Document:

Deposit Agreement

 Exhibit 4.2 
 DEPOSIT AGREEMENT 
 among 

THE PNC FINANCIAL SERVICES GROUP, INC., 
 COMPUTERSHARE TRUST COMPANY, N.A., as Depositary, 
 COMPUTERSHARE INC., 

and 
 THE HOLDERS
FROM TIME TO TIME OF 
 THE DEPOSITARY RECEIPTS DESCRIBED HEREIN 

Dated as of September 21, 2012 

 TABLE OF CONTENTS 

 

					
	 Article I DEFINED TERMS
	  			
	 Section 1.1 Definitions
	  	 	1	  
	 ARTICLE II FORM OF RECEIPTS, DEPOSIT OF SERIES Q PREFERRED STOCK, EXECUTION AND DELIVERY, TRANSFER, SURRENDER AND REDEMPTION OF
RECEIPTS
	  			
	 Section 2.1. Form and Transfer of Receipts
	  	 	3	  
	 Section 2.2. Deposit of Series Q Preferred Stock; Execution and Delivery of Receipts in Respect Thereof 4
	  	 	4	  
	 Section 2.3. Registration of Transfer of Receipts
	  	 	5	  
	 Section 2.4. Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Series Q Preferred
Stock
	  	 	5	  
	 Section 2.5. Limitations on Execution and Delivery, Transfer, Surrender and Exchange of Receipts
	  	 	6	  
	 Section 2.6. Lost Receipts, etc.
	  	 	7	  
	 Section 2.7. Cancellation and Destruction of Surrendered Receipts
	  	 	7	  
	 Section 2.8. Redemption of Series Q Preferred Stock
	  	 	7	  
	 Section 2.9 Bank Accounts
	  	 	8	  
	 Section 2.10 Receipts Issuable in Global Registered Form
	  	 	9	  
		
	 ARTICLE III CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE CORPORATION
	  			
	 Section 3.1. Filing Proofs, Certificates and Other Information
	  	 	10	  
	 Section 3.2. Payment of Taxes or Other Governmental Charges
	  	 	10	  
	 Section 3.3. Warranty as to Series Q Preferred Stock
	  	 	10	  
	 Section 3.4. Warranty as to Receipts
	  	 	10	  
		
	 ARTICLE IV THE DEPOSITED SECURITIES; NOTICES
	  			
	 Section 4.1. Cash Distributions
	  	 	11	  
	 Section 4.2. Distributions Other than Cash, Rights, Preferences or Privileges
	  	 	11	  
	 Section 4.3. Subscription Rights, Preferences or Privileges
	  	 	12	  
	 Section 4.4. Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts
	  	 	13	  
	 Section 4.5. Voting Rights
	  	 	13	  
	 Section 4.6. Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc.
	  	 	13	  
	 Section 4.7. Delivery of Reports
	  	 	14	  
	 Section 4.8. Lists of Receipt Holders
	  	 	14	  
		
	 ARTICLE V THE DEPOSITARY, THE DEPOSITARY’S AGENTS, THE REGISTRAR AND THE CORPORATION
	  			
	 Section 5.1. Maintenance of Offices, Agencies and Transfer Books by the Depositary; Registrar
	  	 	14	  
	 Section 5.2. Prevention of or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the
Corporation
	  	 	15	  

  
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	 Section 5.3. Obligations of the Depositary, the Depositary’s Agents, the Registrar and the Corporation
	  	 	16	  
	 Section 5.4. Resignation and Removal of the Depositary; Appointment of Successor Depositary
	  	 	17	  
	 Section 5.5. Corporate Notices and Reports
	  	 	18	  
	 Section 5.6. Indemnification by the Corporation
	  	 	18	  
	 Section 5.7. Fees, Charges and Expenses
	  	 	18	  
		
	 ARTICLE VI AMENDMENT AND TERMINATION
	  			
	 Section 6.1. Amendment
	  	 	19	  
	 Section 6.2. Termination
	  	 	19	  
		
	 ARTICLE VII MISCELLANEOUS
	  			
	 Section 7.1. Counterparts
	  	 	20	  
	 Section 7.2. Exclusive Benefit of Parties
	  	 	20	  
	 Section 7.3. Invalidity of Provisions
	  	 	20	  
	 Section 7.4. Notices
	  	 	20	  
	 Section 7.5. Depositary’s Agents
	  	 	21	  
	 Section 7.6. Appointment of Registrar, Dividend Disbursing Agent and Redemption Agent in Respect of the
Receipts
	  	 	21	  
	 Section 7.7. Holders of Receipts Are Parties
	  	 	21	  
	 Section 7.8. Governing Law
	  	 	21	  
	 Section 7.9. Inspection of Deposit Agreement
	  	 	22	  
	 Section 7.10. Headings
	  	 	22	  
	 Section 7.11. Force Majeure
	  	 	22	  
	 Section 7.12 Further Assurances
	  	 	22	  
	 Section 7.13. Confidentiality
	  	 	22	  

  
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 DEPOSIT AGREEMENT dated as of September 21, 2012, among (i) The PNC Financial
Services Group, Inc., a Pennsylvania corporation, (ii) Computershare Trust Company, N.A., (iii) Computershare Inc., and (iv) the Holders from time to time of the Receipts described herein. 

WHEREAS, it is desired to provide, as hereinafter set forth in this Deposit Agreement, for the deposit of shares of Series Q Preferred
Stock of the Corporation from time to time with the Depositary for the purposes set forth in this Deposit Agreement and for the issuance hereunder of Receipts evidencing Depositary Shares in respect of the Series Q Preferred Stock so deposited; and

 WHEREAS, the Receipts are to be substantially in the form of Exhibit A annexed hereto, with appropriate
insertions, modifications and omissions, as hereinafter provided in this Deposit Agreement; 
 NOW, THEREFORE, in consideration
of the premises, the parties hereto agree as follows: 
 Article I 

DEFINED TERMS 
 Section 1.1
Definitions. 
 The following definitions shall for all purposes, unless otherwise indicated, apply to the respective
terms used in this Deposit Agreement: 
 “Statement” shall mean the relevant Statement with Respect to Shares filed
with the Department of State of the Commonwealth of Pennsylvania establishing the Series Q Preferred Stock as a series of preferred stock of the Corporation. 
 “Computershare” shall mean Computershare Inc. 
 “Corporation”
shall mean The PNC Financial Services Group, Inc., a Pennsylvania corporation, and its successors. 
 “Deposit
Agreement” shall mean this Deposit Agreement, as amended or supplemented from time to time in accordance with the terms hereof. 
 “Depositary” shall mean, collectively, Computershare Trust Company, N.A. and Computershare Inc., and any successor as Depositary hereunder. 

“Depositary Shares” shall mean the depositary shares, each representing 1/4,000th of one share of the Series Q Preferred Stock, evidenced by a
Receipt. 
 “Depositary’s Agent” shall mean an agent appointed by the Depositary pursuant to
Section 7.5. 
 “Depositary’s Office” shall mean the principal office of the Depositary at which at
any particular time its depositary receipt business shall be administered, which is currently in Canton, MA. 

  
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 “DTC” shall mean the Depository Trust Company. 

“Effective Date” shall mean the date first stated above. 

“Exchange Event” shall mean with respect to any Global Registered Receipt: 

(1) (A) the Global Receipt Depository which is the Holder of such Global Registered Receipt or Receipts notifies the Corporation that
it is no longer willing or able to properly discharge its responsibilities under any Letter of Representations or that it is no longer eligible or in good standing under the Securities Exchange Act of 1934, as amended, and (B) the Corporation
has not appointed a qualified successor Global Receipt Depository within 90 calendar days after the Corporation received such notice, or 
 (2) the Corporation in its sole discretion notifies the Depositary in writing that the Receipts or portion thereof issued or issuable in the form of one or more Global Registered Receipts shall no longer
be represented by such Global Receipt or Receipts. 
 “Global Receipt Depository” shall mean, with respect to any
Receipt issued hereunder, DTC or such other entity designated as Global Receipt Depository by the Corporation in or pursuant to this Deposit Agreement, which entity must be, to the extent required by any applicable law or regulation, a clearing
agency registered under the Securities Exchange Act of 1934, as amended. 
 “Global Registered Receipts” means a
global registered Receipt registered in the name of a nominee of DTC. 
 “Letter of Representations” means any
applicable agreement among the Corporation, the Depositary and a Global Receipt Depository with respect to such Global Receipt Depository’s rights and obligations with respect to any Global Registered Receipts, as the same may be amended,
supplemented, restated or otherwise modified from time to time and any successor agreement thereto. 
 “Officer’s
Certificate” shall mean a certificate in substantially the form set forth as Exhibit B hereto, which is signed by an officer of the Corporation and which shall include the terms and conditions of the Series Q Preferred Stock to be
issued by the Corporation and deposited with the Depositary from time to time in accordance with the terms hereof. 

“Receipt” shall mean one of the depositary receipts issued hereunder, substantially in the form set forth as
Exhibit A hereto, whether in definitive or temporary form, and evidencing the number of Depositary Shares with respect to the Series Q Preferred Stock held of record by the Record Holder of such Depositary Shares. 

“Record Holder” or “Holder” as applied to a Receipt shall mean the person in whose name such Receipt is registered on
the books of the Depositary maintained for such purpose. 
 “Redemption Date” shall have the meaning set forth in
Section 2.8. 
 “Registrar” shall mean the Depositary or such other successor bank or trust company which
shall be appointed by the Corporation to register ownership and transfers of Receipts as herein provided; and if a successor Registrar shall be so appointed, references herein to “the books” of or maintained by the Depository shall be
deemed, as applicable, to refer as well to the register maintained by such Registrar for such purpose. 

  
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 “Securities Act” shall mean the Securities Act of 1933, as amended. 

“Series Q Preferred Stock” shall mean the shares of the Corporation’s 5.375% Non-Cumulative Perpetual Preferred Stock
Series Q, $1.00 par value, with a liquidation preference of $100,000 per share, designated in the Statement and described in the Officer’s Certificate delivered pursuant to Section 2.2 hereof. 

