Document:

Exhibit 4.7

 

	 

 

 

 

 

 

ROYAL BANK OF CANADA

 

TO

 

THE BANK OF NEW YORK MELLON

Trustee

 

 

______________

 

Warrant Indenture

 

Dated as of ___________, 2018

 

 

______________

 

 

 

 

 

 

	 

 

    	 	 	 

    	 

    

 

TABLE OF CONTENTS

 

 

 

	 	 	Page
	 	 
	PARTIES	1
	 	 
	RECITALS OF THE BANK	1
	 	 
	ARTICLE One Definitions and Other Provisions of General Application	1
	 	 
	Section 101.	Definitions.	1
	Section 102.	Compliance Certificates and Opinions.	6
	Section 103.	Form of Documents Delivered to Trustee.	7
	Section 104.	Acts of Holders; Record Dates.	7
	Section 105.	Notices, Etc., to Trustee and Bank.	9
	Section 106.	Notice to Holders; Waiver.	10
	Section 107.	Conflict with Trust Indenture Act.	10
	Section 108.	Effect of Headings and Table of Contents.	10
	Section 109.	Successors and Assigns.	11
	Section 110.	Separability Clause.	11
	Section 111.	Benefits of Indenture.	11
	Section 112.	Governing Law.	11
	Section 113.	Legal Holidays.	11
	Section 114.	Characterization of Warrants.	11
	Section 115.	Jury Waiver.	12
	Section 116.	FATCA.	12
	 	 	 
	ARTICLE Two Security Forms	12
	 	 
	Section 201.	Forms Generally.	12
	Section 202.	RESERVED.	13
	Section 203.	RESERVED.	13
	Section 204.	Form of Legend for Global Securities.	13
	Section 205.	Form of Trustee’s Certificate of Authentication.	13
	Section 206.	Form of Master Global Security.	13
	Section 207.	Responsibility of Trustee with respect to Master Global Securities.	13
	 	 	 
	ARTICLE Three The Securities	14
	 	 
	Section 301.	Amount Unlimited; Issuable in Series.	14
	Section 302.	Denominations.	16
	Section 303.	Execution, Authentication, Delivery and Dating.	16
	Section 304.	Temporary Securities.	18
	Section 305.	Registration, Registration of Transfer and Exchange.	18
	Section 306.	Mutilated, Destroyed, Lost and Stolen Securities.	20
	Section 307.	RESERVED.	20
	Section 308.	Persons Deemed Owners.	20

 

    	 	i 	 

    	 

    

 

	Section 309.	Cancellation.	21
	Section 310.	RESERVED.	21
	Section 311.	CUSIP Numbers.	21
	Section 312.	RESERVED.	22
	Section 313.	Calculation Agent.	22
	 	 	 
	ARTICLE Four Satisfaction and Discharge	22
	 	 
	Section 401.	Satisfaction and Discharge of Indenture.	22
	Section 402.	Application of Trust Money.	23
	 	 	 
	ARTICLE Five Remedies	23
	 	 
	Section 501.	Events of Default.	23
	Section 502.	[RESERVED]	24
	Section 503.	Collection of Amounts Owed and Suits for Enforcement by Trustee.	24
	Section 504.	Trustee May File Proofs of Claim.	24
	Section 505.	Trustee May Enforce Claims Without Possession of Securities.	25
	Section 506.	Application of Money Collected.	25
	Section 507.	Limitation on Suits.	25
	Section 508.	Unconditional Right of Holders to Receive the Amounts Due on the Securities.	26
	Section 509.	Restoration of Rights and Remedies.	26
	Section 510.	Rights and Remedies Cumulative.	26
	Section 511.	Delay or Omission Not Waiver.	26
	Section 512.	Control by Holders.	26
	Section 513.	Waiver of Past Defaults.	27
	Section 514.	Undertaking for Costs.	27
	Section 515.	Waiver of Usury, Stay or Extension Laws.	27
	 	 	 
	ARTICLE Six The Trustee	28
	 	 
	Section 601.	Certain Duties and Responsibilities.	28
	Section 602.	Notice of Defaults.	28
	Section 603.	Certain Rights of Trustee.	28
	Section 604.	Not Responsible for Recitals or Issuance of Securities.	30
	Section 605.	May Hold Securities.	30
	Section 606.	Money Held in Trust.	30
	Section 607.	Compensation and Reimbursement.	30
	Section 608.	Conflicting Interests.	31
	Section 609.	Corporate Trustee Required; Eligibility.	31
	Section 610.	Resignation and Removal; Appointment of Successor.	32
	Section 611.	Acceptance of Appointment by Successor.	33
	Section 612.	Merger, Conversion, Consolidation or Succession to Business.	34
	Section 613.	Preferential Collection of Claims Against Bank.	34
	Section 614.	Appointment of Authenticating Agent.	34

 

    	 	ii 	 

    	 

    

 

	ARTICLE Seven Holders’ Lists and Reports by Trustee and Bank	36
	 	 
	Section 701.	Bank to Furnish Trustee Names and Addresses of Holders.	36
	Section 702.	Preservation of Information; Communications to Holders.	36
	Section 703.	Reports by Trustee.	37
	Section 704.	Reports by Bank.	37
	 	 	 
	ARTICLE Eight Consolidation, AMALGAMATION, Merger, Conveyance,

Transfer or Lease	37
	 	 
	Section 801.	Bank May Consolidate, Etc., Only on Certain Terms.	37
	Section 802.	Successor Substituted.	38
	 	 	 
	ARTICLE Nine Supplemental Indentures	38
	 	 
	Section 901.	Supplemental Indentures Without Consent of Holders.	38
	Section 902.	Supplemental Indentures With Consent of Holders.	39
	Section 903.	Execution of Supplemental Indentures.	40
	Section 904.	Effect of Supplemental Indentures.	41
	Section 905.	Conformity with Trust Indenture Act.	41
	Section 906.	Reference in Securities to Supplemental Indentures.	41
	 	 	 
	ARTICLE Ten Covenants	41
	 	 
	Section 1001.	Payment of Amounts Due on the Securities.	41
	Section 1002.	Maintenance of Office or Agency.	41
	Section 1003.	Money for Securities Payments to Be Held in Trust.	42
	Section 1004.	Statement by Officers as to Default.	43
	Section 1005.	Existence.	43
	Section 1006.	Waiver of Certain Covenants.	43
	Section 1007.	Interest Act (Canada).	43
	 	 	 
	ARTICLE Eleven Redemption of Securities	44
	 	 
	Section 1101.	Applicability of Article.	44
	Section 1102.	Election to Redeem; Notice to Trustee.	44
	Section 1103.	Selection by Trustee of Securities to Be Redeemed.	44
	Section 1104.	Notice of Redemption.	45
	Section 1105.	Deposit of Redemption Price.	45
	Section 1106.	Securities Payable on Redemption Date.	46
	Section 1107.	Securities Redeemed in Part.	46
	 	 	 
	ARTICLE Twelve Purchase or repayment of securities by the BANK at

the option of the holder	46
	 	 
	Section 1201.	Applicability of Article	46
	Section 1202.	Notice of Repayment Date.	46

 

    	 	iii 	 

    	 

    

 

	Section 1203.	Deposit of Repayment Price.	47
	Section 1204.	Securities Payable on Repayment Date.	47
	Section 1205.	Securities Repaid in Part.	47
	 	 	 
	ARTICLE Thirteen [RESERVED]	47
	 	 
	ARTICLE Fourteen [RESERVED]	48
	 	 
	ARTICLE Fifteen Miscellaneous Provisions	48
	 	 
	Section 1501.	Consent to Jurisdiction and Service of Process.	48
	Section 1502.	Indenture and Securities Solely Corporate Obligations.	49
	Section 1503.	Execution in Counterparts.	49
	 	 
	Exhibit A - Form of Master Global Security.	 

 

    	 	iv 	 

    	 

    

 

Reconciliation and Tie between Trust Indenture Act of
1939

and this Indenture

 

	Trust Indenture Act Section	Indenture Section
	 	 
	  ss.310(a)(1)	609
	(a)(2)	609
	(a)(3)	Not Applicable
	(a)(4)	Not Applicable
	(a)(5)	609
	(b)	608
	 	610
	(c)	Not Applicable
	 ss.311(a)	613
	(b)	613
	(c)	Not Applicable
	  ss.312(a)	701
	 	702
	(b)	702
	(c)	702
	 ss.313(a)	703
	(b)	703
	(c)	703
	 	106
	(d)	703
	 ss.314(a)	704
	(b)	Not Applicable
	(c)(1)	102
	(c)(2)	102
	(c)(3)	Not Applicable
	(d)	Not Applicable
	(e)	102
	 ss.315(a)	603
	(b)	602
	 	703
	(c)	601
	(d)	603
	(d)(1)	601

 

    	 	v 	 

    	 

    

 

	Trust Indenture Act Section	Indenture Section
	 	 
	(d)(2)	603
	(d)(3)	603
	(e)	514
	 ss.316(a)	101
	(a)(1)(A)	512
	(a)(1)(B)	513
	(a)(2)	Not Applicable
	(b)	508
	(c)	504
	 ss.317(a)(1)	505
	(a)(2)	504
	(b)	1004
	 ss.318(a)	107

 

________________________

 

NOTE: This reconciliation and tie shall not for any purpose, be deemed to
be a part of the Indenture.

 

    	 	vi 	 

    	 

    

 

WARRANT INDENTURE, dated as of
___________, 2018, between Royal Bank of Canada, a Canadian chartered bank (herein called the “Bank”), having
its corporate headquarters located at Royal Bank Plaza, 200 Bay Street, Toronto, Ontario, Canada M5J 2J5 and its head office located
at 1 Place Ville Marie, Montreal, Quebec, Canada H3C 3A9, and The Bank of New York Mellon, a New York banking corporation, as Trustee
(herein called the “Trustee”).

 

RECITALS OF THE BANK

 

The Bank has duly authorized the
execution and delivery of this Indenture to provide for the issuance from time to time of its Warrants (which may also be referred
to herein as the “Securities”), to be issued in one or more series as provided in this Indenture.

 

All things necessary to make this
Indenture a valid agreement of the Bank, in accordance with its terms, have been done.

 

NOW, THEREFORE, THIS INDENTURE
WITNESSETH:

 

For and in consideration of the
premises and the purchase of the Securities by the Holders thereof, it is mutually agreed, for the equal and proportionate benefit
of all Holders of the Securities or of series thereof, as follows:

 

ARTICLE
One

Definitions and Other Provisions of General Application

 

Section 101.         Definitions.

 

For all purposes of this Indenture,
except as otherwise expressly provided or unless the context otherwise requires:

 

(1)       the
terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular;

 

(2)       all
other terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings
assigned to them therein;

 

(3)       all
accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting
principles in Canada, including the accounting requirements of the Superintendent of Financial Institutions Canada, and, except
as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation
required or permitted hereunder shall mean such accounting principles as are generally accepted at the date of such computation;

 

(4)       unless
the context otherwise requires, any reference to an “Article” or a “Section” refers to an Article or a
Section, as the case may be, of this Indenture;

 

(5)       the
words “herein”, “hereof” and “hereunder” and other words of similar import refer to this Indenture
as a whole and not to any particular Article, Section or other subdivision;

 

    	 		 

    	 

    

 

(6)       all
references to dollars and $ shall mean U.S. dollars, unless otherwise indicated; and

 

(7)       when
used with respect to any Security, the words “exercise” and “exercised” are intended to refer to the right
of the Holder or the Bank to exercise such Security and to receive in exchange money or other assets as specified in accordance
with Section 301 in accordance with such terms as may hereafter be specified for such Security as contemplated by Section 301,
and these words are not intended to refer to any right of the Holder or the Bank to exchange such Security for other Securities
of the same series and like terms pursuant to Section 304, 305, 306, 1107 or 1205 or another similar provision of this Indenture,
unless the context otherwise requires; and references herein to the terms of any Security that may be exercised mean such terms
as may be specified for such Security as contemplated in Section 301.

 

“Act”, when
used with respect to any Holder, has the meaning specified in Section 104.

 

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

 

“Applicable Law”
has the meaning specified in Section 116.

 

“Authenticating Agent”
means any Person authorized by the Trustee pursuant to Section 614 to act on behalf of the Trustee to authenticate Securities
of one or more series.

 

“Bank” means
the Person named as the “Bank” in the first paragraph of this instrument until a successor Person shall have become
such pursuant to the applicable provisions of this Indenture, and thereafter “Bank” shall mean such successor Person.

 

“Bank Request”
or “Bank Order” means a written request or order signed in the name of the Bank by any one of its Chief Executive
Officer, the President, a Group Head, the Chief Financial Officer, the Chief Administrative Officer, the Chief Risk Officer, the
Chief Human Resources Officer, a Senior Executive Vice-President, the Chief Audit Executive, an Executive Vice-President or a Senior
Vice-President or by any two of its Vice-Presidents, acting together for such purpose (or any Person designated by one of them,
or in the case of any two Vice-Presidents acting together, both of them, in writing as authorized to sign and deliver such written
request or order or any Person designated by the Board of Directors as authorized to sign and deliver such written request or order),
and delivered to the Trustee.

 

“Board of Directors”
means either the board of directors of the Bank or any duly authorized committee of that board.

 

“Board Resolution”
means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Bank to have been duly adopted by the
Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee.

 

    	 	2	 

    	 

    

 

“Business Day”, when
used with respect to any Place of Payment, means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which
banking institutions in that Place of Payment are authorized or obligated by law or executive order to close.

 

“Calculation Agent”
means any Person appointed by the Bank as Calculation Agent in accordance with Section 313.

 

“Commission”
means the Securities and Exchange Commission, from time to time constituted, created under the Exchange Act, or, if at any time
after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust
Indenture Act, then the body performing such duties at such time.

 

“Corporate Trust Office”
means the principal corporate trust office of the Trustee in New York, New York at which at any particular time its corporate trust
business shall be administered.

 

“corporation”
means a corporation, association, company, limited liability company, joint-stock company, business trust or other entity.

 

“Depositary”
means, with respect to Securities of any series issuable in whole or in part in the form of one or more Global Securities, any
Person that is designated to act as Depositary for such Securities as contemplated by Section 301.

 

“Event of Default”
has the meaning specified in Section 501.

 

“Exchange Act”
means the Securities Exchange Act of 1934 and any statute successor thereto, in each case as amended from time to time.

 

“Expiration Date”
means, when used as to the Securities of any series, the date on which the right to exercise the Securities of that series will
expire.

 

“FATCA” has
the meaning specified in Section 116.

 

“Global Security”
means a Security that evidences all or part of the Securities of any series and bears the legend set forth in Section 204 (or such
legend as may be specified as contemplated by Section 301 for such Securities).

 

“Holder” means
a Person in whose name a Security is registered in the Security Register.

 

“Indenture”
means this instrument as originally executed and as it may from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof, including, for all purposes of this instrument and
any such supplemental indenture, the provisions of the Trust Indenture Act that are deemed to be a part of and govern this instrument
and any such supplemental indenture, respectively. The term “Indenture” shall also include the terms of particular
series of Securities established as contemplated by Section 301.

 

“Officers’ Certificate”
means a certificate signed by any one of the Bank’s Chief Executive Officer, the President, a Group Head, the Chief Financial
Officer, the Chief Administrative Officer, the Chief Risk Officer, the Chief Human Resources Officer, a Senior Executive Vice-President,
the Chief Audit Executive, an Executive Vice-President or a Senior Vice-President or by any two of its Vice-Presidents, acting
together for such purpose (or any Person designated by one of them, or in the case of any two Vice-Presidents acting together,
both of them, in writing as authorized to sign and deliver such certificate or any Person designated by the Board of Directors
as authorized to sign and deliver such certificate), and delivered to the Trustee. One of the officers
signing an Officers’ Certificate given pursuant to Section 1004 shall be the principal executive, financial or accounting
officer of the Bank.

 

    	 	3	 

    	 

    

 

“Opinion of Counsel”
means a written opinion of counsel, who may be counsel for the Bank, and who shall be acceptable to the Trustee.

 

“Outstanding”,
when used with respect to Securities, means, as of the date of determination, all Securities theretofore authenticated and delivered
under this Indenture, except:

 

(1)       Securities
theretofore cancelled by the Trustee or delivered to the Trustee for cancellation;

 

(2)       Securities
for whose payment, redemption or settlement money in the necessary amount has been theretofore deposited with the Trustee or any
Paying Agent (other than the Bank) in trust or set aside and segregated in trust by the Bank (if the Bank shall act as its own
Paying Agent) for the Holders of such Securities; provided that, if such Securities are to be redeemed, notice of such redemption
has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made; and

 

(3)       Securities
that have been paid pursuant to Section 306 or in exchange for or in lieu of which other Securities have been authenticated and
delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the
Trustee proof satisfactory to it that such Securities are held by a protected purchaser in whose hands such Securities are valid
obligations of the Bank;

 

provided, however, that in determining
whether the Holders of the requisite number of the Outstanding Securities have given, made or taken any request, demand, authorization,
direction, notice, consent, waiver or other action hereunder as of any date, Securities owned by the Bank or any other obligor
upon the Securities or any Affiliate of the Bank or of such other obligor shall be disregarded and deemed not to be Outstanding,
except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction,
notice, consent, waiver or other action, only Securities that a Responsible Officer of the Trustee knows to be so owned shall be
so disregarded.

 

“Paying Agent”
means any Person authorized by the Bank to pay the amounts due on any Securities on behalf of the Bank and may be the Bank in such
capacity.

 

“Payment or Settlement
Date”, when used with respect to any Security, means the date when any money or other asset with respect to such Security
becomes payable or deliverable upon exercise or redemption of such Security in accordance with its terms.

 

    	 	4	 

    	 

    

 

“Person” means
any individual, corporation, limited liability company, partnership, joint venture, trust, unincorporated organization or government
or any agency or political subdivision thereof.

 

“Place of Payment”,
when used with respect to the Securities of any series, means the place or places where the amounts due on the Securities of that
series are payable, whether upon exercise, redemption or otherwise, as specified as contemplated by Section 301.

 

“Predecessor Security”
of any particular Security means every previous Security evidencing all or a portion of the same warrants evidenced by such particular
Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 306 in exchange for
or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same warrants as the mutilated, destroyed,
lost or stolen Security.

 

“Pricing Supplement”
means a pricing supplement relating to a Supplemental Obligation, together with the accompanying prospectus, prospectus supplement
and any product-specific prospectus supplement, in each case if and to the extent applicable.

 

“Redemption Date”,
when used with respect to any Security to be redeemed, means the date fixed for such redemption by or pursuant to this Indenture.

 

“Redemption Price”,
when used with respect to any Security to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture
or the terms thereof.

 

“Repayment Date”,
when used with respect to Securities of any series the terms of which provide each Holder an option to require the Bank to purchase
or repay the Securities held by such Holder, means the date, if any, fixed for such purchase or repayment pursuant to this Indenture.

 

“Repayment Price”,
when used with respect to Securities of any series the terms of which provide each Holder an option to require the Bank to purchase
or repay the Securities held by such Holder, means the price, if any, at which such purchase or repayment is to occur pursuant
to this Indenture.

 

“Responsible Officer”
when used with respect to the Trustee, means any officer of the Trustee with direct responsibility for administration of this Indenture,
and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because
of such person’s knowledge of and familiarity with the particular subject.

 

“Security” has
the meaning stated in the first recital of this Indenture and more particularly means the warrants to be issued in one or more
series as provided in the Indenture; provided, that where the Indenture provides for a Security to be executed, authenticated
or delivered, such execution, authentication or delivery will be deemed to occur in respect of a Supplemental Obligation upon the
making by the Trustee of the notation required by the related Bank Order on Annex A to the Master Global Security; and provided
further, that where the Indenture provides for a Security to be delivered or surrendered for the purpose of cancellation, transfer
or exchange, such delivery or surrender will be deemed to occur in respect of a Supplemental Obligation upon the deletion or other
appropriate modification or amendment with respect to such Supplemental Obligation on such Annex A.

 

    	 	5	 

    	 

    

 

“Securities Act”
means the Securities Act of 1933 and any statute successor thereto, in each case as amended from time to time.

 

“Security Register”
and “Security Registrar” have the respective meanings specified in Section 305.

 

“Supplemental Obligation” means the
obligations of the Bank, as described in a Pricing Supplement and represented by a Global Security, constituting a single “series”
(or any part thereof), as such term is used in the Indenture. All references in the Indenture to the “Securities of any series,”
the “Securities of the relevant series,” the “Securities of such series” or any substantially similar phrase
shall also refer to a Supplemental Obligation or Supplemental Obligations, as the case may be.

 

“Trust Indenture Act”
means the Trust Indenture Act of 1939 as in force at the date as of which this instrument was executed; provided, however,
that in the event the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to the extent
required by any such amendment, the Trust Indenture Act of 1939 as so amended.

 

“Trustee” means
the Person named as the “Trustee” in the first paragraph of this instrument until a successor Trustee shall have become
such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person
who is then a Trustee hereunder, and if at any time there is more than one such Person, “Trustee” as used with respect
to the Securities of any series shall mean the Trustee with respect to Securities of that series.

 

“Vice-President”,
when used with respect to the Bank or the Trustee, means any vice-president, whether or not designated by a number or a word or
words added before or after the title “vice-president.”

 

“Voting Expiration Date”
has the meaning specified in Section 104.

 

“Warrants” means
warrants, issued by the Bank and authenticated and delivered under this Indenture, the amounts payable on which by the Bank are
determined by reference to the performance, level or value of, one or more of the following: (i) securities of one or more
issuers (other than the Bank or any of its affiliates), including the debt or equity securities of third parties, (ii) one or more
currencies, (iii) one or more commodities, (iv) any other financial, economic or other measure or instrument (including the
occurrence or non-occurrence of any event or circumstance) and/or (v) one or more indices or baskets of the items described in
clauses (i), (ii), (iii) and (iv).

 

Section 102.         Compliance Certificates and
Opinions.

 

Upon any application or request
by the Bank to the Trustee to take any action under any provision of this Indenture, the Bank shall furnish to the Trustee such
certificates and opinions as may be required under the Trust Indenture Act. Each such certificate or opinion shall be given in
the form of an Officers’ Certificate, if to be given by an officer of the Bank, or an Opinion of Counsel, if to be given
by counsel, and shall comply with the requirements of the Trust Indenture Act and any other requirements set forth in this Indenture.

 

    	 	6	 

    	 

    

 

Every certificate or opinion with
respect to compliance with a condition or covenant provided for in this Indenture (except for certificates provided for in Section
1004) shall include,

 

(1)       a
statement that each individual signing such certificate or opinion has read such covenant or condition and the definitions herein
relating thereto;

 

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

 

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

 

(4)       a
statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with.

 

Section 103.         Form of Documents Delivered
to Trustee.

 

In any case where several matters
are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be
certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document,
but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other
matters, and any such Person may certify or give an opinion as to such matters in one or several documents.

 

Any certificate or opinion of an
officer of the Bank may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations
by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations
with respect to the matters upon which his or her certificate or opinion is based are erroneous. Any such certificate or opinion
of counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an
officer or officers of the Bank stating that the information with respect to such factual matters is in the possession of the Bank,
unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations
with respect to such matters are erroneous.

 

Where any Person is required to
make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under
this Indenture, they may, but need not, be consolidated and form one instrument.

 

Section 104.         Acts of Holders; Record Dates.

 

Any request, demand, authorization,
direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given, made or taken by Holders
may be embodied in and evidenced by one or more instruments of substantially similar terms signed by such Holders in person or
by agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when
such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Bank. Such instrument
or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act”
of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any
such agent shall be sufficient for any purpose of this Indenture and (subject to Section 601) conclusive in favor of the Trustee
and the Bank, if made in the manner provided in this Section.

 

    	 	7	 

    	 

    

 

The fact and date of the execution
by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate
of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing
such instrument or writing acknowledged to him or her the execution thereof. Where such execution is by a signer acting in a capacity
other than his or her individual capacity, such certificate or affidavit shall also constitute sufficient proof of his or her authority.
The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also
be proved in any other manner which the Trustee deems sufficient.

 

For the purposes of this Indenture,
the ownership of Securities shall be proved by the Security Register.

 

Any request, demand, authorization,
direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every future Holder of the same Security
and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in
respect of anything done, omitted or suffered to be done by the Trustee or the Bank in reliance thereon, whether or not notation
of such action is made upon such Security.

 

The Bank may set any day as a record
date for the purpose of determining the Holders of Outstanding Securities of any series entitled to give, make or take any request,
demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given,
made or taken by Holders of Securities of such series, provided that the Bank may not set a record date for, and the provisions
of this paragraph shall not apply with respect to, the giving or making of any notice, declaration, request or direction referred
to in the next paragraph. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities of the relevant
series on such record date, and no other Holders, shall be entitled to take the relevant action, whether or not such Holders remain
Holders after such record date; provided that no such action shall be effective hereunder unless taken on or prior to the
applicable Voting Expiration Date by Holders of the requisite number of Outstanding Securities of such series on such record date.
Nothing in this paragraph shall be construed to prevent the Bank from setting a new record date for any action for which a record
date has previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically and with
no action by any Person be cancelled and of no effect), and nothing in this paragraph shall be construed to render ineffective
any action taken by Holders of the requisite number of Outstanding Securities of the relevant series on the date such action is
taken. Promptly after any record date is set pursuant to this paragraph, the Bank, at its own expense, shall cause notice of such
record date, the proposed action by Holders and the applicable Voting Expiration Date to be given to the Trustee in writing and
to each Holder of Securities of the relevant series in the manner set forth in Section 106.

 

    	 	8	 

    	 

    

 

The Trustee may set any day as
a record date for the purpose of determining the Holders of Outstanding Securities of any series entitled to join in the giving
or making of (i) [reserved], (ii) any request to institute proceedings referred to in Section 507(2) or (iii) any direction referred
to in Section 512, in each case with respect to Securities of such series. If any record date is set pursuant to this paragraph,
the Holders of Outstanding Securities of such series on such record date, and no other Holders, shall be entitled to join in such
notice, declaration, request or direction, whether or not such Holders remain Holders after such record date; provided that
no such action shall be effective hereunder unless taken on or prior to the applicable Voting Expiration Date by Holders of the
requisite number of Outstanding Securities of such series on such record date. Nothing in this paragraph shall be construed to
prevent the Trustee from setting a new record date for any action for which a record date has previously been set pursuant to this
paragraph (whereupon the record date previously set shall automatically and with no action by any Person be cancelled and of no
effect), and nothing in this paragraph shall be construed to render ineffective any action taken by Holders of the requisite number
of Outstanding Securities of the relevant series on the date such action is taken. Promptly after any record date is set pursuant
to this paragraph, the Trustee, at the Bank’s expense, shall cause notice of such record date, the proposed action by Holders
and the applicable Voting Expiration Date to be given to the Bank in writing and to each Holder of Securities of the relevant series
in the manner set forth in Section 106.

 

With respect to any record date
set pursuant to this Section, the party hereto that sets such record dates may designate any day as the Voting Expiration Date
(the “Voting Expiration Date”) and from time to time may change the Voting Expiration Date to any earlier or later
day; provided that no such change shall be effective unless notice of the proposed new Voting Expiration Date is given to
the other party hereto in writing, and to each Holder of Securities of the relevant series in the manner set forth in Section 106,
on or prior to the existing Voting Expiration Date. If a Voting Expiration Date is not designated with respect to any record date
set pursuant to this Section, the party hereto that set such record date shall be deemed to have initially designated the 180th
day after such record date as the Voting Expiration Date with respect thereto, subject to its right to change the Voting Expiration
Date as provided in this paragraph.

