succeed to and be substituted for the Issuer under the Securities and this Indenture with the same effect as if it had been named herein. Following a substitution in accordance herewith, the Issuer will cease to be the Issuer under the Securities, the Issuer will be released from and will have no further obligations or liabilities in respect of the Securities or the substituted notes and any substitution will not, in itself, trigger events of default or constitute an event described under Section 5.01, provided, for the avoidance that the requirement of provision (iii) described under Section 5.01 shall apply. If the Substitute is the Parent Guarantor, the Parent Guarantor will be released of all obligations with respect to the Parent Guarantees upon becoming the Substitute in accordance herewith.

Such Substitute may cause to be signed, and may issue either in its own name or in the name of the Issuer prior to such succession, without the consent of Holders, any or all of the Securities issuable hereunder which theretofore shall not have been signed by the Issuer and delivered to the Trustee; and, upon the written order of such Substitute, instead of the Issuer, and subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee shall, without the consent of Holders, authenticate and shall deliver any Securities which previously shall have been signed and delivered by the officers of the Issuer to the Trustee for authentication, and any Securities which such Substitute thereafter shall cause to be signed and delivered to the Trustee for that purpose. All of the Securities so issued shall in all respects have the same legal rank and benefit under this Indenture as the Securities heretofore or thereafter issued in accordance with the terms of this Indenture as though all of such Securities had been issued at the date of the execution hereof.

------

In case of any such substitution in accordance herewith, such changes in phraseology and form (but not in substance) may be made in the Securities thereafter to be issued as may be appropriate.

In the event of any such substitution in accordance herewith by the Issuer, or any successor corporation which shall theretofore have become such a Substitute in the manner described in this Article, the Issuer or such a Substitute, as the case may be, shall be discharged from all obligations and covenants under this Indenture and the Securities and may be liquidated and dissolved.

ARTICLE FOUR

REMEDIES

Section 4.01 *Event of Default.*

The provisions of Section 501 of the Base Indenture are hereby replaced by Section 4.01 hereof and shall not apply with respect to the Securities.

"**Event of Default**", wherever used herein with respect to the Securities, means any one of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Issuer fails to pay principal or premium, if any, upon any Security, when due, and continuance of such a default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Issuer fails to pay any interest (including any Additional Amounts) upon any Security, when due, and a continuance of such a default for a period of 30 days and within which period such default has not been remedied by the Parent Guarantor making such payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Issuer or Parent Guarantor, as the case may be, fails duly to perform any other covenants or the breach of any of the warranties contained in the Securities, the Parent Guarantees or this Indenture after being given written notice from the Holder and such failure has not been remedied within 90 days after written notification to the Issuer or Parent Guarantor, as the case may be, from the Holder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the entry by a court having jurisdiction in the premises of (A) a decree or order for relief in respect of the Issuer or, if applicable, the Parent Guarantor, in an involuntary case or proceeding under the applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or (B) a decree or order adjudging the Issuer or, if applicable, the Parent Guarantor a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Issuer or, if applicable, the Parent Guarantor or of any substantial part of the property of the Issuer or, if applicable, the Parent Guarantor, or ordering the winding up or liquidation of affairs of the Issuer or, if applicable, the Parent Guarantor, and the continuance of any such decree or order for relief or any such other decree or order unstayed and in effect for a period of 60 consecutive days; or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the commencement by the Issuer or, if applicable, the Parent Guarantor of a voluntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the entry of a decree or order for relief in respect of the Issuer or, if applicable, the Parent Guarantor in an involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable Federal or State law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Issuer or, if applicable, the Parent Guarantor or of any substantial part of the property of either of them, or the making by the Issuer or, if applicable, the Parent Guarantor of an assignment for the benefit of creditors, or the admission by either the Issuer or, if applicable, the Parent Guarantor in writing of an inability to pay its debts generally as they become due, or the taking of corporate action by the Issuer or, if applicable, the Parent Guarantor in furtherance of any such action.

Section 4.02 *Acceleration of Maturity; recission and Annulment*

An Event of Default specified in Section 4.01(d) or 4.01(e) above shall not be subject to Section 502 of the Base Indenture. If an Event of Default specified in Section 4.01(d) or 4.01(e) above with respect to the Parent Guarantor or the Issuer occurs and is continuing, then all unpaid principal of, and premium, if any, and accrued and unpaid interest on the Notes shall become immediately due and payable without any declaration or other act on the part of the Trustee or any Holder.

ARTICLE FIVE

COVENANTS OF THE ISSUER

Section 5.01 *Covenant Not to Merge, Consolidate, Sell of Convey Property Except Under Certain Conditions.*

The provisions of Section 801 of the Base Indenture are hereby replaced by Section 5.01 hereof and shall not apply with respect to the Securities. The reference in Section 802 of the Base Indenture to "Section 801" of the Base Indenture is hereby updated to refer to "Section 5.01" hereof.

Neither the Issuer nor the Parent Guarantor may consolidate with or merge into, or sell or lease all or substantially all of their respective assets to any person unless (i) the successor person expressly assumes all the Issuer's or the Parent Guarantor's obligations under, respectively, the Securities or the Parent Guarantees and under this Indenture (the "**Substitute**"), as the case may be, (ii) immediately after giving effect to the transaction, no Event of Default, and no event which, after notice or lapse of time or both, would become an Event of Default, shall have occurred and be continuing and (iii) if the Substitute is organized, tax resident or engaged in business in a jurisdiction other than a Relevant Taxing Jurisdiction, such entity agrees to pay any Additional Amounts in respect of any taxes, duties, assessments or governmental charges of whatever nature imposed or levied by or on behalf of that other jurisdiction or any authority therein or thereof having power to tax, corresponding to the obligation (and relevant exceptions)

------

to pay Additional Amounts as set forth under Section 5.03 (in which case the provisions of Section 3.02 shall also apply to that other jurisdiction as if it were a Relevant Taxing Jurisdiction, provided that the change in the laws or regulations or in the official interpretation or administration described therein becomes effective after the date of the merger, consolidation, sale or lease).

Section 5.02 *Limitation on Liens*

The provisions of Section 1009 of the Base Indenture are hereby replaced by Section 5.02 hereof and shall not apply with respect to the Securities.

For so long as any of the Notes remain outstanding, the Issuer and the Parent Guarantor and their respective subsidiaries may not secure any securities or other indebtedness in respect of borrowed moneys having an original maturity of more than two years or any guarantee in respect of any such indebtedness ("**Relevant Debt**"), in each case now or hereafter existing, by granting security upon any of the Issuer's or the Parent Guarantor's present or future assets or revenues ("**Liens**") unless they, simultaneously with or prior to the creation of such security, take any and all action necessary to effectively provide that the same (or other security acceptable to the Holders) is accorded to all of the Notes for so long as the secured indebtedness is so secured. This limitation does not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) security created over any shares in or any securities owned by any subsidiaries that are not principally engaged in the business of insurance and that do not contribute more than 10% of the Parent Guarantor's total aggregate consolidated gross premium income as reflected in the most recent annual profit and loss account of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) security created in the normal course of the insurance business carried on in a manner consistent with generally accepted insurance practice for that insurance business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) security created in the normal course of the asset management business carried on in a manner consistent with generally accepted practices for that asset management business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) security or preference arising by operation of any law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) security over real property to secure borrowings to finance the purchase or improvement of that real property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) security over assets existing at the time of the acquisition of those assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) security not otherwise permitted by the foregoing clauses that secures borrowed moneys in an aggregate principal amount not exceeding 50% of the Parent Guarantor's total aggregate consolidated indebtedness with an original maturity of more than two years.

Section 5.03 *Additional Payments*

The provisions of Section 1006 of the Base Indenture are hereby replaced by Section 5.03 hereof and shall not apply with respect to the Securities.

------

All payments (whether in respect of principal, redemption amount, interest or otherwise) by or on behalf of the Issuer or the Parent Guarantor in respect of the Securities or the Parent Guarantee, respectively, will be made free and clear of, and without withholding or deduction for or on account of any present or future taxes, duties, assessments or governmental charges of whatever nature imposed or levied by or on behalf of the United States, the Netherlands, Bermuda or any other jurisdiction in which the Issuer or the Parent Guarantor is organized, tax resident or engaged in business, or any political subdivision thereof or any authority or agency therein or thereof having power to tax (a "**Relevant Taxing Jurisdiction**"), unless the withholding or deduction of such taxes, duties, assessments or governmental charges is required by law. In that event, the Issuer or the Parent Guarantor, as applicable, will pay such additional amounts (all such amounts being referred to herein as "**Additional Amounts**") as may be necessary in order that the net amounts receivable by the Holder after such withholding or deduction will equal the respective amounts that would have been receivable by such Holder in the absence of such withholding or deduction; *except that* no such Additional Amounts will be payable in relation to any payment in respect of any Securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of payments by the Parent Guarantor, presented for payment by or on behalf of a Holder who is liable for such taxes, duties, assessments or governmental charges in respect of the Securities by reason of such Holder or its Beneficial Owner having some connection with Bermuda or the Netherlands by which such taxes, duties, assessments or governmental charges have been imposed, levied, collected, withheld or assessed other than the mere holding of the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of payments by the Issuer or the Parent Guarantor, presented for payment by or on behalf of a Holder who is liable for such taxes, duties, assessments or governmental charges in respect of the Securities by reason of such Holder or its Beneficial Owner having some connection with the United States by which such taxes, duties, assessments or governmental charges have been imposed, levied, collected, withheld or assessed other than the mere holding of the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) presented for payment (where presentation is required) more than 30 days after the later of (i) the due date for such payment or (ii) the date the Issuer or the Parent Guarantor, as the case may be, provides funds to make such payment to the Paying Agent, except to the extent that the relevant Holder would have been entitled to such Additional Amounts on presenting the same for payment on the expiry of such period of 30 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in respect of any estate, inheritance, gift, sales, transfer, wealth, personal property or similar tax, assessment or other governmental charge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in the case of payments by the Issuer or the Parent Guarantor, with respect to United States taxes, any tax imposed by reason of (1) the Holder's past or present status as a tax-exempt organization with respect to the United States, (2) the existence of any present or former connection between the Holder (or between a fiduciary, settlor, beneficiary or member of such Holder, if such Holder is an estate, a trust or a partnership) and the United States, including without limitation, such Holder (or such fiduciary, settlor, beneficiary or member) being or having been a citizen or resident or treated as a resident thereof, or being or having been engaged in a trade or business or present therein, or having or having had a permanent establishment therein, or (3) such Holder's present or former status as a personal holding company, foreign personal holding company, a passive foreign investment company, or a controlled foreign corporation for United States tax purposes or as a corporation which accumulates earnings to avoid United States Federal income tax, and not merely by reason of the fact that payments in respect of the Notes are, or for purposes of taxation are deemed to be, derived from sources in, or are secured in, the United States;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) in the case of payments by the Issuer or Parent Guarantor, any withholding or deduction which would not be imposed but for the failure of such Holder to comply with certification, identification, or other information reporting requirements concerning their nationality, residence, identity and/or their connections with the United States (including, but not limited to, providing the applicable United States Internal Revenue Service Form W-8 and any necessary supporting statements or documentation), if such compliance is required by law in the United States or by regulation or the competent United States tax authorities as a precondition of exemption from such tax, assessment or other governmental charge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) in the case of payments by the Issuer or the Parent Guarantor, in respect of any United States tax, assessment or other governmental charge imposed as a result of a Holder or Beneficial Owner's actual or constructive holding of 10% or more of the total combined voting power of all classes of stock of the Issuer entitled to vote or as the result of the Holder or Beneficial Owner being a bank receiving interest on an extension of credit made pursuant to a loan agreement entered into in the ordinary course of its trade or business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) in respect of any tax, assessment or other governmental charge imposed under FATCA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in respect of any tax imposed or withheld pursuant to the Dutch Withholding Tax Act 2021 (*Wet bronbelasting 2021*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any combination of (a) through (i) in this Section 5.03. In regards to the foregoing provisions, Additional Amounts shall not be paid with respect to any payment of the principal of, premium, if any, or any interest on any Security to any Holder who is a fiduciary, a partnership or a Beneficial Owner and who is other than the sole Beneficial Owner of the payment to the extent the fiduciary or a member of the partnership or a Beneficial Owner would not have been entitled to any Additional Amount had it been the Holder of the Security.