ARTICLE II 
 FORM
OF RECEIPTS, DEPOSIT OF SERIES Q PREFERRED STOCK, EXECUTION AND 
 DELIVERY, TRANSFER, SURRENDER AND REDEMPTION OF RECEIPTS

 Section 2.1. Form and Transfer of Receipts. 
 The definitive Receipts shall be substantially in the form set forth in Exhibit A annexed to this Agreement, with appropriate insertions, modifications and omissions, as hereinafter provided.
Pending the preparation of definitive Receipts, the Depositary, upon the written order of the Corporation, delivered in compliance with Section 2.2, shall execute and deliver temporary Receipts which may be printed, lithographed,
typewritten, mimeographed or otherwise substantially of the tenor of the definitive Receipts in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the persons executing such Receipts
may determine, as evidenced by their execution of such Receipts. If temporary Receipts are issued, the Corporation and the Depositary will cause definitive Receipts to be prepared without unreasonable delay. After the preparation of definitive
Receipts, the temporary Receipts shall be exchangeable for definitive Receipts upon surrender of the temporary Receipts at an office described in the penultimate paragraph of Section 2.2, without charge to the Holder. Upon surrender for
cancellation of any one or more temporary Receipts, the Depositary shall execute and deliver in exchange therefor definitive Receipts representing the same number of Depositary Shares as represented by the surrendered temporary Receipt or Receipts.
Such exchange shall be made at the Corporation’s expense and without any charge therefor. Until so exchanged, the temporary Receipts shall in all respects be entitled to the same benefits under this Agreement as definitive Receipts. 

Receipts shall be executed by the Depositary by the manual or facsimile signature of a duly authorized officer of the Depositary. No
Receipt shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose unless it shall have been executed manually or by facsimile signature by a duly authorized officer of the Depositary or, if a Registrar
for the Receipts (other than the Depositary) shall have been appointed, by manual or facsimile signature of a duly authorized officer of the Depositary and countersigned by manual or facsimile signature by a duly authorized officer of such
Registrar. The Depositary shall record on its books each Receipt so signed and delivered as hereinafter provided. 
 Receipts
shall be in denominations of any number of whole Depositary Shares. 

  
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 Receipts may be endorsed with or have incorporated in the text thereof such legends or
recitals or changes not inconsistent with the provisions of this Deposit Agreement all as may be required by the Depositary and approved by the Corporation or required to comply with any applicable law or any regulation thereunder or with the rules
and regulations of any securities exchange upon which the Series Q Preferred Stock, the Depositary Shares or the Receipts may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to
which any particular Receipts are subject. 
 Title to Depositary Shares evidenced by a Receipt which is properly endorsed or
accompanied by a properly executed instrument of transfer, shall be transferable by delivery with the same effect as in the case of a negotiable instrument in accordance with the Depositary’s procedures; provided, however, that
until transfer of any particular Receipt shall be registered on the books of the Depositary as provided in Section 2.3, the Depositary may, notwithstanding any notice to the contrary, treat the Record Holder thereof at such time as the
absolute owner thereof for the purpose of determining the person entitled to distributions of dividends or other distributions or to any notice provided for in this Deposit Agreement and for all other purposes. 

The Company shall provide an opinion of counsel to the Depositary prior to the Effective Date, to set up a reserve, stating in form and
substance reasonably satisfactory to the Depositary and an opinion of counsel at the Effective Date in form and substance reasonably satisfactory to the Depositary. 
 Section 2.2. Deposit of Series Q Preferred Stock; Execution and Delivery of Receipts in Respect Thereof. 
 Subject to the terms and conditions of this Deposit Agreement, the Corporation may from time to time deposit shares of Series Q Preferred Stock under this Deposit Agreement by delivery to the Depositary
of a certificate or certificates for such shares of Series Q Preferred Stock to be deposited, properly endorsed or accompanied, if required by the Depositary, by a duly executed instrument of transfer or endorsement, in form satisfactory to the
Depositary, together with all such certifications as may be required by the Depositary in accordance with the provisions of this Deposit Agreement and an executed Officer’s Certificate attaching the Certificate of Designations and all other
information required to be set forth therein, and together with a written order of the Corporation 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
evidencing in the aggregate the number of Depositary Shares representing such deposited Series Q Preferred Stock. Each Officer’s Certificate delivered to the Depositary in accordance with the terms of this Deposit Agreement shall be deemed to
be incorporated into this Deposit Agreement and shall be binding on the Corporation, the Depositary and the Holders of Receipts to which such Officer’s Certificate relates. 

The Series Q Preferred Stock that is deposited shall be held by the Depositary at the Depositary’s Office or at such other place or
places as the Depositary shall determine. The Depositary shall not lend any Series Q Preferred Stock deposited hereunder. 

  
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 Upon receipt by the Depositary of a certificate or certificates for Series Q Preferred Stock
deposited in accordance with the provisions of this Section, together with the other documents required as above specified, and upon recordation of the Series Q Preferred Stock on the books of the Corporation (or its duly appointed transfer agent)
in the name of the Depositary or its nominee, the Depositary, subject to the terms and conditions of this Deposit Agreement, shall execute and deliver to or upon the order of the person or persons named in the written order delivered to the
Depositary referred to in the first paragraph of this Section, a Receipt or Receipts evidencing in the aggregate the number of Depositary Shares representing the Series Q Preferred Stock so deposited and registered in such name or names as may be
requested by such person or persons. The Depositary shall execute and deliver such Receipt or Receipts at the Depositary’s Office or such other offices, if any, as the Depositary may designate. Delivery at other offices shall be at the risk and
expense of the person requesting such delivery. 
 Section 2.3. Registration of Transfer of Receipts. 

Subject to the terms and conditions of this Deposit Agreement, the Depositary shall register on its books from time to time transfers of
Receipts upon any surrender thereof by the Holder in person or by duly authorized attorney, properly endorsed or accompanied by a properly executed instrument of transfer. Thereupon, the Depositary shall execute a new Receipt or Receipts evidencing
the same aggregate number of Depositary Shares as those evidenced by the Receipt or Receipts surrendered and deliver such new Receipt or Receipts to or upon the order of the person entitled thereto. 

The Depositary shall not be required (a) to issue, transfer or exchange any Receipts for a period beginning at the opening of
business 15 days next preceding any selection of Depositary Shares and Series Q Preferred Stock to be redeemed and ending at the close of business on the day of the mailing of notice of redemption, or (b) to transfer or exchange for another
Receipt any Receipt called or being called for redemption in whole or in part except as provided in Section 2.8. 

Section 2.4. Split-ups and Combinations of Receipts; Surrender of Receipts and Withdrawal of Series Q Preferred Stock. 

Upon surrender of a Receipt or Receipts at the Depositary’s Office or at such other offices as it may designate for the purpose of
effecting a split-up or combination of such Receipt or Receipts, and subject to the terms and conditions of this Deposit Agreement, the Depositary shall execute a new Receipt or Receipts in the authorized denomination or denominations requested,
evidencing the aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered, and shall deliver such new Receipt or Receipts to or upon the order of the Holder of the Receipt or Receipts so surrendered. 

Any Holder of a Receipt or Receipts may withdraw the number of whole shares of Series Q Preferred Stock and all money and other property,
if any, represented thereby by surrendering such Receipt or Receipts at the Depositary’s Office or at such other offices as the Depositary may designate for such withdrawals. Thereafter, without unreasonable delay, the Depositary shall deliver
to such Holder, or to the person or persons designated by such Holder as hereinafter provided, the number of whole shares of Series Q Preferred Stock and all money and other property, if any, represented by the Receipt or Receipts so surrendered for
withdrawal, but Holders of such whole shares of Series Q Preferred Stock will not thereafter be entitled to 

  
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deposit such Series Q Preferred Stock hereunder or to receive a Receipt evidencing Depositary Shares therefor. If a Receipt delivered by the Holder to the Depositary in connection with such
withdrawal shall evidence a number of Depositary Shares in excess of the number of Depositary Shares representing the number of whole shares of Series Q Preferred Stock, the Depositary shall at the same time, in addition to such number of whole
shares of Series Q Preferred Stock and such money and other property, if any, to be so withdrawn, deliver to such Holder, or subject to Section 2.3 upon his order, a new Receipt evidencing such excess number of Depositary Shares.

 In no event will fractional shares of Series Q Preferred Stock (or any cash payment in lieu thereof) be delivered by the
Depositary. Delivery of the Series Q Preferred Stock and money and other property, if any, being withdrawn may be made by the delivery of such certificates, documents of title and other instruments as the Depositary may deem appropriate. 

If the Series Q Preferred Stock and the money and other property, if any, being withdrawn are to be delivered to a person or persons
other than the Record Holder of the related Receipt or Receipts being surrendered for withdrawal of such Series Q Preferred Stock, such Holder shall execute and deliver to the Depositary a written order so directing the Depositary and the Depositary
may require that the Receipt or Receipts surrendered by such Holder for withdrawal of such shares of Series Q Preferred Stock be properly endorsed in blank or accompanied by a properly executed instrument of transfer in blank. 

Delivery of the Series Q Preferred Stock and the money and other property, if any, represented by Receipts surrendered for withdrawal
shall be made by the Depositary at the Depositary’s Office, except that, at the request, risk and expense of the Holder surrendering such Receipt or Receipts and for the account of the Holder thereof, such delivery may be made at such other
place as may be designated by such Holder. 
 Section 2.5. Limitations on Execution and Delivery, Transfer, Surrender and Exchange of
Receipts. 
 As a condition precedent to the execution and delivery, registration of transfer, split-up, combination,
surrender or exchange of any Receipt, the Depositary, any of the Depositary’s Agents or the Corporation may require payment to it of a sum sufficient for the payment (or, in the event that the Depositary or the Corporation shall have made such
payment, the reimbursement to it) of any charges or expenses payable by the Holder of a Receipt pursuant to Section 5.7, may require the production of evidence satisfactory to it as to the identity and genuineness of any signature, and
may also require compliance with such regulations, if any, as the Depositary or the Corporation may establish consistent with the provisions of this Deposit Agreement and/or applicable law. 

The deposit of the Series Q Preferred Stock may be refused, the delivery of Receipts against Series Q Preferred Stock may be suspended,
the registration of transfer of Receipts may be refused and the registration of transfer, surrender or exchange of outstanding Receipts may be suspended (i) during any period when the register of stockholders of the Corporation is closed or
(ii) if any such action is deemed necessary or advisable by the Depositary, any of the Depositary’s Agents or the Corporation at any time or from time to time because of any requirement of law or of any government or governmental body or
commission or under any provision of this Deposit Agreement. 

  
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 Section 2.6. Lost Receipts, etc. 

In case any Receipt shall be mutilated, destroyed, lost or stolen, the Depositary in its discretion may execute and deliver a Receipt of
like form and tenor in exchange and substitution for such mutilated Receipt, or in lieu of and in substitution for such destroyed, lost or stolen Receipt, upon (i) the filing by the Holder thereof with the Depositary of evidence satisfactory to
the Depositary of such destruction or loss or theft of such Receipt, of the authenticity thereof and of his or her ownership thereof and (ii) the Holder thereof furnishing the Depositary with an affidavit and an indemnity or bond satisfactory
to the Depositary. Applicants for such substitute Receipts shall also comply with such other reasonable regulations and pay such other reasonable charges as the Depositary may prescribe and as required by Section 8-405 of the Uniform Commercial
Code. 
 Section 2.7. Cancellation and Destruction of Surrendered Receipts. 