 

Without limiting the foregoing,
a Holder entitled hereunder to take any action hereunder with regard to any particular Security may do so with regard to all or
any number of the Securities or by one or more duly appointed agents, each of which may do so pursuant to such appointment with
regard to all or any number of such Securities.

 

Section 105.         Notices, Etc., to Trustee
and Bank.

 

Any request, demand, authorization,
direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to be made upon,
given or furnished to, or filed with,

 

(1)       the
Trustee by any Holder or by the Bank shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing
to or with the Trustee at its Corporate Trust Office, or

 

(2)       the
Bank by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided)
if in writing and mailed, first-class postage prepaid, to the Bank addressed to it at the address of its corporate headquarters
specified in the preamble to this Indenture, Attention Executive Vice-President, Corporate Treasury, or at any other address previously
furnished in writing to the Trustee by the Bank, or

 

    	 	9	 

    	 

    

 

(3)       the
Trustee agrees to accept and act upon notices, instructions or directions pursuant to this Indenture sent by unsecured e-mail,
facsimile transmission or other similar unsecured electronic methods. If the Bank elects to give the Trustee e-mail or facsimile
instructions (or instructions by a similar electronic method) and the Trustee in its reasonable discretion elects to act upon such
instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall not be liable
for any losses, costs or expenses incurred by it as a result of such reliance upon or compliance with such instructions, except
in the case of its negligence, bad faith or willful misconduct. The Bank agrees to assume all risks arising out of the use of such
electronic methods to submit instructions and directions to the Trustee, including without limitation the risk of the Trustee acting
on unauthorized instructions, and the risk of interception and misuse by third parties, other than those risks arising out of negligence,
bad faith or willful misconduct of the Trustee.

 

Section 106.         Notice to Holders; Waiver.

 

Where this Indenture provides for
notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing
and mailed, first-class postage prepaid, to each Holder affected by such event, at his or her address as it appears in the Security
Register, not later than the latest date (if any), and not earlier than the earliest date (if any), prescribed for the giving of
such notice. In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any
notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. Where this
Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice,
either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be
filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon
such waiver.

 

In case by reason of the suspension
of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification
as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.

 

Section 107.         Conflict with Trust Indenture
Act.

 

If any provision hereof limits,
qualifies or conflicts with a provision of the Trust Indenture Act that is required under such Act to be a part of and govern this
Indenture, the latter provision shall control. If any provision of this Indenture modifies or excludes any provision of the Trust
Indenture Act that may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as so modified
or to be excluded, as the case may be.

 

Section 108.         Effect of Headings and Table
of Contents.

 

The Article and Section headings
herein and the Table of Contents are for convenience only and shall not affect the construction hereof.

 

    	 	10	 

    	 

    

 

Section 109.         Successors and Assigns.

 

All covenants and agreements in
this Indenture by the Bank shall bind its successors and assigns, whether so expressed or not.

 

Section 110.         Separability Clause.

 

In case any provision in this Indenture
or in the Securities shall 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 111.         Benefits of Indenture.

 

Nothing in this Indenture or in
the Securities, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder and
the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture.

 

Section 112.         Governing Law.

 

This Indenture and the Securities
shall be governed by and construed in accordance with the law of the State of New York, except for Section 301(b), which shall
be governed by and construed in accordance with the laws of the Province of Ontario and the laws of Canada applicable therein.

 

All judicial proceedings brought
against the Bank, the Trustee or any other agent, arising out of or relating to this Indenture, and any Security may be brought
in a United States Federal or State court located in the City of New York, the Borough of Manhattan, and by execution and delivery
of this Indenture, each of the Bank, the Trustee and any other agent (in such capacities), accept, generally and unconditionally,
the nonexclusive jurisdiction of the aforesaid courts.

 

Section 113.         Legal Holidays.

 

In any case where any Payment or
Settlement Date, Redemption Date, Repayment Date or Expiration Date of any Security shall not be a Business Day at any Place of
Payment, then (notwithstanding any other provision of this Indenture or of the Securities (other than a provision of any Security
which specifically states that such provision shall apply in lieu of this Section)) payments due on the Security need not be made
at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same
force and effect as if made on the Payment or Settlement Date, Redemption Date, Repayment Date, or at the Expiration Date; and
no interest shall accrue for the period from and after such Payment or Settlement Date, Redemption Date, Repayment Date, or Expiration
Date, as the case may be, to the date of such payment.

 

Section 114.         Characterization of Warrants.

 

By executing this Indenture, the
Bank intends that the Warrants (i) be characterized for all purposes as indebtedness or a senior unsecured contractual obligation
of the Bank ranking pari passu with all other senior unsecured debt of the Bank and (ii) benefit from the protections afforded
by the Trust Indenture Act in respect of debt securities.

 

    	 	11	 

    	 

    

 

Section 115.         Jury Waiver.

 

EACH OF THE BANK, THE TRUSTEE AND
THE HOLDERS HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN
ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY.

 

Section 116.         FATCA.

 

In order to comply with sections
1471 – 1474 of the Internal Revenue Code, including regulations promulgated thereunder (“FATCA”), or an intergovernmental
agreement, including any related guidance or legislation, implementing FATCA (collectively, “Applicable Law”) that
a foreign financial institution, issuer, paying agent, holder or other institution is or has agreed to be subject to related to
this Indenture, (i) to the extent the Bank has in its possession sufficient information about holders or other applicable parties
and/or transactions (including any modification to the terms of such transactions) relating to Applicable Law, the Bank agrees
to provide to the Trustee such information, as the Trustee may reasonably request, for the Trustee’s determination as to
any tax related obligations under Applicable Law, and (ii) the Bank agrees that the Trustee shall be entitled to make any withholding
or deduction from payments under this Indenture to the extent necessary to comply with Applicable Law for which the Trustee shall
not have any liability. The terms of this section shall survive the termination of this Indenture.

 

ARTICLE
Two

Security Forms

 

Section 201.         Forms Generally.

 

The Securities of each series shall
be in substantially the form described in this Article, or in such other form as shall be established by or pursuant to a Board
Resolution or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions
and other variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification
and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or Depositary
therefor or as may, consistently herewith, be determined by the officers executing such Securities, as evidenced by their execution
thereof. If the form of Securities of any series is established by action taken pursuant to a Board Resolution, a copy of an appropriate
record of such action shall be certified by the Secretary or an Assistant Secretary of the Bank and delivered to the Trustee at
or prior to the delivery of the Bank Order contemplated by Section 303 for the authentication and delivery of such Securities.
If all the Securities of any series established by action taken pursuant to a Board Resolution are not to be issued at one time,
it shall not be necessary to deliver a record of such action at the time of issuance of each Security of such series, but an appropriate
record of such action shall be delivered at or before the time of issuance of the first Security of such series.

 

The definitive Securities shall
be printed, lithographed or engraved on steel engraved borders or may be produced in any other manner, all as determined by the
officers executing such Securities, as evidenced by their execution of such Securities.

 

    	 	12	 

    	 

    

 

Section 202.         RESERVED.

 

Section 203.         RESERVED.

 

Section 204.         Form of Legend for Global
Securities.

 

Unless otherwise specified as contemplated
by Section 301 for the Securities evidenced thereby, every Global Security authenticated and delivered hereunder shall bear a legend
in substantially the following form:

 

THIS SECURITY IS A GLOBAL SECURITY
WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF.
THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR
IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES
DESCRIBED IN THE INDENTURE.

 

Section 205.         Form of Trustee’s Certificate
of Authentication.

 

Subject to Section 614, each
of the Trustee’s certificates of authentication shall be in substantially the following form:

 

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

 

	Dated:	The Bank of New York

Mellon,
	 	As Trustee

By____________________

Authorized Officer

 

Section 206.         Form of Master Global Security.

 

One or more issuances of the Securities
may be represented by a “Master Global Security,” representing one or more issuances of the Warrants, the form of which
is set forth in Exhibit A to this Indenture.

 

Section 207.         Responsibility of Trustee
with respect to Master Global Securities.

 

In addition to all other duties
of the Trustee in connection with the issuance of Securities hereunder, the Trustee shall be required to maintain each of the Pricing
Supplements and other documents from which the terms of the Securities are incorporated by reference into any Master Global Security
and to notate the issuance of any Supplemental Obligation thereunder as directed by Bank Order. Such notation shall, with respect
to any Supplemental Obligation, be deemed to constitute the authentication of such Supplemental Obligation for purposes of this
Indenture.

 

    	 	13	 

    	 

    

 

ARTICLE
Three

The Securities

 

Section 301.         Amount Unlimited; Issuable
in Series.

 

(a)       The
number of Securities that may be authenticated and delivered under this Indenture is unlimited.

 

(b)       The
Securities are unsubordinated and unsecured obligations of the Bank.

 

(c)       The
Securities may be issued in one or more series. There shall be established in or pursuant to a Board Resolution and, subject to
Section 303, set forth, or determined in the manner provided, in an Officers’ Certificate, or established in one or more
indentures supplemental hereto, prior to the issuance of Securities of any series,

 

(1)       the
title of the Securities of the series (which shall distinguish the Securities of the series from all other securities);

 

(2)       any
limit upon the number of the Securities of the series which may be authenticated and delivered under this Indenture (except for
Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of
the series pursuant to Section 304, 305, 306, 906, 1107 or 1303 and except for any Securities which, pursuant to Section 303, are
deemed never to have been authenticated and delivered hereunder);

 

(3)       the
date or dates on which the amount due on any Securities of the series is payable;

 

(4)       the
place or places where the amount due on any Securities of the series shall be payable, the place or places where the Securities
of such series may be presented for registration of transfer or exchange, any restrictions that may be applicable to any such transfer
or exchange in addition to or in lieu of those set forth herein, and the place or places where notices and demands to or upon the
Bank in respect of the Securities of such series may be made;

 

(5)       the
terms upon which the Warrants may be exercised, including the terms of any automatic exercise and any exercise price that must
be paid by the applicable Holder or Holders, and the period or periods within which, the price or prices at which and the terms
and conditions upon which any Securities of the series may be redeemed, in whole or in part, at the option of the Bank and, if
other than by a Board Resolution, the manner in which any election by the Bank to redeem the Securities shall be evidenced;

 

(6)       the
obligation, if any, of the Bank to redeem or purchase any Securities of the series or at the option of the Holder thereof and the
period or periods within which, the price or prices at which and the terms and conditions upon which any Securities of the series
shall be redeemed or purchased, in whole or in part, pursuant to such obligation;

 

    	 	14	 

    	 

    

 

(7)       if
other than denominations of 100 Securities and any integral multiple thereof, the denominations in which any Securities of the
series shall be issuable;

 

(8)       if
the amount of any payments on any Securities of the series may be determined with reference to an index, other reference asset
or pursuant to a formula, the manner in which such amounts shall be determined, and any Calculation Agent that shall make such
determinations;

 

(9)       the
terms, if any, on which any Securities of the series may or shall be converted into or exchanged at the option of the Bank or otherwise
for shares or other securities of the Bank or another entity or other entities, into the cash value thereof or into any combination
of the foregoing, any specific terms relating to the adjustment thereof and the period during which such Securities may or shall
be so converted or exchanged;

 

(10)       if
other than the currency of the United States of America, the currency, currencies or currency units in which the payments on the
Securities of the series shall be payable and the manner of determining the equivalent thereof in the currency of the United States
of America for any purpose;

 

(11)       if
the amount due on any Securities of the series is to be payable, at the election of the Bank or the Holder thereof, in one or more
currencies or currency units other than that or those in which such Securities are stated to be payable, the currency, currencies
or currency units in which the amount due on such Securities as to which such election is made shall be payable, the periods within
which and the terms and conditions upon which such election is to be made and the amount so payable (or the manner in which such
amount shall be determined);

 

(12)       [reserved];

 

(13)       if
applicable, that any Securities of the series shall be issuable in whole or in part in the form of one or more Global Securities
and, in such case, the respective Depositaries for such Global Securities, the form of any legend or legends which shall be borne
by any such Global Security in addition to or in lieu of that set forth in Section 204 and any circumstances in addition to or
in lieu of those set forth in Clause (2) of the last paragraph of Section 305 in which any such Global Security may be exchanged
in whole or in part for registered Securities, and any transfer of such Global Security in whole or in part may be registered,
in the name or names of Persons other than the Depositary for such Global Security or a nominee thereof and any other provisions
governing exchanges or transfers of any such Global Security;

 

(14)       any
addition to or change in the Events of Default which applies to any Securities of the series;

 

(15)       any
addition to, deletion from or change in the covenants set forth in Article Ten which applies to Securities of the series; and

 

(16)       any
other terms of the series (which terms shall not be inconsistent with the provisions of this Indenture, except as permitted by
Section 901(5)).

 

    	 	15	 

    	 

    

 

All Securities of any one series
shall be substantially identical except as to denomination and except as may otherwise be provided in or pursuant to the Board
Resolution referred to above and (subject to Section 303) set forth, or determined in the manner provided, in the Officers’
Certificate referred to above or in any such indenture supplemental hereto. All Securities of any one series need not be issued
at one time and, unless otherwise provided in or pursuant to the Board Resolution referred to above and (subject to Section 303)
set forth, or determined in the manner provided, in the Officers’ Certificate referred to above or in any such indenture
supplemental hereto with respect to a series of Securities, additional Securities of a series may be issued, at the option of the
Bank, without the consent of any Holder, at any time and from time to time.

 

If any of the terms of the series
are established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified
by the Secretary or an Assistant Secretary of the Bank and delivered to the Trustee at or prior to the delivery of the Officers’
Certificate setting forth the terms of the series.

 

The Securities are unsecured contractual
obligations of the Bank and will rank pari passu with all of the other unsecured contractual obligations of the Bank and all of
the other unsecured and unsubordinated senior indebtedness of the Bank, in each case present and future, except for such obligations
as are preferred by operation of law.

 

Section 302.         Denominations.

 

The Securities of each series shall
be issuable only in registered form without coupons and only in such denominations as shall be specified as contemplated by Section
301. In the absence of any such specified denomination with respect to the Securities of any series, the Securities of such series
shall be issuable in denominations of 100 Securities and any integral multiple thereof.

 

Section 303.         Execution, Authentication,
Delivery and Dating.

 

The Securities shall be executed
on behalf of the Bank by any one of its Chief Executive Officer, the President, a Group Head, the Chief Financial Officer, the
Chief Administrative Officer, the Chief Risk Officer, the Chief Human Resources Officer, a Senior Executive Vice-President, the
Chief Audit Executive, an Executive Vice-President or a Senior Vice-President or by any two of its Vice-Presidents, acting together
for such purpose (or any Person designated by one of them, or in the case of any two Vice-Presidents acting together, both of them,
in writing as authorized to execute and deliver Securities or any Person designated by the Board of Directors as authorized to
execute and deliver Securities). The signature of any of these officers on the Securities may be manual or facsimile.

 

Securities bearing the manual or
facsimile signatures of individuals who were at any time the proper officers of the Bank shall bind the Bank, notwithstanding that
such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or
did not hold such offices at the date of such Securities.

 

    	 	16	 

    	 

    

 

At any time and from time to time
after the execution and delivery of this Indenture, the Bank may deliver Securities of any series executed by the Bank to the Trustee
for authentication, together with a Bank Order for the authentication and delivery of such Securities, and the Trustee in accordance
with the Bank Order shall authenticate and deliver such Securities. If the form or terms of the Securities of the series have been
established by or pursuant to one or more Board Resolutions as permitted by Sections 201 and 301, in authenticating such Securities,
and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled
to receive, and (subject to Section 601) shall be fully protected in relying upon, an Opinion of Counsel stating,

 

(1)       if
the form of such Securities has been established by or pursuant to Board Resolution as permitted by Section 201, that such form
has been established in conformity with the provisions of this Indenture;

 

(2)       if
the terms of such Securities have been established by or pursuant to Board Resolution as permitted by Section 301, that such terms
have been established in conformity with the provisions of this Indenture; and

 

(3)       that
such Securities, when authenticated and delivered by the Trustee and issued by the Bank in the manner and subject to any conditions
specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Bank enforceable in accordance
with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general
applicability relating to or affecting creditors’ rights and to general equity principles.

 

If such form or terms have been
so established, the Trustee shall not be required to authenticate such Securities if the issue of such Securities pursuant to this
Indenture will affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise
in a manner which is not reasonably acceptable to the Trustee.

 

Notwithstanding the provisions
of Section 301 and of the preceding paragraph, if all Securities of a series are not to be originally issued at one time, including
in the event that the size of a series of Outstanding Securities is increased as contemplated by Section 301, it shall not be necessary
to deliver the Officers’ Certificate otherwise required pursuant to Section 301 or the Bank Order and Opinion of Counsel
otherwise required pursuant to such preceding paragraph at or prior to the authentication of each Security of such series if such
documents are delivered at or prior to the authentication upon original issuance of the first Security of such series to be issued.

 

Each Security shall be dated the
date of its authentication.

 

No Security shall be entitled to
any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a certificate
of authentication substantially in the form provided for herein executed by the Trustee by manual signature, and such certificate
upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered
hereunder. Notwithstanding the foregoing, if any Security shall have been authenticated and delivered hereunder but never issued
and sold by the Bank, and the Bank shall deliver such Security to the Trustee for cancellation as provided in Section 309, for
all purposes of this Indenture such Security shall be deemed never to have been authenticated and delivered hereunder and shall
never be entitled to the benefits of this Indenture.

 

    	 	17	 

    	 

    

 

Section 304.         Temporary Securities.

 

Pending the preparation of definitive
Securities of any series, the Bank may execute, and upon Bank Order the Trustee shall authenticate and deliver, temporary Securities
that are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially
of the terms of the definitive Securities in lieu of which they are issued and with such appropriate insertions, omissions, substitutions
and other variations as the officers executing such Securities may determine, as evidenced by their execution of such Securities.

 

If temporary Securities of any
series are issued, the Bank will cause definitive Securities of that series to be prepared without unreasonable delay. After the
preparation of definitive Securities of such series, the temporary Securities of such series shall be exchangeable for definitive
Securities of such series upon surrender of the temporary Securities of such series at the office or agency of the Bank in a Place
of Payment for that series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities
of any series, the Bank shall execute and the Trustee shall authenticate and deliver in exchange therefor one or more definitive
Securities of the same series, of any authorized denominations and of like terms and aggregate number of such Securities. Until
so exchanged, the temporary Securities of any series shall in all respects be entitled to the same benefits under this Indenture
as definitive Securities of such series and terms.

 

Section 305.         Registration, Registration
of Transfer and Exchange.

 

The Bank shall cause to be kept
at the Corporate Trust Office of the Trustee a register (the register maintained in such office and in any other office or agency
of the Bank in a Place of Payment being herein sometimes collectively referred to as the “Security Register”) in which,
subject to such reasonable regulations as it may prescribe, the Bank shall provide for the registration of Securities and of transfers
of Securities. The Trustee is hereby appointed “Security Registrar” for the purpose of registering Securities and transfers
of Securities as herein provided.

 

Upon surrender for registration
of transfer of any Security of a series at the office or agency of the Bank in a Place of Payment for that series, the Bank shall
execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new
Securities of the same series, of any authorized denominations and of like terms.

 

At the option of the Holder, Securities
of any series may be exchanged for other Securities of the same series, of any authorized denominations and of like terms and aggregate
number of Securities, upon surrender of the Securities to be exchanged at such office or agency. Whenever any Securities are so
surrendered for exchange, the Bank shall execute, and the Trustee shall authenticate and deliver, the Securities that the Holder
making the exchange is entitled to receive.

 

All Securities issued upon any
registration of transfer or exchange of Securities shall be the valid obligations of the Bank, evidencing the same obligations,
and entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange.

 

    	 	18	 

    	 

    

 

Every Security presented or surrendered
for registration of transfer or for exchange shall (if so required by the Bank or the Trustee) be duly endorsed, or be accompanied
by a written instrument of transfer in form satisfactory to the Bank and the Security Registrar duly executed, by the Holder thereof
or his or her attorney duly authorized in writing.

 

No service charge shall be made
for any registration of transfer or exchange of Securities, but the Bank or the Trustee may require payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of
Securities, other than exchanges pursuant to Section 304, 906, 1107 or 1303 not involving any transfer.

 

If the Securities of any series
(or of any series and specified terms) are to be redeemed in part, the Bank shall not be required (A) to issue, register the transfer
of or exchange any Securities of that series (or of that series and specified terms, as the case may be) during a period beginning
at the opening of business 15 days before the day of the mailing of a notice of redemption of any such Securities selected for
redemption under Section 1103 and ending at the close of business on the day of such mailing, or (B) to register the transfer of
or exchange any Security so selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed
in part.

 

The provisions of Clauses (1),
(2), (3) and (4) below shall apply only to Global Securities:

 

(1)       Each
Global Security authenticated under this Indenture shall be registered in the name of the Depositary designated for such Global
Security or a nominee thereof and delivered to such Depositary or a nominee thereof or custodian therefor, and each such Global
Security shall constitute a single Security for all purposes of this Indenture.

 

(2)       Notwithstanding
any other provision in this Indenture, no Global Security may be exchanged in whole or in part for registered Securities, and no
transfer of a Global Security in whole or in part may be registered, in the name of any Person other than the Depositary for such
Global Security or a nominee thereof unless (A) such Depositary has notified the Bank that it is unwilling or unable or no longer
permitted under applicable law to continue as Depositary for such Global Security, (B) there shall have occurred and be continuing
an Event of Default with respect to such Global Security, (C) the Bank so directs the Trustee by a Bank Order or (D) there
shall exist such circumstances, if any, in addition to or in lieu of the foregoing as have been specified for this purpose as contemplated
by Section 301.

 

(3)       Subject
to Clause (2) above, any exchange of a Global Security for other Securities may be made in whole or in part, and all Securities
issued in exchange for a Global Security or any portion thereof shall be registered in such names as the Depositary for such Global
Security shall direct.

 

(4)       Every
Security authenticated and delivered upon registration of transfer of, or in exchange for or in lieu of, a Global Security or any
portion thereof, whether pursuant to this Section, Section 304, 306, 906, 1107 or 1303 or otherwise, shall be authenticated and
delivered in the form of, and shall be, a Global Security, unless such Security is registered in the name of a Person other than
the Depositary for such Global Security or a nominee thereof.

 

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(5)       In
the event that upon any exercise of Warrants evidenced by an individual Security, the number of Warrants exercised shall be less
than the total number of Warrants evidenced by such individual Security, there shall be issued to the Holder thereof or its assignee
a new individual Security evidencing the number of Warrants of the same series and of like terms not exercised, provided
that in the case of Warrants evidenced by one or more Global Securities, in lieu of issuing such new individual Security, the Trustee
shall note the cancellation of such exercised Warrants and the number of such Warrants not exercised and that remain Outstanding
by notation on such Global Security or Global Securities, as applicable.

 

Section 306.         Mutilated, Destroyed, Lost
and Stolen Securities.

 

If any mutilated Security is surrendered
to the Trustee, the Bank shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of the
same series and of like terms and number of Securities and bearing a number not contemporaneously outstanding.

 

If there shall be delivered to
the Bank and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii) such security
or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of
notice to the Bank or the Trustee that such Security has been acquired by a protected purchaser, the Bank shall execute and the
Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security of the same series
and of like terms and number of Securities and bearing a number not contemporaneously outstanding.

 

In case any such mutilated, destroyed,
lost or stolen Security has become or is about to become due and payable, the Bank in its discretion may, instead of issuing a
new Security, pay such Security in accordance with its terms.

 

Upon the issuance of any new Security
under this Section, the Bank may require the payment of a sum sufficient to cover any tax or other governmental charge that may
be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.

 

Every new Security of any series
issued pursuant to this Section in lieu of any mutilated, destroyed, lost or stolen Security shall constitute an original additional
contractual obligation of the Bank, whether or not the mutilated, destroyed, lost or stolen Security shall be at any time enforceable
by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities
of that series duly issued hereunder.

 

The provisions of this Section
are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment
of mutilated, destroyed, lost or stolen Securities.

 

Section 307.         RESERVED.

 

Section 308.         Persons Deemed Owners.

 

Prior to due presentment of a Security
for registration of transfer, the Bank, the Trustee and any agent of the Bank or the Trustee may treat the Person in whose name
such Security is registered as the owner of such Security for the purpose of receiving payments due on such Security and for all
other purposes whatsoever, whether or not such Security be overdue, and neither the Bank, the Trustee nor any agent of the Bank
or the Trustee shall be affected by notice to the contrary.

 

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Section 309.         Cancellation.

 

All Securities surrendered for
payment, redemption or registration of transfer or exchange shall, if surrendered to any Person other than the Trustee, be delivered
to the Trustee and shall be promptly cancelled by it. The Bank may at any time deliver to the Trustee for cancellation any Securities
previously authenticated and delivered hereunder which the Bank may have acquired in any manner whatsoever, and may deliver to
the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities previously authenticated hereunder
which the Bank has not issued and sold, and all Securities so delivered shall be promptly cancelled by the Trustee. No Securities
shall be authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section, except as expressly
permitted by this Indenture. All cancelled Securities held by the Trustee shall be disposed of in accordance with its customary
procedures.

 

Section 310.         RESERVED.

 

Section 311.         CUSIP Numbers.

 

The Bank in issuing any series
of the Securities may use CUSIP (and/or “ISIN”) numbers, if then generally in use, and thereafter with respect to such
series, the Trustee may use such numbers in any notice of redemption with respect to such series, provided that any such
notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities of that
series or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed
on the Securities of that series, and any such redemption shall not be affected by any defect in or omission of such numbers. The
Bank shall promptly notify the Trustee in writing of any change of such CUSIP (or “ISIN”) numbers.

 

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Section 312.         RESERVED.

 

Section 313.         Calculation Agent.

 

Pursuant to Section 301, the Bank
may, in connection with any issuance of the Securities, appoint itself, one of its affiliates, or any other Person as Calculation
Agent to make any calculations as may be required pursuant to the terms of such Securities, including the amounts payable thereon.
Any such Calculation Agent shall act as an independent expert, and the Bank may provide that the Calculation Agent’s calculations
and determinations under this Indenture and such Securities shall, absent manifest error, be final and binding on the Company,
the Trustee and the Holders of the applicable Securities.

 

ARTICLE
Four

Satisfaction and Discharge

 

Section 401.         Satisfaction and Discharge
of Indenture.

 

This Indenture shall, upon a Bank
Request, cease to be of further effect (except as to any surviving rights of registration of transfer or exchange of Securities
herein expressly provided for), and the Trustee, at the expense of the Bank, shall execute proper instruments acknowledging satisfaction
and discharge of this Indenture, when

 

(1)       either

 

(A)       all
Securities theretofore authenticated and delivered (other than (i) Securities which have been mutilated, destroyed, lost or stolen
and which have been replaced or paid as provided in Section 306 and (ii) Securities for whose payment money has theretofore been
deposited in trust or segregated and held in trust by the Bank and thereafter repaid to the Bank or discharged from such trust,
as provided in Section 1003) have been delivered to the Trustee for cancellation; or

 

(B)       all
such Securities not theretofore delivered to the Trustee for cancellation

 

(i)       have
become due and payable, whether upon exercise or otherwise, or

 

(ii)       will
become due and payable at their stated Expiration Date within one year, or

 

(iii)       are
to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption
by the Trustee in the name, and at the expense, of the Bank,

 

and the Bank, in the case of (i), (ii) or
(iii) above, has deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose money in an amount
sufficient to pay and discharge all of the obligations on such Securities not theretofore delivered to the Trustee for cancellation,
all payments due to the date of such deposit (in the case of Securities which have become due and payable) or to the Payment or
Settlement Date or Redemption Date, as the case may be;

 

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(2)       the
Bank has paid or caused to be paid all other sums payable hereunder by the Bank; and

 

(3)       the
Bank has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent
herein provided for relating to the satisfaction and discharge of this Indenture have been complied with.