Section 5.04 *Provision of Information*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For so long as any Notes are outstanding and the Parent Guarantor or any successor Parent Guarantor is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Parent Guarantor shall be deemed to have satisfied its reporting obligations under this covenant in the Indenture by filing or furnishing annual, quarterly and other reports that it is required to file with or furnish to the SEC, including its annual reports on Form 20-F and its reports on Form 6-K or copies of the information included in such reports on Form 6-K (or its annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, if the reporting person is not a foreign private issuer). The Parent Guarantor or any successor Parent Guarantor shall not be required to furnish such reports separately to the Trustee or Holders, provided that such reports are publicly available on the SEC's EDGAR system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any of the Issuer or the Parent Guarantor becomes aware that an Event of Default or an event that with notice or the lapse of time would be an Event of Default has occurred and is continuing, as the case may be, the Issuer and the Parent Guarantor shall deliver a certificate to the Trustee describing the details thereof and the action the Issuer proposes to take.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For so long as the Notes are listed on a securities exchange, the Issuer or the Parent Guarantor will make any reports or other information supplied to the Trustee pursuant to this covenant available at the office of the Trustee in the jurisdiction where such exchange is located and will notify such exchange of the occurrence of any Event of Default and, prior to publication of notice of such Event of Default in the jurisdiction where such exchange is located, submit a draft of the notice to such exchange.

ARTICLE SIX

SATISFACTION AND DISCHARGE

The Issuer covenants and agrees, and each Holder of Notes issued hereunder, by such Holder's acceptance thereof, likewise covenants and agrees, that all Notes shall be issued as Securities subject to the provisions of Article 4 of the Base Indenture.

ARTICLE SEVEN

SUPPLEMENTAL INDENTURES

Section 7.01 *Supplemental Indentures Without Consent of Holders*

The provisions of Section 901 of the Base Indenture are hereby replaced by Section 7.01 hereof and shall not apply with respect to the Securities.

The Issuer, the Parent Guarantor, the Trustee and the Paying Agent may from time to time and at any time, without the consent of the Holders, enter into an agreement or agreements supplemental hereto for one or more of the following purposes:

(a) to convey, transfer, assign, mortgage or pledge to the Trustee or another person as security for the Securities
any property or assets;

(b) to evidence the succession of another Person to the Issuer, or successive successions, and the assumption by
the successor Person of the covenants, agreements and obligations of the Issuer pursuant to this Indenture;

(c) to evidence and provide for the acceptance of appointment of a successor or successors to the Trustee in any of
its capacities;

(d) to add to the covenants of the Issuer, such further covenants, restrictions, conditions or provisions as the
Issuer shall reasonably consider to be for the protection of the Holders and to make the occurrence, or the occurrence and continuance, of a default in any such additional covenants, restrictions, conditions or provisions an Event of Default under
the Securities permitting the enforcement of all or any of the several remedies provided in this Indenture as herein set forth; provided, that in respect of any such additional covenant, restriction, condition or provision such supplemental
indenture may provide for a particular period of grace after default (which period may be shorter or longer than that allowed in the case of other defaults) or may provide for an immediate enforcement upon such an Event of Default or may limit the
right of the Holders of a majority in aggregate principal amount of the Securities to waive such an Event of Default;

------

(e) to modify the restrictions on, and procedures for, resale and other transfers of the Securities pursuant to
law, regulation or practice relating to the resale or transfer of restricted securities generally;

(f) to cure any ambiguity or to correct or supplement any provision contained herein, in the Securities, or in any
supplemental indenture which may be defective or inconsistent with any other provision contained herein or in any supplemental indenture; or to make such other provisions in regard to matters or questions arising under this Indenture or under any
supplemental indenture as the Issuer may deem necessary or desirable and which shall not adversely affect in any material respect the interests of the Holders of the Securities to which such provisions relate;;

(g) to "reopen" the Securities of any series and create and issue additional Securities of that series
having identical terms and conditions as the existing Securities of such series (or in all respects except for the issue date, issue price, the CUSIP number and first interest payment date) so that the additional Securities are consolidated and form
a single series with the Outstanding such Securities;

(h) to add to or change any of the provisions of this Indenture to such extent as shall be necessary to permit or
facilitate the issuance of Securities in bearer form, registrable or not registrable as to principal, and with or without interest coupons, or to permit or facilitate the issuance of Securities in uncertificated form;

(i) to modify the restrictions on the transferability of any Securities, and the procedures for resales and other
transfers of the Securities to reflect any change in applicable law or regulation (or the interpretation thereof) or to provide alternative procedures in compliance with applicable law and practices relating to the resale or other transfer of
restricted securities generally;

(j) to establish the form or terms of Securities of any series as permitted by Sections 201 or 301 of the Base
Indenture;

(k) to add one or more additional guarantors of the obligations under the Securities and this Indenture for the
benefit of all or any series of Securities; or

(l) to amend this Indenture to conform to the provisions of the Trust Indenture Act as in effect at the time of the
execution of such supplemental indenture.

Any supplemental indenture authorized by the provisions of this Section may be executed without the consent of the Holders of any of the Securities then Outstanding, notwithstanding any of the provisions of Section 7.02.

------

Section 7.02 *Supplemental Indentures with Consent of Holders.*

The provisions of Section 902 of the Base Indenture are hereby replaced by Section 7.02 hereof and shall not apply with respect to the Securities.

The Issuer, the Parent Guarantor, the Trustee and the Paying Agent may, from time to time and at any time, with the consent (evidenced as provided in Article 1) of the Holders of not less than a majority in aggregate principal amount of the Securities then Outstanding, enter into an agreement or agreements supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or modifying in any manner the rights of the Holders under the Securities; provided, that no such agreement shall (a) change the maturity of the principal of any Security, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of any installment of interest thereon, or change the place or currency of payment of principal of, or interest on, any Security, or change the Issuer's obligations to pay Additional Amounts, or impair or affect the right of any Holder to institute suit for the enforcement of any such payment on or after the due date thereof (or in the case of redemption, on or after the redemption date), or (b) reduce the aforesaid percentage of Securities, the consent of the Holders of which is required for any such agreement, without the consent of the Holders of all Securities then Outstanding.

Upon the request of the Issuer, and upon the filing with the Trustee of evidence of the consent of Holders and other documents, if any, required by Section 401 of the Base Indenture, the Trustee shall join with the Issuer in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee's own rights, protections, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such supplemental indenture.

It shall not be necessary for the consent of the Holders under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof.

Promptly after the execution by the Issuer and the Trustee of any supplemental indenture pursuant to the provisions of this Section, the Issuer shall mail a notice thereof by first class mail to the Holders at their addresses as they shall appear on the Security Register, setting forth in general terms the substance of such supplemental indenture. Any failure of the Issuer to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture.

ARTICLE EIGHT

MISCELLANEOUS PROVISIONS

Section 8.01 *Further Issuances.*

The Issuer may from time to time, without the consent of the Holders of Notes, create and issue further notes on terms and conditions identical in all respects (or in all respects save for the date from which interest thereon accrues, the issue price, and the amount of the first payment of interest on such further notes) and so that the further issuance of notes shall be consolidated and form a single series with the outstanding Notes; provided that any further notes that are not fungible with the Notes for U.S. federal income tax purposes shall have a unique CUSIP or any other identifying number assigned to such further notes. Any further issuance of notes shall be issued pursuant to an additional supplemental indenture.

------

Section 8.02 *Notices and Demands on Issuer, Trustee and Holders, Registrar and Paying Agent*.

The provisions of Section 105 of the Base Indenture are hereby replaced by Section 8.02 hereof and shall not apply with respect to the Securities.

Any notice or demand which by any provision of this Indenture is required or permitted to be given or served by the Trustee or by the Holders of Securities to or on the Issuer shall be in writing, in English and may be given or served by being deposited postage prepaid, first class mail (except as otherwise specifically provided herein) addressed, in the case of the Issuer and until another address of the Issuer is filed by the Issuer with the Trustee, to Aegon Funding Company, LLC (Attn. Jessica Kortum) 6400 C Street SW, Cedar Rapids, Iowa 52499. Any notice, direction, request or demand by the Issuer, or any Holder to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or made in writing and in English at the Corporate Office, which is currently located at:

The Bank of New York Mellon Trust Company, N.A.

311 South Wacker Drive

Suite 6200B, Floor 62

Chicago, Illinois 60606

Attention: Corporate Trust Administration

E:mail: yolanda.ash@bny.com

Any notice, direction, request or demand by the Issuer or the Trustee upon the Registrar and Paying Agent shall be deemed to have been sufficiently given or made, for all purposes, if given or made in writing in English at:

Citibank, N.A.

388 Greenwich Street

New York, NY 10013

Attention: Agency and Trust

citi.cspag.debt@citi.com

Any such notice or demand to be given or served by the Trustee or the Registrar and Paying Agent to or on the Issuer, and any such notice, direction, request or demand by the Issuer to or upon the Trustee or the Registrar and Paying Agent, may be transmitted by email and confirmed by overnight courier.

Section 8.03 *Ratification of Base Indenture; Eleventh Supplemental Indenture Controls*

The Base Indenture, as supplemented by this Eleventh Supplemental Indenture, is in all respects ratified and confirmed. This Eleventh Supplemental Indenture shall be deemed part of the Base Indenture in the manner and to the extent herein and therein provided. The provisions of this Eleventh Supplemental Indenture shall supersede the provisions of the Base Indenture to the extent the Base Indenture is inconsistent herewith with respect to the Notes and any other Notes issued hereunder.