All Receipts surrendered to the Depositary or any Depositary’s Agent shall be cancelled by the Depositary. Except as prohibited by
applicable law or regulation, the Depositary is authorized and directed to destroy all Receipts so cancelled. 
 Section 2.8. Redemption
of Series Q Preferred Stock. 
 Whenever the Corporation shall be permitted and shall elect to redeem shares of Series Q
Preferred Stock in accordance with the terms of the Certificate of Designations, it shall (unless otherwise agreed to in writing with the Depositary) give or cause to be given to the Depositary, not less than 30 days and not more than
60 days prior to the Redemption Date (as defined below), notice of the date of such proposed redemption of Series Q Preferred Stock and of the number of such shares held by the Depositary to be so redeemed and the applicable redemption price,
which notice shall be accompanied by a certificate from the Corporation stating that such redemption of Series Q Preferred Stock is in accordance with the provisions of the Certificate of Designations. On the date of such redemption, provided
that the Corporation shall then have paid or caused to be paid in full to Computershare the redemption price of the Series Q Preferred Stock to be redeemed, plus (i) an amount equal to any declared and unpaid dividends thereon to the date fixed
for redemption, or (ii) in the case of a Regulatory Capital Treatment Event (as defined in the Statement) plus any declared and unpaid dividends and any accrued and unpaid dividends thereon to the date fixed for redemption, in each case in
accordance with the provisions of the Statement, the Depositary shall redeem the number of Depositary Shares representing such Series Q Preferred Stock. The Depositary shall mail notice of the Corporation’s redemption of Series Q Preferred
Stock and the proposed simultaneous redemption of the number of Depositary Shares representing the Series Q Preferred Stock to be redeemed by first-class mail, postage prepaid, not less than 30 days and not more than 60 days prior to the
date fixed for redemption of such Series Q Preferred Stock and Depositary Shares (the “Redemption Date”), to the Record Holders of the Receipts evidencing the Depositary Shares to be so redeemed at their respective last addresses as they
appear on the records of the Depositary; but neither failure to mail any such notice of redemption of Depositary Shares to one 

  
 7 

 
or more such Holders nor any defect in any notice of redemption of Depositary Shares to one or more such Holders shall affect the sufficiency of the proceedings for redemption as to the other
Holders. Each such notice shall be prepared by the Corporation and shall state: (i) the Redemption Date; (ii) the number of Depositary Shares to be redeemed and, if less than all the Depositary Shares held by any such Holder are to be
redeemed, the number of such Depositary Shares held by such Holder to be so redeemed; (iii) the redemption price; (iv) the place or places where Receipts evidencing such Depositary Shares are to be surrendered for payment of the redemption
price; and (v) that dividends in respect of the Series Q Preferred Stock represented by such Depositary Shares to be redeemed will cease to accrue on such Redemption Date. In case less than all the outstanding Depositary Shares are to be
redeemed, the Depositary Shares to be so redeemed shall be selected either pro rata or by lot or in such other manner determined by the Depositary to be fair and equitable. 

Notice having been mailed by the Depositary as aforesaid, from and after the Redemption Date (unless the Corporation
shall have failed to provide the funds necessary to redeem the Series Q Preferred Stock evidenced by the Depositary Shares called for redemption) (i) dividends on the shares of Series Q Preferred Stock so called for Redemption shall cease to
accrue from and after such date, (ii) the Depositary Shares being redeemed from such proceeds shall be deemed no longer to be outstanding, (iii) all rights of the Holders of Receipts evidencing such Depositary Shares (except the right to
receive the redemption price) shall, to the extent of such Depositary Shares, cease and terminate, and (iv) upon surrender in accordance with such redemption notice of the Receipts evidencing any such Depositary Shares called for redemption
(properly endorsed or assigned for transfer, if the Depositary or applicable law shall so require), such Depositary Shares shall be redeemed by the Depositary at a redemption price per Depositary Share equal to 1/4,000th of the redemption price per share of Series Q Preferred Stock so
redeemed plus all money and other property, if any, represented by such Depositary Shares, including all amounts paid by the Corporation in respect of dividends in accordance with the provisions of the Statement. 

If fewer than all of the Depositary Shares evidenced by a Receipt are called for redemption, the Depositary or Computershare, as
appropriate, will deliver to the Holder of such Receipt upon its surrender to the Depositary, together with the redemption payment, a new Receipt evidencing the Depositary Shares evidenced by such prior Receipt and not called for redemption. In any
such case, we shall redeem Depositary Shares only in increments of 10 Depositary Shares and any multiple thereof. 
 Section 2.9. Bank
Accounts. 
 The Company acknowledges that the bank accounts maintained by Computershare in connection with the services
provided under this Deposit Agreement will be in Computershare’s name and that Computershare may receive investment earnings in connection with the investment at Computershare’s risk and for its benefit of funds held in those accounts from
time to time. Neither the Company nor the Holders will receive interest on any deposits. 

  
 8 

 Section 2.10. Receipts Issuable in Global Registered Form. 

If the Corporation shall determine in a writing delivered to the Depositary that the Receipts are to be issued in whole or in part in the
form of one or more Global Registered Receipts, then the Depositary shall, in accordance with the other provisions of this Deposit Agreement, execute and deliver one or more Global Registered Receipts evidencing the Receipts of such Series, which
(i) shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, the Receipts to be represented by such Global Registered Receipt or Receipts, (ii) shall be registered in the name of the Global Receipt
Depository therefor or its nominee. 
 Notwithstanding any other provision of this Deposit Agreement to the contrary, unless
otherwise provided in the Global Registered Receipt, a Global Registered Receipt may only be transferred in whole and only by the applicable Global Receipt Depository for such Global Registered Receipt to a nominee of such Global Receipt Depository,
or by a nominee of such Global Receipt Depository to such Global Receipt Depository or another nominee of such Global Receipt Depository, or by such Global Receipt Depository or any such nominee to a successor Global Receipt Depository for such
Global Registered Receipt selected or approved by the Corporation or to a nominee of such successor Global Receipt Depository. Except as provided below, owners solely of beneficial interests in a Global Registered Receipt shall not be entitled to
receive physical delivery of the Receipts represented by such Global Registered Receipt. Neither any such beneficial owner nor any direct or indirect participant of a Global Receipt Depository shall have any rights under this Deposit Agreement with
respect to any Global Registered Receipt held on their behalf by a Global Receipt Depository and such Global Receipt Depository may be treated by the Corporation, the Depositary and any director, officer, employee or agent of the Corporation or the
Depositary as the holder of such Global Registered Receipt for all purposes whatsoever. Unless and until definitive Receipts are delivered to the owners of the beneficial interests in a Global Registered Receipt, (1) the applicable Global
Receipt Depository will make book-entry transfers among its participants and receive and transmit all payments and distributions in respect of the Global Registered Receipts to such participants, in each case, in accordance with its applicable
procedures and arrangements, and (2) whenever any notice, payment or other communication to the holders of Global Registered Receipts is required under this Deposit Agreement, the Corporation and the Depositary or Computershare, as appropriate,
shall give all such notices, payments and communications specified herein to be given to such holders to the applicable Global Receipt Depository. 
 If an Exchange Event has occurred with respect to any Global Registered Receipt, then, in any such event, the Depositary shall, upon receipt of a written order from the Corporation for the execution and
delivery of individual definitive registered Receipts in exchange for such Global Registered Receipt, shall execute and deliver, individual definitive registered Receipts, in authorized denominations and of like tenor and terms in an aggregate
principal amount equal to the principal amount of the Global Registered Receipt in exchange for such Global Registered Receipt. 

Definitive registered Receipts issued in exchange for a Global Registered Receipt pursuant to this Section shall be registered in such
names and in such authorized denominations as the Global Receipt Depository for such Global Registered Receipt, pursuant to instructions from its participants, shall instruct the Depositary in writing. The Depositary shall deliver such Receipts to
the persons in whose names such Receipts are so registered. 

  
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 Notwithstanding anything to the contrary in this Deposit Agreement, should the Corporation
determine that the Receipts should be issued as a Global Registered Receipt, the parties hereto shall comply with the terms of any Letter of Representations. 
 ARTICLE III 
 CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE CORPORATION

 Section 3.1. Filing Proofs, Certificates and Other Information. 

Any Holder of a Receipt may be required from time to time to file such proof of residence, or other matters or other information, to
execute such certificates and to make such representations and warranties as the Depositary or the Corporation may reasonably deem necessary or proper. The Depositary or the Corporation may withhold the delivery, or delay the registration of
transfer or redemption, of any Receipt or the withdrawal of the Series Q Preferred Stock represented by the Depositary Shares and evidenced by a Receipt or the distribution of any dividend or other distribution or the sale of any rights or of the
proceeds thereof until such proof or other information is filed or such certificates are executed or such representations and warranties are made. 
 Section 3.2. Payment of Taxes or Other Governmental Charges. 
 Holders
of Receipts shall be obligated to make payments to the Depositary of certain charges and expenses, as provided in Section 5.7. Registration of transfer of any Receipt or any withdrawal of Series Q Preferred Stock and all money or other
property, if any, represented by the Depositary Shares evidenced by such Receipt may be refused until any such payment due is made, and any dividends, interest payments or other distributions may be withheld or any part of or all the Series Q
Preferred Stock or other property represented by the Depositary Shares evidenced by such Receipt and not theretofore sold may be sold for the account of the Holder thereof (after attempting by reasonable means to notify such Holder prior to such
sale), and such dividends, interest payments or other distributions or the proceeds of any such sale may be applied to any payment of such charges or expenses, the Holder of such Receipt remaining liable for any deficiency. 

Section 3.3. Warranty as to Series Q Preferred Stock. 
 The Corporation hereby represents and warrants that the Series Q Preferred Stock, when issued, will be duly authorized, validly issued, fully paid and nonassessable. Such representation and warranty shall
survive the deposit of the Series Q Preferred Stock and the issuance of the related Receipts. 
 Section 3.4. Warranty as to
Receipts. 
 The Corporation hereby represents and warrants that the Receipts, when issued, will represent legal and valid
interests in the Series Q Preferred Stock. Such representation and warranty shall survive the deposit of the Series Q Preferred Stock and the issuance of the Receipts. 