 

Notwithstanding the satisfaction
and discharge of this Indenture, the obligations of the Bank to the Trustee under Section 607, and, if money shall have been deposited
with the Trustee pursuant to subclause (B) of Clause (1) of this Section, the obligations of the Trustee under Section 402 and
the last paragraph of Section 1003 shall survive.

 

Section 402.         Application of Trust Money.

 

Subject to the provisions of the
last paragraph of Section 1003, all money deposited with the Trustee pursuant to Section 401 shall be held in trust and applied
by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying
Agent (including the Bank acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the
amounts for whose payment such money has been deposited with the Trustee.

 

ARTICLE
Five

Remedies

 

Section 501.         Events of Default.

 

“Event of Default,”
wherever used herein with respect to Securities of any series, means any one of the following events (whatever the reason for such
Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any administrative or governmental body):

 

(1)       [RESERVED];

 

(2)       default
in the payment of the amounts due on any Security of that series at its Expiration Date;

 

(3)       if
the Bank shall become insolvent or bankrupt or subject to the provisions of the Winding-Up and Restructuring Act (Canada),
or go into liquidation either voluntarily or under an order of a court of competent jurisdiction, or otherwise acknowledge its
insolvency (provided that a resolution or order for winding-up the Bank, with a view to its consolidation, amalgamation or merger
with another bank or the transfer of its assets as an entirety to such other bank, as provided in Article Eight, shall not
constitute an event of default under this Section 501 if such last-mentioned bank shall, as a part of such consolidation,
amalgamation, merger or transfer, and, within 90 days from the passing of the resolution or the date of the order for the
winding-up or liquidation of the Bank or within such further period of time as may be allowed by the Trustee, comply with the conditions
to that end stated in Article Eight); or

 

    	 	23	 

    	 

    

 

(4)       any
other Event of Default provided with respect to Securities of that series.

 

Section 502.         [RESERVED]

 

Section 503.         Collection of Amounts Owed
and Suits for Enforcement by Trustee.

 

The Bank covenants that if default
is made in the payment of any amounts due on any Security at the Expiration Date thereof and such default continues for a period
of five days, the Bank will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole
amount then due and payable on such Securities and, to the extent that payment of such interest (if any) shall be legally enforceable,
interest on any overdue amounts, at the rate or rates prescribed therefor in such Securities, and, in addition thereto, such further
amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel.

 

If an Event of Default with respect
to Securities of any series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights
and the rights of the Holders of Securities of such series by such appropriate judicial proceedings as the Trustee shall deem most
effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture
or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.

 

Section 504.         Trustee May File Proofs of
Claim.

 

In case of any judicial proceeding
relative to the Bank (or any other obligor upon the Securities), its property or its creditors, the Trustee shall be entitled and
empowered, by intervention in such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Act
in order to have claims of the Holders and the Trustee allowed in any such proceeding. In particular, the Trustee shall be authorized
to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any
custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby
authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of
such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 607.

 

No provision of this Indenture
shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization,
arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee
to vote in respect of the claim of any Holder in any such proceeding; provided, however, that the Trustee may, on behalf
of the Holders, vote for the election of a trustee in bankruptcy or similar official and be a member of a creditors’ or other
similar committee.

 

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Section 505.         Trustee May Enforce Claims
Without Possession of Securities.

 

All rights of action and claims
under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities
or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought
in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders
of the Securities in respect of which such judgment has been recovered.

 

Section 506.         Application of Money Collected.

 

Any money collected by the Trustee
pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the
distribution of such money on account of any amounts due upon such Securities, upon presentation of the Securities and the notation
thereon of the payment if only partially paid and upon surrender thereof if fully paid:

 

FIRST:
To the payment of all amounts due the Trustee under Section 607; and

 

SECOND:
To the payment of the amounts then due and unpaid on the Securities in respect of which or for the benefit of which such money
has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities.

 

Section 507.         Limitation on Suits.

 

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

 

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

 

(2)       the
Holders of not less than 25% of the number of 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 hereunder;

 

(3)       such
Holder or Holders have offered to the Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in
compliance with such request;

 

(4)       the
Trustee for 90 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding;
and

 

(5)       no
direction inconsistent with such written request has been given to the Trustee during such 90-day period by the Holders of a majority
of the number of the Outstanding Securities of that series;

 

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 this 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 this Indenture, except in the manner herein provided and for the equal
and ratable benefit of all of such Holders.

 

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Section 508.         Unconditional Right of Holders
to Receive the Amounts Due on the Securities.

 

Notwithstanding any other provision
in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of
the amounts due on such Security on the Payment or Settlement Date (or, in the case of redemption, on the Redemption Date) of such
Security and to institute suit for the enforcement of any such payment and such rights shall not be impaired without the consent
of such Holder.

 

Section 509.         Restoration of Rights and
Remedies.

 

If the Trustee or any Holder has
instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned
for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any
determination in such proceeding, the Bank, the Trustee and the Holders shall be restored severally and respectively to their former
positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding
had been instituted.

 

Section 510.         Rights and Remedies Cumulative.

 

Except as otherwise provided with
respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 306,
no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other
right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other
right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of
any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate
right or remedy.

 

Section 511.         Delay or Omission Not Waiver.

 

No delay or omission of the Trustee
or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default shall impair any such right
or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this
Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient,
by the Trustee or by the Holders, as the case may be.

 

Section 512.         Control by Holders.

 

The Holders of a majority of the
number of the Outstanding Securities of any series shall have the right to direct the time, method and place of conducting any
proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to
the Securities of such series, provided that:

 

    	 	26	 

    	 

    

 

(1)       such
direction shall not be in conflict with any rule of law or with this Indenture, and

 

(2)       the
Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction.

 

Section 513.         Waiver of Past Defaults.

 

The Holders of not less than a
majority of the number of the Outstanding Securities of any series may on behalf of the Holders of all the Securities of such series
waive any past default hereunder with respect to such series and its consequences, except a default:

 

(1)       in
the payment of the amounts due on any Security of such series, or

 

(2)       in
respect of a covenant or provision hereof which under Article Nine 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 this
Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon.

 

Section 514.         Undertaking for Costs.

 

In any suit for the enforcement
of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it
as Trustee, a court may require any party litigant in such suit to file an undertaking to pay the costs of such suit, and may assess
reasonable costs against any such party litigant, in the manner and to the extent provided in the Trust Indenture Act; provided
that neither this Section nor the Trust Indenture Act shall be deemed to authorize any court to require such an undertaking or
to make such an assessment in any suit instituted by the Bank.

 

Section 515.         Waiver of Usury, Stay or Extension
Laws.

 

The Bank covenants (to the extent
that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit
or advantage of, any usury, stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the
covenants or the performance of this Indenture; and the Bank (to the extent that it may lawfully do so) hereby expressly waives
all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein
granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.

 

    	 	27	 

    	 

    

 

ARTICLE
Six

The Trustee

 

Section 601.         Certain Duties and Responsibilities.

 

The duties and responsibilities
of the Trustee shall be as provided by the Trust Indenture Act. Notwithstanding the foregoing, no provision of this Indenture shall
require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its
duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment
of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. Whether or not therein expressly
so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to
the Trustee shall be subject to the provisions of this Section.

 

Section 602.         Notice of Defaults.

 

If a default occurs hereunder with
respect to Securities of any series, the Trustee shall give the Holders of Securities of such series notice of such default as
and to the extent provided by the Trust Indenture Act. For the purpose of this Section, the term “default” means any
event which is, or after notice or lapse of time or both would become, an Event of Default with respect to Securities of such series.

 

Section 603.         Certain Rights of Trustee.

 

Subject to the provisions of Section
601:

 

(1)       the
Trustee may conclusively rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness
or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties;

 

(2)       any
request or direction of the Bank mentioned herein shall be sufficiently evidenced by a Bank Request or Bank Order, and any resolution
of the Board of Directors shall be sufficiently evidenced by a Board Resolution;

 

(3)       whenever
in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking,
suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence
of bad faith on its part, conclusively rely upon an Officers’ Certificate;

 

(4)       the
Trustee may consult with counsel and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization
and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon;

 

    	 	28	 

    	 

    

 

(5)       the
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction
of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity reasonably
satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or
direction;

 

(6)       the
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness
or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts
or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled
to examine the books, records and premises of the Bank, personally or by agent or attorney during the Bank’s normal business
hours; provided, however, that the Trustee shall cause its agents and attorneys to hold in confidence all such information
except to the extent disclosure may be required by law and except to the extent that the Trustee, in its sole judgment, may determine
that such disclosure is consistent with its obligations hereunder;

 

(7)       the
Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents
or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed
with due care by it hereunder;

 

(8)       the
rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified,
are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder;

 

(9)       the
Trustee shall not be charged with knowledge of any default or Event of Default with respect to the Securities, unless either (1) a
Responsible Officer shall have actual knowledge of such default or Event of Default or (2) written notice of such default
or Event of Default shall have been given to a Responsible Officer by the Bank or by any Holder of the Securities;

 

(10)       the
permissive rights of the Trustee enumerated herein shall not be construed as duties;

 

(11)       in
no event shall the Trustee 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 reasonable control, including, without limitation, the occurrence
of strikes, work stoppages, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of
God, and interruptions or loss of utilities, communications or computer (software and hardware) services; it being understood that
the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance
as soon as practicable under those circumstances;

 

(12)       in
no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind
whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood
of such loss or damage and regardless of the form of action; and

 

    	 	29	 

    	 

    

 

(13)       the
Trustee shall not be liable for errors in judgment made in good faith by a Responsible Officer unless negligent in ascertaining
pertinent facts.

 

Section 604.         Not Responsible for Recitals
or Issuance of Securities.

 

The recitals contained herein and
in the Securities, except the Trustee’s certificates of authentication, shall be taken as the statements of the Bank, and
the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency
of this Indenture or of the Securities. The Trustee shall not be accountable for the use or application by the Bank of Securities
or the proceeds thereof.

 

Section 605.         May Hold Securities.

 

The Trustee, any Paying Agent,
any Security Registrar or any other agent of the Bank, in its individual or any other capacity, may become the owner or pledgee
of Securities and, subject to Sections 608 and 613, may otherwise deal with the Bank with the same rights it would have if it were
not Trustee, Paying Agent, Security Registrar or such other agent.

 

Section 606.         Money Held in Trust.

 

Money held by the Trustee in trust
hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability
for interest on any money received by it hereunder except as otherwise agreed with the Bank.

 

Section 607.         Compensation and Reimbursement.

 

The Bank agrees:

 

(1)       to
pay to the Trustee from time to time such compensation as shall be agreed to in writing between the Bank and the Trustee for all
services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation
of a trustee of an express trust);

 

(2)       except
as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements and
advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation
and the reasonable expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may
be attributable to its negligence or bad faith;

 

(3)       to
indemnify the Trustee for, and to hold it harmless against, any loss, liability or expense incurred without negligence or bad faith
on its part, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including
the reasonable costs and expenses of defending itself against any claim or liability in connection
with the exercise or performance of any of its powers or duties hereunder;

 

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(4)       when
the Trustee incurs any expenses or renders any services after the occurrence of an Event of Default specified in Section 501(3),
such expenses and the compensation for such services are intended to constitute expenses of administration under the Winding-Up
and Restructuring Act (Canada) or any similar Canadian or United States federal or state law for the relief of debtors; and

 

(5)       the
obligations of the Bank under this Section to compensate and indemnify the Trustee and to pay or reimburse the Trustee for expenses,
disbursements and advances shall constitute additional obligations of the Bank hereunder and shall survive the satisfaction and
discharge of this Indenture and the removal and resignation of the Trustee.  Such additional obligations shall constitute
a senior claim and lien to that of the Securities upon all property and funds held or collected by the Trustee as such, except
funds held in trust for the benefit of the Holders of particular Securities, and the Securities are hereby subordinated to such
senior claim. In no event shall the lien granted hereunder attach to any assets of the Bank.

 

Section 608.         Conflicting Interests.

 

If the Trustee has or shall acquire
a conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign,
to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture. To the
extent permitted by such Act, the Trustee shall not be deemed to have a conflicting interest by virtue of being a trustee under
this Indenture with respect to Securities of more than one series.

 

The following indenture shall be
considered specifically described herein for the purposes of clause (i) of the proviso contained in Section 310(b)(1) of the Trust
Indenture Act: Senior Indenture, dated as of October 23, 2003, between the Bank and The Bank of New York Mellon, as successor to
the corporate trust business of JPMorgan Chase Bank, N.A., as trustee, as amended or supplemented, and Subordinated Debt Indenture,
dated as of January 27, 2016, between the Bank and The Bank of New York Mellon, as trustee, as amended or supplemented. Pursuant
to Section 310(b)(1)(C)(i) of the Trust Indenture Act, unless otherwise ordered by the Commission, an Event of Default by the Bank
under this Indenture will not disqualify the Trustee under this Indenture because it is a trustee under such other indentures.

 

Section 609.         Corporate Trustee Required;
Eligibility.

 

There shall at all times be one
(and only one) Trustee hereunder with respect to the Securities of each series, which may be Trustee hereunder for Securities of
one or more other series. Each Trustee shall be a Person that is eligible pursuant to the Trust Indenture Act to act as such,
has a combined capital and surplus of at least $50,000,000 and has its Corporate Trust Office in the Borough of Manhattan, The
City of New York. If any such Person publishes reports of condition at least annually, pursuant to law or to the requirements of
its supervising or examining authority, then for the purposes of this Section and to the extent permitted by the Trust Indenture
Act, the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its
most recent report of condition so published. If at any time the Trustee with respect to the Securities of any series shall cease
to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect
hereinafter specified in this Article.

 

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Section 610.         Resignation and Removal; Appointment
of Successor.

 

No resignation or removal of the
Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment
by the successor Trustee in accordance with the applicable requirements of Section 611.

 

The Trustee may resign at any time
with respect to the Securities of one or more series by giving written notice thereof to the Bank. If the instrument of acceptance
by a successor Trustee required by Section 611 shall not have been delivered to the Trustee within 30 days after the giving of
such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor
Trustee with respect to the Securities of such series.

 

The Trustee may be removed at any
time with respect to the Securities of any series by Act of the Holders of a majority of the number of the Outstanding Securities
of such series, delivered to the Trustee and to the Bank.

 

If at any time:

 

(1)       the
Trustee shall fail to comply with Section 608 after written request therefor by the Bank or by any Holder who has been a bona fide
Holder of a Security for at least six months, or

 

(2)       the
Trustee shall cease to be eligible under Section 609 and shall fail to resign after written request therefor by the Bank or by
any such Holder, or

 

(3)       the
Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property
shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose
of rehabilitation, conservation or liquidation,

 

then, in any such case, (A) the Bank by a Board Resolution
may remove the Trustee with respect to all Securities, or (B) subject to Section 514, any Holder who has been a bona fide Holder
of a Security for at least six months may, on behalf of himself or herself and all others similarly situated, petition any court
of competent jurisdiction for the removal of the Trustee with respect to all Securities and the appointment of a successor Trustee
or Trustees.

 

If the Trustee shall resign, be
removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect to the
Securities of one or more series, the Bank shall promptly appoint a successor Trustee or Trustees with respect to the Securities
of that or those series (it being understood that any such successor Trustee may be appointed with respect to the Securities of
one or more or all of such series and that at any time there shall be only one Trustee with respect to the Securities of any particular
series) and shall comply with the applicable requirements of Section 611. If, within one year after such resignation, removal or
incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall be appointed
by Act of the Holders of a majority of the number of the Outstanding Securities of such series delivered to the Bank and the retiring
Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance with the applicable
requirements of Section 611, become the successor Trustee with respect to the Securities of such series and to that extent supersede
the successor Trustee appointed by the Bank. If no successor Trustee with respect to the Securities of any series shall have been
so appointed by the Bank or the Holders and accepted appointment in the manner required by Section 611, any Holder who has been
a bona fide Holder of a Security of such series for at least six months may, on behalf of himself or herself and all others similarly
situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities
of such series.

 

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The Bank shall give notice of each
resignation and each removal of the Trustee with respect to the Securities of any series and each appointment of a successor Trustee
with respect to the Securities of any series to all Holders of Securities of such series in the manner provided in Section 106.
Each notice shall include the name of the successor Trustee with respect to the Securities of such series and the address of its
Corporate Trust Office.

 

Section 611.         Acceptance of Appointment
by Successor.

 

In case of the appointment hereunder
of a successor Trustee with respect to all Securities, every such successor Trustee so appointed shall execute, acknowledge and
deliver to the Bank and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal
of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become
vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Bank or the successor
Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor
Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor
Trustee all property and money held by such retiring Trustee hereunder.

 

In case of the appointment hereunder
of a successor Trustee with respect to the Securities of one or more (but not all) series, the Bank, the retiring Trustee and each
successor Trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto
wherein each successor Trustee shall accept such appointment and that (1) shall contain such provisions as shall be necessary
or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the
retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates,
(2) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary
or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of
that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and
(3) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental
indenture shall constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or
trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee; and upon the execution
and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent
provided therein and each such successor Trustee, without any further act, deed or conveyance, shall become vested with all the
rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment
of such successor Trustee relates; but, on request of the Bank or any successor Trustee, such retiring Trustee shall duly assign,
transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder with respect to the
Securities of that or those series to which the appointment of such successor Trustee relates.

 

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Upon request of any such successor
Trustee, the Bank shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor
Trustee all such rights, powers and trusts referred to in the first or second preceding paragraph, as the case may be.

 

No successor Trustee shall accept
its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible under this Article.

 

Section 612.         Merger, Conversion, Consolidation
or Succession to Business.

 

Any corporation into which the
Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion
or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate
trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such corporation shall be otherwise qualified
and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties
hereto. In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by
merger, conversion, consolidation or sale to such authenticating Trustee may adopt such authentication and deliver the Securities
so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities.

 

Section 613.         Preferential Collection of
Claims Against Bank.

 

If and when the Trustee shall be
or become a creditor of the Bank (or any other obligor upon the Securities), the Trustee shall be subject to the provisions of
the Trust Indenture Act regarding the collection of claims against the Bank (or any such other obligor).

 

Section 614.         Appointment of Authenticating
Agent.

 

The Trustee may appoint an Authenticating
Agent or Agents with respect to one or more series of Securities which shall be authorized to act on behalf of the Trustee to authenticate
Securities of such series issued upon original issue and upon exchange, registration of transfer or partial redemption thereof
or pursuant to Section 306, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall
be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture
to the authentication and delivery of Securities by the Trustee or the Trustee’s certificate of authentication, such reference
shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of
authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the
Bank and shall at all times be a corporation organized and doing business under the laws of the United States of America, any State
thereof or the District of Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital and surplus
of not less than $50,000,000 and subject to supervision or examination by Federal or State authority. If such Authenticating Agent
publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority,
then for the purposes of this Section, the combined capital and surplus of such Authenticating Agent shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating
Agent shall cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent shall resign immediately
in the manner and with the effect specified in this Section.

 

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Any corporation into which an Authenticating
Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion
or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency or
corporate trust business of an Authenticating Agent (including the authenticating agency contemplated by this Indenture), shall
continue to be an Authenticating Agent, provided such corporation shall be otherwise eligible under this Section, without
the execution or filing of any paper or any further act on the part of the Trustee or the Authenticating Agent.

 

An Authenticating Agent may resign
at any time by giving written notice thereof to the Trustee and to the Bank. The Trustee may at any time terminate the agency of
an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Bank. Upon receiving such a notice
of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance
with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent that shall be acceptable to the Bank
and shall give notice of such appointment in the manner provided in Section 106 to all Holders of Securities of the series
with respect to which such Authenticating Agent will serve. Any successor Authenticating Agent upon acceptance of its appointment
hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally
named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of
this Section.

 

The Bank agrees to pay to each
Authenticating Agent from time to time reasonable compensation for its services under this Section.

 

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If an appointment with respect
to one or more series is made pursuant to this Section, the Securities of such series may have endorsed thereon, in addition to
the Trustee’s certificate of authentication, an alternative certificate of authentication in the following form:

 

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

 

		Dated:	

 

 

 

The Bank of New York Mellon,

As Trustee

By___________________,

As Authenticating Agent

 

 

By____________________

Authorized Officer

 

ARTICLE
Seven

Holders’ Lists and Reports by Trustee and Bank

 

Section 701.         Bank to Furnish Trustee Names
and Addresses of Holders.

 

The Bank will furnish or cause
to be furnished to the Trustee

 

(1)       semi-annually,
not later than January 15 and July 15 in each year, a list, in such form as the Trustee may reasonably require, of the names and
addresses of the Holders of Securities of each series as of the preceding January 1 or July 1, as the case may be, and

 

(2)       at
such other times as the Trustee may request in writing, within 30 days after the receipt by the Bank of any such request, a list
of similar form and content as of a date not more than 15 days prior to the time such list is furnished;

 

excluding from any such
list names and addresses received by the Trustee in its capacity as Security Registrar.

 

Section 702.         Preservation of Information;
Communications to Holders.

 

The Trustee shall preserve, in
as current a form as is reasonably practicable, the names and addresses of Holders contained in the most recent list furnished
to the Trustee as provided in Section 701 and the names and addresses of Holders received by the Trustee in its capacity as Security
Registrar. The Trustee may destroy any list furnished to it as provided in Section 701 upon receipt of a new list so furnished.

 

    	 	36	 

    	 

    

 

The rights of Holders to communicate
with other Holders with respect to their rights under this Indenture or under the Securities, and the corresponding rights and
privileges of the Trustee, shall be as provided by the Trust Indenture Act.

 

Every Holder of Securities, by
receiving and holding the same, agrees with the Bank and the Trustee that neither the Bank nor the Trustee nor any agent of either
of them shall be held accountable by reason of any disclosure of information as to names and addresses of Holders made pursuant
to the Trust Indenture Act.

 

Section 703.         Reports by Trustee.

 

The Trustee shall transmit to Holders
such reports concerning the Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Act
at the times and in the manner provided pursuant thereto.

 

A copy of each such report shall,
at the time of such transmission to Holders, be filed by the Trustee with each stock exchange upon which any Securities are listed,
with the Commission and with the Bank. The Bank will notify the Trustee when any Securities are listed on any stock exchange.

 

Section 704.         Reports by Bank.

 

The Bank shall file with the Trustee
and the Commission, and transmit to Holders, such information, documents and other reports, and such summaries thereof, as may
be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant to such Act; provided that
any such information, documents or reports filed electronically with the Commission pursuant to Section 13 or 15(d) of the
Exchange Act shall be deemed filed with, and delivered to, the Trustee at the same time as filed with the Commission.

 

Delivery of such reports, information
and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive
notice of any information contained therein or determinable from information contained therein, including the Bank’s compliance
with any of its covenants hereunder (as to which the Trustee is entitled to conclusively rely exclusively on Officers’ Certificates).

 

ARTICLE
Eight

Consolidation, AMALGAMATION, Merger, Conveyance, Transfer or Lease

 

Section 801.         Bank May Consolidate, Etc.,
Only on Certain Terms.

 

The Bank shall not merge, amalgamate,
consolidate or otherwise combine with another other Person or convey, transfer or lease its properties and assets substantially
as an entirety to any Person, unless:

 

(1)       in
case the Bank shall consolidate with or merge into another Person or convey, transfer or lease its properties and assets substantially
as an entirety to any Person, the Person formed by, or resulting from, such consolidation or amalgamation or into which the Bank
is merged or the Person that acquires by conveyance or transfer, or which leases, the properties and assets of the Bank substantially
as an entirety shall be a corporation, partnership or trust, shall be organized and validly existing and shall be legally responsible
for the Securities, whether by agreement, operation of law or otherwise;

 

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(2)       the
consolidation, amalgamation, merger, conveyance, transfer or lease must not cause an Event of Default, including any event which,
after notice or lapse of time or both, would become an Event of Default, shall have happened and be continuing; and

 

(3)       the
Bank has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation,
amalgamation, merger, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction,
such supplemental indenture comply with this Article and that all conditions precedent herein provided for relating to such transaction
have been complied with.

 

Section 802.         Successor Substituted.

 

Upon any consolidation or amalgamation
of the Bank with, or merger of the Bank into, any other Person or any conveyance, transfer or lease of the properties and assets
of the Bank substantially as an entirety in accordance with Section 801, the successor Person formed by or resulting from such
consolidation or amalgamation or into which the Bank is merged or to which such conveyance, transfer or lease is made shall succeed
to, and be substituted for, and may exercise every right and power of, the Bank under this Indenture with the same effect as if
such successor Person had been named as the Bank herein, and thereafter, except in the case of a lease, the predecessor Person
shall be relieved of all obligations and covenants under this Indenture and the Securities.

 

ARTICLE
Nine

Supplemental Indentures

 

Section 901.         Supplemental Indentures Without
Consent of Holders.

 

Without the consent of any Holders,
the Bank and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form
satisfactory to the Trustee, for any of the following purposes:

 

(1)       to
evidence the succession of another Person to the Bank and the assumption by any such successor of the covenants of the Bank herein
and in the Securities; or

 

(2)       to
add to the covenants of the Bank for the benefit of the Holders of all or any series of Securities (and if such covenants are to
be for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely for the
benefit of such series) or to surrender any right or power herein conferred upon the Bank; or

 

    	 	38	 

    	 

    

 

(3)       to
add any additional Events of Default for the benefit of the Holders of all or any series of Securities (and if such additional
Events of Default are to be for the benefit of less than all series of Securities, stating that such additional Events of Default
are expressly being included solely for the benefit of such series); or

 

(4)       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, or to permit or facilitate the issuance of Securities
in uncertificated form; or

 

(5)       to
add to, change or eliminate any of the provisions of this Indenture in respect of one or more series of Securities, provided
that any such addition, change or elimination (A) shall neither (i) apply to any Security of any series created prior to the execution
of such supplemental indenture and entitled to the benefit of such provision nor (ii) modify the rights of the Holder of any such
Security with respect to such provision or (B) shall become effective only when there is no Security described in clause (i)
Outstanding; or

 

(6)       to
secure the Securities; or

 

(7)       to
establish the form or terms of Securities of any series as permitted by Sections 201 and 301; or

 

(8)       to
evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or
more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate
the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 611;

 

(9)       to
cure any ambiguity, to correct or supplement any provision herein which may be defective or inconsistent with any other provision
herein, or to make any other provisions with respect to matters or questions arising under this Indenture, provided that
such action pursuant to this Clause (9) shall not adversely affect the interests of the Holders of Securities of any series in
any material respect; or

 

(10)       to
conform the text of this Indenture or the Securities of any series to any provision of the section entitled “Description
of Warrants” or any similarly captioned section in the prospectus, as supplemented by any applicable prospectus supplement
and/or Pricing Supplement, relating to the offering of such series of Securities.

 

Section 902.         Supplemental Indentures With
Consent of Holders.