------

Section 8.04 *Trustee and Registrar and Paying Agent Not Responsible for Recitals*

The recitals contained herein are made by the Issuer and not by the Trustee nor the Registrar and Paying Agent, and the Trustee and the Registrar and Paying Agent assume no responsibility for the accuracy thereof. The Trustee and the Registrar and Paying Agent make no representation as to the validity or sufficiency of this Eleventh Supplemental Indenture or the Notes. The Trustee and the Registrar and Paying Agent shall not be accountable for the use or application by the Issuer of the Notes or the proceeds thereof.

Section 8.05 *Governing Law*

This Eleventh Supplemental Indenture, the Notes and the Parent Guarantee shall be governed by and construed in accordance with the laws of the State of New York.

Section 8.06 *Submission to Jurisdiction; Appointment of Agent for Service; Waivers of Jury Trial.*

The Issuer and Parent Guarantor (a) agree that any legal suit, action or proceeding arising out of or based upon the Indenture, the Securities or the Parent Guarantees may be instituted in any New York State or United States federal court in the Borough of Manhattan in the City of New York, New York, (b) waives, to the extent it may effectively do so, any objection which it may have now or hereafter to the laying of the venue of any such suit, action or proceeding, and (c) irrevocably submits to the non-exclusive jurisdiction of any such court in any such suit, action or proceeding.

The Parent Guarantor hereby irrevocably designates and appoints Transamerica Corporation, 6400 C Street SW, Cedar Rapids, Iowa 52499, United States of America, as its authorized agent for service of process in any suit, action or proceeding described in the preceding paragraph and agrees that service of process in any such suit, action or proceeding may be made upon it at the office of such agent. The Parent Guarantor waives, to the fullest extent permitted by law, any other requirements of or objections to personal jurisdiction with respect thereto. The Parent Guarantor represents and warrants that such agent has agreed to act as the Parent Guarantor's agent for service of process, and the Parent Guarantor agrees to take any and all action, including the filing of any and all documents and instruments, that may be necessary to continue such appointment in full force and effect.

**EACH OF THE ISSUER, PARENT GUARANTOR, THE TRUSTEE, THE REGISTRAR AND PAYING AGENT AND EACH HOLDER, BY ITS ACCEPTANCE OF A NOTE, HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION OR LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THE INDENTURE, THE NOTES, THE PARENT GUARANTEE OR ANY COUNTERCLAIM THEREIN.** 

Section 8.07 *Severability*

If any provision in the Indenture or in the Notes is determined to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

------

Section 8.08 *Counterparts*

This Eleventh Supplemental Indenture may be signed in two or more counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

Section 8.09 *Registrar and Paying Agent*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Issuer hereby appoints Citibank, N.A. as Registrar for the Notes under the Indenture to perform such duties as are assigned to the Security Registrar in the Base Indenture and the Registrar in this Eleventh Supplemental Indenture. The Issuer hereby appoints Citibank, N.A. as the Paying Agent for the Notes under the Indenture. The Paying Agent hereby agrees with the Trustee that, subject to the provisions of Section 1003 of the Base Indenture, it will (1) comply with the provisions of the Trust Indenture Act applicable to it as a Paying Agent and (2) during the continuance of any default by the Issuer (or any other obligor upon the Notes) in the making of any payment in respect of the Notes, upon the written request of the Trustee, forthwith pay to the Trustee all sums held in trust by it for payment in respect of the Notes. Not later than 10:00 a.m., New York City time, on the due date of the principal of or any premium or interest on the Notes, the Issuer shall deposit, or cause to be deposited, with the Paying Agent immediately available funds in an amount equal to the aggregate amount to be paid by the Paying Agent on such due date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the absence of willful misconduct or gross negligence on the part of the Registrar and Paying Agent, the Registrar and the Paying Agent may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any statements, certificates or opinions furnished to the Registrar or the Paying Agent and conforming to the requirements of the Indenture; but in the case of any such statements, certificates or opinions that by any provision hereof are specifically required to be furnished to the Registrar or the Paying Agent, the Registrar or the Paying Agent, as applicable, shall be under a duty to examine the same to determine whether or not they conform to the requirements of the Indenture (but need not confirm or investigate the accuracy or mathematical calculations or other facts stated therein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Neither the Registrar nor the Paying Agent shall be liable for any error of judgment made in good faith by a Responsible Officer of the Registrar or Paying Agent, unless it shall be proved that the Registrar and Paying Agent was grossly negligent in ascertaining the pertinent facts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Before the Registrar or Paying Agent acts or refrains from acting, it may require an Officers' Certificate or an Opinion of Counsel. Neither the Registrar nor the Paying Agent shall be liable for any action it takes or omits to take in good faith reliance on such Officers' Certificate or Opinion of Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Registrar and Paying Agent shall not be required to give any bond or surety in respect of the execution of its power or in respect of the Indenture.

------

Section 8.10 *Rights of Trustee Unaffected.*

For the avoidance of doubt, nothing in this Eleventh Supplemental Indenture shall affect the rights, privileges, protections, immunities and benefits given to the Trustee hereunder or under the Base Indenture (including as such rights, privileges, protections, immunities and benefits extend to the Registrar and Paying Agent pursuant to Section 8.13 hereof), including the right to be indemnified and compensated in accordance with the terms of the Indenture, and all such rights shall in all events survive the occurrence or continuation of any event referred to in this Eleventh Supplemental Indenture. For the avoidance of further doubt, the Parent Guarantor, as Parent Guarantor (within the meaning of such term as defined in the Base Indenture), shall be jointly and severally liable with the Issuer for all amounts due the Trustee and the Registrar and Paying Agent under and pursuant to Section 607 of the Base Indenture.

Section 8.11 *Force Majeure.*

In no event shall the Trustee or the Registrar and Paying 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, acts of God, flood, war (whether declared or undeclared), terrorism, fire, riot, embargo, government action, including any laws, ordinances, regulations governmental action or the like, it being understood that the Trustee and the Registrar and Paying Agent, as applicable, shall use commercially reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

Section 8.12 *U.S.A. Patriot Act.*

The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee, and the Registrar and Paying Agent, like all financial institutions and in order to help fight the funding of terrorism and money laundering, are required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee or the Registrar and Paying Agent, as applicable. The parties to this Eleventh Supplemental Indenture agree that they will provide the Trustee and the Registrar and Paying Agent, as applicable, with such information as they may reasonably request in order for the Trustee or the Registrar and Paying Agent, as applicable, to satisfy the requirements of the U.S.A. Patriot Act.

Section 8.13 *Certain Matters.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the performance of its obligations hereunder, the Trustee shall be provided with any rights, benefits, protections, indemnities and immunities afforded to it pursuant to the Base Indenture. The rights, privileges, protections, immunities and benefits given to the Trustee hereunder and under the Base Indenture are extended to, and shall be enforceable by, the Registrar and the Paying Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The rights, powers, duties, obligations and actions of the Trustee and of the Registrar and Paying Agent under the Indenture are several and not joint or joint and several. The Registrar and Paying Agent undertake to perform such duties and only such duties as are specifically set forth in the Indenture. Neither the Registrar nor Paying Agent shall at any time be under any fiduciary duty whatsoever to any Person hereunder, nor shall any of them have any other obligation towards, or have any relationship or other agency or trust, for or with any Person other than the Issuer and the Parent Guarantor.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In no event shall the Trustee, Registrar or Paying Agent be responsible or liable for special, indirect or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit), irrespective of whether the Trustee, Registrar or Paying Agent has been advised of the likelihood of such loss or damage and regardless of the form of action.

------

IN WITNESS WHEREOF, the parties hereto have caused this Eleventh Supplemental Indenture to be duly executed on their respective behalves, all as of the day and year first written above.

---

| | |
|:---|:---|
| **ISSUER:** | **ISSUER:** |
| **AEGON FUNDING COMPANY LLC** | **AEGON FUNDING COMPANY LLC** |
| By: | /s/ Bonnie T. Gerst |
| Name: Bonnie T. Gerst | Name: Bonnie T. Gerst |
| Title: Senior Vice President | Title: Senior Vice President |

---

[*Eleventh Supplemental Indenture Signature Page*]

------

---

| | |
|:---|:---|
| **PARENT GUARANTOR:** | **PARENT GUARANTOR:** |
| **AEGON LTD.** | **AEGON LTD.** |
| By: | /s/ Marvin R. Brizee |
| Name: Marvin R. Brizee | Name: Marvin R. Brizee |
| Title: Senior Vice President and Head of Group Treasury | Title: Senior Vice President and Head of Group Treasury |

---

[*Eleventh Supplemental Indenture Signature Page*]

------

---

| | |
|:---|:---|
| **TRUSTEE:** | **TRUSTEE:** |
| **THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,** | **THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,** |
| as Trustee | as Trustee |
| By: | /s/ April Bradley |
| Name: April Bradley | Name: April Bradley |
| Title: Vice President | Title: Vice President |

---

[*Eleventh Supplemental Indenture Signature Page*]

------

---

| | |
|:---|:---|
| **REGISTRAR AND PAYING AGENT:** | **REGISTRAR AND PAYING AGENT:** |
| **CITIBANK, N.A.,** | **CITIBANK, N.A.,** |
| as Registrar and Paying Agent | as Registrar and Paying Agent |
| By: | /s/ Eva Waite |
| Name: Eva Waite | Name: Eva Waite |
| Title: Senior Trust Officer | Title: Senior Trust Officer |

---

[*Eleventh Supplemental Indenture Signature Page*]

------

**SCHEDULE 1** 

**FORM OF 5.625% SENIOR NOTE DUE 2036** 

[Face of Note]

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE BASE INDENTURE HEREINAFTER REFERRED TO, AS SUPPLEMENTED BY THE ELEVENTH SUPPLEMENTAL INDENTURE HEREINAFTER REFERRED TO, AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY, WHICH MAY BE TREATED BY THE ISSUER, THE PARENT GUARANTOR, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS NOTE FOR ALL PURPOSES.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY ("DTC"), TO AEGON FUNDING COMPANY LLC OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN EXCHANGE FOR THIS CERTIFICATE OR ANY PORTION HEREOF IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON OTHER THAN DTC OR A NOMINEE THEREOF IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR REGISTERED NOTES IN DEFINITIVE REGISTERED FORM IN THE LIMITED CIRCUMSTANCES REFERRED TO IN THE BASE INDENTURE , AS SUPPLEMENTED BY THE ELEVENTH SUPPLEMENTAL INDENTURE, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.