  
 10 

 ARTICLE IV 
 THE DEPOSITED SECURITIES; NOTICES 
 Section 4.1. Cash Distributions. 

Whenever Computershare shall receive any cash dividend or other cash distribution on the Series Q Preferred Stock, Computershare shall,
subject to Sections 3.1 and 3.2, distribute to Record Holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts of such dividend or distribution as are, as nearly as practicable, in proportion
to the respective numbers of Depositary Shares evidenced by the Receipts held by such Holders; provided, however, that in case the Corporation or Computershare shall be required to withhold and shall withhold from any cash dividend or
other cash distribution in respect of the Series Q Preferred Stock an amount on account of taxes, the amount made available for distribution or distributed in respect of Depositary Shares shall be reduced accordingly. Computershare shall distribute
or make available for distribution, as the case may be, only such amount, however, as can be distributed without attributing to any Holder of Receipts a fraction of one cent, and any balance not so distributable shall be held by Computershare
(without liability for interest thereon) and shall be added to and be treated as part of the next sum received by Computershare for distribution to Record Holders of Receipts then outstanding. Each Holder of a Receipt shall provide the Depositary
with its certified tax identification number on a properly completed Form W-8 or W-9, as may be applicable. Each Holder of a Receipt acknowledges that, in the event of non-compliance with the preceding sentence, the Internal Revenue Code of 1986, as
amended, may require withholding by Computershare of a portion of any of the distributions to be made hereunder. 
 Section 4.2.
Distributions Other than Cash, Rights, Preferences or Privileges. 
 Whenever the Depositary shall receive any
distribution other than cash, rights, preferences or privileges upon the Series Q Preferred Stock, the Depositary shall, subject to Sections 3.1 and 3.2, distribute to Record Holders of Receipts on the record date fixed pursuant
to Section 4.4 such amounts of the securities or property received by it as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by such Receipts held by such Holders, in any manner that
the Depositary may deem equitable and practicable for accomplishing such distribution. If in the opinion of the Depositary such distribution cannot be made proportionately among such Record Holders, or if for any other reason (including any
requirement that the Corporation or the Depositary withhold an amount on account of taxes) the Depositary deems, after consultation with the Corporation, such distribution not to be feasible, the Depositary may, with the approval of the Corporation,
adopt such method as it deems equitable and practicable for the purpose of effecting such distribution, including the sale (at public or private sale) of the securities or property thus received, or any part thereof, in a commercially reasonable
manner. The net proceeds of any such sale shall, subject to Sections 3.1 and 3.2, be distributed or made available for distribution, as the case may be, by Computershare to Record Holders of Receipts as provided by
Section 4.1 in the case of a distribution received in 

  
 11 

 
cash. The Corporation shall not make any distribution of such securities or property to the Depositary and the Depositary shall not make any distribution of such securities or property to the
Holders of Receipts unless the Corporation shall have provided an opinion of counsel stating that such securities or property have been registered under the Securities Act or do not need to be registered in connection with such distributions.

 Section 4.3. Subscription Rights, Preferences or Privileges. 

If the Corporation shall at any time offer or cause to be offered to the persons in whose names the Series Q Preferred Stock is recorded
on the books of the Corporation any rights, preferences or privileges to subscribe for or to purchase any securities or any rights, preferences or privileges of any other nature, such rights, preferences or privileges shall in each such instance be
made available by the Depositary to the Record Holders of Receipts in such manner as the Depositary may determine, either by the issue to such Record Holders of warrants representing such rights, preferences or privileges or by such other method as
may be approved by the Depositary in its discretion with the approval of the Corporation; provided, however, that (i) if at the time of issue or offer of any such rights, preferences or privileges the Depositary determines that it
is not lawful or (after consultation with the Corporation) not feasible to make such rights, preferences or privileges available to Holders of Receipts by the issue of warrants or otherwise, or (ii) if and to the extent so instructed by Holders
of Receipts who do not desire to exercise such rights, preferences or privileges, then the Depositary, in its discretion (with approval of the Corporation, in any case where the Depositary has determined that it is not feasible to make such rights,
preferences or privileges available), may, if applicable laws or the terms of such rights, preferences or privileges permit such transfer, sell such rights, preferences or privileges at public or private sale, at such place or places and upon such
terms as it may deem proper. The net proceeds of any such sale shall, subject to Sections 3.1 and 3.2, be distributed by the Depositary to the Record Holders of Receipts entitled thereto as provided by Section 4.1 in
the case of a distribution received in cash. 
 The Corporation shall notify the Depositary whether registration under the
Securities Act of the securities to which any rights, preferences or privileges relate is required in order for Holders of Receipts to be offered or sold the securities to which such rights, preferences or privileges relate, and the Corporation
agrees with the Depositary that it will file promptly a registration statement pursuant to the Securities Act with respect to such rights, preferences or privileges and securities and use its best efforts and take all steps available to it to cause
such registration statement to become effective sufficiently in advance of the expiration of such rights, preferences or privileges to enable such Holders to exercise such rights, preferences or privileges. In no event shall the Depositary make
available to the Holders of Receipts any right, preference or privilege to subscribe for or to purchase any securities unless and until such registration statement shall have become effective, or the Corporation shall have provided to the Depositary
an opinion of counsel to the effect that the offering and sale of such securities to the Holders are exempt from registration under the provisions of the Securities Act. 
 The Corporation shall notify the Depositary whether any other action under the laws of any jurisdiction or any governmental or administrative authorization, consent or permit is required in order for such
rights, preferences or privileges to be made available to Holders of Receipts, and the Corporation agrees with the Depositary that the Corporation will use its reasonable best 

  
 12 

 
efforts to take such action or obtain such authorization, consent or permit sufficiently in advance of the expiration of such rights, preferences or privileges to enable such Holders to exercise
such rights, preferences or privileges. 
 Section 4.4. Notice of Dividends, etc.; Fixing Record Date for Holders of Receipts.

 Whenever any cash dividend or other cash distribution shall become payable or any distribution other than cash shall be made,
or if rights, preferences or privileges shall at any time be offered, with respect to the Series Q Preferred Stock, or whenever the Depositary shall receive notice of any meeting at which holders of the Series Q Preferred Stock are entitled to vote
or of which holders of the Series Q Preferred Stock are entitled to notice, or whenever the Depositary and the Corporation shall decide it is appropriate, the Depositary shall in each such instance fix a record date (which shall be the same date as
the record date fixed by the Corporation with respect to or otherwise in accordance with the terms of the Series Q Preferred Stock) for the determination of the Holders of Receipts who shall be entitled to receive such dividend, distribution,
rights, preferences or privileges or the net proceeds of the sale thereof, or to give instructions for the exercise of voting rights at any such meeting, or who shall be entitled to notice of such meeting or for any other appropriate reasons.

 Section 4.5. Voting Rights. 
 Subject to the provisions of the Certificate of Designations, upon receipt of notice of any meeting at which the holders of the Series Q Preferred Stock are entitled to vote, the Depositary shall, as soon
as practicable thereafter, mail to the Record Holders of Receipts a notice prepared by the Corporation which shall contain (i) such information as is contained in such notice of meeting and (ii) a statement that the Holders may, subject to
any applicable restrictions, instruct the Depositary as to the exercise of the voting rights pertaining to the amount of Series Q Preferred Stock represented by their respective Depositary Shares (including an express indication that instructions
may be given to the Depositary to give a discretionary proxy to a person designated by the Corporation) and a brief statement as to the manner in which such instructions may be given. Upon the written request of the Holders of Receipts on the
relevant record date, the Depositary shall endeavor insofar as practicable to vote or cause to be voted, in accordance with the instructions set forth in such requests, the maximum number of whole shares of Series Q Preferred Stock represented by
the Depositary Shares evidenced by all Receipts as to which any particular voting instructions are received. The Corporation hereby agrees to take all reasonable action which may be deemed necessary by the Depositary in order to enable the
Depositary to vote such Series Q Preferred Stock or cause such Series Q Preferred Stock to be voted. In the absence of specific instructions from the Holder of a Receipt, the Depositary will not vote (but, at its discretion, may appear at any
meeting with respect to such Series Q Preferred Stock unless directed to the contrary by the Holders of all the Receipts) to the extent of the Series Q Preferred Stock represented by the Depositary Shares evidenced by such Receipt. 

  
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 Section 4.6. Changes Affecting Deposited Securities and Reclassifications, Recapitalizations, etc.
 
 Upon any change in par or stated value, split-up, combination or any other reclassification of the Series Q Preferred
Stock, subject to the provisions of the Certificate of Designations, or upon any recapitalization, reorganization, merger or consolidation affecting the Corporation or to which it is a party, the Depositary may in its discretion with the approval
of, and shall upon the instructions of, the Corporation, and (in either case) in such manner as the Depositary may deem equitable, (i) make such adjustments as are certified by the Corporation in the fraction of an interest represented by one
Depositary Share in one share of Series Q Preferred Stock and in the ratio of the redemption price per Depositary Share to the redemption price per share of Series Q Preferred Stock, in each case as may be necessary fully to reflect the effects of
such change in par or stated value, split-up, combination or other reclassification of the Series Q Preferred Stock, or of such recapitalization, reorganization, merger or consolidation and (ii) treat any securities which shall be received by
the Depositary in exchange for or upon conversion of or in respect of the Series Q Preferred Stock as new deposited securities so received in exchange for or upon conversion or in respect of such Series Q Preferred Stock. In any such case the
Depositary may in its discretion, with the approval of the Corporation, execute and deliver additional Receipts or may call for the surrender of all outstanding Receipts to be exchanged for new Receipts specifically describing such new deposited
securities. Anything to the contrary herein notwithstanding, Holders of Receipts shall have the right from and after the effective date of any such change in par or stated value, split-up, combination or other reclassification of the Series Q
Preferred Stock or any such recapitalization, reorganization, merger or consolidation to surrender such Receipts to the Depositary with instructions to convert, exchange or surrender the Series Q Preferred Stock represented thereby only into or for,
as the case may be, the kind and amount of shares and other securities and property and cash into which the Series Q Preferred Stock represented by such Receipts might have been converted or for which such Series Q Preferred Stock might have been
exchanged or surrendered immediately prior to the effective date of such transaction. 
 Section 4.7. Delivery of Reports.

 The Depositary shall furnish to Holders of Receipts any reports and communications received from the Corporation which is
received by the Depositary and which the Corporation is required to furnish to the holders of the Series Q Preferred Stock. 
 Section 4.8.
Lists of Receipt Holders. 
 Reasonably promptly upon request from time to time by the Corporation, at the sole expense of
the Corporation, the Depositary shall furnish to it a list, as of the most recent practicable date, of the names, addresses and holdings of Depositary Shares of all registered Holders of Receipts. 