 

With the consent of the Holders
of not less than a majority of the number of the Outstanding Securities of each series affected by such supplemental indenture,
by Act of said Holders delivered to the Bank and the Trustee, the Bank and the Trustee may enter into an indenture or indentures
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 modifying in any manner the rights of the Holders of Securities of such series under this Indenture; provided,
however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security affected
thereby,

 

    	 	39	 

    	 

    

 

(1)       change
the terms of any Security with respect to the Payment or Settlement Date or exercise price thereof, or reduce the amount of money
payable or deliverable upon the exercise thereof, or change any Place of Payment where, or the coin or currency in which, any Security
or any amount due thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after
the Payment or Settlement Date (or, in the case of redemption, on or after the Redemption Date), or

 

(2)       if
any Security provides that the Holder may require the Bank to repurchase such Security, impair such Holder’s right to require
repurchase of such Security on the terms provided therein, or

 

(3)       reduce
the percentage of the Outstanding Securities of any series, the consent of whose Holders is required for any such supplemental
indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture
or certain defaults hereunder and their consequences) provided for in this Indenture, or

 

(4)       modify
any of the provisions of this Section, Section 513 or Section 1006, except to increase any such percentage or to provide that certain
other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security
affected thereby; provided, however, that this clause shall not be deemed to require the consent of any Holder with respect
to changes in the references to “the Trustee” and concomitant changes in this Section and Section 1006, or the deletion
of this proviso, in accordance with the requirements of Sections 611 and 901(8).

 

A supplemental indenture that changes or eliminates
any covenant or other provision of this Indenture that has expressly been included solely for the benefit of one or more particular
series of Securities, or that modifies the rights of the Holders of Securities of such series with respect to such covenant or
other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series.

 

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

 

Section 903.         Execution of Supplemental
Indentures.

 

In executing, or accepting the
additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created
by this Indenture, the Trustee shall be entitled to receive, in addition to the documents required by Section 102, and (subject
to Section 601) shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental
indenture is authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental
indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

 

    	 	40	 

    	 

    

 

Section 904.         Effect of Supplemental Indentures.

 

Upon the execution of any supplemental
indenture under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form
a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered
hereunder shall be bound thereby.

 

Section 905.         Conformity with Trust Indenture
Act.

 

Every supplemental indenture executed
pursuant to this Article shall conform to the requirements of the Trust Indenture Act.

 

Section 906.         Reference in Securities to
Supplemental Indentures.

 

Securities of any series authenticated
and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required by the Trustee,
bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Bank shall
so determine, new Securities of any series so modified as to conform, in the opinion of the Trustee and the Bank, to any such supplemental
indenture may be prepared and executed by the Bank and authenticated and delivered by the Trustee in exchange for Outstanding Securities
of such series.

 

ARTICLE
Ten

Covenants

 

Section 1001.        Payment of Amounts Due on
the Securities.

 

The Bank covenants and agrees for
the benefit of each series of Securities that it will duly and punctually pay the amounts due on the Securities of that series
in accordance with the terms of the Securities and this Indenture.

 

Section 1002.        Maintenance of Office or
Agency.

 

The Bank will maintain in each
Place of Payment, and in the State of New York, for any series of Securities an office or agency where Securities of that series
may be presented or surrendered for payment, where Securities of that series may be surrendered for registration of transfer or
exchange, and where notices and demands to or upon the Bank in respect of the Securities of that series and this Indenture may
be served. The Bank will give prompt written notice to the Trustee of the location, and any change in the location, of such office
or agency. If at any time the Bank shall fail to maintain any such required office or agency or shall fail to furnish the Trustee
with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office
of the Trustee, and the Bank hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and
demands.

 

The Bank may also from time to
time designate one or more other offices or agencies where the Securities of one or more series may be presented or surrendered
for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation
or rescission shall in any manner relieve the Bank of its obligation to maintain an office or agency in each Place of Payment for
Securities of any series for such purposes. The Bank will give prompt written notice to the Trustee of any such designation or
rescission and of any change in the location of any such other office or agency.

 

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If the Bank issues Securities of
any series through a branch, agency or office other than its head or home office, the Bank represents that, notwithstanding the
place of booking office or jurisdiction of incorporation or organization of the Bank, the obligations of the Bank in respect of
such Securities are the same as if it had issued such Securities through its head or home office.

 

Section 1003.        Money for Securities Payments
to Be Held in Trust.

 

If the Bank shall at any time act
as its own Paying Agent with respect to any series of Securities, it will, on or before the Payment or Settlement Date of the Securities
of that series, deposit in an account established for the purpose of providing the Persons entitled thereto a sum sufficient to
pay the amounts so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will
promptly notify the Trustee of its action or failure so to act.

 

Whenever the Bank shall have one
or more Paying Agents for any series of Securities, it will, prior to the Payment or Settlement Date of the Securities of that
series, deposit with a Paying Agent a sum sufficient to pay such amount, such sum to be held as provided by the Trust Indenture
Act, and (unless such Paying Agent is the Trustee) the Bank will promptly notify the Trustee of its action or failure so to act.

 

The Bank will cause each Paying
Agent for any series of Securities other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying
Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent 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 Bank (or any other obligor upon the Securities of that series) in the making of any payment in respect of the Securities
of that series, upon the written request of the Trustee, forthwith pay to the Trustee all sums held in trust by such Paying Agent
for payment in respect of the Securities of that series.

 

The Bank may at any time, for the
purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Bank Order direct any
Paying Agent to pay, to the Trustee all sums held by the Bank or such Paying Agent, such sums to be held by the Trustee in trust
for the benefit of the Persons entitled thereto; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall
be released from all further liability with respect to such money.

 

Any money deposited with the Trustee
or any Paying Agent in trust for the payment of the amounts due on any Security of any series and remaining unclaimed for two years
after such amount has become due and payable shall be paid to the Bank on Bank Request; and the Holder of such Security shall thereafter,
as an unsecured general creditor, look only to the Bank for payment thereof, and all liability of the Trustee or such Paying Agent
with respect to such trust money, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before
being required to make any such repayment, may at the expense of the Bank cause to be published once, in a newspaper published
in the English language, customarily published on each Business Day and of general circulation in the Borough of Manhattan, The
City of New York, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than
30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Bank.

 

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Section 1004.        Statement by Officers as
to Default.

 

The Bank will deliver to the Trustee,
within 120 days after the end of each fiscal year of the Bank ending after the date hereof, an Officers’ Certificate, stating
whether or not to the best knowledge of the signers thereof the Bank is in default in the performance and observance of any of
the terms, provisions and conditions of this Indenture (without regard to any period of grace or requirement of notice provided
hereunder) and, if the Bank shall be in default, specifying all such defaults and the nature and status thereof of which they may
have knowledge.

 

Section 1005.        Existence.

 

Subject to Article Eight, the Bank
will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence.

 

Section 1006.        Waiver of Certain Covenants.

 

Except as otherwise specified as
contemplated by Section 301 for Securities of such series, the Bank may, with respect to the Securities of any series, omit in
any particular instance to comply with any term, provision or condition set forth in any covenant provided pursuant to Section
301(c)(15), 901(2) or 901(7) for the benefit of the Holders of such series or in Section 1005 if before the time for such
compliance the Holders of at least a majority of the number of the Outstanding Securities of such series shall, by Act of such
Holders, either waive such compliance in such instance or generally waive compliance with such term, provision or condition, but
no such waiver shall extend to or affect such term, provision or condition except to the extent so expressly waived, and, until
such waiver shall become effective, the obligations of the Bank and the duties of the Trustee in respect of any such term, provision
or condition shall remain in full force and effect.

 

Section 1007.        Interest Act (Canada).

 

The Bank confirms that it fully
understands and is able to calculate the effective annual rate of interest applicable to the Securities based on the methodology
for calculating per annum rates provided for in the Securities. The Bank irrevocably agrees not to plead or assert Section 4 of
the Interest Act (Canada), whether by way of defense or otherwise, in any proceeding relating to the Securities.

 

    	 	43	 

    	 

    

 

ARTICLE
Eleven

Redemption of Securities

 

Section 1101.        Applicability of Article.

 

Securities of any series that are
redeemable before their Expiration Date shall be redeemable in accordance with their terms and (except as otherwise specified as
contemplated by Section 301 for such Securities) in accordance with this Article.

 

Section 1102.        Election to Redeem; Notice
to Trustee.

 

The election of the Bank to redeem
any Securities shall be evidenced by a Board Resolution or in another manner specified as contemplated by Section 301 for such
Securities. In case of any redemption at the election of the Bank of less than all the Securities of any series (including any
such redemption affecting only a single Security), the Bank shall, at least 60 days prior to the Redemption Date fixed by the Bank
(unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date, of the number of Securities
of such series to be redeemed and, if applicable, of the terms of the Securities to be redeemed. In the case of any redemption
of Securities prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere
in this Indenture, the Bank shall furnish the Trustee with an Officers’ Certificate evidencing compliance with such restriction.

 

Section 1103.        Selection by Trustee of Securities
to Be Redeemed.

 

If less than all the Securities
of any series are to be redeemed (unless all the Securities of such series and of specified terms are to be redeemed or unless
such redemption affects only a single Security), the particular Securities to be redeemed shall be selected not more than 60 days
prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series not previously called for redemption,
in the case of Global Securities in accordance with the procedures of the Depositary, and in the case of individual Securities
by such method as the Trustee shall deem fair and appropriate and which may provide for the selection for redemption of a portion
of the number of any Security of such series, provided that the unredeemed portion of any Security shall be in an authorized
denomination (which shall not be less than the minimum authorized denomination) for such Security. If less than all the Securities
of such series and of specified terms are to be redeemed (unless such redemption affects only a single Security), the particular
Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee, from the Outstanding
Securities of such series and specified terms not previously called for redemption in accordance with the preceding sentence.

 

The Trustee shall promptly notify
the Bank in writing of the Securities selected for redemption as aforesaid and, in case of any Securities selected for partial
redemption as aforesaid, the number of Securities to be redeemed.

 

The provisions of the two preceding
paragraphs shall not apply with respect to any redemption affecting only a single Security, whether such Security is to be redeemed
in whole or in part. In the case of any such redemption in part, the unredeemed portion of the Security shall be in an authorized
denomination (which shall not be less than the minimum authorized denomination) for such Security.

 

    	 	44	 

    	 

    

 

For all purposes of this Indenture,
unless the context otherwise requires, all provisions relating to the redemption of Securities shall relate, in the case of any
Securities redeemed or to be redeemed only in part, to the portion of such Securities that has been or is to be redeemed.

 

Section 1104.        Notice of Redemption.

 

Notice of redemption shall be given
by first-class mail, postage prepaid, mailed not less than 30 nor more than 60 days prior to the Redemption Date, to each Holder
of Securities to be redeemed, at his or her address appearing in the Security Register.

 

All notices of redemption shall
state:

 

(1)       the
Redemption Date,

 

(2)       the
Redemption Price,

 

(3)       if
less than all the Outstanding Securities of any series consisting of more than a single Security are to be redeemed, the identification
(and, in the case of partial redemption of any such Securities, the number of such Securities) of the particular Securities to
be redeemed and, if less than all the Outstanding Securities of any series consisting of a single Security are to be redeemed,
the portion of the particular Security to be redeemed,

 

(4)       that
on the Redemption Date the Redemption Price will become due and payable upon each such Security to be redeemed,

 

(5)       the
place or places where each such Security is to be surrendered for payment of the Redemption Price,

 

(6)       [RESERVED],

 

(7)       if
applicable, the CUSIP (and/or ISIN) numbers of the Securities of that series, and

 

(8)       if
applicable, the terms of exercise and the date on which the right to exercise the applicable Warrants to be redeemed will terminate.

 

Notice of redemption of Securities
to be redeemed at the election of the Bank shall be given by the Bank or, at the Bank’s request, by the Trustee in the name
and at the expense of the Bank and, unless otherwise specified or contemplated by Section 301, shall be irrevocable.

 

Section 1105.        Deposit of Redemption Price.

 

One Business Day prior to any Redemption
Date, the Bank shall deposit with the Trustee or with a Paying Agent (or, if the Bank is acting as its own Paying Agent, deposit
in an account established for the purpose as provided in Section 1003) an amount of money sufficient to pay the Redemption Price
of all the Securities which are to be redeemed on that date.

 

    	 	45	 

    	 

    

 

Section 1106.        Securities Payable on Redemption
Date.

 

Notice of redemption having been
given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price
therein specified. Upon surrender of any such Security for redemption in accordance with said notice, such Security shall be paid
by the Bank at the Redemption Price.

 

If any Security called for redemption
shall not be so paid upon surrender thereof for redemption, the principal and any premium shall, until paid, bear interest from
the Redemption Date at the rate (if any) prescribed therefor in the Security.

 

Section 1107.        Securities Redeemed in Part.

 

Any Security that is to be redeemed
only in part shall be surrendered at a Place of Payment therefor (with, if the Bank or the Trustee so requires, due endorsement
by, or a written instrument of transfer in form satisfactory to the Bank and the Trustee duly executed by, the Holder thereof or
his or her attorney duly authorized in writing), and the Bank shall execute, and the Trustee shall authenticate and deliver to
the Holder of such Security without service charge, a new Security or Securities of the same series and of like terms, of any authorized
denomination as requested by such Holder, in such number of the Securities equal to and in exchange for the unredeemed portion
of the number of the Securities so surrendered.

 

ARTICLE
Twelve

Purchase or repayment of securities by the BANK

at the option of the holder

 

 

Section 1201.        Applicability of Article

 

Securities of any series the terms
of which provide to each Holder the option to require the Bank to purchase or repay such Securities in certain circumstances shall,
upon exercise of such option, be repayable in accordance with their terms and (except as otherwise specified as contemplated by
Section 301 for Securities of any series) in accordance with this Article.

 

Section 1202.        Notice of Repayment Date.

 

Notice of any Repayment Date with
respect to Securities of any series shall, unless otherwise specified by the terms of the Securities of such series, be given by
the Bank not less than 30 nor more than 90 days prior to such Repayment Date to each Holder of Securities of such series in accordance
with Section 106.

 

Such notice shall state:

 

(a)       the
Repayment Date;

 

(b)       the
Repayment Price;

 

(c)       the
place or places where, and the date by which, such Securities are to be surrendered for payment of the Repayment Price;

 

    	 	46	 

    	 

    

 

(d)       a
description of the procedure which a Holder must follow to exercise the purchase or repayment option;

 

(e)       that
exercise of the purchase or repayment option to elect repayment is irrevocable; and

 

(f)       such
other information as the Bank may consider appropriate for inclusion.

 

No failure of the Bank to give
the foregoing notice shall limit any Holder’s right to exercise a repayment right.

 

Section 1203.        Deposit of Repayment Price.

 

One Business Day prior to the Repayment
Date, the Bank shall deposit with the Trustee or with a Paying Agent (or, if the Bank is acting as its own Paying Agent, deposit
in an account established for the purpose provided in Section 1003) an amount of money sufficient to pay the Repayment Price
of all of the Securities of such series that are to be repaid on that date.

 

Section 1204.        Securities Payable on Repayment
Date.

 

Holders having duly exercised the
option to require purchase or repayment by the Bank on any Repayment Date as specified in the form of Security for such series
as provided in Section 203, the Securities of such series so to be purchased or repaid shall, on the Repayment Date, become
due and payable at the Repayment Price applicable thereto. Upon surrender of any such Security for purchase or repayment in accordance
with the terms of such Security, provided the option has been duly exercised and the Security duly surrendered as specified in
the form of such Security, such Security shall be paid by the Bank at the Repayment Price.

 

Section 1205.        Securities Repaid in Part.

 

Any Security that by its terms
may be purchased or repaid by the Bank in part at the option of the Holder and that is to be purchased or repaid only in part by
the Bank shall be surrendered at any office or agency of the Bank designated for that purpose pursuant to Section 1002 (with,
if the Bank or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Bank
and the Trustee duly executed by, the Holder thereof or his or her attorney duly authorized in writing), and the Bank shall execute,
and the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new Security or Securities
of the same series, of any authorized denomination as requested by such Holder, in such number of Securities equal to and in exchange
for the unpurchased or unrepaid portion of the Securities so surrendered.

 

ARTICLE
Thirteen

[RESERVED]

 

    	 	47	 

    	 

    

 

ARTICLE
Fourteen

[RESERVED]

 

 

 

ARTICLE
Fifteen

Miscellaneous Provisions

 

Section 1501.        Consent to Jurisdiction and
Service of Process.

 

The Bank irrevocably submits to
the jurisdiction of any New York State or Federal court sitting in The City of New York over any suit, action or proceeding arising
out of or relating to this Indenture or any Security. The Bank irrevocably waives, to the fullest extent permitted by law, any
objection that it may have to the laying of the venue of any such suit, action or proceeding brought in such a court and any claim
that any such suit, action or proceeding brought in such a court has been brought in any inconvenient forum. The Bank agrees that
final judgment in any such suit, action or proceeding brought in such a court shall be conclusive and binding upon the Bank and
may be enforced in the courts of Canada (or any other courts to the jurisdiction of which the Bank is subject) by a suit upon such
judgment, provided that service of process is effected upon the Bank in the manner specified in the following paragraph or as otherwise
permitted by law; provided, however, that the Bank does not waive, and the foregoing provisions of this sentence
shall not constitute or be deemed to constitute a waiver of, (i) any right to appeal any such judgment, to seek any stay or otherwise
to seek reconsideration or review of any such judgment or (ii) any stay of execution or levy pending an appeal from, or a suit,
action or proceeding for reconsideration or review of, any such judgment.

 

As long as any of the Securities
remain outstanding, the Bank will at all times have an authorized agent in the Borough of Manhattan, The City of New York upon
whom process may be served in any legal action or proceeding arising out of or relating to the Indenture or any Security. Service
of process upon such agent and written notice of such service mailed or delivered to the Bank shall to the extent permitted by
law be deemed in every respect effective service of process upon the Bank in any such legal action or proceeding. The Bank hereby
appoints Cogency Global Inc. as its agent for such purpose, and covenants and agrees that service of process in any such legal
action or proceeding may be made upon it at the office of such agent at 10 East 40th Street, New York, NY 10016 (or at such other
address in the Borough of Manhattan, The City of New York, as the Bank may designate by written notice to the Trustee).

 

The Bank hereby consents to process
being served in any suit, action or proceeding of the nature referred to in the preceding paragraphs by service upon such agent
together with the mailing of a copy thereof by registered or certified mail, postage prepaid, return receipt requested, to the
address of the Bank in Toronto set forth in the first paragraph of this instrument or to any other address of which the Bank shall
have given written notice to the Trustee. The Bank irrevocably waives, to the fullest extent permitted by law, all claim of error
by reason of any such service (but does not waive any right to assert lack of subject matter jurisdiction) and agrees that such
service (i) shall be deemed in every respect effective service of process upon the Bank in any such suit, action or proceeding
and (ii) shall, to the fullest extent permitted by law, be taken and held to be valid personal service upon and personal delivery
to the Bank.

 

    	 	48	 

    	 

    

 

Nothing in this Section shall affect
the right of the Trustee or any Holder to serve process in any manner permitted by law or limit the right of the Trustee to bring
proceedings against the Bank in the courts of any jurisdiction or jurisdictions.

 

Section 1502.        Indenture and Securities
Solely Corporate Obligations.

 

No recourse under or upon any obligation,
covenant or agreement of this Indenture, any supplemental indenture, or of any Security, or for any claim based thereon or otherwise
in respect thereof, shall be had against any incorporator, shareholder, officer or director, as such, past, present or future,
of the Bank or of any successor corporation, either directly or through the Bank, whether by virtue of any constitution, statute
or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that this Indenture
and the obligations issued hereunder are solely corporate obligations, and that no such personal liability whatever shall attach
to, or is or shall be incurred by, the incorporators, shareholders, officers or directors, as such, of the Bank or of any successor
corporation, or any of them, because of the creation of the obligations hereunder, or under or by reason of the obligations, covenants
or agreements contained in this Indenture or any of the Securities or implied therefrom; and that any and all such personal liability,
either at common law or in equity or by constitution or statute, of, and any and all such rights and claims against, every such
incorporator, shareholder, officer or director, as such, because of the creation of the obligations hereunder, or under or by reason
of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom, are hereby
expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issue of such
Securities.

 

Section 1503.        Execution in Counterparts.

 

This instrument may be executed in
any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together
constitute but one and the same instrument.

 

    	 	49	 

    	 

    

 

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

 

 

	 	ROYAL BANK OF CANADA
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	THE BANK OF NEW YORK MELLON, as

Trustee
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

    	 		 

    	 

    

 

Exhibit A - Form of Master Global Security.Exhibit 4.1

 

 

DEPOSIT AGREEMENT

 

 

by and among

 

UNILEVER INTERNATIONAL HOLDINGS N.V.

 

as Issuer,

 

DEUTSCHE BANK TRUST COMPANY AMERICAS

 

as Depositary,

 

AND

 

THE HOLDERS AND BENEFICIAL OWNERS
 OF AMERICAN DEPOSITARY SHARES EVIDENCED BY
 AMERICAN DEPOSITARY RECEIPTS ISSUED HEREUNDER

 

 

Dated as of             

 

 

 

DEPOSIT AGREEMENT

 

DEPOSIT AGREEMENT, dated as of             , by and among (i) Unilever International Holdings N.V., a company incorporated under the laws of the Netherlands with its principal executive office at Weena 455, 3013 AL Rotterdam, the Netherlands (together with its successors, the “Company”), (ii) Deutsche Bank Trust Company Americas, an indirect wholly owned subsidiary of Deutsche Bank A.G., acting in its capacity as depositary, with its principal office at 60 Wall Street, New York, NY 10005, United States of America (the “Depositary”) which term shall include any successor depositary hereunder, and (iii) all Holders and Beneficial Owners of American Depositary Shares evidenced by American Depositary Receipts issued hereunder (all such capitalized terms as hereinafter defined).

 

W I T N E S S E T H  T H A T:

 

WHEREAS, the Company desires to establish an ADR facility with the Depositary to provide, inter alia, for the deposit of the Shares and the creation of American Depositary Shares representing the Shares so deposited;

 

WHEREAS, the Depositary is willing to act as the Depositary for such ADR facility upon the terms set forth in this Deposit Agreement;

 

WHEREAS, the American Depositary Receipts evidencing the American Depositary Shares issued pursuant to the terms of this Deposit Agreement are to be substantially in the form of Exhibit A and Exhibit B annexed hereto, with appropriate insertions, modifications and omissions, as hereinafter provided in this Deposit Agreement;

 

WHEREAS, the American Depositary Shares to be issued pursuant to the terms of this Deposit Agreement are accepted for trading on the New York Stock Exchange; and

 

WHEREAS, the Board of Directors of the Company (or an authorized committee thereof) has duly approved the establishment of an ADR facility upon the terms set forth in this Deposit Agreement, the execution and delivery of this Deposit Agreement on behalf of the Company, and the actions of the Company and the transactions contemplated herein.

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE I.

 

DEFINITIONS

 

All capitalized terms used, but not otherwise defined, herein shall have the meanings set forth below, unless otherwise clearly indicated:

 

SECTION 1.1  “Affiliate” shall have the meaning assigned to such term by the Commission under Regulation C promulgated under the Securities Act.

 

SECTION 1.2  “Agent” shall mean such entity or entities as the Depositary may appoint under Section 7.8 hereof, including the Custodian or any successor or addition thereto.

 

 

SECTION 1.3  “American Depositary Share(s)” and “ADS(s)” shall mean the securities represented by the rights and interests in the Deposited Securities granted to the Holders and  Beneficial Owners pursuant to this Deposit Agreement and evidenced by the American Depositary Receipts issued hereunder.  Each American Depositary Share shall represent the right to receive              Shares, until there shall occur a distribution upon Deposited Securities referred to in Section 4.2 hereof or a change in Deposited Securities referred to in Section 4.9 hereof with respect to which additional American Depositary Receipts are not executed and delivered and thereafter each American Depositary Share shall represent the Shares or Deposited Securities specified in such Sections.

 

SECTION 1.4  “Article” shall refer to an article of the American Depositary Receipts as set forth in the Form of Face of Receipt and Form of Reverse of Receipt in Exhibit A and Exhibit B annexed hereto.

 

SECTION 1.5  “Articles of Association” shall mean the articles of association of the Company, as amended from time to time.

 

SECTION 1.6  “ADS Record Date” shall have the meaning given to such term in Section 4.7 hereof.

 

SECTION 1.7  “Beneficial Owner” shall mean as to any ADS, any person or entity having a beneficial interest in such ADS.  A Beneficial Owner need not be the Holder of the ADR evidencing such ADSs. A Beneficial Owner may exercise any rights or receive any benefits hereunder solely through the Holder of the ADR(s) evidencing the ADSs in which such Beneficial Owner has an interest.

 

SECTION 1.8  “Business Day” shall mean each Monday, Tuesday, Wednesday, Thursday and Friday which is not (a) a day on which banking institutions in the Borough of Manhattan, The City of New York are authorized or obligated by law or executive order to close and (b) a day on which the market(s) in which Receipts are traded are closed.

 

SECTION 1.9  “Commission” shall mean the Securities and Exchange Commission of the United States or any successor governmental agency in the United States.

 

SECTION 1.10  “Company” shall mean Unilever International Holdings N.V., a company incorporated and existing under the laws of the Netherlands, and its successors.

 

SECTION 1.11  “Corporate Trust Office” when used with respect to the Depositary, shall mean the corporate trust office of the Depositary at which at any particular time its depositary receipts business shall be administered, which, at the date of this Deposit Agreement, is located at 60 Wall Street, New York, New York 10005, U.S.A.

 

SECTION 1.12  “Custodian” shall mean, as of the date hereof, Deutsche Bank AG,  Amsterdam Branch, having its principal office at             , as the custodian for the purposes of this Deposit Agreement, and any other firm or corporation which may hereinafter be appointed by the Depositary pursuant to the terms of Section 5.5 hereof as a successor or an additional custodian or custodians hereunder, as the context shall require.  The term “Custodian” shall mean all custodians, collectively.

 

SECTION 1.13  “Deliver”, “Deliverable” and “Delivery” shall mean, when used in respect of American Depositary Shares, Receipts, Deposited Securities and Shares, the

 

2

 

physical delivery of the certificate representing such security, or the electronic delivery of such security by means of book-entry transfer, as appropriate, including, without limitation, through  DRS/Profile.  With respect to DRS/Profile ADRs, the terms “execute”, “issue”, “register”, “surrender”, “transfer” or “cancel” refer to applicable entries or movements to or within DRS/Profile.

 

SECTION 1.14  “Deposit Agreement” shall mean this Deposit Agreement and all exhibits annexed hereto, as the same may from time to time be amended and supplemented in accordance with the terms hereof.

 

SECTION 1.15  “Depositary” shall mean Deutsche Bank Trust Company Americas, an indirect wholly owned subsidiary of Deutsche Bank AG, in its capacity as depositary under the terms of this Deposit Agreement, and any successor depositary hereunder.

 

SECTION 1.16  “Deposited Securities” as of any time shall mean Shares at such time deposited or deemed to be deposited under this Deposit Agreement and any and all other securities, property and cash received or deemed to be received by the Depositary or the Custodian in respect thereof and held hereunder, subject, in the case of cash, to the provisions of Section 4.6.

 

SECTION 1.17  “Dollars” and “$” shall mean the lawful currency of the United States.

 

SECTION 1.18  “DRS/Profile” shall mean the system for the uncertificated registration of ownership of securities pursuant to which ownership of ADSs is maintained on the books of the Depositary without the issuance of a physical certificate and transfer instructions may be given to allow for the automated transfer of ownership between the books of DTC and the Depositary.  Ownership of ADSs held in DRS/Profile is evidenced by periodic statements issued by the Depositary to the Holders entitled thereto.

 

SECTION 1.19  “DTC” shall mean The Depository Trust Company, the central book-entry clearinghouse and settlement system for securities traded in the United States, and any successor thereto.

 

SECTION 1.20  “DTC Participants” shall mean participants within DTC.