**AEGON FUNDING COMPANY LLC** 

**5.625% Senior Notes due 2036** 

**Guaranteed by AEGON LTD.** 

---

| | |
|:---|:---|
|  No. 1 |  |
| CUSIP No.: | 00775V AB0 |
|  ISIN No.: | US00775VAB09 |

---

------

Aegon Funding Company LLC (the "**Issuer**", which term includes any Successor Person under the Base Indenture, as supplemented by the Eleventh Supplemental Indenture hereinafter referred to), for value received, hereby promises to pay on May 7, 2036 to Cede & Co. or registered assigns the principal sum of FIVE HUNDRED MILLION U.S. Dollars, or such other amount as is evidenced in the Security Register on such date, at the Issuer's office or agency for said purpose in the Borough of Manhattan, The City of New York, in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest, semi-annually in arrear, on May 7 and November 7 of each year (each, an "**Interest Payment Date**"), on the principal amount of this Security outstanding from time to time, in like coin or currency at the rate per annum set forth above at said office or agency from the Issuer, as the case may be, next preceding the date of this Security to which interest on the Securities has been paid or duly provided for, unless the date hereof is a date to which interest on the Securities has been paid or duly provided for, in which case from the date of this Security, or unless no interest has been paid or duly provided for on the Securities, in which case from November 7, 2026 until payment of said principal sum has been made or duly provided for. Interest on the Security shall be computed on the basis of a 360-day year consisting of twelve 30-day months and, in the case of an incomplete month, the number of days elapsed.

The interest so payable on any May 7 or November 7 will, except as otherwise provided in the Indenture referred to on the reverse hereof, be paid to the person in whose name this Security is registered on the close of business on the 15th calendar day immediately preceding the relevant Interest Payment Date (each, a "**Record Date**"). If the date of payment of interest on or principal of this Security or the date fixed for redemption or repayment of this Security shall not be a Business Day, then payment of interest or principal need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date for payment of principal of, or interest on, this Security or the date fixed for redemption or repayment, and no interest shall accrue for the period after such date

This Security is being deposited with DTC acting as depositary, and registered in the name of Cede & Co., a nominee of DTC. Cede & Co., as Holder of record of this Security, shall be entitled to receive payments of principal and interest, other than principal and interest due at the maturity date. Payment of interest on this Security will be made in the manner specified in the Indenture referred to on the reverse hereof.

Reference is made to the further provisions set forth on the reverse hereof. Such further provisions shall for all purposes have the same effect as though fully set forth at this place.

Unless the certificate of authentication hereon has been executed by the Trustee, this Note shall not be entitled to any benefit under the Base Indenture, as supplemented by the Eleventh Supplemental Indenture, or be valid or obligatory for any purpose.

------

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

Dated: May [7], 2026

---

| |
|:---|
| AEGON Funding Company LLC |
| Name: |
| Title: |

---

<u>Certificate of Authentication:</u> 

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

Dated: May [7], 2026

---

| | |
|:---|:---|
|  **THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,** | **THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,** |
| &nbsp;&nbsp;&nbsp;&nbsp; as Trustee | &nbsp;&nbsp;&nbsp;&nbsp; as Trustee |
| By: |  |
|  | *Authorized Signatory* |

---

------

[Form of Reverse of Note]

1. <u>General</u> 

This Note is one of a duly authorized issue of Securities of the Issuer (herein called the **Notes**), issued and to be issued in one or more series under an indenture, dated as of October 11, 2001 (the **Base Indenture**), between the Issuer, Aegon N.V. (subsequently renamed Aegon Ltd.) and The Bank of New York Mellon Trust Company, N.A., as Trustee and successor in interest to Citibank, N.A. (herein called the **Trustee**, which term includes any successor trustee under the Indenture), as the same has been supplemented and amended from time to time, and as shall be further supplemented and amended by an eleventh supplemental indenture dated May 7, 2026 among the Issuer, Aegon Ltd, (the **Parent Guarantor**), the Trustee and Citibank, N.A., herein called the **Paying Agent** (herein called the **Eleventh Supplemental Indenture** and together with the Base Indenture, the **Indenture**) and reference is hereby made to the Indenture for a statement of the terms of the Notes and the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Trustee, the holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered.

Capitalized terms used but not defined herein shall have the meanings ascribed thereto in the Indenture.

The Notes are the direct, unconditional, unsecured and unsubordinated general obligations of the Issuer. The Notes will rank pari passu among themselves, without any preference one over the other by reason of priority of date of issue or otherwise, and at least equally with all other outstanding unsecured and unsubordinated general obligations of the Issuer.

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the place, times, and rate, and in the currency, herein prescribed.

As used herein, "Business Day" means a day other than a Saturday, a Sunday or a day on which commercial banking institutions are authorized or required by law or executive order to close or be closed in New York City, or with respect to a place of payments, in such place of payment.

2. <u>Additional Amounts.</u> 

All payments (whether in respect of principal, redemption amount, interest or otherwise) by or on behalf of the Issuer or the Parent Guarantor in respect of the Notes or the Parent Guarantee, respectively, will be made free and clear of, and without withholding or deduction for or on account of any present or future taxes, duties, assessments or governmental charges of whatever nature imposed or levied by or on behalf of the United States, the Netherlands, Bermuda or any other jurisdiction in which the Issuer or the Parent Guarantor is organized, tax resident or engaged in business, or any political subdivision thereof or any authority or agency therein or thereof having power to tax (a "**Relevant Taxing Jurisdiction**"), unless the withholding or deduction of such taxes, duties, assessments or governmental charges is required by law. In that event, the Issuer or the Parent Guarantor, as applicable, will pay such additional amounts (all such amounts being referred to herein as "**Additional Amounts**") as may be necessary in order that the net amounts receivable by the Holder after such withholding or deduction will equal the respective amounts that would have been receivable by such Holder in the absence of such withholding or deduction; *except that* no such Additional Amounts will be payable in relation to any payment in respect of any

------

Securities: (a) in the case of payments by the Parent Guarantor, presented for payment by or on behalf of a Holder who is liable for such taxes, duties, assessments or governmental charges in respect of the Notes by reason of such Holder or its beneficial owner having some connection with Bermuda or the Netherlands by which such taxes, duties, assessments or governmental charges have been imposed, levied, collected, withheld or assessed other than the mere holding of the Notes; (b) in the case of payments by the Issuer or the Parent Guarantor, presented for payment by or on behalf of a Holder who is liable for such taxes, duties, assessments or governmental charges in respect of the Notes by reason of such Holder or its beneficial owner having some connection with the United States by which such taxes, duties, assessments or governmental charges have been imposed, levied, collected, withheld or assessed other than the mere holding of the Notes; (c) presented for payment (where presentation is required) more than 30 days after the later of (i) the due date for such payment or (ii) the date the Issuer or the Parent Guarantor, as the case may be, provides funds to make such payment to the Paying Agent, except to the extent that the relevant Holder would have been entitled to such Additional Amounts on presenting the same for payment on the expiry of such period of 30 days; (d) in respect of any estate, inheritance, gift, sales, transfer, wealth, personal property or similar tax, assessment or other governmental charge; (e) in the case of payments by the Issuer or the Parent Guarantor, with respect to United States taxes, any tax imposed by reason of (1) the Holder's past or present status as a tax-exempt organization with respect to the United States, (2) the existence of any present or former connection between the Holder (or between a fiduciary, settlor, beneficiary or member of such Holder, if such Holder is an estate, a trust or a partnership) and the United States, including without limitation, such Holder (or such fiduciary, settlor, beneficiary or member) being or having been a citizen or resident or treated as a resident thereof, or being or having been engaged in a trade or business or present therein, or having or having had a permanent establishment therein, or (3) such Holder's present or former status as a personal holding company, foreign personal holding company, a passive foreign investment company, or a controlled foreign corporation for United States tax purposes or as a corporation which accumulates earnings to avoid United States Federal income tax, and not merely by reason of the fact that payments in respect of the Notes are, or for purposes of taxation are deemed to be, derived from sources in, or are secured in, the United States; (f) in the case of payments by the Issuer or Parent Guarantor, any withholding or deduction which would not be imposed but for the failure of such Holder to comply with certification, identification, or other information reporting requirements concerning their nationality, residence, identity and/or their connections with the United States (including, but not limited to, providing the applicable United States Internal Revenue Service Form W-8 and any necessary supporting statements or documentation), if such compliance is required by law in the United States or by regulation or the competent United States tax authorities as a precondition of exemption from such tax, assessment or other governmental charge; (g) in the case of payments by the Issuer or the Parent Guarantor, in respect of any United States tax, assessment or other governmental charge imposed as a result of a Holder or beneficial owner's actual or constructive holding of 10% or more of the total combined voting power of all classes of stock of the Issuer entitled to vote or as the result of the Holder or beneficial owner being a bank receiving interest on an extension of credit made pursuant to a loan agreement entered into in the ordinary course of its trade or business; (h) in respect of any tax, assessment or other governmental charge imposed under FATCA; (i) in respect of any tax imposed or withheld pursuant to the Dutch Withholding Tax Act 2021 (*Wet bronbelasting 2021*); or (j) any combination of (a) through (i) above. In regards to the foregoing provisions, Additional Amounts shall not be paid with respect to any payment of the principal of, premium, if any, or any interest on any Note to any Holder who is a fiduciary, a partnership or a beneficial owner and who is other than the sole beneficial owner of the payment to the extent the fiduciary or a member of the partnership or a beneficial owner would not have been entitled to any Additional Amount had it been the holder of the Security.

------

3. <u>Discharge</u>.

If at any time (a) the Issuer shall have paid or caused to be paid in full the principal of and interest on all Securities Outstanding under the Indenture, or (b) the Issuer shall have delivered to the Trustee for cancellation all Securities Outstanding theretofore authenticated (other than any Securities which shall have been destroyed, lost or stolen and which shall have been replaced or paid as provided in Section 306 of the Base Indenture) or (c) all Notes not theretofore delivered to the Trustee for cancellation (i) have become due and payable, (ii) will become due and payable in accordance with their terms within one year or (iii) are to be, or have been, called for redemption pursuant to the Indenture within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption and, in any such case, the Issuer shall have irrevocably deposited or caused to be deposited with the Trustee, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Notes, (A) cash in U.S. Dollars (other than monies repaid by the Trustee or any Paying Agent to the Issuer in accordance with Section 4 of the Base Indenture) in an amount, or (B) U.S. Government Obligations which through the payment of interest thereon and principal thereof in accordance with their terms will provide not later than the due date of any payment, cash in U.S. Dollars in an amount, or (C) any combination of (A) and (B), sufficient to pay all of the principal of, and interest (and Additional Amounts, if any) on, all such Notes not theretofore delivered to the Trustee for cancellation, on the dates such payments are due in accordance with the terms of the Notes and all other amounts payable under the Indenture by the Issuer; <u>then</u> the Indenture shall cease to be of further effect with respect to the Notes and the Issuer shall be discharged from any and all obligations hereunder, *in each case except as to* (A) rights of registration of transfer and exchange, (B) substitution of apparently mutilated, defaced, destroyed, lost or stolen Notes, (C) rights of Holders to receive payments of principal thereof and interest thereon (including the right to receive from or on behalf of the Issuer payments of any Additional Amounts due pursuant to Section 5.03 of the Eleventh Supplemental Indenture), (D) the rights, obligations and immunities of the Agents under the Indenture, (E) the rights of the Holders as beneficiaries hereof with respect to the property so deposited with the Trustee payable to all or any of them and (F) the obligations of the Issuer under the Indenture; and the Issuer shall cause the Trustee, on demand of the Issuer accompanied by an Officer's Certificate and an Opinion of Counsel and at the cost and expense of the Issuer, to execute proper instruments acknowledging such satisfaction of and discharging the Indenture. The Issuer shall agree to reimburse the Trustee and the Registrar and Paying Agent for any costs or expenses thereafter incurred and to compensate the Trustee and the Registrar and Paying Agent for any services thereafter rendered by the Trustee or the Registrar and Paying Agent in connection with the Indenture or the Notes.