ARTICLE V 
 THE
DEPOSITARY, THE DEPOSITARY’S AGENTS, THE REGISTRAR AND THE CORPORATION 
 Section 5.1. Maintenance of Offices, Agencies and
Transfer Books by the Depositary; Registrar. 
 Upon execution of this Deposit Agreement, the Depositary shall maintain at
the Depositary’s Office, facilities for the execution and delivery, registration and registration of transfer, surrender and exchange of Receipts, and at the offices of the Depositary’s Agents, if any, facilities for the delivery,
registration of transfer, surrender and exchange of Receipts, all in accordance with the provisions of this Deposit Agreement. 

  
 14 

 The Depositary shall keep books at the Depositary’s Office for the registration and
registration of transfer of Receipts, which books at all reasonable times shall be open for inspection by the Record Holders of Receipts; provided that any such Holder requesting to exercise such right shall certify to the Depositary that
such inspection shall be for a proper purpose reasonably related to such person’s interest as an owner of Depositary Shares evidenced by the Receipts. 
 The Depositary may close such books, at any time or from time to time, when deemed expedient by it in connection with the performance of its duties hereunder. 

The Depositary may, with the approval of the Corporation, appoint a Registrar for registration of the Receipts or the Depositary Shares
evidenced thereby. If the Receipts or the Depositary Shares evidenced thereby or the Series Q Preferred Stock represented by such Depositary Shares shall be listed on one or more national securities exchanges, the Depositary will appoint a Registrar
(acceptable to the Corporation) for registration of the Receipts or Depositary Shares in accordance with any requirements of such exchange. Such Registrar (which may be the Depositary if so permitted by the requirements of any such exchange) may be
removed and a substitute registrar appointed by the Depositary upon the request or with the approval of the Corporation. If the Receipts, Depositary Shares or Series Q Preferred Stock are listed on one or more other securities exchanges, the
Depositary will, at the request of the Corporation, arrange such facilities for the delivery, registration, registration of transfer, surrender and exchange of the Receipts, Depositary Shares or Series Q Preferred Stock as may be required by law or
applicable securities exchange regulation. 
 Section 5.2. Prevention of or Delay in Performance by the Depositary, the
Depositary’s Agents, the Registrar or the Corporation. 
 Neither the Depositary nor any Depositary’s Agent nor
any Registrar nor the Corporation shall incur any liability to any Holder of Receipt if by reason of any provision of any present or future law, or regulation thereunder, of the United States of America or of any other governmental authority or, in
the case of the Depositary, the Depositary’s Agent or the Registrar, by reason of any provision, present or future, of the Corporation’s Amended and Restated Articles of Incorporation (including the Certificate of Designations) or by
reason of any act of God or war or other circumstance beyond the control of the relevant party, the Depositary, the Depositary’s Agent, the Registrar or the Corporation shall be prevented or forbidden from, or subjected to any penalty on
account of, doing or performing any act or thing which the terms of this Deposit Agreement provide shall be done or performed; nor shall the Depositary, any Depositary’s Agent, any Registrar or the Corporation incur liability to any Holder of a
Receipt (i) by reason of any nonperformance or delay, caused as aforesaid, in the performance of any act or thing which the terms of this Deposit Agreement shall provide shall or may be done or performed, or (ii) by reason of any exercise
of, or failure to exercise, any discretion provided for in this Deposit Agreement except as otherwise explicitly set forth in this Deposit Agreement. 

  
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 Section 5.3. Obligations of the Depositary, the Depositary’s Agents, the Registrar and the
Corporation. 
 Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the Corporation assumes any
obligation or shall be subject to any liability under this Deposit Agreement to Holders of Receipts other than for its gross negligence, willful misconduct or bad faith. Notwithstanding anything in this Deposit Agreement to the contrary, excluding
the Depositary’s willful misconduct or bad faith, the Depositary’s aggregate liability under this Deposit Agreement with respect to, arising from or arising in connection with this Deposit Agreement, or from all services provided or
omitted to be provided under this Deposit Agreement, whether in contract, tort, or otherwise, is limited to, and shall not exceed, the amounts paid hereunder by the Company to the Depositary as fees and charges, but not including reimbursable
expenses. 
 Notwithstanding anything in this Deposit Agreement to the contrary, neither the Depositary, nor the
Depositary’s Agent nor any Registrar nor the Corporation shall be liable in any event for special, punitive, incidental, indirect or consequential losses or damages of any kind whatsoever (including but not limited to lost profits). 

Neither the Depositary nor any Depositary’s Agent nor any Registrar nor the Corporation shall be under any obligation to appear in,
prosecute or defend any action, suit or other proceeding in respect of the Series Q Preferred Stock, the Depositary Shares or the Receipts which in its opinion may involve it in expense or liability unless indemnity satisfactory to it against all
expense and liability be furnished as often as may be required. 
 Neither the Depositary nor any Depositary’s Agent nor
any Registrar nor the Corporation shall be liable for any action or any failure to act by it in reliance upon the written advice of legal counsel or accountants, or information from any person presenting Series Q Preferred Stock for deposit, any
Holder of a Receipt or any other person believed by it in good faith to be competent to give such information. The Depositary, any Depositary’s Agent, any Registrar and the Corporation may each rely and shall each be protected in acting upon or
omitting to act upon any written notice, request, direction or other document believed by it to be genuine and to have been signed or presented by the proper party or parties. 
 The Depositary shall not be responsible for any failure to carry out any instruction to vote any of the shares of Series Q Preferred Stock or for the manner or effect of any such vote made, as long as any
such action or non-action is not taken in bad faith. The Depositary undertakes, and any Registrar shall be required to undertake, to perform such duties and only such duties as are specifically set forth in this Deposit Agreement, and no implied
covenants or obligations shall be read into this Deposit Agreement against the Depositary or any Registrar. 
 The Depositary,
the Depositary’s Agents, and any Registrar may own and deal in any class of securities of the Corporation and its affiliates and in Receipts. The Depositary may also act as transfer agent or registrar of any of the securities of the Corporation
and its affiliates. 
 The Depositary shall not be under any liability for interest on any monies at any time received by it
pursuant to any of the provisions of this Deposit Agreement or of the Receipts, the Depositary Shares or the Series Q Preferred Stock nor shall it be obligated to segregate such 

  
 16 

 
monies from other monies held by it, except as required by law. The Depositary shall not be responsible for advancing funds on behalf of the Corporation and shall have no duty or obligation to
make any payments if it has not timely received sufficient funds to make timely payments. 
 In the event the Depositary
believes any ambiguity or uncertainty exists hereunder or in any notice, instruction, direction, request or other communication, paper or document received by the Depositary hereunder, or in the administration of any of the provisions of this
Deposit Agreement, the Depositary shall deem it necessary or desirable that a matter be proved or established prior to taking, omitting or suffering to take any action hereunder, the Depositary may, in its sole discretion upon written notice to the
Corporation, refrain from taking any action and shall be fully protected and shall not be liable in any way to the Corporation, any Holders of Receipts or any other person or entity for refraining from taking such action, unless the Depositary
receives written instructions or a certificate signed by the Corporation which eliminates such ambiguity or uncertainty to the satisfaction of the Depositary or which proves or establishes the applicable matter to the satisfaction of the Depositary.

 From time to time, Company may provide the Depositary with instructions concerning the services performed by the Depositary
under this Deposit Agreement. In addition, at any time, the Depositary may apply to any officer of Company for instruction, and may consult with legal counsel for the Depositary or Company with respect to any matter arising in connection with the
services to be performed by the Depositary under this Deposit Agreement. The Depositary and its agents and subcontractors shall not be liable and shall be indemnified by Company for any action taken or omitted by the Depositary in reliance upon any
Company instructions or upon the advice or opinion of such counsel. The Depositary shall not be held to have notice of any change of authority of any person, until receipt of written notice thereof from Company. 

Section 5.4. Resignation and Removal of the Depositary; Appointment of Successor Depositary. 

The Depositary may at any time resign as Depositary hereunder by delivering notice of its election to do so to the Corporation, such
resignation to take effect upon the appointment of a successor Depositary and its acceptance of such appointment as hereinafter provided. 
 The Depositary may at any time be removed by the Corporation by notice of such removal delivered to the Depositary, such removal to take effect upon the appointment of a successor Depositary hereunder and
its acceptance of such appointment as hereinafter provided. 
 In case at any time the Depositary acting hereunder shall resign
or be removed, the Corporation shall, within 60 days after the delivery of the notice of resignation or removal, as the case may be, appoint a successor Depositary, which shall be a bank or trust company having its principal office in the
United States of America and having a combined capital and surplus, along with its affiliates, of at least $50,000,000. If no successor Depositary shall have been so appointed and have accepted appointment within 60 days after delivery of such
notice, the resigning or removed Depositary may petition any court of competent jurisdiction for the appointment of a successor Depositary. Every successor Depositary shall execute and deliver to its predecessor and to the Corporation an instrument
in writing accepting its appointment 

  
 17 

 
hereunder, and thereupon such successor Depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor and for all
purposes shall be the Depositary under this Deposit Agreement, and such predecessor, upon payment of all sums due it and on the written request of the Corporation, shall promptly execute and deliver an instrument transferring to such successor all
rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all right, title and interest in the Series Q Preferred Stock and any moneys or property held hereunder to such successor, and shall deliver to such successor a
list of the Record Holders of all outstanding Receipts and such records, books and other information in its possession relating thereto. 
 Any entity into or with which the Depositary may be merged, consolidated or converted shall be the successor of the Depositary without the execution or filing of any document or any further act, and
notice thereof shall not be required hereunder. Such successor Depositary may authenticate the Receipts in the name of the predecessor Depositary or its own name as successor Depositary. 
 Section 5.5. Corporate Notices and Reports. 
 The Corporation agrees
that it will deliver to the Depositary, and the Depositary will, promptly after receipt thereof, transmit to the Record Holders of Receipts, in each case at the addresses recorded in the Depositary’s books, copies of all notices and reports
(including without limitation financial statements) required by law, by the rules of any national securities exchange upon which the Series Q Preferred Stock, the Depositary Shares or the Receipts are listed or by the Corporation’s Amended and
Restated Articles of Incorporation (including the Certificate of Designations), to be furnished to the Record Holders of Receipts. Such transmission will be at the Corporation’s expense and the Corporation will provide the Depositary with such
number of copies of such documents as the Depositary may reasonably request. In addition, the Depositary will transmit to the Record Holders of Receipts at the Corporation’s expense such other documents as may be requested by the Corporation.