 

SECTION 1.21  “Exchange Act” shall mean the United States Securities Exchange Act of 1934, as from time to time amended.

 

SECTION 1.22  “Foreign Currency” shall mean any currency other than Dollars.

 

SECTION 1.23  “Foreign Registrar” shall mean the entity, if any, that carries out the duties of registrar for the Shares or any successor as registrar for the Shares and any other appointed agent of the Company for the transfer and registration of Shares or, if no such agent is so appointed and acting, the Company.

 

SECTION 1.24  “Holder” shall mean the person in whose name a Receipt is registered on the books of the Depositary (or the Registrar, if any) maintained for such purpose.  A Holder may or may not be a Beneficial Owner.  A Holder shall be deemed to have all requisite authority to act on behalf of those Beneficial Owners of the ADRs registered in such Holder’s name.

 

3

 

SECTION 1.25  “Indemnified Person” and “Indemnifying Person” shall have the respective meanings set forth in Section 5.8 hereof.

 

SECTION 1.26  “Losses” shall have the meaning set forth in Section 5.8 hereof.

 

SECTION 1.27  “Opinion of Counsel” shall mean a written opinion from legal counsel to the Company reasonably acceptable to the Depositary.

 

SECTION 1.28  “Receipt(s); “American Depositary Receipt(s)”; and “ADR(s)” shall mean the certificate(s) or statement(s) issued by the Depositary evidencing the American Depositary Shares issued under the terms of this Deposit Agreement, as such Receipts may be amended from time to time in accordance with the provisions of this Deposit Agreement. References to Receipts shall include physical certificated Receipts as well as ADSs issued through any book-entry system, including, without limitation, DRS/Profile, unless the context otherwise requires.

 

SECTION 1.29  “Registrar” shall mean the Depositary or any bank or trust company having an office in the Borough of Manhattan, The City of New York, which shall be appointed by the Depositary to register ownership of Receipts and transfer of Receipts as herein provided, and shall include any co-registrar appointed by the Depositary for such purposes.  Registrars (other than the Depositary) may be removed and substitutes appointed by the Depositary.

 

SECTION 1.30 “Restricted Securities” shall mean Shares which (i) have been acquired directly or indirectly from the Company or any of its Affiliates in a transaction or chain of transactions not involving any public offering and are subject to resale limitations under the Securities Act (as hereafter defined) or the rules issued thereunder, or (ii) are held by an officer or director (or persons performing similar functions) or other Affiliate of the Company or (iii) are subject to other restrictions on sale or deposit under the laws of the United States or the Netherlands, under a shareholders’ agreement, shareholders’ lock-up agreement or the Articles of Association or under the regulations of an applicable securities exchange unless, in each case, such Shares are being sold to persons other than an Affiliate of the Company in a transaction (x) covered by an effective resale registration statement or (y) exempt from the registration requirements of the Securities Act  and the Shares are not, when held by such person, Restricted Securities.

 

SECTION 1.31  “Securities Act” shall mean the United States Securities Act of 1933, as from time to time amended.

 

SECTION 1.32  “Shares” shall mean ordinary shares, each with a par value of €0.16, in the capital of the Company, heretofore or hereafter validly issued and outstanding and fully paid up.  References to Shares shall include evidence of rights to receive Shares, whether or not stated in the particular instance; provided, however, that in no event shall Shares include evidence of rights to receive Shares with respect to which the full purchase price has not been paid or Shares as to which pre-emptive rights have theretofore not been validly waived or exercised; provided further, however, that, if there shall occur any change in par value, split-up, consolidation, reclassification, exchange, conversion or any other event described in Section 4.9 hereof in respect of the Shares, the term “Shares” shall thereafter, to the extent permitted by law, represent the successor securities resulting from such change in par value, split-up, consolidation, reclassification, exchange, conversion or event.

 

4

 

SECTION 1.33  “United States” or “U.S.” shall mean the United States of America.

 

ARTICLE II. 

APPOINTMENT OF DEPOSITARY; FORM OF RECEIPT; DEPOSIT OF SHARES; EXECUTION AND DELIVERY, TRANSFER AND SURRENDER OF RECEIPTS

 

SECTION 2.1  Appointment of Depositary.  The Company hereby appoints the Depositary as exclusive depositary for the Deposited Securities and hereby authorizes and directs the Depositary to act in accordance with the terms and conditions set forth in this Deposit Agreement.  Each Holder and each Beneficial Owner, upon acceptance of any ADSs (or any interest therein) issued in accordance with the terms of this Deposit Agreement, shall be deemed for all purposes to (a) be a party to and bound by the terms of this Deposit Agreement and the applicable ADR(s) and (b) appoint the Depositary as its attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all actions contemplated in this Deposit Agreement and the applicable ADR(s), to adopt any and all procedures necessary to comply with applicable law and to take such action as the Depositary in its sole discretion may deem necessary or appropriate to carry out the purposes of this Deposit Agreement and the applicable ADR(s) (the taking of such actions to be the conclusive determinant of the necessity and appropriateness thereof).

 

SECTION 2.2  Form and Transferability of Receipts.

 

(a)                                 Form.  Receipts in certificated form shall be substantially in the form set forth in Exhibit A and Exhibit B annexed to this Deposit Agreement, with appropriate insertions, modifications and omissions, as hereinafter provided. Receipts may be issued in denominations of any number of American Depositary Shares.  No Receipt in certificated form shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose, unless such Receipt shall have been dated and signed by the manual or facsimile signature of a duly authorized signatory of the Depositary.  The Depositary shall maintain books on which each Receipt so executed and Delivered, in the case of Receipts in certificated form, and each Receipt issued through any book-entry system, including, without limitation, DRS/Profile, in either case as hereinafter provided, and the transfer of each such Receipt shall be registered.  Receipts in certificated form bearing the manual or facsimile signature of a duly authorized signatory of the Depositary who was at any time a proper signatory of the Depositary shall bind the Depositary, notwithstanding the fact that such signatory has ceased to hold such office prior to the execution and Delivery of such Receipts by the Registrar or did not hold such office on the date of issuance of such Receipts.

 

Notwithstanding anything in this Deposit Agreement or in the form of Receipt to the contrary, to the extent available by the Depositary, ADSs shall be evidenced by Receipts issued through any book-entry system, including, without limitation, DRS/Profile, unless certificated Receipts are specifically requested by the Holder.  Holders and Beneficial Owners shall be bound by the terms and conditions of this Deposit Agreement and of the form of Receipt, regardless of whether their Receipts are in certificated form or are issued through any book-entry system, including, without limitation, DRS/Profile.

 

(b)                                 Legends.  In addition to the foregoing, the Receipts may, and upon the written request of the Company shall, be endorsed with, or have incorporated in the text thereof, such legends or recitals or modifications not inconsistent with the provisions of this Deposit Agreement as may be (i) necessary to enable the Depositary or the Company to perform their

 

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respective obligations hereunder, (ii) required to comply with any applicable laws or regulations, or with the rules and regulations of any securities exchange or market upon which ADSs may be traded, listed or quoted, or to conform with any usage with respect thereto, (iii) necessary to indicate any special limitations or restrictions to which any particular ADRs or ADSs are subject by  reason of the date of issuance of the Deposited Securities or otherwise or (iv) required by any book-entry system in which the ADSs are held.  Holders and Beneficial Owners shall be deemed, for all purposes, to have notice of, and to be bound by, the terms and conditions of the legends set forth, in the case of Holders, on the ADR registered in the name of the applicable Holders or, in the case of Beneficial Owners, on the ADR representing the ADSs owned by such Beneficial Owners.

 

(c)                                  Title. Subject to the limitations contained herein and in the form of Receipt, title to a Receipt (and to the ADSs evidenced thereby), when properly endorsed (in the case of certificated Receipts) or upon delivery to the Depositary of proper instruments of transfer, shall be transferable by delivery with the same effect as in the case of a negotiable instrument under the laws of the State of New York; provided, however, that the Depositary, notwithstanding any notice to the contrary, may treat the Holder thereof as the absolute owner thereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in this Deposit Agreement and for all other purposes and neither the Depositary nor the Company will have any obligation or be subject to any liability under the Deposit Agreement to any holder of a Receipt, unless such holder is the Holder thereof.

 

SECTION 2.3  Deposits.

 

(a)                                 Subject to the terms and conditions of this Deposit Agreement and applicable law, Shares or evidence of rights to receive Shares may be deposited by any person (including the Depositary in its individual capacity but subject, however, in the case of the Company or any Affiliate of the Company, to Section 5.7 hereof) at any time, whether or not the transfer books of the Company or the Foreign Registrar, if any, are closed, by Delivery of the Shares to the Custodian.  Every deposit of Shares shall be accompanied by the following: (A)(i) in the case of Shares represented by certificates issued in registered form, appropriate instruments of transfer or endorsement, in a form satisfactory to the Custodian, (ii) in the case of Shares represented by certificates issued in bearer form, such Shares or the certificates representing such Shares and (iii) in the case of Shares Delivered by book-entry transfer, confirmation of such book-entry transfer to the Custodian or that irrevocable instructions have been given to cause such Shares to be so transferred, (B) such certifications and payments (including, without limitation, the Depositary’s fees and related charges) and evidence of such payments (including, without limitation, stamping or otherwise marking such Shares by way of receipt) as may be required by the Depositary or the Custodian in accordance with the provisions of this Deposit Agreement, (C) if the Depositary so requires, a written order directing the Depositary to execute and Deliver to, or upon the written order of, the person or persons stated in such order a Receipt or Receipts for the number of American Depositary Shares representing the Shares so deposited, (D) evidence satisfactory to the Depositary (which may include an opinion of counsel reasonably satisfactory to the Depositary provided at the cost of the person seeking to deposit Shares) that all conditions to such deposit have been met and all necessary approvals have been granted by, and there has been compliance with the rules and regulations of, any applicable governmental agency and (E) if the Depositary so requires, (i) an agreement, assignment or instrument satisfactory to the Depositary or the Custodian which provides for the prompt transfer by any person in

 

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whose name the Shares are or have been recorded to the Custodian of any distribution, or right to subscribe for additional Shares or to receive other property in respect of any such deposited Shares or, in lieu thereof, such indemnity or other agreement as shall be satisfactory to the Depositary or the Custodian and (ii) if the Shares are registered in the name of the person on whose behalf they are presented for deposit, a proxy or proxies entitling the Custodian to exercise voting rights in respect of the Shares for any and all  purposes until the Shares so deposited are registered in the name of the Depositary, the Custodian or any nominee.  No Share shall be accepted for deposit unless accompanied by confirmation or such additional evidence, if any is required by the Depositary, that is reasonably satisfactory to the Depositary or the Custodian that all conditions to such deposit have been satisfied by the person depositing such Shares under the laws and regulations of the Netherlands and any necessary approval has been granted by any governmental body in the Netherlands, if any, which is then performing the function of the regulator of currency exchange.  The Depositary may issue Receipts against evidence of rights to receive Shares from the Company, any agent of the Company or any custodian, registrar, transfer agent, clearing agency or other entity involved in ownership or transaction records in respect of the Shares.  Without limitation of the foregoing, the Depositary shall not knowingly accept for deposit under this Deposit Agreement any Shares or other Deposited Securities required to be registered under the provisions of the Securities Act, unless a registration statement is in effect as to such Shares or other Deposited Securities, or any Shares or other Deposited Securities the deposit of which would violate any provisions of the Articles of Association.  The Depositary will comply with written instructions of the Company that the Depositary shall not accept for deposit hereunder any Shares specifically identified in such instructions at such times and under such circumstances as may reasonably be specified in such instructions in order to facilitate the Company’s compliance with the securities laws in the United States and other applicable jurisdictions provided that the Company shall indemnify the Depositary and the Custodian for any claims and losses arising from not accepting the deposit of any Shares identified in the Company’s instructions. The Depositary shall have no liability for any actions taken in accordance with such instructions.

 

(b)                                 As soon as practicable after receipt of any permitted deposit hereunder and compliance with the provisions of this Deposit Agreement, the Custodian shall present the Shares so deposited, together with the appropriate instrument or instruments of transfer or endorsement, duly stamped, to the Foreign Registrar for transfer and registration of the Shares (as soon as transfer and registration can be accomplished and at the expense of the person for whom the deposit is made) in the name of the Depositary, the Custodian or a nominee of either.  Deposited Securities shall be held by the Depositary or by a Custodian for the account and to the order of the Depositary or a nominee, in each case for the account of the Holders and Beneficial Owners, at such place or places as the Depositary or the Custodian shall determine.

 

(c)                                  In the event any Shares are deposited which entitle the holders thereof to receive a per-share distribution or other entitlement in an amount different from the Shares then on deposit, the Depositary is authorized to take any and all actions as may be necessary (including, without limitation, making the necessary notations on Receipts) to give effect to the issuance of such ADSs and to ensure that such ADSs are not fungible with other ADSs issued hereunder until such time as the entitlement of the Shares represented by such non-fungible ADSs equals that of the Shares represented by ADSs prior to such deposit. The Company agrees to give timely written notice to the Depositary if any Shares issued or to be issued contain rights different from those of any other Shares theretofore issued and shall

 

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assist the Depositary with the establishment of procedures enabling the identification of such non-fungible Shares upon Delivery to the Custodian.

 

SECTION 2.4  Execution and Delivery of Receipts.  After the deposit of any Shares pursuant to Section 2.3 hereof, the Custodian shall notify the Depositary of such deposit and the person or persons to whom or upon whose written order a Receipt or Receipts are Deliverable in respect thereof and the number of American Depositary Shares to be evidenced  thereby.  Such notification shall be made by letter, first class airmail postage prepaid, or, at the request, risk and expense of the person making the deposit, by cable, telex, SWIFT, facsimile or electronic transmission.  After receiving such notice from the Custodian, the Depositary, subject to this Deposit Agreement (including, without limitation, the payment of the fees, expenses, taxes and/or other charges owing hereunder), shall issue the ADSs representing the Shares so deposited to or upon the order of the person or persons named in the notice Delivered to the Depositary and shall execute and Deliver a Receipt registered in the name or names requested by such person or persons evidencing in the aggregate the number of American Depositary Shares to which such person or persons are entitled.

 

SECTION 2.5  Transfer of Receipts; Combination and Split-up of Receipts.

 

(a)                                 Transfer.  The Depositary, or, if a Registrar (other than the Depositary) for the Receipts shall have been appointed, the Registrar, subject to the terms and conditions of this Deposit Agreement, shall register transfers of Receipts on its books, upon surrender at the Corporate Trust Office of the Depositary of a Receipt by the Holder thereof in person or by duly authorized attorney, properly endorsed in the case of a certificated Receipt or accompanied by, or in the case of Receipts issued through any book-entry system, including, without limitation, DRS/Profile, receipt by the Depositary of, proper instruments of transfer (including signature guarantees in accordance with standard industry practice) and duly stamped as may be required by the laws of the State of New York and of the United States, the Netherlands and any other applicable law.  Subject to the terms and conditions of this Deposit Agreement, including payment of the applicable fees and charges of the Depositary set forth in Section 5.9 hereof and Article (9) of the Receipt, the Depositary shall execute a new Receipt or Receipts and Deliver the same to or upon the order of the person entitled thereto evidencing the same aggregate number of American Depositary Shares as those evidenced by the Receipts surrendered.

 

(b)                                 Combination and Split Up.  The Depositary, subject to the terms and conditions of this Deposit Agreement shall, upon surrender of a Receipt or Receipts for the purpose of effecting a split-up or combination of such Receipt or Receipts and upon payment to the Depositary of the applicable fees and charges set forth in Section 5.9 hereof and Article (9) of the Receipt, execute and Deliver a new Receipt or Receipts for any authorized number of American Depositary Shares requested, evidencing the same aggregate number of American Depositary Shares as the Receipt or Receipts surrendered.

 

(c)                                  Co-Transfer Agents.  The Depositary may appoint one or more co-transfer agents for the purpose of effecting transfers, combinations and split-ups of Receipts at designated transfer offices on behalf of the Depositary. In carrying out its functions, a co-transfer agent may require evidence of authority and compliance with applicable laws and other requirements by Holders or persons entitled to such Receipts and will be entitled to protection and indemnity, in each case to the same extent as the Depositary. Such co-transfer agents may be removed and substitutes appointed by the Depositary.  Each co-transfer agent appointed under this Section 2.5 (other than the Depositary) shall give notice in writing to the

 

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Depositary accepting such appointment and agreeing to be bound by the applicable terms of this Deposit Agreement.

 

(d)                                 Substitution of Receipts. At the request of a Holder, the Depositary shall, for the purpose of substituting a certificated Receipt with a Receipt issued through any book-entry system, including, without limitation, DRS/Profile, or vice versa, execute and Deliver a certificated Receipt or deliver a statement, as the case may be, for any authorized number of  ADSs requested, evidencing the same aggregate number of ADSs as those evidenced by the relevant Receipt.

 

SECTION 2.6  Surrender of Receipts and Withdrawal of Deposited Securities.  Upon surrender, at the Corporate Trust Office of the Depositary, of American Depositary Shares for the purpose of withdrawal of the Deposited Securities represented thereby, and upon payment of (i) the fees and charges of the Depositary for the making of withdrawals of Deposited Securities and cancellation of Receipts (as set forth in Section 5.9 hereof and Article (9) of the Receipt) and (ii) all fees, taxes and/or governmental charges payable in connection with such surrender and withdrawal, and subject to the terms and conditions of this Deposit Agreement and the Articles of Association, Section 7.10 hereof and any other provisions of or governing the Deposited Securities and other applicable laws, the Holder of such American Depositary Shares shall be entitled to Delivery, to him or upon his order, of the Deposited Securities at the time represented by the American Depositary Shares so surrendered. American Depositary Shares may be surrendered for the purpose of withdrawing Deposited Securities by Delivery of a Receipt evidencing such American Depositary Shares (if held in certificated form) or by book-entry Delivery of such American Depositary Shares to the Depositary.

 

A Receipt surrendered for such purposes shall, if so required by the Depositary, be properly endorsed in blank or accompanied by proper instruments of transfer in blank, and if the Depositary so requires, the Holder thereof shall execute and deliver to the Depositary a written order directing the Depositary to cause the Deposited Securities being withdrawn to be Delivered to or upon the written order of a person or persons designated in such order. Thereupon, the Depositary shall direct the Custodian to Deliver (without unreasonable delay) at the designated office of the Custodian or through a book-entry delivery of the Shares (in either case, subject to Sections 2.7, 3.1, 3.2, 5.9, hereof and to the other terms and conditions of this Deposit Agreement, to the Articles of Association, and to the provisions of or governing the Deposited Securities and applicable laws, now or hereafter in effect) to or upon the written order of the person or persons designated in the order delivered to the Depositary as provided above, the Deposited Securities represented by such American Depositary Shares, together with any certificate or other proper documents of or relating to title of the Deposited Securities as may be legally required, as the case may be, to or for the account of such person.

 

The Depositary may in its sole discretion refuse to accept for surrender American Depositary Shares representing a number other than a whole number of Shares. In the case of surrender of a Receipt evidencing a number of American Depositary Shares representing other than a whole number of Shares, the Depositary shall cause ownership of the appropriate whole number of Shares to be Delivered in accordance with the terms hereof, and shall, at the discretion of the Depositary, either (i) issue and Deliver to the person surrendering such Receipt a new Receipt evidencing American Depositary Shares representing any remaining fractional Share, or (ii) sell or cause to be sold the fractional Shares represented by the Receipt surrendered and remit the proceeds of such sale (net of (a) applicable fees and

 

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charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary and (b) taxes and/or governmental charges) to the person surrendering the Receipt.

 

At the request, risk and expense of any Holder so surrendering a Receipt, and for the account of such Holder, the Depositary shall direct the Custodian to forward (to the extent permitted by law) any cash or other property (other than securities) held in respect of, and any certificate or certificates and other proper documents of or relating to title to, the Deposited Securities represented by such Receipt to the Depositary for delivery at the Corporate Trust Office of the Depositary, and for further Delivery to such Holder.  Such direction shall be given by letter or,  at the request, risk and expense of such Holder, by cable, telex or facsimile transmission. Upon receipt by the Depositary of such direction, the Depositary may make delivery to such person or persons entitled thereto at the Corporate Trust Office of the Depositary of any dividends or cash distributions with respect to the Deposited Securities represented by such American Depositary Shares, or of any proceeds of sale of any dividends, distributions or rights, which may at the time be held by the Depositary.

 

SECTION 2.7  Limitations on Execution and Delivery, Transfer, etc. of Receipts; Suspension of Delivery, Transfer, etc..

 

(a)                                 Additional Requirements.  As a condition precedent to the execution and Delivery, registration, registration of transfer, split-up, subdivision, combination or surrender of any Receipt, the Delivery of any distribution thereon (whether in cash or shares) or withdrawal of any Deposited Securities, the Depositary or the Custodian may require (i) payment from the depositor of Shares or presenter of the Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment of any applicable fees and charges of the Depositary as provided in Section 5.9 hereof and Article (9) of the Receipt hereto, (ii) the production of proof satisfactory to it as to the identity and genuineness of any signature or any other matter contemplated by Section 3.1 hereof and (iii) compliance with (A) any laws or governmental regulations relating to the execution and Delivery of Receipts or American Depositary Shares or to the withdrawal or Delivery of Deposited Securities and (B) such reasonable regulations and procedures as the Depositary may establish consistent with the provisions of this Deposit Agreement and applicable law.

 

(b)                                 Additional Limitations.  The issuance of ADSs against deposits of Shares generally or against deposits of particular Shares may be suspended, or the issuance of ADSs against the deposit of particular Shares may be withheld, or the registration of transfer of Receipts in particular instances may be refused, or the registration of transfers of Receipts generally may be suspended, during any period when the transfer books of the Depositary are closed or if any such action is deemed necessary or advisable by the Depositary or the Company, in good faith, at any time or from time to time because of any requirement of law, any government or governmental body or commission or any securities exchange on which the Receipts or Shares are listed, or under any provision of this Deposit Agreement or provisions of, or governing, the Deposited Securities, or any meeting of shareholders of the Company or for any other reason, subject, in all cases, to Section 7.10 hereof.

 

(c)                                  The Depositary shall not issue ADSs prior to the receipt of Shares or deliver Shares prior to the receipt and cancellation of ADSs.

 

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SECTION 2.8  Lost Receipts, etc.  To the extent the Depositary has issued Receipts in physical certificated form, in case any Receipt shall be mutilated, destroyed, lost or stolen, unless the Depositary has notice that such ADR has been acquired by a bona fide purchaser, subject to Section 5.9 hereof, the Depositary shall execute and Deliver a new Receipt (which, in the discretion of the Depositary may be issued through any book-entry system, including, without limitation, DRS/Profile, unless specifically requested otherwise) in exchange and substitution for such mutilated Receipt upon cancellation thereof, or in lieu of and in substitution for such destroyed, lost or stolen Receipt.  Before the Depositary shall execute and Deliver a new Receipt in substitution for a destroyed, lost or stolen Receipt, the Holder thereof shall have (a) filed with the Depositary (i) a request for such execution and Delivery before the  Depositary has notice that the Receipt has been acquired by a bona fide purchaser and (ii) a sufficient indemnity bond in form and amount acceptable to the Depositary and (b) satisfied any other reasonable requirements imposed by the Depositary.

 

SECTION 2.9  Cancellation and Destruction of Surrendered Receipts .  All Receipts surrendered to the Depositary shall be cancelled by the Depositary. The Depositary is authorized to destroy Receipts so cancelled in accordance with its customary practices.  Cancelled Receipts shall not be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose.

 

SECTION 2.10 Maintenance of Records.  The Depositary agrees to maintain records of all Receipts surrendered and Deposited Securities withdrawn under Section 2.6, substitute Receipts Delivered under Section 2.8 and cancelled or destroyed Receipts under Section 2.9, in keeping with the procedures ordinarily followed by stock transfer agents located in the United States.

 

ARTICLE III.

 

CERTAIN OBLIGATIONS OF HOLDERS
 AND BENEFICIAL OWNERS OF RECEIPTS

 

SECTION 3.1  Proofs, Certificates and Other Information.  Any person presenting Shares for deposit shall provide, and any Holder and any Beneficial Owner, from time to time, may be required to provide, in each case, to the Depositary or the Custodian such proof of citizenship or residence, taxpayer status, payment of all applicable taxes or other governmental charges, exchange control approval, legal or beneficial ownership of ADSs and Deposited Securities, compliance with applicable laws and the terms of this Deposit Agreement and the provisions of, or governing, the Deposited Securities or other information, to execute such certifications and to make such representations and warranties and to provide such other information and documentation as the Depositary may deem necessary or proper or as the Company may reasonably require by written request to the Depositary consistent with its obligations hereunder. The Depositary and the Registrar, as applicable, may, withhold the execution or Delivery or registration of transfer of any Receipt or the distribution or sale of any dividend or other distribution of rights or of the proceeds thereof, or to the extent not limited by the terms of Section 7.10 hereof, the Delivery of any Deposited Securities, until such proof or other information is filed or such certifications are executed, or such representations and warranties are made, or such other documentation or information provided, in each case to the Depositary’s and the Company’s satisfaction. The Depositary shall from time to time on the written request of the Company advise the Company of the

 

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availability of any such proofs, certificates or other information and shall, at the Company’s sole expense, provide or otherwise make available copies thereof to the Company upon written request therefor by the Company, unless such disclosure is prohibited by law.  Each Holder and Beneficial Owner agrees to provide, any information requested by the Company or the Depositary pursuant to this Section 3.1. Nothing herein shall obligate the Depositary to (i) obtain any information for the Company if not provided by the Holders or Beneficial Owners or (ii) verify or vouch for the accuracy of the information so provided by the Holders or Beneficial Owners.

 

Every Holder and Beneficial Owner agrees to indemnify the Depositary, the Company, the Custodian, the Agents and each of their respective directors, officers, employees, agents  and Affiliates against, and to hold each of them harmless from, any Losses which any of them may incur or which may be made against any of them as a result of or in connection with any inaccuracy in or omission from any such proof, certificate, representation, warranty, information or document furnished by or on behalf of such Holder and/or Beneficial Owner or as a result of any such failure to furnish any of the foregoing.

 

The obligations of Holders and Beneficial Owners under Section 3.1 shall survive any transfer of Receipts, any surrender of Receipts or withdrawal of Deposited Securities or the termination of the Deposit Agreement.

 

SECTION 3.2  Liability for Taxes and Other Charges.  If any present or future tax or other governmental charge shall become payable by the Depositary or the Custodian with respect to any ADR or any Deposited Securities or American Depositary Shares, such tax or other governmental charge shall be payable by the Holders and Beneficial Owners to the Depositary and such Holders and Beneficial Owners shall be deemed liable therefor.  The Company, the Custodian and/or the Depositary may withhold or deduct from any distributions made in respect of Deposited Securities and may sell for the account of a Holder and/or Beneficial Owner any or all of the Deposited Securities and apply such distributions and sale proceeds in payment of such taxes (including applicable interest and penalties) and charges, with the Holder and the Beneficial Owner remaining fully liable for any deficiency.  In addition to any other remedies available to it, the Depositary and the Custodian may refuse the deposit of Shares, and the Depositary may refuse to issue ADSs, to Deliver ADRs, to register the transfer, split-up or combination of ADRs and (subject to Section 7.10 hereof) the withdrawal of Deposited Securities, until payment in full of such tax, charge, penalty or interest is received. Every Holder and Beneficial Owner agrees to indemnify the Depositary, the Company, the Custodian, the Agents and each of their respective directors, officers, employees, agents and Affiliates against, and to hold each of them harmless from, any claims with respect to taxes, additions to tax (including applicable interest and penalties thereon) arising out of any refund of taxes, reduced rate of withholding at source or other tax benefit obtained for or by such Holder and/or Beneficial Owner. The liability of Holders and Beneficial Owners under this Section 3.2 shall survive any transfer of Receipts, any surrender of Receipts and withdrawal of Deposited Securities or the termination of this Deposit Agreement.