4. <u>Defeasance</u>.

The Issuer and the Parent Guarantor may, at its option and at any time, elect to have the Issuer's and the Parent Guarantor's respective obligations discharged with respect to (i) defeasance and discharge of indebtedness in compliance with Article 1302 of the Base Indenture ("**Legal Defeasance**") or (ii) defeasance of any term, provision or condition set forth in Sections 5.01 and 5.02 of the Eleventh Supplemental Indenture ("**Covenant Defeasance**") with respect to the Securities at any time after the applicable conditions set forth below have been satisfied:

In order to exercise Legal Defeasance with respect to the Notes, the Issuer and Parent Guarantor must comply with Section 1304 of the Base Indenture.

------

In order to exercise Covenant Defeasance with respect to the Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Issuer or the Parent Guarantor shall have irrevocably deposited or caused to be deposited with the Trustee, specifically pledged as security for, and dedicated solely to, the benefit of the Holders, (i) cash in U.S. Dollars in an amount, or (ii) U.S. Government Obligations which through the payment of interest thereon and principal thereof in accordance with their terms will provide not later than the due date of any payment required hereunder cash in U.S. Dollars in an amount, or (iii) any combination of (i) and (ii), sufficient to pay all of the principal of, and interest and Additional Amounts on, the Securities then Outstanding on the dates such payments are due in accordance with the terms of such Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no Event of Default under, or event which, with notice, or lapse of time or both, would become an Event of Default shall have occurred and be continuing on the date of such deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Issuer or the Parent Guarantor shall have delivered to the Trustee an opinion of tax counsel of recognized standing with respect to U.S. federal income tax matters to the effect that the Beneficial Owners of Securities for U.S. federal income tax purposes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of the exercise of such Covenant Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would be the case if such Covenant Defeasance had not occurred; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Issuer or Parent Guarantor shall have delivered to the Trustee an Officer's Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for relating to such Covenant Defeasance have been complied with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event Covenant Defeasance occurs with respect to the Notes, the events (not including bankruptcy, insolvency or reorganization events) described under Article 4 of the Eleventh Supplemental Indenture will no longer constitute an Event of Default with respect to the Securities.

5. <u>Optional Redemption</u>.

Prior to the Par Call Date, the Issuer may redeem the Securities in whole or in part, at its option, at any time and from time to time at a redemption price (expressed as a percentage of the principal amount and rounded to three decimal places) equal to the greater of: (a) (i) the sum of the present values of the remaining scheduled payments of principal and interest thereon, discounted to the date of redemption (assuming the Securities matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months, and in the case of an incomplete month, the number of days elapsed) at the Treasury Rate plus 20 basis points, less (ii) interest accrued to the date of redemption, and (b) 100% of the principal amount of the Securities to be redeemed, plus in either case, any accrued and unpaid interest thereon to, but excluding, the redemption date.

On or after the Par Call Date, the Issuer may redeem the Securities at its option, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the Securities to be redeemed plus accrued and unpaid interest thereon to the redemption date.

------

In connection with such optional redemption the following defined terms apply:

"**Treasury Rate**" means, with respect to any redemption date, the yield determined by the Issuer in accordance with the following two paragraphs.

The Treasury Rate shall be determined by the Issuer after 4:15 p.m. New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third Business Day preceding the redemption date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as "Selected Interest Rates (Daily) – H.15" (or any successor designation or publication) ("**H.15**") under the caption "U.S. government securities—Treasury Constant Maturities—Nominal" (or any successor caption or heading) ("**H.15 TCM**"). In determining the Treasury Rate, the Issuer shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the Par Call Date (the "**Remaining Life**"); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life – and shall interpolate to the Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date.

If on the third Business Day preceding the redemption date H.15 TCM is no longer published, the Issuer shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second Business Day preceding such redemption date of the United States Treasury security maturing on, or with a maturity that is closest to, the Par Call Date, as applicable. If there is no United States Treasury security maturing on the Par Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the Par Call Date, one with a maturity date preceding the Par Call Date and one with a maturity date following the Par Call Date, the Issuer shall select the United States Treasury security with a maturity date preceding the Par Call Date. If there are two or more United States Treasury securities maturing on the Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Issuer shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places.

The Issuer's actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error. Neither the Trustee nor the Paying Agent shall be responsible for calculating the redemption price or for verifying any calculations of such redemption price. Notice of any redemption will be mailed or electronically delivered (or otherwise transmitted in accordance with the depositary's procedures) at least 10 days but not more than 60 days before the redemption date to the Trustee and to each Holder of the Notes to be redeemed.

------

If the Issuer decides to redeem fewer than all of the outstanding Notes (a partial redemption) and the Notes to be redeemed are Global Notes then held by DTC (or another depositary), the Notes to be redeemed shall be selected in accordance with the procedures of DTC (or such other depositary) or by lot. No Notes of a principal amount of less than $2,000 will be redeemed in part. If any Note is to be redeemed in part only, the notice of redemption that relates to the Note will state the portion of the principal amount of the Note to be redeemed.

Unless the Issuer defaults in payment of the redemption price, on and after the redemption date interest will cease to accrue on the Notes or portions thereof called for redemption.

6. <u>Tax Redemption</u>.

The Securities may be redeemed at the option of the Issuer in whole (but not in part), after having given at least 30 days' but not more than 60 days' notice to each Holder of the Securities with a copy to the Trustee and the Paying Agent (which notice shall be irrevocable), at a Redemption Price equal to the aggregate principal amount thereof plus accrued but unpaid interest to, but excluding, the date fixed for redemption (including any Additional Amounts) if, as a result of any change in the laws or regulations of any Relevant Taxing Jurisdiction or in the official interpretation or administration of any such laws or regulations becomes effective on or after the Original Issue Date specified pursuant to the terms of the Securities, the Issuer (or if the Parent Guarantee is called upon, the Parent Guarantor) would be required to pay Additional Amounts with respect to the Securities on the next succeeding Interest Payment Date as described in Section 5.03 of the Eleventh Supplementary Indenture and the Issuer or the Parent Guarantor, as applicable, cannot avoid this requirement by taking reasonable measures (a "**Tax Event**").

Prior to giving any such notice for redemption, the Issuer or the Parent Guarantor, as applicable, will deliver to the Trustee (for the benefit of the Holders of the Securities) an Officer's Certificate, stating that a Tax Event has occurred and is continuing and setting forth in reasonable detail a statement of circumstances showing that the conditions precedent to the right of the Issuer to redeem the Securities pursuant to this Section have been satisfied and an opinion of independent legal or tax advisers of recognized standing with respect to tax matters of the applicable Relevant Taxing Jurisdiction to the effect that a Tax Event has occurred and is continuing and setting forth in reasonable detail a statement of circumstances showing that the conditions precedent to the right of the Issuer to redeem the Securities pursuant to this Section have been satisfied. The Trustee is not responsible for the content of any opinion required by this condition. The opinion and Officer's Certificate shall be available for inspection or collection at all reasonable times during normal business hours by a Holder at the office of the Trustee or may be provided by email to a Holder following their prior written request to the Trustee and provision of proof of holding and identity (in a form satisfactory to the Trustee).

7. <u>Limitation on Liens</u>.

For so long as any of the Notes remain outstanding, the Issuer and the Parent Guarantor and their respective subsidiaries may not secure any securities or other indebtedness in respect of borrowed moneys having an original maturity of more than two years or any guarantee in respect of any such indebtedness ("**Relevant Debt**"), in each case now or hereafter existing, by granting security upon any of the Issuer's or the Parent Guarantor's present or future assets or revenues ("**Liens**") unless they, simultaneously with or prior to the creation of such security, take any and all action necessary to effectively provide that the same (or other security acceptable to the Holders) is accorded to all of the Notes for so long as the secured indebtedness is so secured. This limitation does not apply to:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) security created over any shares in or any securities owned by any subsidiaries that are not principally engaged in the business of insurance and that do not contribute more than 10% of the Parent Guarantor's total aggregate consolidated gross premium income as reflected in the most recent annual profit and loss account of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) security created in the normal course of the insurance business carried on in a manner consistent with generally accepted insurance practice for that insurance business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) security created in the normal course of the asset management business carried on in a manner consistent with generally accepted practices for that asset management business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) security or preference arising by operation of any law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) security over real property to secure borrowings to finance the purchase or improvement of that real property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) security over assets existing at the time of the acquisition of those assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) security not otherwise permitted by the foregoing clauses that secures borrowed moneys in an aggregate principal amount not exceeding 50% of the Parent Guarantor's total aggregate consolidated indebtedness with an original maturity of more than two years.

8. <u>Event of Default; Acceleration of Maturity; Waiver of Default.</u> 

"**Event of Default**", wherever used herein with respect to the Securities, means any one of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Issuer fails to pay principal or premium, if any, upon any Security, when due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Issuer fails to pay any interest (including any Additional Amounts) upon any Security, when due, and a continuance of such a default for a period of 30 days and within which period such default has not been remedied by the Parent Guarantor making such payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Issuer or Parent Guarantor, as the case may be, fails duly to perform any other covenants or the breach of any of the warranties contained in the Securities, the Parent Guarantees or this Indenture after being given written notice from the Holder and such failure has not been remedied within 90 days after written notification to the Issuer or Parent Guarantor, as the case may be, from the Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the entry by a court having jurisdiction in the premises of (A) a decree or order for relief in respect of the Issuer or, if applicable, the Parent Guarantor, in an involuntary case or proceeding under the applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or (B) a decree or order adjudging the Issuer or, if applicable, the Parent Guarantor a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Issuer or, if applicable, the Parent Guarantor or of any substantial part of the property of the Issuer or, if applicable, the Parent Guarantor, or ordering the winding up or liquidation of affairs of the Issuer or, if applicable, the Parent Guarantor, and the continuance of any such decree or order for relief or any such other decree or order unstayed and in effect for a period of 60 consecutive days; or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the commencement by the Issuer or, if applicable, the Parent Guarantor of a voluntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the entry of a decree or order for relief in respect of the Issuer or, if applicable, the Parent Guarantor in an involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable Federal or State law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Issuer or, if applicable, the Parent Guarantor or of any substantial part of the property of either of them, or the making by the Issuer or, if applicable, the Parent Guarantor of an assignment for the benefit of creditors, or the admission by either the Issuer or, if applicable, the Parent Guarantor in writing of an inability to pay its debts generally as they become due, or the taking of corporate action by the Issuer or, if applicable, the Parent Guarantor in further of any such action.