 Section 5.6. Indemnification by the Corporation. 
 Notwithstanding Section 5.3 to the contrary, the Corporation shall indemnify the Depositary, any Depositary’s Agent and any Registrar (including each of their officers, directors, agents
and employees) against, and hold each of them harmless from, any loss, damage, cost, penalty, liability or expense (including the reasonable costs and expenses of defending itself) which may arise out of acts performed, suffered or omitted to be
taken in connection with this Deposit Agreement and the Receipts by the Depositary, any Registrar or any of their respective agents (including any Depositary’s Agent) and any transactions or documents contemplated hereby, except for any
liability arising out of gross negligence, willful misconduct or bad faith on the respective parts of any such person or persons. The obligations of the Corporation set forth in this Section 5.6 shall survive any succession of any
Depositary, Registrar or Depositary’s Agent. 

  
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 Section 5.7. Fees, Charges and Expenses. 

The Corporation agrees promptly to pay the Depositary the compensation to be agreed upon with the Corporation for all services rendered by
the Depositary hereunder and to reimburse the Depositary for its reasonable out-of-pocket expenses (including reasonable counsel fees and expenses) incurred by the Depositary without gross negligence, willful misconduct or bad faith on its part (or
on the part of any agent or Depositary Agent) in connection with the services rendered by it (or such agent or Depositary Agent) hereunder. The Corporation shall pay all charges of the Depositary in connection with the initial deposit of the Series
Q Preferred Stock and the initial issuance of the Depositary Shares, all withdrawals of shares of Series Q Preferred Stock by owners of Depositary Shares, and any redemption or exchange of the Series Q Preferred Stock at the option of the
Corporation. The Corporation shall pay all transfer and other taxes and governmental charges arising solely from the existence of the depositary arrangements. All other transfer and other taxes and governmental charges shall be at the expense of
Holders of Depositary Shares evidenced by Receipts. If, at the request of a Holder of Receipts, the Depositary incurs charges or expenses for which the Corporation is not otherwise liable hereunder, such Holder will be liable for such charges and
expenses; provided, however, that the Depositary may, at its sole option, require a Holder of a Receipt to prepay the Depositary any charge or expense the Depositary has been asked to incur at the request of such Holder of Receipts.
The Depositary shall present its statement for charges and expenses to the Corporation at such intervals as the Corporation and the Depositary may agree. 
 ARTICLE VI 
 AMENDMENT AND TERMINATION 

Section 6.1. Amendment. 
 The form of the Receipts and any provisions of this Deposit Agreement may at any time and from time to time be amended by agreement between the Corporation and the Depositary in any respect which they may
deem necessary or desirable; provided, however, that no such amendment which shall materially and adversely alter the rights of the Holders of Receipts shall be effective against the Holders of Receipts unless such amendment shall have
been approved by the Holders of Receipts representing in the aggregate at least a two-thirds majority of the Depositary Shares then outstanding. Every Holder of an outstanding Receipt at the time any such amendment becomes effective shall be deemed,
by continuing to hold such Receipt, to consent and agree to such amendment and to be bound by the Deposit Agreement as amended thereby. In no event shall any amendment impair the right, subject to the provisions of Sections 2.5 and
2.6 and Article III, of any owner of Depositary Shares to surrender any Receipt evidencing such Depositary Shares to the Depositary with instructions to deliver to the Holder the Series Q Preferred Stock and all money and other property,
if any, represented thereby, except in order to comply with mandatory provisions of applicable law or the rules and regulations of any governmental body, agency or commission, or applicable securities exchange. 

Section 6.2. Termination. 
 This Deposit Agreement may be terminated by the Corporation or the Depositary only if (i) all outstanding Depositary Shares issued hereunder have been redeemed pursuant to Section 2.8,
(ii) there shall have been made a final distribution in respect of the Series Q Preferred Stock in connection with any liquidation, dissolution or winding up of the Corporation and such distribution shall have been distributed to the Holders of
Receipts representing 

  
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Depositary Shares pursuant to Section 4.1 or 4.2, as applicable or (iii) upon the consent of Holders of Receipts representing in the aggregate not less than two-thirds of
the Depositary Shares outstanding. 
 Upon the termination of this Deposit Agreement, the Corporation shall be discharged from
all obligations under this Deposit Agreement except for its obligations to the Depositary, any Depositary’s Agent and any Registrar under Sections 5.6 and 5.7. 

ARTICLE VII 

MISCELLANEOUS 

Section 7.1. Counterparts. 
 This Deposit Agreement may be executed in any number of counterparts, and by each of the parties hereto on separate counterparts, each of which counterparts, when so executed and delivered, shall be
deemed an original, but all such counterparts taken together shall constitute one and the same instrument. A signature to this Deposit Agreement transmitted electronically shall have the same authority, effect, and enforceability as an original
signature. 
 Section 7.2. Exclusive Benefit of Parties. 
 This Deposit Agreement is for the exclusive benefit of the parties hereto, and their respective successors hereunder, and shall not be deemed to give any legal or equitable right, remedy or claim to any
other person whatsoever. 
 Section 7.3. Invalidity of Provisions. 

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. Notices. 
 Any and all notices to be given to the Corporation hereunder or
under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail or overnight delivery service, or by telegram or facsimile transmission or electronic mail, confirmed by letter, addressed to
the Corporation at: 
 The PNC Financial Services Group, Inc. 

One PNC Plaza 249 Fifth Avenue 
 Pittsburgh PA 15222-22707 
 Attention: Legal Department 

or at any other addresses of which the Corporation shall have notified the Depositary in writing. 

  
 20 

 Any and all notices to be given to the Depositary hereunder or under the Receipts shall be in writing and
shall be deemed to have been duly given if personally delivered or sent by mail or overnight delivery service, or by telegram or facsimile transmission or electronic mail, confirmed by letter, addressed to the Depositary at: 

Computershare Trust Company, N.A. 
 250 Royall Street 
 Canton, MA 02021 

Attention: Client Services 
 or
at any other addresses of which the Depositary shall have notified the Corporation in writing. 
 Any and all notices to be
given to any Record Holder of a Receipt hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally delivered or sent by mail or facsimile transmission or confirmed by letter, addressed to such
Record Holder at the address of such Record Holder as it appears on the books of the Depositary, or if such Holder shall have timely filed with the Depositary a written request that notices intended for such Holder be mailed to some other address,
at the address designated in such request. 
 Delivery of a notice sent by mail or by facsimile transmission shall be deemed to
be effected at the time when a duly addressed letter containing the same (or a confirmation thereof in the case of a facsimile transmission) is deposited, postage prepaid, in a post office letter box. The Depositary or the Corporation may, however,
act upon any facsimile transmission received by it from the other or from any Holder of a Receipt, notwithstanding that such facsimile transmission shall not subsequently be confirmed by letter or as aforesaid. 

Section 7.5. Depositary’s Agents. 
 The Depositary may from time to time appoint Depositary’s Agents to act in any respect for the Depositary for the purposes of this Deposit Agreement and may at any time appoint additional
Depositary’s Agents and vary or terminate the appointment of such Depositary’s Agents. The Depositary will promptly notify the Corporation of any such action. 
 Section 7.6. Appointment of Registrar, Dividend Disbursing Agent and Redemption Agent in Respect of Receipts. 
 The Corporation hereby appoints Computershare Trust Company, N.A. as Registrar, and Computershare Inc. as dividend disbursing agent and redemption agent in respect of the Receipts, and Computershare Trust
Company, N.A. and Computershare Inc. hereby accept such respective appointments. 
 Section 7.7. Holders of Receipts Are Parties.

 The Holders of Receipts from time to time shall be parties to this Deposit Agreement and shall be bound by all of the terms
and conditions hereof and of the Receipts and of the Officer’s Certificate by acceptance of delivery thereof. 
 Section 7.8.
Governing Law. 
 This Deposit Agreement and the Receipts of each series and all rights hereunder and thereunder and
provisions hereof and thereof shall be governed by, and construed in accordance 

  
 21 

 
with, the laws of the Commonwealth of Pennsylvania without giving effect to applicable conflicts of law principles, except that the rights, duties, and obligations of the Depositary under this
Deposit Agreement shall be governed by and construed in accordance with the laws of the state of Delaware. 
 Section 7.9. Inspection of
Deposit Agreement. 
 Copies of this Deposit Agreement shall be filed with the Depositary and the Depositary’s Agents
and shall be open to inspection during business hours at the Depositary’s Office and the respective offices of the Depositary’s Agents, if any, by any Holder of a Receipt. 
 Section 7.10. Headings. 
 The headings of articles and sections in this
Deposit Agreement and in the form of the Receipt set forth in Exhibit A hereto have been inserted for convenience only and are not to be regarded as a part of this Deposit Agreement or the Receipts or to have any bearing upon the meaning
or interpretation of any provision contained herein or in the Receipts. 
 Section 7.11 Force Majeure. 

Notwithstanding anything to the contrary contained herein, the Depositary will not be liable for any delays or failures in performance
resulting from acts beyond its reasonable control including, without limitation, acts of God, terrorist acts, shortage of supply, breakdowns or malfunctions, interruptions or malfunction of computer facilities, or loss of data due to power failures
or mechanical difficulties with information storage or retrieval systems, labor difficulties, war, or civil unrest. 
 Section 7.12
Further Assurances. 
 The Company agrees that it will perform, acknowledge, and deliver or cause to be performed, acknowledged or
delivered, all such further and other acts, documents, instruments and assurances as the Depositary may reasonably require to perform the provisions of this Deposit Agreement. 
 Section 7.13 Confidentiality. 
 The Depositary and the Company agree that all books,
records, information and data pertaining to the business of the other party, including inter alia, personal, non-public Holder information and the fees for services, which are exchanged or received pursuant to the negotiation or the carrying
out of this Deposit Agreement, shall remain confidential, and shall not be voluntarily disclosed to any other person, except as may be required by law or legal process. 
 [Remainder of page intentionally left blank; signature page follows.] 

  
 22 

 IN WITNESS WHEREOF, the Corporation and the Depositary have duly executed this Deposit
Agreement as of the day and year first above set forth, and all Holders of Receipts shall become parties hereto by and upon acceptance by them of delivery of Receipts issued in accordance with the terms hereof. 

 

			
	THE PNC FINANCIAL SERVICES GROUP, INC.
		