 

SECTION 3.3  Representations and Warranties on Deposit of Shares.  Each person depositing Shares under this Deposit Agreement shall be deemed thereby to represent and warrant that (i) such Shares and the certificates therefor are duly authorized, validly issued, fully paid, non-assessable and were legally obtained by such person, (ii) all pre-emptive (and similar) rights, if any, with respect to such Shares have been validly waived or exercised, (iii) the person making such deposit is duly authorized so to do, (iv) the Shares presented for

 

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deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse claim and are not, and the American Depositary Shares issuable upon such deposit will not be, Restricted Securities, (v) the Shares presented for deposit have not been stripped of any rights or entitlements and (vi) the Shares are not subject to any lock-up agreement with the Company or other party, or the Shares are subject to a lock-up agreement but the lock-up restrictions imposed thereunder have expired. Such representations and warranties shall survive the deposit and withdrawal of Shares, the issuance and cancellation of American Depositary Shares in respect thereof and the transfer of such American Depositary Shares.  If any such representations or warranties are false in any way, the Company and the Depositary shall be authorized, at the cost and expense of the person depositing Shares, to take any and all actions necessary to correct the consequences thereof. Every Holder and Beneficial Owner  agrees to indemnify the Depositary, the Company, the Custodian, the Agents and each of their respective directors, officers, employees, agents and Affiliates against, and to hold each of them harmless from, any Losses which any of them may incur or which may be made against any of them as a result of or in connection with the foregoing representations and warranties.

 

SECTION 3.4  Compliance with Information Requests.  Notwithstanding any other provision of this Deposit Agreement, the Articles of Association and applicable law, each Holder and Beneficial Owner agrees to (a) provide such information as the Company or the Depositary may request pursuant to  law (including, without limitation, relevant laws of the Netherlands, any applicable law of the United States, the Articles of Association, any resolutions of the Company’s Board of Directors adopted pursuant to the Articles of Association, the requirements of any markets or exchanges upon which the Shares, ADSs or Receipts are listed or traded, or to any requirements of any electronic book-entry system by which the ADSs or Receipts may be transferred), (b) be bound by and subject to applicable provisions of Dutch law, the Articles of Association and the requirements of any markets or exchanges upon which the ADSs, Receipts or Shares are listed or traded, or pursuant to any requirements of any electronic book-entry system by which the ADSs, Receipts or Shares may be transferred, to the same extent as if such Holder and Beneficial Owner held Shares directly, in each case irrespective of whether or not they are Holders or Beneficial Owners at the time such request is made and, without limiting the generality of the foregoing, (c) comply with all applicable provisions of Dutch law, the rules and requirements of any stock exchange on which the Shares are, or will be registered, traded or listed and the Articles of Association regarding any such Holder or Beneficial Owner’s interest in Shares (including the aggregate of ADSs and Shares held by each such Holder or Beneficial Owner) and/or the disclosure of interests therein, whether or not the same may be enforceable against such Holder or Beneficial Owner. The Depositary agrees to use its reasonable efforts to forward upon the request of the Company, and at the Company’s expense, any such request from the Company to the Holders and to forward to the Company any such responses to such requests received by the Depositary. Holders and Beneficial Owners agree to comply with all such disclosure requirements, to respond to any such disclosure requests and to cooperate with the Depositary with respect to enforcement of the foregoing.

 

ARTICLE IV.

 

THE DEPOSITED SECURITIES

 

SECTION 4.1  Cash Distributions.  Whenever the Depositary receives confirmation from the Custodian of receipt of any cash dividend or other cash distribution on any

 

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Deposited Securities, or receives proceeds from the sale of any Shares, rights, securities or other entitlements under the terms hereof, the Depositary will, if at the time of receipt thereof any amounts received in a Foreign Currency can in the judgment of the Depositary (pursuant to Section 4.6 hereof) be converted on a practicable basis into Dollars transferable to the United States, promptly convert or cause to be converted such cash dividend, distribution or proceeds into Dollars (on the terms described in Section 4.6 hereof) and will distribute promptly the amount thus received (net of (a) the applicable fees and charges of, and expenses incurred by, the Depositary and/or a division or Affilate(s) of the Depositary and (b) taxes and/or governmental charges)  to the Holders of record as of the ADS Record Date in proportion to the number of American Depositary Shares held by such Holders respectively as of the ADS Record Date. The Depositary shall distribute only such amount, however, as can be distributed without attributing to any Holder a fraction of one cent.  Any such fractional amounts shall be  rounded down to the nearest whole cent and so distributed to Holders entitled thereto.  Holders and Beneficial Owners understand that in converting Foreign Currency, amounts received on conversion are calculated at a rate which exceeds the number of decimal places used by the Depositary to report distribution rates.  The excess amount may be retained by the Depositary as an additional cost of conversion, irrespective of any other fees and expenses payable or owing hereunder and shall not be subject to escheatment.  If the Company, the Custodian or the Depositary is required to withhold and does withhold from any cash dividend or other cash distribution in respect of any Deposited Securities an amount on account of taxes, duties or other governmental charges, the amount distributed to Holders of the ADSs representing such Deposited Securities shall be reduced accordingly. Such withheld amounts shall be forwarded by the Company, the Custodian or the Depositary to the relevant governmental authority.  Evidence of payment thereof by the Company shall be forwarded by the Company to the Depositary upon request.  The Depositary shall forward to the Company or its agent such information from its records as the Company may reasonably request to enable the Company or its agent to file with governmental agencies such reports as are necessary to obtain benefits under the applicable tax treaties for the Holders and Beneficial Owners of Receipts.

 

SECTION 4.2  Distribution in Shares.  If any distribution upon any Deposited Securities consists of a dividend in, or free distribution of, Shares, the Company shall cause such Shares to be deposited with the Custodian and registered, as the case may be, in the name of the Depositary, the Custodian or any of their nominees.  Upon receipt of confirmation of such deposit from the Custodian, the Depositary shall establish the ADS Record Date upon the terms described in Section 4.7 hereof and shall, subject to Section 5.9 hereof, either (i) distribute to the Holders as of the ADS Record Date in proportion to the number of ADSs held as of the ADS Record Date, additional ADSs, which represent in the aggregate the number of Shares received as such dividend, or free distribution, subject to the other terms of this Deposit Agreement (including, without limitation, (a) the applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes and/or governmental charges), or (ii) if additional ADSs are not so distributed, each ADS issued and outstanding after the ADS Record Date shall, to the extent permissible by law, thenceforth also represent rights and interests in the additional Shares distributed upon the Deposited Securities represented thereby (net of (a) the applicable fees and charges of, and expenses incurred by, the Depositary and (b) taxes and/or governmental charges).  In lieu of Delivering fractional ADSs, the Depositary shall sell the number of Shares represented by the aggregate of such fractions and distribute the proceeds upon the terms described in Section 4.1 hereof. The Depositary may withhold any such distribution of American Depositary Shares if it has not received satisfactory assurances from the Company (including an Opinion of Counsel

 

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furnished at the expense of the Company) that such distribution does not require registration under the Securities Act or is exempt from registration under the provisions of the Securities Act.  To the extent such distribution may be withheld, the Depositary may dispose of all or a portion of such distribution in such amounts and in such manner, including by public or private sale, as the Depositary deems necessary and practicable, and the Depositary shall distribute the net proceeds of any such sale (after deduction of applicable taxes and/or governmental charges and fees and charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary) to Holders entitled thereto upon the terms described in Section 4.1 hereof.

 

SECTION 4.3  Elective Distributions in Cash or Shares.  Whenever the Company intends to distribute a dividend payable at the election of the holders of Shares in cash or in additional Shares, the Company shall give notice thereof to the Depositary at least 30 days prior to the proposed distribution stating whether or not it wishes such elective distribution to  be made available to Holders of ADSs.  Upon receipt of notice indicating that the Company wishes such elective distribution to be made available to Holders of ADSs, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such elective distribution available to the Holders of ADSs.  The Depositary shall make such elective distribution available to Holders only if (i) the Company shall have timely requested that the elective distribution is available to Holders of ADRs, (ii) the Depositary shall have received satisfactory documentation within the terms of Section 5.7 hereof (including, without limitation, any legal opinions of counsel in any applicable jurisdiction that the Depositary in its reasonable discretion may request, at the expense of the Company) and (iii) the Depositary shall have determined that such distribution is lawful and reasonably practicable.  If the above conditions are not satisfied, the Depositary shall, to the extent permitted by law, distribute to the Holders, on the basis of the same determination as is made in the local market in respect of the Shares for which no election is made, either cash upon the terms described in Section 4.1 hereof or additional ADSs representing such additional Shares upon the terms described in Section 4.2 hereof.  If the above conditions are satisfied, the Depositary shall establish an ADS Record Date (on the terms described in Section 4.7 hereof) and establish procedures to enable Holders to elect the receipt of the proposed dividend in cash or in additional ADSs.  The Company shall assist the Depositary in establishing such procedures to the extent necessary.  Subject to Section 5.9 hereof, if a Holder elects to receive the proposed dividend in cash, the dividend shall be distributed upon the terms described in Section 4.1 hereof or in ADSs, the dividend shall be distributed upon the terms described in Section 4.2 hereof.  Nothing herein shall obligate the Depositary to make available to Holders a method to receive the elective dividend in Shares (rather than ADSs).  There can be no assurance that Holders generally, or any Holder in particular, will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares.

 

SECTION 4.4  Distribution of Rights to Purchase Shares.

 

(a)                                 Distribution to ADS Holders.  Whenever the Company intends to distribute to the holders of the Deposited Securities rights to subscribe for additional Shares, the Company shall give notice thereof to the Depositary at least 60 days prior to the proposed distribution stating whether or not it wishes such rights to be made available to Holders of ADSs.  Upon timely receipt of a notice indicating that the Company wishes such rights to be made available to Holders of ADSs, the Depositary shall consult with the Company to determine, and the Company shall determine, whether it is lawful and reasonably practicable to make

 

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such rights available to the Holders.  The Depositary shall make such rights available to Holders only if (i) the Company shall have timely requested that such rights be made available to Holders, (ii) the Depositary shall have received satisfactory documentation within the terms of Section 5.7 hereof and (iii) the Depositary shall have determined that such distribution of rights is lawful and reasonably practicable.  In the event any of the conditions set forth above are not satisfied, the Depositary shall proceed with the sale of the rights as contemplated in Section 4.4(b) below or, if timing or market conditions may not permit, do nothing thereby allowing such rights to lapse.  In the event all conditions set forth above are satisfied, the Depositary shall establish an ADS Record Date (upon the terms described in Section 4.7 hereof) and establish procedures to distribute such rights (by means of warrants or otherwise) and to enable the Holders to exercise the rights (upon payment of applicable fees and charges of, and expenses incurred by, the Depositary and taxes and/or other governmental charges).  Nothing herein shall obligate the Depositary to make available to the Holders a method to exercise such rights to subscribe for Shares (rather than ADSs).

 

(b)                                 Sale of Rights.  If (i) the Company does not timely request the Depositary to make the rights available to Holders or requests that the rights not be made available to Holders, (ii) the Depositary fails to receive satisfactory documentation within the terms of Section 5.7 hereof or determines it is not lawful or reasonably practicable to make the rights available to Holders or (iii) any rights made available are not exercised and appear to be about to lapse, the Depositary shall determine whether it is lawful and reasonably practicable to sell such rights, and if it so determines that it is lawful and reasonably practicable, endeavour to sell such rights in a riskless principal capacity or otherwise, at such place and upon such terms (including public or private sale) as it may deem proper.  The Company shall assist the Depositary to the extent necessary to determine such legality and practicability.  The Depositary shall, upon such sale, convert and distribute proceeds of such sale (net of applicable fees and charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary and taxes and/or governmental charges) upon the terms set forth in Section 4.1 hereof.

 

(c)                                  Lapse of Rights.  If the Depositary is unable to make any rights available to Holders upon the terms described in Section 4.4(a) hereof or to arrange for the sale of the rights upon the terms described in Section 4.4(b) hereof, the Depositary shall allow such rights to lapse.

 

The Depositary shall not be responsible for and the Company shall not be liable to Holders or Beneficial Owners for (i) any failure to determine that it may be lawful or practicable to make such rights available to Holders in general or any Holders in particular or (ii) any foreign exchange exposure or loss incurred in connection with such sale or exercise. The Depositary shall not be responsible for the content of any materials forwarded to the Holders on behalf of the Company in connection with the rights distribution.

 

Notwithstanding anything to the contrary in this Section 4.4, if registration (under the Securities Act or any other applicable law) of the rights or the securities to which any rights relate may be required in order for the Company to offer such rights or such securities to Holders and to sell the securities represented by such rights, the Depositary will not distribute such rights to the Holders (i) unless and until a registration statement under the Securities Act covering such offering is in effect or (ii) unless the Company furnishes to the Depositary, at the expense of the Company, Opinion(s) of Counsel for the Company in the United States and counsel to the Company in any other applicable country in which rights would be distributed, in each case  satisfactory to the Depositary, to the effect that the offering and sale of such securities to Holders and Beneficial Owners are exempt from, or do not require

 

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registration under, the provisions of the Securities Act or any other applicable laws.  In the event that the Company, the Depositary or the Custodian shall be required to withhold and does withhold from any distribution of property (including rights) an amount on account of taxes and/or other governmental charges, the amount distributed to the Holders shall be reduced accordingly.  In the event that the Depositary determines that any distribution in property (including Shares and rights to subscribe therefor) is subject to any tax or other governmental charges which the Depositary is obligated to withhold, the Depositary may dispose of all or a portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner, including by public or private sale, as the Depositary deems necessary and practicable to pay any such taxes and/or charges.

 

There can be no assurance that Holders generally, or any Holder in particular, will be given the opportunity to exercise rights on the same terms and conditions as the holders of Shares or be able to exercise such rights.  Nothing herein shall obligate the Company to file any registration statement in respect of any rights or Shares or other securities to be acquired upon the exercise  of such rights or otherwise to register or qualify the offer or sale of such rights or securities under the applicable law of any other jurisdiction for any purpose.

 

SECTION 4.5  Distributions Other Than Cash, Shares or Rights to Purchase Shares.

 

(a)                                 Whenever the Company intends to distribute to the holders of Deposited Securities property other than cash, Shares or rights to purchase additional Shares, the Company shall give notice thereof to the Depositary at least 30 days prior to the proposed distribution and shall indicate whether or not it wishes such distribution to be made to Holders of ADSs.  Upon receipt of a notice indicating that the Company wishes such distribution be made to Holders of ADSs, the Depositary shall determine whether such distribution to Holders is lawful and reasonably practicable.  The Depositary shall not make such distribution unless (i) the Company shall have timely requested the Depositary to make such distribution to Holders, (ii) the Depositary shall have received satisfactory documentation within the terms of Section 5.7 hereof and (iii) the Depositary shall have determined that such distribution is lawful and reasonably practicable.

 

(b)                                 Upon receipt of satisfactory documentation and the request of the Company to distribute property to Holders of ADSs and after making the requisite determinations set forth in (a) above, the Depositary shall distribute the property so received to the Holders of record as of the ADS Record Date, in proportion to the number of ADSs held by such Holders respectively and in such manner as the Depositary may deem practicable for accomplishing such distribution (i) upon receipt of payment or net of the applicable fees and charges of, and expenses incurred by, the Depositary  and (ii) net of any taxes and/or other governmental charges.  The Depositary may dispose of all or a portion of the property so distributed and deposited, in such amounts and in such manner (including public or private sale) as the Depositary may deem practicable or necessary to satisfy any taxes (including applicable interest and penalties) and other governmental charges applicable to the distribution.

 

(c)                                  If (i) the Company does not request the Depositary to make such distribution to Holders or requests the Depositary not to make such distribution to Holders, (ii) the Depositary does not receive satisfactory documentation within the terms of Section 5.7 hereof or (iii) the Depositary determines that all or a portion of such distribution is not reasonably practicable or feasible, the Depositary shall endeavor to sell or cause such property to be sold in a public or private sale, at such place or places and upon such terms as it may deem proper and shall distribute the net proceeds, if any, of such sale received by the Depositary (net of

 

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applicable fees and charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary and taxes and/or governmental charges) to the Holders as of the ADS Record Date upon the terms of Section 4.1 hereof.  If the Depositary is unable to sell such property, the Depositary may dispose of such property in any way it deems reasonably practicable under the circumstances for nominal or no consideration and Holders and Beneficial Owners shall have no rights thereto or arising therefrom.

 

SECTION 4.6  Conversion of Foreign Currency.  Whenever the Depositary or the Custodian shall receive Foreign Currency, by way of dividends or other distributions or the net proceeds from the sale of securities, property or rights, and in the judgment of the Depositary such Foreign Currency can at such time be converted on a practicable basis (by sale or in any other manner that it may determine in accordance with applicable law) into Dollars transferable to the United States and distributable to the Holders entitled thereto, the Depositary shall convert or cause to be converted, by sale or in any other manner that it may determine, such Foreign Currency into Dollars, and shall distribute such Dollars (net of any fees, expenses,  taxes and/or other governmental charges incurred in the process of such conversion) in accordance with the terms of the applicable sections of this Deposit Agreement.  If the Depositary shall have distributed warrants or other instruments that entitle the holders thereof to such Dollars, the Depositary shall distribute such Dollars to the holders of such warrants and/or instruments upon surrender thereof for cancellation, in either case without liability for interest thereon. Such distribution may be made upon an averaged or other practicable basis without regard to any distinctions among Holders on account of exchange restrictions, the date of delivery of any Receipt or otherwise.

 

In converting Foreign Currency, amounts received on conversion may be calculated at a rate which exceeds the number of decimal places used by the Depositary to report distribution rates (which in any case will not be less than two decimal places).  Any excess amount may be retained by the Depositary as an additional cost of conversion, irrespective of any other fees and expenses payable or owing hereunder and shall not be subject to escheatment.

 

If such conversion or distribution can be effected only with the approval or license of any government or agency thereof, the Depositary may file such application for approval or license, if any, as it may deem necessary, practicable and at nominal cost and expense.  Nothing herein shall obligate the Depositary to file or cause to be filed, or to seek effectiveness of any such application or license.

 

If at any time the Depositary shall determine that in its judgment the conversion of any Foreign Currency and the transfer and distribution of proceeds of such conversion received by the Depositary is not practicable or lawful, or if any approval or license of any governmental authority or agency thereof that is required for such conversion, transfer and distribution is denied, or not obtainable at a reasonable cost, within a reasonable period or otherwise sought, the Depositary shall, in its sole discretion but subject to applicable laws and regulations, either (i) distribute the Foreign Currency (or an appropriate document evidencing the right to receive such Foreign Currency) received by the Depositary to the Holders entitled to receive such Foreign Currency or (ii) hold such Foreign Currency uninvested and without liability for interest thereon for the respective accounts of the Holders entitled to receive the same.

 

Neither the Depositary nor the Company shall incur any liability to Holders or Beneficial Owners for any consequences of Foreign Currency conversion that may be incurred by any of them on account of their ownership of American Depositary Shares or otherwise.

 

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Holders and Beneficial Owners are directed to refer to Section 7.9 hereof for certain disclosure related to conversion of Foreign Currency.

 

SECTION 4.7  Fixing of Record Date.  Whenever necessary in connection with any distribution (whether in cash, Shares, rights, or other distribution), or whenever for any reason the Depositary causes a change in the number of Shares that are represented by each American Depositary Share, or whenever the Depositary shall receive notice of any meeting of or solicitation of holders of Shares or other Deposited Securities, or whenever the Depositary shall find it necessary or convenient, the Depositary shall fix a record date (the “ADS Record Date”), as close as practicable to the record date fixed by the Company with respect to the Shares (if applicable), for the determination of the Holders who shall be entitled to receive such distribution, to give instructions for the exercise of voting rights at any such meeting, to give or withhold such consent, to receive such notice or solicitation or to otherwise take action or to exercise the rights of Holders with respect to such changed number of Shares represented by each American Depositary Share or for any other reason.  If the ADSs shall be listed on any  securities exchange, then such record date shall be fixed in compliance with any applicable rules of such securities exchange.  Subject to applicable law and the provisions of Sections 4.1 through 4.6 hereof and to the other terms and conditions of this Deposit Agreement, only the Holders of record at the close of business in New York on such ADS Record Date shall be entitled to receive such distribution, to give such voting instructions, to receive such notice or solicitation, or otherwise take action.

 

SECTION 4.8  Voting of Deposited Securities.  [Subject to the next sentence, as soon as practicable after receipt of notice of any meeting at which the holders of Deposited Securities are entitled to vote, or of solicitation of consents or proxies from holders of Deposited Securities, the Depositary shall fix the ADS Record Date in respect of such meeting or such solicitation of consents or proxies. The Depositary shall, if requested by the Company in writing in a timely manner (the Depositary having no obligation to take any further action if the request shall not have been received by the Depositary at least 30 Business Days prior to the date of such vote or meeting) and at the Company’s expense, and provided no U.S. legal prohibitions exist, mail by regular, ordinary mail delivery (or by electronic mail or as otherwise may be agreed between the Company and the Depositary in writing from time to time) or otherwise distribute as soon as practicable after receipt thereof to Holders as of the ADS Record Date: (a) such notice of meeting or solicitation of consent or proxy; (b) a statement that the Holders at the close of business on the ADS Record Date will be entitled, subject to any applicable law, the provisions of this Deposit Agreement, the  Articles of Association and the provisions of or governing the Deposited Securities (which provisions, if any, shall be summarized in pertinent part by the Company), to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the Deposited Securities represented by such Holder’s American Depositary Shares; and (c) a brief statement as to the manner in which such voting instructions may be given to the Depositary. Voting instructions may be given only in respect of a number of American Depositary Shares representing an integral number of Deposited Securities.  Upon the timely receipt of voting instructions from a Holder on the ADS Record Date in the manner specified by the Depositary, the Depositary shall endeavor, insofar as practicable and permitted under applicable law, the provisions of this Deposit Agreement, the Articles of Association and the provisions of or governing the Deposited Securities, to vote or cause the Custodian to vote the Deposited Securities (in person or by proxy) represented by American Depositary Shares evidenced by such Receipt in accordance with such voting instructions.

 

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Neither the Depositary nor the Custodian shall, under any circumstances exercise any discretion as to voting, and neither the Depositary nor the Custodian shall vote, attempt to exercise the right to vote, or in any way make use of for purposes of establishing a quorum or otherwise, the Deposited Securities represented by ADSs except pursuant to and in accordance with such written instructions from Holders. Deposited Securities represented by ADSs for which (i) no timely voting instructions are received by the Depositary from the Holder, or (ii) timely voting instructions are received by the Depositary from the Holder but such voting instructions fail to specify the manner in which the Depositary is to vote the Deposited Securities represented by such Holder’s ADSs, shall be voted in the manner provided in this Section 4.8.  There can be no assurance that Holders or Beneficial Owners generally or any Holder or Beneficial Owner in particular will receive the notice described above with sufficient time to enable the Holder to return voting instructions to the Depositary in a timely manner.

 

Notwithstanding the above, save for applicable provisions of the law of the Netherlands, and in accordance with the terms of Section 5.3 hereof, the Depositary shall not be liable for any failure to carry out any instructions to vote any of the Deposited Securities or the manner in which such vote is cast or the effect of such vote.]

 

SECTION 4.9  Changes Affecting Deposited Securities.  Upon any change in par value, split-up, subdivision, cancellation, consolidation or any other reclassification of Deposited Securities or upon any recapitalization, reorganization, amalgamation, merger or consolidation or sale of assets affecting the Company or to which it is otherwise a party, any securities which shall be received by the Depositary or the Custodian in exchange for, or in conversion of or replacement or otherwise in respect of, such Deposited Securities shall, to the extent permitted by law, be treated as new Deposited Securities under this Deposit Agreement and the Receipts shall, subject to the provisions of this Deposit Agreement and applicable law, evidence American Depositary Shares representing the right to receive such additional securities.  Alternatively, the Depositary may, with the Company’s approval, and shall, if the Company shall so request, subject to the terms of this Deposit Agreement and receipt of an Opinion of Counsel (furnished at the Company’s expense) satisfactory to the Depositary (stating that such distributions are not in violation of any applicable laws or regulations), execute and deliver additional Receipts, as in the case of a stock dividend on the Shares, or call for the surrender of outstanding Receipts to be exchanged for new Receipts. In either case, as well as in the event of newly deposited Shares, necessary modifications to the form of Receipt contained in Exhibit A and Exhibit B hereto, specifically describing such new Deposited Securities and/or corporate change, shall also be made. The Company agrees that it will, jointly with the Depositary, amend the Registration Statement on Form F-6 as filed with the Commission to permit the issuance of such new form of Receipt. Notwithstanding the foregoing, in the event that any security so received may not be lawfully distributed to some or all Holders, the Depositary may, with the Company’s approval, and shall, if the Company requests, subject to receipt of an Opinion of Counsel (furnished at the Company’s expense) satisfactory to the Depositary that such action is not in violation of any applicable laws or regulations, sell such securities at public or private sale, at such place or places and upon such terms as it may deem proper and may allocate the net proceeds of such sales (net of fees and charges of, and expenses incurred by, the Depositary and/or a division or Affiliate(s) of the Depositary and taxes and/or governmental charges) for the account of the Holders otherwise entitled to such securities upon an averaged or other practicable basis without regard to any distinctions among such Holders and distribute the net proceeds so allocated to the extent practicable as in the case of a distribution received in cash pursuant to

 

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Section 4.1 hereof. The Depositary shall not be responsible for (i) any failure to determine that it may be lawful or feasible to make such securities available to Holders in general or to any Holder in particular, (ii) any foreign exchange exposure or loss incurred in connection with such sale or (iii) any liability to the purchaser of such securities.

 

SECTION 4.10  Available Information.  The Company is subject to the periodic reporting requirements of the Exchange Act applicable to foreign private issuers (as defined in Rule 405 of the Securities Act) and accordingly files certain information with the Commission.  These reports and documents can be inspected and copied at the Commission’s website at www.sec.gov or at the public reference facilities maintained by the Commission located at 100 F Street, N.E., Washington D.C. 20549, U.S.A.

 

SECTION 4.11  Reports.  The Depositary shall make available during normal business hours on any Business Day for inspection by Holders at its Corporate Trust Office any reports and communications, including any proxy soliciting materials, received from the Company which are both received by the Depositary, the Custodian, or the nominee of either of them as the holder of the Deposited Securities and made generally available to the holders of such Deposited Securities by the Company.  The Company agrees to provide to the Depositary, at the Company’s expense, all documents that it provides to the Custodian.  The Depositary shall, at the expense of the Company (unless otherwise agreed in writing by the Company and the Depositary), and in accordance with Section 5.6 hereof, also mail by regular, ordinary mail delivery or by electronic transmission (if agreed by the Company and the Depositary) and unless otherwise agreed in writing by the Company and the Depositary, to Holders copies of such reports when furnished by the Company pursuant to Section 5.6 hereof.

 

SECTION 4.12  List of Holders.  Promptly upon written request by the Company, the Depositary shall, at the expense of the Company, furnish to it a list, as of a recent date, of the names, addresses and holdings of American Depositary Shares by all persons in whose names Receipts are registered on the books of the Depositary.