If an Event of Default with respect to Outstanding Securities of the Issuer occurs and is continuing (other than an Event of Default specified in clause (d) above), then in every such case the Trustee or the Holders of any Outstanding Securities of the Issuer may declare the principal amount and any accrued interest of the Securities to be due and payable immediately, by a notice in writing to the Issuer or the Parent Guarantor with a copy to the Trustee, specifying the Event of Default and that it is "notice of acceleration" , and the same shall become immediately due and payable unless, prior thereto, all Events of Default in respect of the Securities shall have been cured by the Issuer or Parent Guarantor. If an Event of Default specified in clause (d) above with respect to the Parent Guarantor or the Issuer occurs and is continuing, then all unpaid principal of, and premium, if any, and accrued and unpaid interest on the Outstanding Securities shall become immediately due and payable without any declaration or other act on the part of any Holder.

At any time after such a declaration of acceleration with respect to the Securities has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as provided in the Indenture, the Holders of a majority in principal amount of the Outstanding Securities, by written notice to the Issuer and the Trustee, may rescind and annul such declaration and its consequences if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Issuer has paid or deposited with the Trustee a sum sufficient to pay:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) all overdue interest on the Securities,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the principal of (and premium, if any, on) any Securities which have become due otherwise than by such declaration of acceleration and any interest thereon at the rate or rates prescribed therefor in the Securities,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) to the extent that payment of such interest is lawful, interest upon overdue interest at the rate or rates prescribed therefor in the Securities, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) all sums paid or advanced by the Trustee hereunder and the compensation, expenses, disbursements and advances of the Trustee, its agents and counsel;

------

and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all Events of Default with respect to the Securities, other than the non-payment of the principal of the Securities which have become due solely by such declaration of acceleration, have been cured or waived as provided in this Section.

No such rescission shall affect any subsequent default or impair any right consequent thereon.

The Holders of a majority in aggregate principal amount of the Securities then Outstanding may, by written notice to the Issuer and to the Trustee, waive all defaults and rescind and annul such declaration and its consequences, except a default

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the payment of the principal of or any premium or interest on any Security of such series of the Issuer, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in respect of a covenant or provision hereof which under Article Nine of the Base Indenture cannot be modified or amended without the consent of the Holder of each Outstanding Security of such series affected.

Upon any such waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of the Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon.

9. <u>Limitation on Suits; Unconditional Right of Holders to Institute Certain Actions</u>.

No Holder of the Securities shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture or the Securities or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to
the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Holders of not less than 25% in aggregate principal amount of the Outstanding Securities of that series
shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee under the Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such Holder or Holders have offered to the Trustee reasonable indemnity and/or security satisfactory to it
against the costs, expenses and liabilities to be incurred in compliance with such request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity and/or security has
failed to institute any such proceeding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the Outstanding Securities;

------

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

Notwithstanding any other provision of the Indenture and any provision of any Security or Parent Guarantee, the right of any Holder to receive payment of the principal of and interest on such Security on or after the respective due dates expressed in such Security, or to institute suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder.

10. <u>Supplemental Indentures</u>.

The Indenture permits the Issuer and the Trustee, from time to time and at any time, with the consent of the Holders of not less than a majority in aggregate principal amount of the Securities then Outstanding, evidenced as in the Indenture provided, to execute supplemental indentures for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental agreement or modifying in any manner the rights of the Holders under the Securities; provided, that no such supplemental indenture shall (a) change the maturity of the principal of any Security, or reduce the principal amount thereof, or reduce the stated rate or extend the stated time of payment of any instalment of interest thereon, or change the place or currency of payment of principal of, or interest on, any Security, or make any change the Issuer's obligations to pay Additional Amounts that would directly and adversely affect the right of any Holder in any material respect or that would amend the terms of such Securities in a way that would (i) result in a loss of an exemption from any of the taxes described thereunder or an exemption from any obligation to withhold or deduct taxes so described thereunder unless the Issuer or the Parent Guarantor, as applicable, agrees to pay Additional Amounts, if any, in respect thereof, or (iii) cause any Holder to be treated as having disposed of or otherwise transferred the Securities for tax purposes, (b) or impair or affect the right of any Holder to institute suit for the enforcement of any such payment on or after the due date thereof (or in the case of redemption, on or after the redemption date) or (c) reduce the aforesaid percentage of Securities, the consent of the Holders of which is required for any such supplemental agreement, without the consent of the Holders of all Securities then Outstanding.

11. <u>Denominations; Exchange; Transfer</u>.

This Security is in fully registered form without interest coupons. The Securities are issuable in denominations of U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof.

The Holder of this Security may only transfer or exchange this Security in accordance with the Indenture. The Registrar may require the Holder, among other things, to furnish appropriate endorsements or transfer documents and to pay any taxes and fees required by law or permitted by the Indenture.

------

12. <u>Persons Deemed Owners</u>.

Prior to due presentment of a Security for registration of transfer, the Issuer, the Trustee, the Registrar and Paying Agent and any agent of the Issuer, the Parent Guarantor, if applicable, the Trustee or the Registrar and Paying Agent may treat the Person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment of principal of and any premium and (subject to Section 307 of the Base Indenture) any interest on such Security and for all other purposes whatsoever, whether or not such Security be overdue, and neither the Company, the Parent Guarantor, if applicable, the Trustee, the Registrar and Paying Agent nor any agent of any of them shall be affected by notice to the contrary

13. <u>Covenant Not to Merge, Consolidate, Sell or Convey Property Except Under Certain Conditions.</u> 

Neither the Issuer nor the Parent Guarantor may consolidate with or merge into, or sell or lease all or substantially all of their respective assets to any person unless (i) the successor person expressly assumes all the Issuer's or the Parent Guarantor's obligations under, respectively, the Securities or the Parent Guarantees and under this Indenture (the "**Substitute**"), as the case may be (ii) immediately after giving effect to the transaction, no Event of Default, and no event which, after notice or lapse of time or both, would become an Event of Default, shall have occurred and be continuing and (iii) if the Substitute is organized, tax resident or engaged in business in a jurisdiction other than a Relevant Taxing Jurisdiction, such entity agrees to pay any Additional Amounts in respect of any taxes, duties, assessments or governmental charges of whatever nature imposed or levied by or on behalf of that other jurisdiction or any authority therein or thereof having power to tax, corresponding to the obligation (and relevant exceptions) to pay Additional Amounts as set forth under Section 5.03 of the Eleventh Supplemental Indenture (in which case the provisions of Section 3.02 of the Eleventh Supplemental Indenture shall also apply to that other jurisdiction as if it were a Relevant Taxing Jurisdiction, provided that the change in the laws or regulations or in the official interpretation or administration described therein becomes effective after the date of the merger, consolidation, sale or lease).

14. <u>Issuer Substitution</u>.

The Issuer may at any time following a consolidation, merger or sale of all or substantially all of its assets, without the consent of the Holders of the Securities, substitute itself as the principal debtor under the Securities following consolidation, merger or sale of all or substantially all its assets with such Substitute, provided that, immediately after giving effect to such transaction, no Event of Default has occurred or is continuing in respect of the Securities and no payment in respect of the Securities is at the relevant time overdue. The substitution shall be made by a supplemental indenture and may take place only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Substitute shall expressly assume the Issuer's obligations in their entirety under the Securities and
under this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Substitute is organized under the laws of the United States, the United Kingdom (including the Channel
Islands and Isle of Man), Bermuda or any other country that is a member of the Organization of Economic Co-operation and Development as of the date of such succession;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) each stock exchange on which the Securities are listed shall have confirmed that, following the proposed
substitution of the Substitute, the substituted Securities will continue to be listed on such stock exchange;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if as a result of such consolidation, merger or sale, assets of the Parent Guarantor would become subject to a
Lien to secure payment of any Relevant Debt for borrowed money of the Parent Guarantor which would not be permitted under the Indenture, the Parent Guarantor or the Substitute, as the case may be, prior to or simultaneous to the consolidation or
merger or such sale, as the case may be, shall take such steps as shall be necessary to effectively secure the substituted Securities equally and rateably with (or prior to) all Relevant Debt secured thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Substitute agrees, in the supplemental indenture, to indemnify each Holder against (A) any tax, duty,
assessment or governmental charge which is imposed on the Holder by (or by any subdivision or authority having power to tax in or of) the Relevant Taxing Jurisdiction with respect to any Security that would not have been so imposed had the
substitution not been made and (B) any cost or expense relating to the substitution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all the provisions set forth in the Indenture with respect to the Issuer shall apply to the Securities
following the substitution as if such Securities were originally issued by the Substitute;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Notes and obligations of the Substitute under the Notes shall be unconditionally guaranteed by the Parent
Guarantor as set forth in the Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) all actions, conditions and things required to be taken, fulfilled and done (including the obtaining of any
necessary consents) to ensure that (A) the supplemental indenture and the Securities, and such other documentation as may be necessary to be executed by the Substitute to effect the substitution represent valid, legally binding and enforceable
obligations of the Substitute and (B) the supplemental indenture and such other documentation as may be necessary to be executed by the Issuer to effect the substitution represent valid, legally binding and enforceable obligations of the Issuer
have been taken, fulfilled and done and are in full force and effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Issuer shall have delivered to the Trustee a certificate and legal opinion for the benefit of the Holders,
subject to customary assumptions and qualifications, addressed to the Trustee as to the fulfilment of the conditions specified in paragraph (g) above and as to compliance with the provisions of the Indenture.

Upon the execution of the supplemental indenture by all parties thereto and the satisfaction of the other conditions set out herein and the supplemental indenture, the Substitute shall succeed to and be substituted for the Issuer under the Securities and the Indenture with the same effect as if it had been named herein. Following a substitution in accordance herewith, the Issuer will cease to be the Issuer under the Securities, the Issuer will be released from and will have no further obligations or liabilities in respect of the Securities or the substituted notes and any substitution will not, in itself, trigger events of default or constitute an event described under Section 5.01 of the Eleventh Supplemental Indenture, provided, for the avoidance that the requirement of provision (iii) described under Section 5.01 of the Eleventh Supplemental Indenture shall apply. If the Substitute is the Parent Guarantor, the Parent Guarantor will be released of all obligations with respect to the Parent Guarantees upon becoming the Substitute in accordance herewith.

------

Such Substitute may cause to be signed, and may issue either in its own name or in the name of the Issuer prior to such succession, without the consent of the Holders, any or all of the Securities issuable under the Indenture which theretofore shall not have been signed by the Issuer and delivered to the Trustee; and, upon the written order of such Substitute, instead of the Issuer, and subject to all the terms, conditions and limitations in the Indenture prescribed, the Trustee shall, without the consent of the Holders, authenticate and shall deliver any Securities which previously shall have been signed and delivered by the officers of the Issuer to the Trustee for authentication, and any Securities which such Substitute thereafter shall cause to be signed and delivered to the Trustee for that purpose. All of the Securities so issued shall in all respects have the same legal rank and benefit under the Indenture as the Securities heretofore or thereafter issued in accordance with the terms of the Indenture as though all of such Securities had been issued at the date of the execution hereof.

In case of any such substitution in accordance herewith, such changes in phraseology and form (but not in substance) may be made in the Securities thereafter to be issued as may be appropriate.