	By:	 	 /s/ Randall C. King

	Name:	 	Randall C. King
	Title:	 	Senior Vice President
	
	 COMPUTERSHARE TRUST

COMPANY, N.A. and
 COMPUTERSHARE INC. (on
behalf
 of both entities)

		
	By:	 	 /s/ Dennis V. Moccia

	Name:	 	Dennis V. Moccia
	Title:	 	Manager, Contract Administration

 [Signature Page to Deposit Agreement] 

 EXHIBIT A 
 [FORM OF FACE OF RECEIPT] 
 Unless this receipt is presented by an authorized representative of
The Depository Trust Company, a New York corporation (“DTC”), to PNC Financial Services Group, Inc. or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede &
Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 
  

					
	 DEPOSITARY SHARES
	 		 	$
			
	DEPOSITARY RECEIPT NO.	 	FOR	 	DEPOSITARY SHARES,

 EACH REPRESENTING 1/4,000th OF ONE SHARE OF 
 5.375% NON-CUMULATIVE PERPETUAL PREFERRED STOCK, SERIES Q 
 OF 

THE PNC FINANCIAL SERVICES GROUP, INC. 
 INCORPORATED UNDER THE LAWS OF THE COMMONWEALTH OF PENNSYLVANIA 
 CUSIP 693475 832

 SEE REVERSE FOR CERTAIN DEFINITIONS 
 Dividend Payment Dates: Beginning December 1, 2012, each March 1, June 1, September 1 and December 1. 

COMPUTERSHARE TRUST COMPANY, N.A., as Depositary (the “Depositary”), hereby certifies that Cede & Co. is the
registered owner of DEPOSITARY SHARES (“Depositary Shares”), each Depositary Share representing
1/4,000th of one share of 5.375% Non-Cumulative Perpetual
Preferred Stock, Series Q, liquidation preference $100,000 per share, par value $1.00 per share (the “Series Q Preferred Stock”), of The PNC Financial Services Group, Inc., a Pennsylvania corporation (the “Corporation”), on
deposit with the Depositary, subject to the terms and entitled to the benefits of the Deposit Agreement dated as of September 21, 2012 (the “Deposit Agreement”), among the Corporation, the Depositary and the Holders from time to time
of the Depositary Receipts. By accepting this Depositary Receipt, the Holder hereof becomes a party to and agrees to be bound by all the terms and conditions of the Deposit Agreement. This Depositary Receipt shall not be valid or obligatory for any
purpose or entitled to any benefits under the Deposit Agreement unless it shall have been executed by the Depositary by the manual or facsimile signature of a duly authorized officer or, if executed in facsimile by the Depositary, countersigned by a
Registrar in respect of the Depositary Receipts by the manual or facsimile signature of a duly authorized officer thereof. 
  

			
	 Dated:

	
	 Computershare Trust Company, N.A., Depositary

		
	 By:
	 	  

		 	Authorized Officer

  
 A-1

 [FORM OF REVERSE OF RECEIPT] 

THE PNC FINANCIAL SERVICES GROUP, INC. 
 THE PNC FINANCIAL SERVICES GROUP, INC. WILL FURNISH WITHOUT CHARGE TO EACH RECEIPTHOLDER WHO SO REQUESTS A COPY OF THE DEPOSIT AGREEMENT AND A COPY OR SUMMARY OF THE CERTIFICATE OF DESIGNATIONS OF 5.375%
NON-CUMULATIVE PERPETUAL PREFERRED STOCK, SERIES Q OF THE PNC FINANCIAL SERVICES GROUP, INC. ANY SUCH REQUEST IS TO BE ADDRESSED TO THE DEPOSITARY NAMED ON THE FACE 
 The Corporation will furnish without charge to each receiptholder who so requests the powers, designations, preferences and relative, participating, optional or other special rights of each class of stock
or series thereof of the Corporation, and the qualifications, limitations or restrictions of such preferences and/or rights. Such request may be made to the Corporation or to the Registrar. 

EXPLANATION OF ABBREVIATIONS 

The following abbreviations when used in the form of ownership on the face of this certificate shall be construed as though they were written out in full
according to applicable laws or regulations. Abbreviations in addition to those appearing below may be used. 
  

							
	 Abbreviation
	  	 Abbreviation
	  	Abbreviation	  	Equivalent Word
	 JT TEN
	  	As joint tenants, with right of survivorship and not as tenants in common	  	TEN BY ENT	  	As tenants by the entireties
				
	 TEN IN COM
	  	As tenants in common	  	UNIF GIFT MIN ACT	  	Uniform Gifts
to Minors Act

  

											
	 Abbreviation
	  	 Equivalent

Word
	  	Abbreviation	  	Equivalent
Word	  	Abbreviation	  	Equivalent
Word
	 ADM
	  	Administrator(s), Administratrix	  	EX	  	Executor(s),
Executrix	  	PL	  	Public Law
						
	 AGMT
	  	Agreement	  	FBO	  	For the benefit of	  	TR	  	(As) trustee(s),
for, of
						
	 ART
	  	Article	  	FDN	  	Foundation	  	U	  	Under
						
	 CH
	  	Chapter	  	GDN	  	Guardian(s)	  	UA	  	Under
Agreement
						
	 CUST
	  	Custodian for	  	GDNSHP	  	Guardianship	  	UW	  	Under will of, Of
will of, Under
last will &
testament
						
	 DEC
	  	Declaration	  	MIN	  	Minor(s)	  		  	
						
	 EST
	  	Estate, of Estate of	  	PAR	  	Paragraph	  		  	

  
 B-1

 For value received,
                     hereby sell(s), assign(s) and transfer(s) unto 
 INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 
 PRINT OR TYPEWRITE NAME AND
ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE 
 Depositary Shares represented by the within Receipt, and do(es) hereby irrevocably constitute
and appoint                      Attorney to transfer the said Depositary Shares on the books of the within named Depositary with full
power of substitution in the premises. 
 Dated: 
 NOTICE: The signature to the assignment must correspond with the name as written upon the face of this Receipt in every particular, without alteration or enlargement or any change whatsoever. 

SIGNATURE GUARANTEED 
 NOTICE: If applicable,
the signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations, and credit unions with membership in an approved signature guarantee medallion program), pursuant to Rule 17Ad-15
under the Securities Exchange Act of 1934. 

  
 B-2

 EXHIBIT B 
 I,                      , [title]
                     of The PNC Financial Services Group, Inc. (the “Corporation”), hereby certify that pursuant to the terms of the
Statement with Respect to Shares effective September [•], 2012, filed with the Department of State of the Commonwealth of Pennsylvania on September [•], 2012 (the “Statement”), and pursuant to resolutions adopted by Board of
Directors of the Corporation on August [•], 2012 and the resolutions of the Capital Committee of the Board of Directors of the Corporation (the “Capital Committee”) on September [•], 2012, the Corporation has established the
Series Q Preferred Stock which the Corporation desires to deposit with the Depositary for the purposes of being subject to the terms and conditions of the Deposit Agreement, dated as of September [•], 2012, by and among the Corporation,
Computershare Trust Company, N.A., Computershare Inc. and the Holders of Receipts issued thereunder from time to time (the “Deposit Agreement”). In connection therewith, the Board of Directors of the Corporation or a duly authorized
committee thereof has authorized the terms and conditions with respect to the Series Q Preferred Stock as described in the Statement attached as Annex A hereto. Any terms of the Series Q Preferred Stock that are not so described in the
Certificate of Designations and any terms of the Receipts representing such Series Q Preferred Stock that are not described in the Deposit Agreement are described below: 
 Aggregate Number of shares of Series Q Preferred Stock issued on the day hereof: 
 CUSIP Number
for Receipt: [•] 
 Denomination of Depositary Share per share of Series Q Preferred Stock (if different than 1/4,000th of a share of
Series Q Preferred Stock): 
 Redemption Provisions (if different than as set forth in the Deposit Agreement): 

Name of Global Receipt Depositary: The Depository Trust Company 
 All capitalized terms used but not defined herein shall have such meaning as ascribed thereto in the Deposit Agreement. 

  
 B-3

 The PNC Financial Services Group, Inc. 
 This certificate is dated: 
  

			
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 

  
 B-4Form of First Supplemental Indenture

 Exhibit 4.2 
 FIRST SUPPLEMENTAL INDENTURE 
 Dated as of
[            ], 2012 
 Supplementing that Certain 

SENIOR INDENTURE 

Dated as of [            ], 2012 

ARGO GROUP US, INC., as Issuer 
 ARGO GROUP INTERNATIONAL HOLDINGS, LTD., as Guarantor 
 AND 

WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee 
 6.500% SENIOR NOTES DUE 2042 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 ARTICLE I

DEFINITIONS
	  	 	2	  
			
	        Section 1.1	  	Certain Terms Defined in the Indenture	  	 	2	  
	        Section 1.2	  	Definitions	  	 	2	  
			
	 ARTICLE II
	  		  			
	 FORM AND TERMS OF THE NOTES
	  	 	2	  
			
	        Section 2.1	  	Form and Dating.	  	 	2	  
	        Section 2.2	  	Certain Terms of the Notes	  	 	4	  
	        Section 2.3	  	Optional Redemption	  	 	4	  
	        Section 2.4	  	Payment of Additional Amounts	  	 	5	  
	        Section 2.5	  	Redemption for Changes in Withholding Taxes	  	 	6	  
	        Section 2.6	  	No Sinking Fund or Mandatory Redemption	  	 	7	  
	        Section 2.7	  	Guarantee	  	 	7	  
			
	 ARTICLE III
	  		  			
	 MISCELLANEOUS
	  	 	7	  
			
	        Section 3.1	  	Relationship with Base Indenture	  	 	7	  
	        Section 3.2	  	Trust Indenture Act of 1939 Controls	  	 	7	  
	        Section 3.3	  	Governing Law	  	 	7	  
	        Section 3.4	  	Multiple Counterparts	  	 	8	  
	        Section 3.5	  	Separability Clause	  	 	8	  
	        Section 3.6	  	Ratification	  	 	8	  
	        Section 3.7	  	Headings	  	 	8	  
	        Section 3.8	  	Effectiveness	  	 	8	  