 

SECTION 4.13  Taxation; Withholding.  The Depositary will, and will instruct the Custodian to, forward to the Company or its agents such information from its records as the Company may request to enable the Company or its agents to file necessary tax reports with governmental authorities or agencies. The Depositary, the Custodian or the Company and its agents may, but shall not be obligated to, file such reports as are necessary to reduce or eliminate applicable taxes on dividends and on other distributions in respect of Deposited Securities under applicable tax treaties or laws for the Holders and Beneficial Owners. Holders and Beneficial Owners of American Depositary Shares may be required from time to time, and in a timely manner to provide and/or file such proof of taxpayer status, residence and beneficial ownership (as applicable), to execute such certificates and to make such representations and warranties, or to provide any other information or documents, as the Depositary or the Custodian may deem necessary or proper to fulfill the Depositary’s or the Custodian’s obligations under applicable law.  The Holders and Beneficial Owners shall indemnify the Depositary, the Company, the Custodian, the Agents and their respective directors, officers, employees, agents and Affiliates against, and hold each of them harmless from, any claims by any governmental authority with respect to taxes, additions to tax, penalties or interest arising out of any refund of taxes, reduced rate of withholding at source or other tax benefit obtained by the Beneficial Owner or Holder or out of or in connection with any inaccuracy in or omission from any such proof, certificate, representation, warranty, information or document furnished by or on behalf of such Holder or Beneficial Owner. The

 

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obligations of Holders and Beneficial Owners under this Section 4.13 shall survive any transfer of Receipts, any surrender of Receipts and withdrawal of Deposited Securities or the termination of this Deposit Agreement.

 

The Company shall remit to the appropriate governmental authority or agency any amounts required to be withheld by the Company and owing to such governmental authority or agency.  Upon any such withholding, the Company shall remit to the Depositary information, in a form reasonably satisfactory to the Depositary, about such taxes and/or governmental charges withheld or paid, and, if so requested, the tax receipt (or other proof of payment to the applicable governmental authority) therefor.  The Depositary shall, to the extent required by U.S. law, report to Holders (i) any taxes withheld by it; (ii) any taxes withheld by the Custodian, subject to information being provided to the Depositary by the Custodian and (iii) any taxes withheld by the Company, subject to information being provided to the Depositary by the Company. The Depositary and the Custodian shall not be required to provide the Holders with any evidence of the remittance by the Company (or its agents) of any taxes withheld, or of the payment of taxes by the Company, except to the extent the evidence is provided by the Company to the Depositary.  None of the Depositary, the Custodian or the Company shall be liable for the failure by any Holder or Beneficial Owner to obtain the benefits of credits on the basis of non-U.S. tax paid against such Holder’s or Beneficial Owner’s income tax liability.

 

In the event that the Depositary determines that any distribution in property (including Shares and rights to subscribe therefor) is subject to any tax or other governmental charge which the Depositary is obligated to withhold, the Depositary shall withhold the amount required to be withheld and may by public or private sale dispose of all or a portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner as the Depositary deems necessary and practicable to pay such taxes and/or charges and the Depositary shall distribute the net proceeds of any such sale after deduction of such taxes and/or charges to the Holders entitled thereto in proportion to the number of American Depositary Shares held by them respectively.

 

The Depositary is under no obligation, and except as required by law the Company is under no obligation, to provide the Holders and Beneficial Owners with any information about the tax status of the Company.  The Depositary shall not incur any liability for any tax consequences that may be incurred by Holders and Beneficial Owners on account of their ownership of the American Depositary Shares, including without limitation, tax consequences resulting from the Company (or any of its subsidiaries) being treated as a “Passive Foreign Investment Company” (as defined in the U.S. Internal Revenue Code of 1986, as amended and the regulations issued thereunder) or otherwise.

 

ARTICLE V.

 

THE DEPOSITARY, THE CUSTODIAN AND THE COMPANY

 

SECTION 5.1  Maintenance of Office and Transfer Books by the Registrar.  Until termination of this Deposit Agreement in accordance with its terms, the Depositary or if a Registrar for the Receipts shall have been appointed, the Registrar shall maintain in the Borough of Manhattan, the City of New York, an office and facilities for the execution and delivery, registration, registration of transfers, combination and split-up of Receipts, the surrender of Receipts and the Delivery and withdrawal of Deposited Securities in accordance with the provisions of this Deposit Agreement.

 

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The Depositary or the Registrar as applicable, shall keep books for the registration of Receipts and transfers of Receipts which at all reasonable times shall be open for inspection by the Company and by the Holders of such Receipts, provided that such inspection shall not be, to the Depositary’s or the Registrar’s knowledge, for the purpose of communicating with Holders of such Receipts in the interest of a business or object other than the business of the Company or other than a matter related to this Deposit Agreement or the Receipts.

 

The Depositary or the Registrar, as applicable, may close the transfer books with respect to the Receipts, at any time and from time to time, when deemed necessary or advisable by it in connection with the performance of its duties hereunder, or at the reasonable written request of the Company.

 

If any Receipts or the American Depositary Shares evidenced thereby are listed on one or more stock exchanges or automated quotation systems in the United States, the Depositary shall act as Registrar or appoint a Registrar or one or more co-registrars for registration of Receipts and transfers, combinations and split-ups, and to countersign such Receipts in accordance with any requirements of such exchanges or systems. Such Registrar or co-registrars may be removed and a substitute or substitutes appointed by the Depositary.

 

If any Receipts or the American Depositary Shares evidenced thereby are listed on one or more securities exchanges, markets or automated quotation systems, (i) the Depositary shall be entitled to, and shall, take or refrain from taking such action(s) as it may deem necessary or appropriate to comply with the requirements of such securities exchange(s), market(s) or automated quotation system(s) applicable to it, notwithstanding any other provision of this Deposit Agreement; and (ii) upon the reasonable request of the Depositary, the Company shall provide the Depositary such information and assistance as may be reasonably necessary for the Depositary to comply with such requirements, to the extent that the Company may lawfully do so.

 

Each Registrar and co-registrar appointed under this Section 5.1 shall give notice in writing to the Depositary accepting such appointment and agreeing to be bound by the applicable terms of the Deposit Agreement.

 

SECTION 5.2  Exoneration.  None of the Depositary, the Custodian or the Company shall be obligated to do or perform any act which is inconsistent with the provisions of this Deposit Agreement or shall incur any liability to Holders, Beneficial Owners or any third parties (i) if the Depositary, the Custodian or the Company or their respective controlling persons or agents (including without limitation, the Agents) shall be prevented or forbidden from, or delayed in, doing or performing any act or thing required by the terms of this Deposit Agreement, by reason of any provision of any present or future law or regulation of the United States or any state thereof, the Netherlands or any other country, or of any other governmental authority or regulatory authority or stock exchange, or on account of the possible criminal or civil penalties or restraint, or by reason of any provision, present or future, of the Articles of Association or any provision of or governing any Deposited Securities, or by reason of any act of God or war or other circumstances beyond its control (including, without limitation, nationalization, expropriation, currency restrictions, work stoppage, strikes, civil unrest, acts of terrorism, revolutions, rebellions, explosions and computer failure), (ii) by reason of any exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement or in the Articles of Association or provisions of or governing Deposited Securities, (iii) for any action or inaction of the Depositary, the Custodian or the Company or their respective controlling persons or agents (including

 

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without limitation, the Agents) in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Holder, any Beneficial Owner or authorized representative thereof, or any other person believed by it in good faith to be competent to give such advice or information, (iv) for the inability by a Holder or Beneficial Owner to benefit from any distribution, offering, right or other benefit which is made available to holders of Deposited Securities but is not, under the terms of this Deposit Agreement, made available to Holders of American Depositary Shares or (v) for any special, consequential, indirect or punitive damages for any breach of the terms of this Deposit Agreement or otherwise.

 

The Depositary, its controlling persons, its agents (including without limitation, the Agents), the Custodian and the Company, its controlling persons and its agents may rely and shall be protected in acting upon any written notice, request, opinion or other document believed by it to be genuine and to have been signed or presented by the proper party or parties.

 

No disclaimer of liability under the Securities Act is intended by any provision of this Deposit Agreement.

 

SECTION 5.3  Standard of Care.  The Company and the Depositary and their respective directors, officers, Affiliates, employees and agents (including without limitation, the Agents) assume no obligation and shall not be subject to any liability under this Deposit Agreement or any Receipts to any Holder(s) or Beneficial Owner(s) or other persons, except in accordance with Section 5.8 hereof, provided, that the Company and the Depositary and their respective directors, officers, Affiliates, employees and agents (including without limitation, the Agents) agree to perform their respective obligations specifically set forth in this Deposit Agreement or the applicable ADRs without gross negligence or wilful misconduct.

 

Without limitation of the foregoing, neither the Depositary, nor the Company, nor any of their respective controlling persons, directors, officers, Affiliates, employees or agents (including without limitation, the Agents), shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities or in respect of the Receipts, which in its opinion may involve it in expense or liability, unless indemnity satisfactory to it against all expenses (including fees and disbursements of counsel) and liabilities be furnished as often as may be required (and no Custodian shall be under any obligation whatsoever with respect to such proceedings, the responsibility of the Custodian being solely to the Depositary).

 

The Depositary and its directors, officers, Affiliates, employees and agents (including without limitation, the Agents) shall not be liable for any failure to carry out any instructions to vote any of the Deposited Securities, or for the manner in which any vote is cast or the effects of any vote.  The Depositary shall not incur any liability for any failure to determine that any distribution or action may be lawful or reasonably practicable, for the content of any information submitted to it by the Company for distribution to the Holders or for any inaccuracy of any translation thereof, for any investment risk associated with acquiring an interest in the Deposited Securities, for the validity or worth of the Deposited Securities or for any tax consequences that may result from the ownership of ADSs, Shares or Deposited Securities, for the credit-worthiness of any third party, for allowing any rights to lapse upon the terms of this Deposit Agreement or for the failure or timeliness of any notice from the Company, or for any action or non-action by it in reliance upon the opinion, advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any

 

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Holder or any other person believed by it in good faith to be competent to give such advice or information.  The Depositary and its agents (including without limitation, the Agents) shall not be liable for any acts or omissions made by a successor depositary whether in connection with a previous act or omission of the Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary, provided that in connection with the issue out of which such potential liability arises the Depositary performed its obligations without gross negligence or wilful misconduct while it acted as Depositary.

 

SECTION 5.4  Resignation and Removal of the Depositary; Appointment of Successor Depositary.  The Depositary may at any time resign as Depositary hereunder by written notice of resignation delivered to the Company, such resignation to be effective on the earlier of (i) the 90th day after delivery thereof to the Company (whereupon the Depositary shall, in the event no successor depositary has been appointed by the Company, be entitled to take the actions contemplated in Section 6.2 hereof) and (ii) the appointment by the Company of a successor depositary and its acceptance of such appointment as hereinafter provided, save that, any amounts, fees, costs or expenses owed to the Depositary hereunder or in accordance with any other agreements otherwise agreed in writing between the Company and the Depositary from time to time shall be paid to the Depositary prior to such resignation.

 

The Depositary may at any time be removed by the Company by written notice of such removal, which removal shall be effective on the later of (i) the 90th day after delivery thereof to the Depositary (whereupon the Depositary shall be entitled to take the actions contemplated in Section 6.2 hereof if a successor depositary has not been appointed), and (ii)  the appointment by the Company of a successor depositary and its acceptance of such appointment as hereinafter provided, save that, any amounts, fees, costs or expenses owed to the Depositary hereunder or in accordance with any other agreements otherwise agreed in writing between the Company and the Depositary from time to time shall be paid to the Depositary prior to such removal.

 

In case at any time the Depositary acting hereunder shall resign or be removed, the Company shall use reasonable efforts to appoint a successor depositary, which shall be a bank or trust company having an office in the Borough of Manhattan, the City of New York. The Company shall give notice to the Depositary of such appointment, not more than 90 days after delivery by the Depositary of written notice of resignation as provided in this Section 5.4.  In the event that notice of the appointment of a successor depositary is not provided by the Company in accordance with the preceding sentence, the Depositary shall be entitled to take the actions contemplated in Section 6.2 hereof. Every successor depositary shall be required by the Company to execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without any further act or deed (except as required by applicable law), shall become fully vested with all the rights, powers, duties and obligations of its predecessor.  The predecessor depositary, upon payment of all sums due to it and on the written request of the Company, shall (i) execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder (other than as contemplated in Sections 5.8 and 5.9 hereof), (ii) duly assign, transfer and deliver all right, title and interest to the Deposited Securities to such successor, and (iii) deliver to such successor a list of the Holders of all outstanding Receipts and such other information relating to Receipts and Holders thereof as the successor may reasonably request. Any such successor depositary shall promptly mail notice of its appointment to such Holders.

 

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Any corporation into or with which the Depositary may be merged or consolidated shall be the successor of the Depositary without the execution or filing of any document or any further act and, notwithstanding anything to the contrary in this Deposit Agreement, the Depositary may assign or otherwise transfer all or any of its rights and benefits under this Deposit Agreement (including any cause of action arising in connection with it) to Deutsche Bank AG or any branch thereof or any entity which is a direct or indirect subsidiary or other affiliate of Deutsche Bank AG.

 

SECTION 5.5  The Custodian.  The Custodian or its successors in acting hereunder shall be subject at all times and in all respects to the direction of the Depositary for the Deposited Securities for which the Custodian acts as custodian and shall be responsible solely to it.  If any Custodian resigns or is discharged from its duties hereunder with respect to any Deposited Securities and no other Custodian has previously been appointed hereunder, the Depositary shall promptly appoint a substitute custodian.  The Depositary shall require such resigning or discharged Custodian to deliver the Deposited Securities held by it, together with all such records maintained by it as Custodian with respect to such Deposited Securities as the Depositary may request, to the Custodian designated by the Depositary.  Whenever the Depositary determines, in its discretion, that it is appropriate to do so, it may appoint an additional entity to act as Custodian with respect to any Deposited Securities, or discharge the Custodian with respect to any Deposited Securities and appoint a substitute custodian, which shall thereafter be Custodian hereunder with respect to the Deposited Securities.  After any such change, the Depositary shall give notice thereof in writing to all Holders and the Company.

 

Upon the appointment of any successor depositary, any Custodian then acting hereunder shall, unless otherwise instructed by the Depositary, continue to be the Custodian of the Deposited Securities without any further act or writing and shall be subject to the direction of the successor depositary. The successor depositary so appointed shall, nevertheless, on the written request of any Custodian, execute and deliver to such Custodian all such instruments as may be proper to give to such Custodian full and complete power and authority to act on the direction of such successor depositary.

 

SECTION 5.6  Notices and Reports.  On or before the first date on which the Company gives notice, by publication or otherwise, of any meeting of holders of Shares or other Deposited Securities, or of any adjourned meeting of such holders, or of the taking of any action by such holders other than at a meeting, or of the taking of any action in respect of any cash or other distributions or the offering of any rights in respect of Deposited Securities, the Company shall transmit to the Depositary and the Custodian a copy of the notice thereof in English but otherwise in the form given or to be given to holders of Shares or other Deposited Securities. The Company shall also furnish to the Custodian and the Depositary a summary, in English, of any applicable provisions or proposed provisions of the Articles of Association that may be relevant or pertain to such notice of meeting or be the subject of a vote thereat.

 

The Company will also transmit to the Depositary (a) English language versions of the other notices, reports and communications which are made generally available by the Company to holders of its Shares or other Deposited Securities and (b) English language versions of the Company’s annual and other reports prepared in accordance with the applicable requirements of the Commission.  The Depositary shall arrange, at the request of the Company and at the Company’s expense, for the mailing of copies thereof to all Holders, or by any other means as agreed between the Company and the Depositary (at the Company’s expense) or make

 

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such notices, reports and other communications available for inspection by all Holders, provided, that, the Depositary shall have received evidence reasonably satisfactory to it, including in the form of an Opinion of Counsel regarding U.S. law or of any other applicable jurisdiction, furnished at the expense of the Company, as the Depositary reasonably requests, that the distribution of such notices, reports and any such other communications to Holders from time to time is valid and does not or will not infringe any local, U.S. or other applicable jurisdiction regulatory restrictions or requirements if so distributed and made available to Holders.  The Company will timely provide the Depositary with the quantity of such notices, reports, and communications, as requested by the Depositary from time to time, in order for the Depositary to effect such mailings. The Company has delivered to the Depositary and the Custodian a copy of the Articles of Association along with the provisions of or governing the Shares and any other Deposited Securities issued by the Company or any Affiliate of the Company, in connection with the Shares, in each case, to the extent not in English, along with a certified English translation thereof, and promptly upon any amendment thereto or change therein, the Company shall deliver to the Depositary and the Custodian a copy of such amendment thereto or change therein, to the extent not in English, along with a certified English translation thereof. The Depositary may rely upon such copy for all purposes of this Deposit Agreement.

 

The Depositary will make available, at the expense of the Company, a copy of any such notices, reports or communications issued by the Company and delivered to the Depositary for inspection by the Holders of the Receipts evidencing the American Depositary Shares representing such Shares governed by such provisions at the Depositary’s Corporate Trust Office, at the office of the Custodian and at any other designated transfer office.

 

SECTION 5.7  Issuance of Additional Shares, ADSs etc.  The Company agrees that in the event it or any of its Affiliates proposes (i) an issuance, sale or distribution of additional Shares, (ii) an offering of rights to subscribe for Shares or other Deposited Securities, (iii) an issuance of securities convertible into or exchangeable for Shares, (iv) an issuance of rights to subscribe for securities convertible into or exchangeable for Shares, (v) an elective dividend of cash or Shares, (vi) a redemption of Deposited Securities, (vii) a meeting of holders of Deposited Securities, or solicitation of consents or proxies, relating to any reclassification of securities, merger, subdivision, amalgamation or consolidation or transfer of assets,  (viii) any reclassification, recapitalization, reorganization, merger, amalgamation, consolidation or sale of assets which affects the Deposited Securities or (ix) a distribution of property other than cash, Shares or rights to purchase additional Shares it will obtain U.S. legal advice and take all steps necessary to ensure that the application of the proposed transaction to Holders and Beneficial Owners does not violate the registration provisions of the Securities Act, or any other applicable laws (including, without limitation, the Investment Company Act of 1940, as amended, the Exchange Act or the securities laws of the states of the United States).  In support of the foregoing, the Company will furnish to the Depositary, at the Company’s expense, (a) an Opinion of Counsel from U.S. counsel (reasonably satisfactory to the Depositary) stating whether or not application of such transaction to Holders and Beneficial Owners (1) requires a registration statement under the Securities Act to be in effect or (2) is exempt from the registration requirements of the Securities Act and/or (3) dealing with such other issues requested by the Depositary; (b) an Opinion of Counsel from Dutch counsel (reasonably satisfactory to the Depositary) stating that (1) making the transaction available to Holders and Beneficial Owners does not violate the laws or regulations of the Netherlands and (2) all requisite regulatory consents and approvals have been obtained in the Netherlands and (c) as the Depositary may reasonably request, a written Opinion of Counsel in any other

 

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jurisdiction in which Holders or Beneficial Owners reside to the effect that making the transaction available to such Holders or Beneficial Owners does not violate the laws or regulations of such jurisdiction.  If the filing of a registration statement is required, the Depositary shall not have any obligation to proceed with the transaction unless it shall have received evidence reasonably satisfactory to it that such registration statement has been declared effective and that such distribution is in accordance with all applicable laws or regulations.  If, being advised by counsel, the Company determines that a transaction is required to be registered under the Securities Act, the Company will either (i) register such transaction to the extent necessary, (ii) alter the terms of the transaction to avoid the registration requirements of the Securities Act or (iii) direct the Depositary to take specific measures, in each case as contemplated in this Deposit Agreement, to prevent such transaction from violating the registration requirements of the Securities Act.

 

The Company agrees with the Depositary that neither the Company nor any of its Affiliates will at any time (i) deposit any Shares or other Deposited Securities, either upon original issuance or upon a sale of Shares or other Deposited Securities previously issued and reacquired by the Company or by any such Affiliate, or (ii) issue additional Shares, rights to subscribe for such Shares, securities convertible into or exchangeable for Shares or rights to subscribe for such securities, unless such transaction and the securities issuable in such transaction are exempt from registration under the Securities Act or have been registered under the Securities Act (and such registration statement has been declared effective).

 

Notwithstanding anything else contained in this Deposit Agreement, nothing in this Deposit Agreement shall be deemed to obligate the Company to file any registration statement in respect of any proposed transaction.

 

SECTION 5.8  Indemnification.  The Company agrees to indemnify the Depositary, any Custodian and each of their respective directors, officers, employees, agents (including without limitation, the Agents) and Affiliates against, and hold each of them harmless from, any losses, liabilities, taxes, costs, claims, judgments, proceedings, actions, demands and any charges or expenses of any kind whatsoever (including, but not limited to, reasonable fees and expenses of counsel together with, in each case, value added tax and any similar tax charged or otherwise imposed in respect thereof) (collectively referred to as “Losses”) which the Depositary or any agent (including without limitation, the Agents) thereof may incur or which may be made against it as a result of or in connection with its appointment or the exercise of its powers and duties under this Agreement or that may arise (a) out of or in connection with any offer, issuance, sale, resale, transfer, deposit or withdrawal of Receipts, American Depositary Shares, the Shares, or other Deposited Securities, as the case may be, (b) out of or in connection with any offering documents in respect thereof or (c) out of or in connection with acts performed or omitted, including, but not limited to, any delivery by the Depositary on behalf of the Company of information regarding the Company in connection with this Deposit Agreement, the Receipts, the American Depositary Shares, the Shares, or any Deposited Securities, in any such case (i) by the Depositary, the Custodian or any of their respective directors, officers, employees, agents (including without limitation, the Agents) and Affiliates, except to the extent any such Losses arise out of the gross negligence or wilful misconduct of any of them, or (ii) by the Company or any of its directors, officers, employees, agents and Affiliates.

 

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The Depositary agrees to indemnify the Company and hold it harmless from any Losses which may arise out of acts performed or omitted to be performed by the Depositary arising out of its gross negligence or wilful misconduct.

 

Notwithstanding the above, in no event shall the Depositary or any of its directors, officers, employees, agents (including without limitation, the Agents) and/or Affiliates be liable for any special, consequential, indirect or punitive damages to the Company, Holders, Beneficial Owners or any other person.

 

Any person seeking indemnification hereunder (an “Indemnified Person”) shall notify the person from whom it is seeking indemnification (the “Indemnifying Person”) of the commencement of any indemnifiable action or claim promptly after such Indemnified Person becomes aware of such commencement (provided that the failure to make such notification shall not affect such Indemnified Person’s rights to indemnification except to the extent the Indemnifying Person is materially prejudiced by such failure) and shall consult in good faith with the Indemnifying Person as to the conduct of the defense of such action or claim that may give rise to an indemnity hereunder, which defense shall be reasonable under the circumstances. No Indemnified Person shall compromise or settle any action or claim that may give rise to an indemnity hereunder without the consent of the Indemnifying Person, which consent shall not be unreasonably withheld.

 

The obligations set forth in this Section shall survive the termination of this Deposit Agreement and the succession or substitution of any party hereto.

 

SECTION 5.9  Fees and Charges of Depositary.  The Company, the Holders, the Beneficial Owners, and persons depositing Shares or surrendering ADSs for cancellation and withdrawal of Deposited Securities shall be required to pay to the Depositary the Depositary’s fees and related charges identified as payable by them respectively as provided for under Article (9) of the Receipt.  All fees and charges so payable may, at any time and from time to time, be changed by agreement between the Depositary and the Company, but, in the case of fees and charges payable by Holders and Beneficial Owners, only in the manner contemplated in Section 6.1 hereof.  The Depositary shall provide, without charge, a copy of its latest fee schedule to anyone upon request.

 

The Depositary and the Company may reach separate agreement in relation to the payment of any additional remuneration to the Depositary in respect of any exceptional duties which the Depositary finds necessary or desirable and agreed by both parties in the performance of its obligations hereunder and in respect of the actual costs and expenses of the Depositary in respect of any notices required to be given to the Holders in accordance with Article (20) of the Receipt.

 

In connection with any payment by the Company to the Depositary:

 

(i)                                     all fees, taxes, duties, charges, costs and expenses which are payable by the Company shall be paid or be procured to be paid by the Company (and any such amounts which are paid by the Depositary shall be reimbursed to the Depositary by the Company upon demand therefor); and

 

(ii)                                  such payment shall be subject to all necessary applicable exchange control and other consents and approvals having been

 

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obtained. The Company undertakes to use its reasonable endeavours to obtain all necessary approvals that are required to be obtained by it in this connection.

 

The Company agrees to promptly pay to the Depositary such other fees, charges and expenses and to reimburse the Depositary for such out-of-pocket expenses as the Depositary and the Company may agree to in writing from time to time.  Responsibility for payment of such charges may at any time and from time to time be changed by agreement between the Company and the Depositary.

 

All payments by the Company to the Depositary under this Clause 5.9 shall be paid without set-off or counterclaim, and free and clear of and without deduction or withholding for or on account of, any present or future taxes, levies, imports, duties, fees, assessments or other charges of whatever nature, imposed by the Netherlands or by any department, agency or other political subdivision or taxing authority thereof or therein, and all interest, penalties or similar liabilities with respect thereto.

 

The right of the Depositary to receive payment of fees, charges and expenses as provided above shall survive the termination of this Deposit Agreement.  As to any Depositary, upon the resignation or removal of such Depositary as described in Section 5.4 hereof, such right shall extend for those fees, charges and expenses incurred prior to the effectiveness of such resignation or removal.

 

SECTION 5.10  Restricted Securities Owners/Ownership Restrictions.   From time to time or upon request of the Depositary, the Company shall provide to the Depositary a list setting forth, to the actual knowledge of the Company, those persons or entities who beneficially own Restricted Securities and the Company shall update such list on a regular basis. The Depositary may rely on such list or update but shall not be liable for any action or omission made in reliance thereon. The Company agrees to advise in writing each of the persons or entities who, to the knowledge of the Company, holds Restricted Securities that such Restricted Securities are ineligible for deposit hereunder and, to the extent practicable, shall require each of such persons to represent in writing that such person will not deposit Restricted Securities hereunder.  Holders and Beneficial Owners shall comply with any limitations on ownership of Shares under the Articles of Association or applicable Dutch law as if they held the number of Shares their ADSs represent. The Company shall, in accordance with Article (24) of the Receipt, inform Holders and Beneficial Owners and the Depositary of any other limitations on ownership of Shares that the Holders and Beneficial Owners may be subject to by reason of the number of ADSs held under the Articles of Association or applicable Dutch law, as such restrictions may be in force from time to time.

 

The Company may, in its sole discretion, but subject to applicable law, instruct the Depositary to take action with respect to the ownership interest of any Holder or Beneficial Owner pursuant to the Articles of Association, including but not limited to, the removal or limitation of voting rights or the mandatory sale or disposition on behalf of a Holder or Beneficial Owner of the Shares represented by the ADRs held by such Holder or Beneficial Owner in excess of such limitations, if and to the extent such disposition is permitted by applicable law and the Articles of Association; provided that any such measures are practicable and legal and can be undertaken without undue burden or expense, and provided further the Depositary’s agreement to the foregoing is conditional upon it being advised of any applicable changes in the Articles of Association. The Depositary shall have no liability for any actions taken in accordance with such instructions.

 

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ARTICLE VI.