In the event of any such substitution in accordance herewith by the Issuer, or any successor corporation which shall theretofore have become such a Substitute in the manner described in this Article, the Issuer or such a Substitute, as the case may be, shall be discharged from all obligations and covenants under the Indenture and the Securities and may be liquidated and dissolved.

15. <u>Governing Law</u>.

This Security, the Parent Guarantees and the Indenture shall be deemed to be a contract made under, governed by and construed in accordance with the laws of the State of New York without regard to the conflicts of law rules.

16. <u>Submission to Jurisdiction</u>.

The Issuer and Parent Guarantor (a) agree that any legal suit, action or proceeding arising out of or based upon the Indenture, the Securities or the Parent Guarantees may be instituted in any New York state or United States federal court in the Borough of Manhattan in the City of New York, New York, (b) waives, to the extent it may effectively do so, any objection which it may have now or hereafter to the laying of the venue of any such suit, action or proceeding, and (c) irrevocably submits to the non-exclusive jurisdiction of any such court in any such suit, action or proceeding.

------

[Form of Parent Guarantee]

**PARENT GUARANTEE** 

For value received the Parent Guarantor hereby unconditionally guarantees to the holder of the Note upon which this Parent Guarantee is endorsed, and to the Trustee on behalf of such holder, the due and punctual payment of the principal of /and premium if any) and interest on such Note when and as the same shall become due and payable, whether at the Stated Maturity, by acceleration, call for redemption or otherwise according to the terms thereof and of the Indenture referred to therein. In case of the failure of the Issuer punctually to make any such payment the Parent Guarantor hereby agrees to cause such payment to be made punctually when and as the same shall become due and payable, whether at the Stated Maturity or by acceleration, call for redemption or otherwise, and as if such payment were made by the Issuer.

The Parent Guarantor hereby agrees that its obligations hereunder shall be absolute and unconditional, irrespective of any invalidity, irregularity or unenforceability of this Note or the Indenture, the absence of any action to enforce the same or any release or amendment or waiver of any term of any other guarantee of, all or of any of the Notes, any waiver or consent by the holder of such Note or by the Trustee or either of them with respect to any provisions thereof or of the Indenture, the obtaining of any judgment against the Issuer or any action to enforce the same or any other circumstances which might otherwise constitute a legal or equitable discharge or defense of a guarantor; *provided, however*, that notwithstanding the foregoing, no such release, amendment, waiver, consent or judgment shall, without the consent of the Parent Guarantor, increase the principal amount of such Note or increase the rate or rates of interest thereon, or increase any premium payable upon redemption thereof, or alter the stated maturity thereof. The Parent Guarantor hereby waives the benefits of diligence, presentment, demand of payment, any requirement that the Trustee or any of the holders exhaust any right or take any action against the Issuer or any other Person, filing of claims with a court in the event of insolvency or bankruptcy of the Issuer, protest or notice with respect to such Note or the indebtedness evidenced thereby, and covenants that this Parent Guarantee will not be discharged except by complete performance of the obligations contained in such Note and in this Parent Guarantee; *provided, however*, that the Parent Guarantor receives prompt written notice of any failure by the Issuer to make any payment of principal, premium, if any, or interest or any sinking fund or analogous payment. The Parent Guarantor hereby agrees that, in the event of a default in payment of principal (or premium, if any) or interest on such Note, whether at their Maturity Date, by acceleration, call for redemption, purchase or otherwise, legal proceedings may be instituted by the Trustee on behalf of, or by, the holder of such Note, subject to the terms and conditions set forth in the Indenture, directly against the Parent Guarantor to enforce this Parent Guarantee without first proceeding against the Issuer.

No reference herein to the Indenture and no provision of this Parent Guarantee or of the Indenture shall alter or impair the guarantee of the Parent Guarantor, which is absolute and unconditional, of the due and punctual payment of the principal (and premium, if any) and interest on the Note upon which this Parent Guarantee is endorsed.

This Parent Guarantee shall remain in full force and effect and continue to be effective should any petition be filed by or against the Issuer for liquidation or reorganization, should the Issuer become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed for all or any significant part of the Issuer's assets, and shall, to the fullest extent

------

permitted by law, continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Notes is, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee on the Notes, whether as a "voidable preference," "fraudulent transfer," or otherwise, all as though such payment or performance had not been made. In the event that any payment, or any part thereof, is rescinded, reduced, restored or returned, the Notes shall, to the fullest extent permitted by law, be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned.

All terms used in this Parent Guarantee which are defined in the Indenture referred to in the Note upon which this Parent Guarantee is endorsed shall have the meanings assigned to them in such Indenture.

This Parent Guarantee shall not be valid or obligatory for any purpose until the certificate of authentication on the Note upon which this Parent Guarantee is endorsed shall have been executed by the Trustee under the Indenture by manual signature.

THIS PARENT GUARANTEE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

IN WITNESS WHEREOF, the undersigned has caused this Parent Guarantee to be signed manually, electronically or by facsimile by its duly authorized officer or representative.

---

| | |
|:---|:---|
| AEGON LTD., | AEGON LTD., |
| As Parent Guarantor | As Parent Guarantor |
| By: | [ ] |
|  | Authorized Signatory |

---

## Exhibit 5.1

**Exhibit 5.1**![LOGO](g264679dsp01.jpg)

---

| | |
|:---|:---|
| Aegon Ltd.<br> World Trade Center<br> Schiphol Boulevard 223<br> 1118 BH, Schiphol<br> The Netherlands<br>Aegon Funding Company LLC<br> 6400 C Street SW <br>Cedar Rapids IA 52499 <br>United States of America | Allen Overy Shearman Sterling LLP<br> Avocats au Barreau de Paris<br> Palais J022<br> 32 rue François 1er<br> 75008 Paris<br> France<br>Tel +33 (0)1 40 06 54 00<br> Fax +33 (0)1 40 06 54 54 |

---

Our ref DB/0130622-0000004 UKEU_AOSHEARMAN: 130001852113.4

May 7, 2026

**Aegon Funding Company LLC** 

**U.S.$500,000,000 5.625% Notes due 2036** 

Ladies and Gentlemen,

We have acted as special United States counsel to Aegon Funding Company LLC, a limited liability company organized under the laws of Delaware (the "**Issuer**"), and Aegon Ltd., an exempted company limited by shares incorporated under the laws of Bermuda (the "**Guarantor**"), in connection with the issuance and sale of (i) U.S.$500,000,000 5.625% Notes due 2036 of the Issuer (the "**Notes**"), pursuant to the Underwriting Agreement dated April 30, 2026 (the "**Underwriting Agreement**"), between the Issuer, the Guarantor and each of the underwriters named therein. The Notes will be issued pursuant to an Indenture dated October 11, 2001 among the Issuer, Aegon N.V. (subsequently renamed to Aegon Ltd.) and The Bank of New York Mellon Trust Company, N.A. (as successor Trustee to Citibank, N.A. under the Agreement of Resignation, Appointment and Acceptance dated as of August 21, 2007 by and among the Issuer, the Guarantor, The Bank of New York Mellon Trust Company, N.A. and Citibank, N.A., the "**Trustee**") (the "**Base Indenture**") and as amended by the eleventh supplemental indenture dated May 7, 2026 among the Issuer, the Guarantor, the Trustee and Citibank, N.A., as registrar and paying agent (the "**Eleventh Supplemental Indenture**") (collectively with the Base Indenture, the "**Indenture**"). The Notes will be guaranteed on a senior unsecured basis by the Guarantor (the "**Guarantees**" and together with the Notes, the "**Securities**").

In that connection, we have reviewed originals or copies of the following documents:

(a) the registration statement on Form F-3 relating to the Securities;

(b) the Indenture; and

(c) the Notes.

Allen Overy Shearman Sterling LLP is a limited liability partnership registered in England and Wales with registered number OC306763. It is authorised and regulated by the Solicitors Regulation Authority of England and Wales (SRA number 401323). The term partner is used to refer to a member of Allen Overy Shearman Sterling LLP or an employee or consultant with equivalent standing and qualifications. A list of the members of Allen Overy Shearman Sterling LLP and of the non-members who are designated as partners is open to inspection at its registered office, One Bishops Square, London E1 6AD.

Allen Overy Shearman Sterling LLP or an affiliated undertaking has an office in each of: Abu Dhabi, Amsterdam, Antwerp, Austin, Bangkok, Beijing, Belfast, Boston, Bratislava, Brussels, Budapest, Casablanca, Chicago, Dallas, Dubai, Dublin, Düsseldorf, Frankfurt, Hamburg, Hanoi, Ho Chi Minh City, Hong Kong, Houston, Istanbul, Jakarta (associated office), London, Los Angeles, Luxembourg, Madrid, Milan, Munich, New York, Paris, Perth, Prague, Riyadh, Rome, San Francisco, São Paulo, Seoul, Shanghai, Silicon Valley, Singapore, Sydney, Tokyo, Toronto, Warsaw, Washington, D.C.

------

The documents described in the foregoing clauses (a) through (c) are collectively referred to as the "**Opinion Documents**".

In our review of the Opinion Documents and other documents, we have assumed:

(a) The genuineness of all signatures.

(b) The authenticity of the originals of the documents submitted to us.

(c) The conformity to authentic originals of any documents submitted to us as copies.

(d) That each of the Opinion Documents is the legal, valid and binding obligation of each party thereto, (other
than the Issuer and the Guarantor to the extent that Generally Applicable Law (as defined below) is applicable), enforceable against each such party in accordance with its terms.

(e) That under the laws of Bermuda each of the Opinion Documents is the legal, valid and binding obligation of the
Issuer and the Guarantor enforceable against each such party in accordance with its terms.

(f) That:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each of the parties to the Opinion Documents, other than the Issuer, is an entity duly organized and validly
existing under the laws of its jurisdiction of organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Guarantor has power and authority (corporate or otherwise) to execute, deliver and perform, and has duly
authorized, executed and delivered (except to the extent Generally Applicable Law (as defined below) is applicable to such execution and delivery), the Opinion Documents to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The execution, delivery and performance by the Issuer the Guarantor of the Opinion Documents to which it is a
party do not and will not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) with respect to the Guarantor, contravene its memorandum of continuance or bye-laws; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) except with respect to Generally Applicable Law, violate any law, rule or regulation applicable to it.

(g) That the execution, delivery and performance by each of the Issuer and the Guarantor of the Opinion Documents
to which it is a party do not and will not result in any conflict with or breach of any agreement or document binding on it.

We have not independently established the validity of the foregoing assumptions.

For purposes of this opinion, "**Generally Applicable Laws**" means the federal law of the United States of America, the law of the State of New York and the Limited Liability Company Act of the State of Delaware.

Based upon the foregoing and upon such other investigation as we have deemed necessary and subject to the qualifications set forth below, we are of the opinion that:

1. When the Notes have been duly executed by the Issuer, authenticated by the Trustee in accordance with the
Indenture and delivered and paid for as provided in the Underwriting Agreement, the Notes will constitute valid and binding obligations of the Issuer, enforceable against the Issuer in accordance with their terms, and the Notes will be entitled to
the benefits of the Indenture.