 

AMENDMENT AND TERMINATION

 

SECTION 6.1  Amendment/Supplement.  Subject to the terms and conditions of this Section 6.1 and applicable law, the Receipts outstanding at any time, the provisions of this Deposit Agreement and the form of Receipt attached hereto and to be issued under the terms hereof may at any time and from time to time be amended or supplemented by written agreement between the Company and the Depositary in any respect which they may deem necessary or desirable and not materially prejudicial to the Holders without the consent of the Holders or Beneficial Owners. Any amendment or supplement which shall impose or increase any fees or charges (other than charges in connection with foreign exchange control regulations, and taxes and/or other governmental charges, delivery and other such expenses), or which shall otherwise materially prejudice any substantial existing right of Holders or Beneficial Owners, shall not, however, become effective as to outstanding Receipts until 30 days after notice of such amendment or supplement shall have been given to the Holders of outstanding Receipts. Notice of any amendment to the Deposit Agreement or form of Receipts shall not need to describe in detail the specific amendments effectuated thereby, and failure to describe the specific amendments in any such notice shall not render such notice invalid, provided, however, that, in each such case, the notice given to the Holders identifies a means for Holders and Beneficial Owners to retrieve or receive the text of such amendment (i.e., upon  retrieval from the Commission’s, the Depositary’s or the Company’s website or upon request from the Depositary).The parties hereto agree that any amendments or supplements which (i) are reasonably necessary (as agreed by the Company and the Depositary) in order for (a) the American Depositary Shares to be registered on Form F-6 under the Securities Act or (b) the American Depositary Shares or the Shares to be traded solely in electronic book-entry form and (ii) do not in either such case impose or increase any fees or charges to be borne by Holders, shall be deemed not to materially prejudice any substantial rights of Holders or Beneficial Owners. Every Holder and Beneficial Owner at the time any amendment or supplement so becomes effective shall be deemed, by continuing to hold such American Depositary Share or Shares, to consent and agree to such amendment or supplement and to be bound by the Deposit Agreement as amended and supplemented thereby. In no event shall any amendment or supplement impair the right of the Holder to surrender such Receipt and receive therefor the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable law. Notwithstanding the foregoing, if any governmental body should adopt new laws, rules or regulations which would require an amendment or a supplement of the Deposit Agreement to ensure compliance therewith, the Company and the Depositary may amend or supplement the Deposit Agreement and the Receipt at any time in accordance with such changed laws, rules or regulations.  Such amendment or supplement to this Deposit Agreement in such circumstances may become effective before a notice of such amendment or supplement is given to Holders or within any other period of time as required for compliance with such laws, rules or regulations.

 

SECTION 6.2  Termination.  The Depositary shall, at any time at the written direction of the Company, terminate this Deposit Agreement by mailing notice of such termination to the Holders of all Receipts then outstanding at least 90 days prior to the date fixed in such notice for such termination, provided that, the Depositary shall be reimbursed for any amounts, fees, costs or expenses owed to it in accordance with the terms of this Deposit Agreement and in accordance with any other agreements as otherwise agreed in writing

 

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between the Company and the Depositary from time to time, prior to such termination shall take effect. If 30 days shall have expired after (i) the Depositary shall have delivered to the Company a written notice of its election to resign, or (ii) the Company shall have delivered to the Depositary a written notice of the removal of the Depositary, and in either case a successor depositary shall not have been appointed and accepted its appointment as provided in Section 5.4 hereof, the Depositary may terminate this Deposit Agreement by mailing notice of such termination to the Holders of all Receipts then outstanding at least 30 days prior to the date fixed for such termination. On and after the date of termination of this Deposit Agreement, each Holder will, upon surrender of such Receipt at the Corporate Trust Office of the Depositary, upon the payment of the charges of the Depositary for the surrender of Receipts referred to in Section 2.6 hereof and subject to the conditions and restrictions therein set forth, and upon payment of any applicable taxes and/or governmental charges, be entitled to Delivery, to him or upon his order, of the amount of Deposited Securities represented by such Receipt. If any Receipts shall remain outstanding after the date of termination of this Deposit Agreement, the Registrar thereafter shall discontinue the registration of transfers of Receipts, and the Depositary shall suspend the distribution of dividends to the Holders thereof, and shall not give any further notices or perform any further acts under this Deposit Agreement, except that the Depositary shall continue to collect dividends and other distributions pertaining to Deposited Securities, shall sell rights or other property as provided in this Deposit Agreement, and shall continue to Deliver Deposited Securities, subject to the conditions and restrictions set forth in Section 2.6 hereof, together with any dividends or other distributions received with respect thereto and the net proceeds of the sale of any rights or other property, in exchange for Receipts surrendered  to the Depositary (after deducting, or charging, as the case may be, in each case, the charges of the Depositary for the surrender of a Receipt, any expenses for the account of the Holder in accordance with the terms and conditions of this Deposit Agreement and any applicable taxes and/or governmental charges or assessments). At any time after the expiration of six months from the date of termination of this Deposit Agreement, the Depositary may sell the Deposited Securities then held hereunder and may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder, in an unsegregated account, without liability for interest for the pro rata benefit of the Holders of Receipts whose Receipts have not theretofore been surrendered. After making such sale, the Depositary shall be discharged from all obligations under this Deposit Agreement with respect to the Receipts and the Shares, Deposited Securities and American Depositary Shares, except to account for such net proceeds and other cash (after deducting, or charging, as the case may be, in each case, the charges of the Depositary for the surrender of a Receipt, any expenses for the account of the Holder in accordance with the terms and conditions of this Deposit Agreement and any applicable taxes and/or governmental charges or assessments). Upon the termination of this Deposit Agreement, the Company shall be discharged from all obligations under this Deposit Agreement except for its obligations to the Depositary hereunder. The obligations under the terms of the Deposit Agreement and Receipts of Holders and Beneficial Owners of ADSs outstanding as of the effective date of any termination shall survive such effective date of termination and shall be discharged only when the applicable ADSs are presented by their Holders to the Depositary for cancellation under the terms of the Deposit Agreement and the Holders have each satisfied any and all of their obligations hereunder (including, but not limited to, any payment and/or reimbursement obligations which relate to prior to the effective date of termination but which payment and/or reimbursement is claimed after such effective date of termination).

 

32

 

ARTICLE VII.

 

MISCELLANEOUS

 

SECTION 7.1  Counterparts.  This Deposit Agreement may be executed in any number of counterparts, each of which shall be deemed an original, and all of such counterparts together shall constitute one and the same agreement. Copies of this Deposit Agreement shall be maintained with the Depositary and shall be open to inspection by any Holder during business hours.

 

SECTION 7.2  No Third-Party Beneficiaries.  This Deposit Agreement is for the exclusive benefit of the parties hereto (and their successors) and shall not be deemed to give any legal or equitable right, remedy or claim whatsoever to any other person, except to the extent specifically set forth in this Deposit Agreement.  Nothing in this Deposit Agreement shall be deemed to give rise to a partnership or joint venture among the parties hereto nor establish a fiduciary or similar relationship among the parties.  The parties hereto acknowledge and agree that (i) the Depositary and its Affiliates may at any time have multiple banking relationships with the Company and its Affiliates, (ii) the Depositary and its Affiliates may be engaged at any time in transactions in which parties adverse to the Company or the Holders or Beneficial Owners may have interests and (iii) nothing contained in this Agreement shall (a) preclude the Depositary or any of its Affiliates from engaging in such transactions or establishing or maintaining such relationships, or (b) obligate the Depositary or any of its Affiliates to disclose such transactions or relationships or to account for any profit made or payment received in such transactions or relationships.

 

SECTION 7.3  Severability.  In case any one or more of the provisions contained in this Deposit Agreement or in the Receipts should be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed thereby.

 

SECTION 7.4  Holders and Beneficial Owners as Parties; Binding Effect.  The Holders and Beneficial Owners from time to time of American Depositary Shares shall be parties to the Deposit Agreement and shall be bound by all of the terms and conditions hereof and of any Receipt by acceptance hereof or any beneficial interest therein.

 

SECTION 7.5  Notices.  Any and all notices to be given to the Company shall be deemed to have been duly given if personally delivered or sent by first-class mail, air courier or cable, telex, facsimile transmission or electronic transmission, confirmed by letter, addressed to Unilever, Weena 455, 3013 AL Rotterdam, the Netherlands, Attention: Company Secretary, telephone: 011 31 10 217 4000, facsimile:             , electronic mail address: michiel.roovers@unilever.com, or to any other address which the Company may specify in writing to the Depositary.

 

Any and all notices to be given to the Depositary shall be deemed to have been duly given if personally delivered or sent by first-class mail, air courier or cable, telex, facsimile transmission or by electronic transmission (if agreed by the Company and the Depositary), at the Company’s expense, unless otherwise agreed in writing between the Company and the Depositary, confirmed by letter, addressed to Deutsche Bank Trust Company Americas, 60 Wall Street, New York, New York 10005, USA, Attention: ADR Department, telephone:  +1 212 250-9100, facsimile:  + 1 212 797 0327, or to any other address which the Depositary

 

33

 

may specify in writing to the Company or at which it may be effectively given such notice in accordance with applicable law..

 

Any and all notices to be given to any Holder shall be deemed to have been duly given if personally delivered or sent by first-class mail or cable, telex, facsimile transmission or by electronic transmission (if agreed by the Company and the Depositary), at the Company’s expense, unless otherwise agreed in writing between the Company and the Depositary, addressed to such Holder at the address of such Holder as it appears on the transfer books for Receipts of the Depositary, or, if such Holder shall have filed with the Depositary a written request that notices intended for such Holder be mailed to some other address, at the address specified in such request. Notice to Holders shall be deemed to be notice to Beneficial Owners for all purposes of this Deposit Agreement.

 

Delivery of a notice sent by mail, air courier or cable, telex, facsimile or electronic transmission shall be deemed to be effective at the time when a duly addressed letter containing the same (or a confirmation thereof in the case of a cable, telex, facsimile or electronic transmission) is deposited, postage prepaid, in a post-office letter box or delivered to an air courier service. The Depositary or the Company may, however, act upon any cable, telex, facsimile or electronic transmission received by it from the other or from any Holder, notwithstanding that such cable, telex, facsimile or electronic transmission shall not subsequently be confirmed by letter as aforesaid, as the case may be.

 

SECTION 7.6  Governing Law and Jurisdiction.  This Deposit Agreement and the Receipts shall be interpreted in accordance with, and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by, the laws of the State of New York without reference to the principles of choice of law thereof.   Subject to the Depositary’s rights under the third paragraph of this Section 7.6, the Company and the Depositary agree that the federal or state courts in the City of New York shall have exclusive jurisdiction to hear and determine any suit, action or proceeding and to settle any dispute between them that may arise out of or in connection with this Deposit Agreement and, for such purposes, each irrevocably submits to the exclusive jurisdiction of such courts. Notwithstanding the above, the parties hereto agree that any judgment and/or order from any such New York court can be enforced in any court having jurisdiction thereof.   The Company hereby irrevocably designates, appoints and empowers David A. Schwartz, Vice President, Assistant Secretary and Associate General Counsel, Unilever United States, Inc., (the “Process Agent”), now at 700 Sylvan Avenue, Englewood Cliffs, New Jersey, 07632, United States, as its authorized agent to receive and accept for and on its behalf, and on behalf of its properties, assets and revenues, service by mail of any and all legal process, summons, notices and documents that may be served in any suit, action or proceeding brought against the Company in any federal or state court as described in the preceding sentence or in the next paragraph of this Section 7.6. If for any reason the Process Agent shall cease to be available to act as such, the Company agrees to designate a new agent in the City of New York on the terms and for the purposes of this Section 7.6 reasonably satisfactory to the Depositary. The Company further hereby irrevocably consents and agrees to the service of any and all legal process, summons, notices and documents in any suit, action or proceeding against the Company, by service by mail of a copy thereof upon the Process Agent (whether or not the appointment of such Process Agent shall for any reason prove to be ineffective or such Process Agent shall fail to accept or acknowledge such service), with a copy mailed to the Company by registered or certified air mail, postage prepaid, to its address provided in Section 7.5 hereof. The Company agrees that the failure of the Process Agent to give any notice of such service to it

 

34

 

shall not impair or affect in any way the validity of such service or any judgment rendered in any action or proceeding based thereon.

 

The Company irrevocably and unconditionally waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of venue of any actions, suits or proceedings brought in any court as provided in this Section 7.6, and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum.

 

The Company, the Depositary and by holding an American Depositary Share (or interest therein) Holders and Beneficial Owners each agree that, notwithstanding the foregoing, with regard to any claim or dispute or difference of whatever nature between or  involving the parties hereto arising directly or indirectly from the relationship created by this Deposit Agreement, the Depositary, in its sole discretion, shall be entitled to refer such dispute or difference for final settlement by arbitration (“Arbitration”) in accordance with the Commercial Arbitration Rules of the American Arbitration Association (the “Rules”) then in force. The arbitration shall be conducted by three arbitrators, one nominated by the Depositary, one nominated by the Company, and one nominated by the two party-appointed arbitrators within 30 calendar days of the confirmation of the nomination of the second arbitrator. If any arbitrator has not been nominated within the time limits specified herein and in the Rules, then such arbitrator shall be appointed by the American Arbitration Association in accordance with the Rules. Judgment upon the award rendered by the arbitrators may be enforced in any court having jurisdiction thereof. The seat and place of any reference to arbitration shall be New York City, New York, and the procedural law of such arbitration shall be New York law. The language to be used in the arbitration shall be English. The fees of the arbitrator and other costs incurred by the parties in connection with such Arbitration shall be paid by the party or parties that is (are) unsuccessful in such Arbitration.

 

Holders and Beneficial Owners understand, and holding an American Depositary Share or an interest therein, such Holders and Beneficial Owners each irrevocably agree that any legal suit, action or proceeding against or involving the Company or the Depositary, arising out of or based upon the Deposit Agreement, American Depositary Shares, Receipts or the transactions contemplated hereby or thereby or by virtue of ownership thereof, may only be instituted in a state or federal court in New York, New York, and by holding an American Depositary Share or an interest therein each irrevocably waives any objection which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding.   Holders and Beneficial Owners agree that the provisions of this paragraph shall survive such Holders’ and Beneficial Owners’ ownership of American Depositary Shares or interests therein.

 

EACH PARTY TO THE DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH HOLDER AND BENEFICIAL OWNER AND/OR HOLDER OF INTERESTS IN ANY ADRs) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE DEPOSITARY AND/OR THE COMPANY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE ADSs OR THE ADRs, THE DEPOSIT AGREEMENT OR ANY TRANSACTION

 

35

 

CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR ANY OTHER THEORY).

 

The provisions of this Section 7.6 shall survive any termination of this Deposit Agreement, in whole or in part.

 

SECTION 7.7  Assignment.  Subject to the provisions and exceptions set forth in Section 5.4 hereof, this Deposit Agreement may not be assigned by either the Company or the Depositary.

 

SECTION 7.8  Agents.  The Depositary shall be entitled, in its sole but reasonable discretion, to appoint one or more agents (the “Agents”) of which it shall have control for the purpose, inter alia, of making distributions to the Holders or otherwise carrying out its obligations under this Agreement.

 

SECTION 7.9  Affiliates etc.  The Depositary reserves the right to utilize and retain a division or Affiliate(s) of the Depositary to direct, manage and/or execute any public and/or private sale of Shares, rights, securities, property or other entitlements hereunder and to engage in the conversion of Foreign Currency hereunder.  It is anticipated that such division and/or Affiliate(s) will charge the Depositary a fee and/or commission in connection with each such transaction, and seek reimbursement of its costs and expenses related thereto.  Such fees/commissions, costs and expenses, shall be deducted from amounts distributed hereunder and shall not be deemed to be fees of the Depositary under Article (9) of the Receipt or otherwise.  Persons are advised that in converting foreign currency into U.S. dollars the  Depositary may utilize Deutsche Bank AG or its affiliates (collectively, “DBAG”) to effect such conversion by seeking to enter into a foreign exchange (“FX”) transaction with DBAG.  When converting currency, the Depositary is not acting as a fiduciary for the holders or beneficial owners of depositary receipts or any other person.  Moreover, in executing FX transactions, DBAG will be acting in a principal capacity, and not as agent, fiduciary or broker, and may hold positions for its own account that are the same, similar, different or opposite to the positions of its customers, including the Depositary.  When the Depositary seeks to execute an FX transaction to accomplish such conversion, customers should be aware that DBAG is a global dealer in FX for a full range of FX products and, as a result, the rate obtained in connection with any requested foreign currency conversion may be impacted by DBAG executing FX transactions for its own account or with another customer.  In addition, in order to source liquidity for any FX transaction relating to any foreign currency conversion, DBAG may internally share economic terms relating to the relevant FX transaction with persons acting in a sales or trading capacity for DBAG or one of its agents.  DBAG may charge fees and/or commissions to the Depositary or add a mark-up in connection with such conversions, which are reflected in the rate at which the foreign currency will be converted into U.S. dollars. The Depositary, its Affiliates and their agents, on their own behalf, may own and deal in any class of securities of the Company and its Affiliates and in ADSs.

 

SECTION 7.10  Exclusivity.  The Company agrees not to appoint any other depositary for the issuance or administration of depositary receipts evidencing any class of stock of the Company so long as Deutsche Bank Trust Company Americas is acting as Depositary hereunder.

 

36

 

SECTION 7.11  Compliance with U.S. Securities Laws.  Notwithstanding anything in this Deposit Agreement to the contrary, the withdrawal or Delivery of Deposited Securities will not be suspended by the Company or the Depositary except as would be permitted by Instruction I.A.(1) of the General Instructions to Form F-6 Registration Statement, as amended from time to time, under the Securities Act.

 

SECTION 7.12  Titles.  All references in this Deposit Agreement to exhibits, Articles, sections, subsections, and other subdivisions refer to the exhibits, Articles, sections, subsections and other subdivisions of this Deposit Agreement unless expressly provided otherwise.  The words “this Deposit Agreement”, “herein”, “hereof”, “hereby”, “hereunder”, and words of similar import refer to the Deposit Agreement as a whole as in effect between the Company, the Depositary and the Holders and Beneficial Owners of ADSs and not to any particular subdivision unless expressly so limited.  Pronouns in masculine, feminine and neuter gender shall be construed to include any other gender, and words in the singular form shall be construed to include the plural and vice versa unless the context otherwise requires.  Titles to sections of this Deposit Agreement are included for convenience only and shall be disregarded in construing the language contained in this Deposit Agreement.

 

37

 

IN WITNESS WHEREOF, UNILEVER INTERNATIONAL HOLDINGS N.V. and DEUTSCHE BANK TRUST COMPANY AMERICAS have duly executed this Deposit Agreement as of the day and year first above set forth and all Holders and Beneficial Owners shall become parties hereto upon acceptance by them of American Depositary Shares evidenced by Receipts issued in accordance with the terms hereof.

 

	
 
    	
UNILEVER INTERNATIONAL HOLDINGS N.V.
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
DEUTSCHE BANK TRUST COMPANY AMERICAS
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

38

 

	
ARTICLE I.
    	
DEFINITIONS
    	
 
    	
1
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
SECTION 1.1
    	
“Affiliate”
    	
1
    
	
 
    	
SECTION 1.2
    	
“Agent”
    	
1
    
	
 
    	
SECTION 1.3
    	
“American Depositary   Share(s)” and “ADS(s)”
    	
2
    
	
 
    	
SECTION 1.4
    	
“Article”
    	
2
    
	
 
    	
SECTION 1.5
    	
“Articles of   Association”
    	
2
    
	
 
    	
SECTION 1.6
    	
“ADS Record Date”
    	
2
    
	
 
    	
SECTION 1.7
    	
“Beneficial Owner”
    	
2
    
	
 
    	
SECTION 1.8
    	
“Business Day”
    	
2
    
	
 
    	
SECTION 1.9
    	
“Commission”
    	
2
    
	
 
    	
SECTION 1.10
    	
“Company”
    	
2
    
	
 
    	
SECTION 1.11
    	
“Corporate Trust   Office”
    	
2
    
	
 
    	
SECTION 1.12
    	
“Custodian”
    	
2
    
	
 
    	
SECTION 1.13
    	
“Deliver” and   “Delivery”
    	
2
    
	
 
    	
SECTION 1.14
    	
“Deposit Agreement”
    	
3
    
	
 
    	
SECTION 1.15
    	
“Depositary”
    	
3
    
	
 
    	
SECTION 1.16
    	
“Deposited Securities”
    	
3
    
	
 
    	
SECTION 1.17
    	
“Dollars” and “$”
    	
3
    
	
 
    	
SECTION 1.18
    	
“DRS/Profile”
    	
3
    
	
 
    	
SECTION 1.19
    	
“DTC”
    	
3
    
	
 
    	
SECTION 1.21
    	
“Exchange Act”
    	
3
    
	
 
    	
SECTION 1.22
    	
“Foreign Currency”
    	
3
    
	
 
    	
SECTION 1.23
    	
“Foreign Registrar”
    	
3
    
	
 
    	
SECTION 1.24
    	
“Holder”
    	
3
    
	
 
    	
SECTION 1.25
    	
“Indemnified Person”   and “Indemnifying Person”
    	
4
    
	
 
    	
SECTION 1.26
    	
“Losses”
    	
4
    
	
 
    	
SECTION 1.27
    	
“Opinion of Counsel”
    	
4
    
	
 
    	
SECTION 1.28
    	
“Receipt(s); “American   Depositary Receipt(s)”; and “ADR(s)”
    	
4
    
	
 
    	
SECTION 1.29
    	
“Registrar”
    	
4
    
	
 
    	
SECTION 1.30
    	
“Restricted Securities”
    	
4
    
	
 
    	
SECTION 1.31
    	
“Securities Act”
    	
4
    
	
 
    	
SECTION 1.32
    	
“Share(s)”
    	
4
    
	
 
    	
SECTION 1.33
    	
“United States” or   “U.S.”
    	
5
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE II.
    	
APPOINTMENT OF   DEPOSITARY; FORM OF RECEIPT; DEPOSIT OF SHARES; EXECUTION AND DELIVERY,   TRANSFER AND SURRENDER OF RECEIPTS
    	
5
    
	
 
    	
 
    	
 
    
	
 
    	
SECTION 2.1
    	
Appointment of   Depositary
    	
5
    
	
 
    	
SECTION 2.2
    	
Form and   Transferability of Receipts
    	
5
    
	
 
    	
SECTION 2.3
    	
Deposits
    	
6
    
	
 
    	
SECTION 2.4
    	
Execution and Delivery   of Receipts
    	
8
    
	
 
    	
SECTION 2.5
    	
Transfer of Receipts;   Combination and Split-up of Receipts
    	
8
    
	
 
    	
SECTION 2.6
    	
Surrender of Receipts   and Withdrawal of Deposited Securities
    	
9
    
	
 
    	
SECTION 2.7
    	
Limitations on   Execution and Delivery, Transfer, etc. of Receipts; Suspension of   Delivery, Transfer, etc.
    	
10
    
	
 
    	
SECTION 2.8
    	
Lost   Receipts, etc.
    	
11
    

 

 

	
 
    	
SECTION 2.9
    	
Cancellation and   Destruction of Surrendered Receipts; Maintenance of Records
    	
11
    
	
 
    	
SECTION 2.10
    	
Maintenance of Records
    	
11
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE III.
    	
CERTAIN OBLIGATIONS OF   HOLDERS AND BENEFICIAL OWNERS OF RECEIPTS
    	
11
    
	
 
    	
 
    	
 
    
	
 
    	
SECTION 3.1
    	
Proofs, Certificates   and Other Information
    	
11
    
	
 
    	
SECTION 3.2
    	
Liability for Taxes and   Other Charges
    	
12
    
	
 
    	
SECTION 3.3
    	
Representations and   Warranties on Deposit of Shares
    	
12
    
	
 
    	
SECTION 3.4
    	
Compliance with   Information Requests
    	
13
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE IV
    	
THE DEPOSITED   SECURITIES
    	
13
    
	
 
    	
 
    	
 
    
	
 
    	
SECTION 4.1
    	
Cash Distributions
    	
13
    
	
 
    	
SECTION 4.2
    	
Distribution in Shares
    	
14
    
	
 
    	
SECTION 4.3
    	
Elective Distributions   in Cash or Shares
    	
15
    
	
 
    	
SECTION 4.4
    	
Distribution of Rights   to Purchase Shares
    	
15
    
	
 
    	
SECTION 4.5
    	
Distributions Other   Than Cash, Shares or Rights to Purchase Shares
    	
17
    
	
 
    	
SECTION 4.6
    	
Conversion of Foreign   Currency
    	
18
    
	
 
    	
SECTION 4.7
    	
Fixing of Record Date
    	
19
    
	
 
    	
SECTION 4.8
    	
Voting of Deposited   Securities
    	
19
    
	
 
    	
SECTION 4.9
    	
Changes Affecting   Deposited Securities
    	
20
    
	
 
    	
SECTION 4.10
    	
Available Information
    	
21
    
	
 
    	
SECTION 4.11
    	
Reports
    	
21
    
	
 
    	
SECTION 4.12
    	
List of Holders
    	
21
    
	
 
    	
SECTION 4.13
    	
Taxation; Withholding
    	
21
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE V.
    	
THE DEPOSITARY, THE   CUSTODIAN AND THE COMPANY
    	
22
    
	
 
    	
 
    	
 
    
	
 
    	
SECTION 5.1
    	
Maintenance of Office   and Transfer Books by the Registrar
    	
22
    
	
 
    	
SECTION 5.2
    	
Exoneration
    	
23
    
	
 
    	
SECTION 5.3
    	
Standard of Care
    	
24
    
	
 
    	
SECTION 5.4
    	
Resignation and Removal   of the Depositary; Appointment of Successor Depositary
    	
25
    
	
 
    	
SECTION 5.5
    	
The Custodian
    	
26
    
	
 
    	
SECTION 5.6
    	
Notices and Reports
    	
26
    
	
 
    	
SECTION 5.7
    	
Issuance of Additional   Shares, ADSs etc.
    	
27
    
	
 
    	
SECTION 5.8
    	
Indemnification
    	
28
    
	
 
    	
SECTION 5.9
    	
Fees and Charges of   Depositary
    	
29
    
	
 
    	
SECTION 5.10
    	
Restricted Securities   Owners/Ownership Restrictions
    	
30
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE VI.
    	
AMENDMENT AND   TERMINATION
    	
31
    
	
 
    	
 
    	
 
    
	
 
    	
SECTION 6.1
    	
Amendment/Supplement
    	
31
    
	
 
    	
SECTION 6.2
    	
Termination
    	
31
    
	
 
    	
 
    	
 
    	
 
    
	
ARTICLE VII.
    	
MISCELLANEOUS
    	
33
    
	
 
    	
 
    	
 
    
	
 
    	
SECTION 7.1
    	
Counterparts
    	
33
    
	
 
    	
SECTION 7.2
    	
No Third-Party   Beneficiaries
    	
33
    
	
 
    	
SECTION 7.3
    	
Severability
    	
33
    
	
 
    	
SECTION 7.4
    	
Holders and Beneficial   Owners as Parties; Binding Effect
    	
33
    

 

40

 

	
 
    	
SECTION 7.5
    	
Notices
    	
33
    
	
 
    	
SECTION 7.6
    	
Governing Law and   Jurisdiction
    	
34
    
	
 
    	
SECTION 7.7
    	
Assignment
    	
36
    
	
 
    	
SECTION 7.8
    	
Agents
    	
36
    
	
 
    	
SECTION 7.9
    	
Affiliates etc.
    	
36
    
	
 
    	
SECTION 7.10
    	
Exclusivity
    	
36
    
	
 
    	
SECTION 7.11
    	
Compliance with U.S.   Securities Laws
    	
37
    
	
 
    	
SECTION 7.12
    	
Titles
    	
37
    
	
EXHIBIT A
    	
 
    	
 
    	
39
    
	
EXHIBIT B
    	
 
    	
 
    	
48
    

 

41

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