------

2. When the Notes have been duly executed by the Issuer, authenticated by the Trustee in accordance with the
Indenture and delivered and paid for as provided in the Underwriting Agreement, the Guarantees will be the legal, valid and binding obligations of the Guarantor, enforceable against the Guarantor in accordance with their terms, and the Guarantees
will be entitled to the benefits of the Indenture.

Our opinions expressed above are subject to the following qualifications:

(a) Our opinions above are subject to (i) the effect of any applicable bankruptcy, insolvency, reorganization,
resolution, moratorium or similar laws affecting creditors' rights generally (including without limitation all laws relating to fraudulent transfers) and (ii) possible judicial action giving effect to governmental actions or foreign laws
affecting creditors' rights.

(b) Our opinions above are also subject to the effect of general principles of equity, including without limitation
concepts of materiality, reasonableness, good faith and fair dealing (regardless of whether considered in a proceeding in equity or at law).

(c) We express no opinion as to the enforceability of (i) any waiver of any applicable defenses, rights of set-off or counterclaims that are not capable of waiver, (ii) any provision relating to the severability of provisions in the Opinion Documents, or (iii) any provision of any of the Opinion Documents to
the effect that terms may not be waived or modified except in writing.

(d) We express no opinion with respect to Section 111 of the Base Indenture to the extent that such section
(i) contains a waiver of any objection based on inappropriate venue or *forum non conveniens* in any federal court of the United States or (ii) implies that a federal court of the United States has subject matter jurisdiction.

This opinion letter speaks only as of the date hereof. We expressly disclaim any responsibility to advise you of any development or circumstance of any kind, including any change of law or fact, that may occur after the date of this opinion letter and which might affect the opinions expressed herein.

We hereby consent to the filing of this opinion as an exhibit to the Guarantor's current report on Form 6-K filed on May 7, 2026 and to the incorporation by reference of this opinion to the Registration Statement. In giving such consent, we do not hereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act, or the rules and regulations of the U.S. Securities and Exchange Commission thereunder.

Sincerely yours,

/s/ Allen Overy Shearman Sterling LLP

**ALLEN OVERY SHEARMAN STERLING LLP**

## Exhibit 5.2

**Exhibit 5.2** 

---

| | |
|:---|:---|
| ![LOGO](g264679g0507072154212.jpg) | CONYERS DILL & PEARMAN LIMITED<br>Clarendon House, 2 Church Street<br> Hamilton HM 11, Bermuda<br>Mail: PO Box HM 666, Hamilton HM CX, Bermuda<br> T +1 441 295 1422<br>**conyers.com** |

---

7 May 2026

Matter No.: 1016468

+1 441 279 5327

<u>Jacqueline.King@conyers.com</u>

Aegon Ltd.

World Trade Center

Schiphol Boulevard 223

1118 BH Schiphol

The Netherlands

Dear Sirs or Madams

**Re: Aegon Ltd. (the "Company")** 

We have acted as special Bermuda legal counsel to the Company in connection with an offering pursuant to the Prospectus Supplement (as defined below) in connection with a registration statement on Form F-3ASR (Registration Nos. 333-287291 and 333-287291-01) (the "**Registration Statement**") of the Company and Aegon Funding Company LLC (the "**Issuer**") including a prospectus filed with the U.S. Securities and Exchange Commission (the "**Commission**") on 15 May 2025 (the "**Base Prospectus**") as supplemented by the preliminary prospectus supplement dated 28 April 2026 (the "**Preliminary Prospectus Supplement**") and a final prospectus supplement dated 30 April 2026 (the "**Prospectus Supplement**" and together with the Base Prospectus, the "**Final Prospectus**"), relating to the registration under the U.S. Securities Act of 1933, as amended, (the "**Securities Act**") of an offering by the Issuer of an aggregate of US$500,000,000 principal amount of its 5.625% Senior Notes due 2036 (the "**Notes**"). The Issuer's obligations under the Notes will be fully and unconditionally guaranteed on a senior unsecured basis by the Company pursuant to the guarantees dated 7 May 2026 granted in favour of the holder of each Note and the Trustee (as defined below) on behalf of such holder (the "**Guarantees**"). The Notes will be issued pursuant to an indenture dated as of 11 October 2001 by and among Aegon N.V. (subsequently renamed to Aegon Ltd.), the Issuer and The Bank of New York Mellon Trust Company, N.A. (as successor to Citibank, N.A.), as trustee (the "**Trustee**") as supplemented by an eleventh supplemental indenture dated 7 May 2026 by and among the Company, the Issuer, the Trustee and Citibank, N.A. as registrar and paying agent (the "**Supplemental Indenture**").

------

**1.** **DOCUMENTS REVIEWED** 

For the purposes of giving this opinion, we have examined electronic copies of the following documents:

1.1. the Registration Statement including the Final Prospectus;

1.2. the executed Supplemental Indenture; and

1.3. the executed Notes and Guarantees dated 7 May 2026.

The documents listed in items 1.2 through 1.3 above are herein sometimes collectively referred to as the "**Documents**" (which term does not include any other document or agreement whether or not specifically referred to therein or attached as an exhibit or schedule thereto).

We have also reviewed:

1.4. copies of the memorandum of continuance and the bye-laws of the
Company, each certified by the Secretary of the Company on 7 May 2026;

1.5. copies of minutes of a meeting of the Company's board of directors held on 2 December 2025 and
4 December 2025 respectively certified by the Secretary of the Company on 7 May 2026 (the "**December Resolutions** "); together with written resolutions of the Chief Executive Officer of the Company dated 5 May 2026
pursuant to delegated authority of the board of directors pursuant to the December Resolutions certified by the Secretary of the Company on 7 May 2026 (the "**May Resolutions** ", and together with the December Resolutions, the
" **Resolutions** "); and

1.6. such other documents and made such enquiries as to questions of law as we have deemed necessary in order to
render the opinion set forth below.

**2.** **ASSUMPTIONS** 

We have assumed:

2.1. the genuineness and authenticity of all signatures and the conformity to the originals of all copies (whether
or not certified) examined by us and the accuracy, authenticity and completeness of the originals from which such copies were taken;

2.2. that where a document has been examined by us in draft or unexecuted form, it will be or has been executed
and/or filed in the form of that draft or unexecuted form, and where a number of drafts of a document have been examined by us all changes thereto have been marked or otherwise drawn to our attention;

2.3. the capacity, power and authority of each of the parties to the Documents, other than the Company, to enter
into and perform its respective obligations under the Documents;

2.4. the due execution and delivery of the Documents by each of the parties thereto, other than the Company, and the
physical delivery thereof by the Company with an intention to be bound thereby;

2.5. the accuracy and completeness of all factual representations made in the Registration Statement and the
Documents and other documents reviewed by us;

conyers.com \| 2

------

2.6. that the Resolutions were passed at one or more duly convened, constituted and quorate meetings, or by
unanimous written resolutions, remain in full force and effect and have not been rescinded or amended;

2.7. that there is no provision of the law of any jurisdiction, other than Bermuda, which would have any implication
in relation to the opinions expressed herein;

2.8. the validity and binding effect under the laws of the State of New York (the "**Foreign Laws** ")
of the Documents in accordance with their respective terms;

2.9. the validity and binding effect under the Foreign Laws of the submission by the Company pursuant to the
Documents to the non-exclusive jurisdiction of any New York State or United States Federal court sitting in The City of New York (the "**Foreign Courts** ");

2.10. that none of the parties to the Documents is carrying on investment business for the purposes of the Investment
Business Act 2003 (as amended); and

2.11. at the time of issue of the Notes, the Company will be able to pay its liabilities as they become due.

**3.** **QUALIFICATIONS** 

3.1. The obligations of the Company under the Documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) will be subject to the laws from time to time in effect relating to bankruptcy, insolvency, liquidation,
possessory liens, rights of set off, reorganisation, amalgamation, merger, moratorium, bribery, corruption, money laundering, terrorist financing, proliferation financing or any other laws or legal procedures, whether of a similar nature or
otherwise, generally affecting the rights of creditors as well as applicable international sanctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) will be subject to statutory limitation of the time within which proceedings may be brought;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) will be subject to general principles of equity and, as such, specific performance and injunctive relief, being
equitable remedies, may not be available;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) may not be given effect to by a Bermuda court, whether or not it was applying the Foreign Laws, if and to the
extent they constitute the payment of an amount which is in the nature of a penalty; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) may not be given effect by a Bermuda court to the extent that they are to be performed in a jurisdiction
outside Bermuda and such performance would be illegal under the laws of that jurisdiction. Notwithstanding any contractual submission to the jurisdiction of specific courts, a Bermuda court has inherent discretion to stay or allow proceedings in the
Bermuda courts.

3.2. We express no opinion as to the enforceability of any provision of the Documents which provides for the payment
of a specified rate of interest on the amount of a judgment after the date of judgment or which purports to fetter the statutory powers of the Company.

conyers.com \| 3

------

3.3. We have made no investigation of and express no opinion in relation to the laws of any jurisdiction other than
Bermuda. This opinion is to be governed by and construed in accordance with the laws of Bermuda and is limited to and is given on the basis of the current law and practice in Bermuda. This opinion is issued solely for the purposes of the filing of
the Registration Statement and the offering of the Notes, including the Guarantees by the Company and is not to be relied upon in respect of any other matter.

**4.** **OPINION** 

On the basis of and subject to the foregoing, we are of the opinion that:

4.1. The Company is duly incorporated and existing under the laws of Bermuda in good standing (meaning solely that
it has not failed to make any filing with any Bermuda governmental authority under the Companies Act 1981, or to pay any Bermuda government fee or tax, which would make it liable to be struck off the Register of Companies and thereby cease to exist
under the laws of Bermuda).

4.2. The Company has the necessary corporate power and authority to enter into and perform its obligations under the
Documents. The execution and delivery of the Documents by the Company and the performance by the Company of its obligations thereunder will not violate the memorandum of continuance or bye-laws of the Company
nor any applicable law, regulation, order or decree in Bermuda.

4.3. The Company has taken all corporate action required to authorise its execution, delivery and performance of the
Documents. The Documents have been duly executed and delivered by or on behalf of the Company, and constitute the valid and binding obligations of the Company in accordance with the terms thereof.

We hereby consent to the filing of this opinion as an exhibit to the Company's Report on Form 6-K on the date hereof, which Form 6-K will be incorporated by reference into the Registration Statement and to the reference to our firm under the caption "Legal Matters" in the Prospectus Supplement forming part of the Registration Statement. In giving this consent, we do not admit that we are experts within the meaning of section 11 of the Securities Act or that we are in the category of persons whose consent is required under section 7 of the Securities Act or the rules and regulations of the Commission promulgated thereunder.

Yours faithfully,

/s/ Conyers Dill & Pearman Limited

**Conyers Dill & Pearman Limited** 

conyers.com \| 4