 FIRST SUPPLEMENTAL INDENTURE 

This First Supplemental Indenture, dated as of September 25, 2012 (this “Supplemental Indenture”), among ARGO GROUP US,
INC., a Delaware corporation (the “Issuer”); ARGO GROUP INTERNATIONAL HOLDINGS, LTD., an exempted company organized under the laws of Bermuda, as guarantor (the “Guarantor”), and Wells Fargo Bank, National Association, a national
banking association, as trustee (the “Trustee”), supplements that certain Senior Indenture, dated as of September 25, 2012, among the Company, the Guarantor and the Trustee (the “Base Indenture,” and as hereby supplemented,
the “Indenture”). 
 RECITALS 
 WHEREAS, the Issuer, the Guarantor and the Trustee executed and delivered the Base Indenture to provide for the issuance of Securities by the Issuer in one or more series and to be guaranteed by the
Guarantor; 
 WHEREAS, pursuant to the terms of the Base Indenture, the Issuer desires to provide for the establishment of a new
series of Securities to be known as its “6.500% Senior Notes due 2042” (the “Notes”), the form and substance and the terms, provisions and conditions thereof to be set forth as provided in the Base Indenture and this Supplemental
Indenture; 
 WHEREAS, the Guarantor will Guarantee the Notes being issued pursuant to this Supplemental Indenture and the terms
set forth in Article XIII of the Base Indenture; 
 WHEREAS, the Board of Directors of the Issuer has duly authorized the
issuance of the Notes and has authorized the proper officers of the Issuer to execute any and all appropriate documents necessary or appropriate to effect each such issuance; 
 WHEREAS, the Board of Directors of the Guarantor has duly authorized the Guarantee, and has authorized the proper officers of the Guarantor to execute any and all appropriate documents necessary or
appropriate to effect the Guarantee; 
 WHEREAS, this Supplemental Indenture is being entered into pursuant to the provisions of
Sections 2.1, 2.3 and 8.1 of the Base Indenture; 
 WHEREAS, the Issuer, the Grantor and the Trustee wish to execute and deliver
this Supplemental Indenture; and 
 WHEREAS, all things necessary to make this Supplemental Indenture a valid agreement of the
Issuer, the Guarantor and the Trustee, in accordance with its terms, to make the Notes, when executed by the Issuer and authenticated and delivered by the Trustee, and to make the Guarantee of the Guarantor on the Notes, the valid obligations of the
Issuer and the Guarantor, as applicable, have been performed, and the execution and delivery of this Supplemental Indenture has been duly authorized in all respects; 

 Now, therefore, for and in consideration of the premises stated herein, the parties hereto
hereby enter into this Supplemental Indenture, for the equal and proportionate benefit of all Holders of the Notes, as follows: 

ARTICLE I 

DEFINITIONS 
 Section 1.1 Certain Terms Defined in the Indenture 
 For purposes of
this Supplemental Indenture, all capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Base Indenture, as amended and supplemented hereby. 

Section 1.2 Definitions 
 Unless the context otherwise requires, 
 “ADDITIONAL NOTES” shall have
the meaning assigned to it in Section 2.2(b). 
 “GLOBAL NOTES” means, individually and collectively, each of the
Notes, substantially in the form of Exhibit A attached hereto. 
 “INTEREST PAYMENT DATE” shall have the
meaning assigned to it in Section 2.2(d). 
 “PAYOR” means, in respect of the Notes, the Issuer and any of its
successors. 
 “REDEMPTION PRICE” shall mean, when used with respect to any Security to be redeemed, in whole or in
part, the price at which it is to be redeemed pursuant to the terms of the Security and the Indenture. 
 “RELEVANT TAX
JURISDICTION” means (1) the jurisdiction, other than the United States, where a Payor is organized or otherwise considered to be a resident for tax purposes, (2) any jurisdiction, other than the United States, from or through which
the Payor makes a payment on the Notes, or, (3) in each case, any political organization or governmental authority thereof or therein having the power to tax. 
 ARTICLE II 
 FORM AND TERMS OF THE NOTES 

Section 2.1 Form and Dating. 
 The Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A attached hereto. The Notes shall be executed on behalf of the Issuer as specified in
Section 2.5 of the Base Indenture. The Notes may have notations, legends or endorsements required by law, stock exchange rules or usage. Each Note shall be dated the date of its authentication. Notwithstanding Section 2.7 of the Base
Indenture, the Notes and any beneficial interest in the Notes shall be in minimum denominations of $25.00 and integral multiples of $25.00 in excess thereof. 

  
 2 

 The terms and notations contained in the Notes shall constitute, and are hereby expressly
made, a part of the Base Indenture as supplemented by this Supplemental Indenture; and the Issuer, the Guarantor and the Trustee, by their execution and delivery of this Supplemental Indenture, expressly agree to such terms and provisions and to be
bound thereby; provided that, to the extent of any inconsistency between the terms and provisions in the Base Indenture, as supplemented by this Supplemental Indenture, and those contained in the Notes, the Base Indenture, as supplemented by this
Supplemental Indenture, shall govern. 
 (a) Global Notes. The Notes designated herein shall be issued initially in the
form of one or more fully-registered permanent global Securities, which shall be held by the Trustee as custodian for The Depository Trust Company, New York, New York (who is hereby designated as Depositary pursuant to Section 2.3 of the Base
Indenture), and registered on the Security Register of the Issuer in the name of Cede & Co., the Depositary’s nominee, duly executed by the Issuer, authenticated by the Trustee and with the Guarantee appurtenant thereto as hereinafter
provided. The aggregate principal amount of outstanding Notes may from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depositary or its nominee as hereinafter provided. 

(b) Book-Entry Provisions. This Section 2.1(b) shall apply only to the Global Notes deposited with or on behalf of the
Depositary. 
 Participants of the Depositary shall have no rights either under the Indenture or with respect to any Global
Notes. The Depositary shall be treated by the Issuer, the Guarantor, the Trustee and any agent of the Issuer, the Guarantor or the Trustee as the absolute owner of such Global Note for all purposes under the Indenture. Notwithstanding the foregoing,
nothing herein shall prevent the Issuer or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its participants, the operation of customary
practices of such Depositary governing the exercise of the rights of an owner of a beneficial interest in the Global Notes. 

(c) Transfer and Exchange of Beneficial Interests in the Notes. The transfer and exchange of beneficial interests in the Global
Notes shall be effected through the Depositary, in accordance with the Indenture and the procedures of the Depositary therefor. Beneficial interests in the Global Notes may be transferred to Persons who take delivery thereof in the form of a
beneficial interest in the Global Notes. 
 (d) Paying Agent. The Issuer appoints the Trustee as the initial agent of the
Issuer for the payment of the principal of (and premium, if any) and interest on and any Additional Amounts with respect to the Notes, and the Corporate Trust Office of the Trustee, be and hereby is, designated as the office or agency where the
Notes may be presented for payment and where notices to or demands upon the Issuer in respect of the Notes and this Supplemental Indenture and the Indenture pursuant to which the Notes are to be issued may be made. 

  
 3 

 Section 2.2 Certain Terms of the Notes 

The following terms relating to the Notes are hereby established: 

(a) Title. The Notes shall constitute a series of Securities having the title “6.500% Senior Notes due 2042.”

 (b) Principal Amount. The initial aggregate principal amount of the Notes to be issued under this Supplemental
Indenture shall be [            ]. The Issuer may, from time to time, without notice to, or the consent of, the Holders of the Notes, issue and sell additional Notes (“Additional
Notes”) ranking equally and ratably with the Notes in all respects (other than the issue date, and to the extent applicable, issue price, initial date of interest accrual and initial Interest Payment Date of such Additional Notes),
provided that such Additional Notes are fungible with the previously issued Notes for U.S. federal income tax purposes. Any such Additional Notes shall be consolidated and form a single series with the Notes for all purposes under the
Indenture, including voting. 
 (c) Stated Maturity. The entire then-outstanding principal of the Notes (including
Additional Notes, if any) shall be payable on September 15, 2042. 
 (d) Interest Rate.
The rate at which the Notes shall bear interest shall be 6.500% per annum, computed on the basis of a 360-day year comprised of twelve 30-day months. The date from which interest shall accrue on the Notes shall be September 25, 2012,
or the most recent Interest Payment Date to which interest has been paid or duly provided for. The “Interest Payment Dates” for the Notes shall be the 15th day of March, June, September and December of each year, commencing on December 15, 2012. The interest so
payable, and punctually paid or duly provided for, on any Interest Payment Date, will be paid, in immediately available funds, to the Persons in whose names the Notes is registered at the close of business on the Record Date for such interest, which
shall be the close of business on the 1st day of March, June, September and December (whether or not a Business Day), as the case may be, immediately preceding such Interest Payment Date. Any such interest not punctually paid or duly provided for
shall forthwith cease to be payable to the respective Holders on such Record Date, and such defaulted interest may be paid to the Persons in whose names the Notes is registered at the close of business on a special record date for the payment of
such defaulted interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes not less than 10 days prior to such special record date, or may be paid at any time in any other lawful manner not inconsistent with requirements
of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. Payment of principal of and interest on, and any Additional Amounts with respect to,
the Notes will be made at the Corporate Trust Office or such office or agency of the Issuer as may be designated for such purpose, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of
public and private debts; provided, however, that each installment of interest, and principal on, and any Additional Amounts with respect to, the Notes may at the Issuer’s option be paid in immediately available funds by wire
transfer to an account maintained by the payee located in the United States. 
 Section 2.3 Optional Redemption

 (a) Applicability of Article XII. The provisions of Article XII of the Base Indenture shall apply to the Notes, as
supplemented by Sections 2.3(b) and (c) and Section 2.5 below. 

  
 4 

 (b) Redemption Price. The Notes shall not be redeemable prior to September 15,
2017. The Notes shall be redeemable, for cash, in whole or in part, on or after September 15, 2017, at the option of the Issuer, at any time and from time to time, until the stated maturity date set forth in Section 2.2(c) at a Redemption
Price equal to 100% of the principal amount of the Notes to be redeemed, plus (i) accrued but unpaid interest on the principal amount of Notes being redeemed to, but not including, the redemption date and (ii) Additional Amounts, if any
(subject, in each case, to the rights of Holders of Notes on the applicable Record Date to receive interest due on the applicable Interest Payment Date). 
 (c) Interest Payable. On and after any redemption date for the Notes, interest will cease to accrue on the Notes or any portion thereof called for redemption, unless the Issuer defaults in the
payment of the Redemption Price. 
 (d) Acquisition of Notes. The Issuer shall not be prohibited from acquiring the Notes
by means other than a redemption, provided such acquisition does not violate the terms of the Indenture. 
 Section 2.4
Payment of Additional Amounts 
 (a) Additional Amounts. If any taxes, assessments or other governmental
charges are imposed by the Relevant Tax Jurisdiction in respect of any payments under the Notes, the Payor shall pay to each Holder of the Notes, to the extent it may lawfully do so, such Additional Amounts as may be necessary in order that the net
amounts paid to such Holder will be not less than the amount specified in the Notes to which such Holder is otherwise entitled. 

(b) Exceptions to Payments of Additional Amounts. Notwithstanding the foregoing clause (a), the Payor shall not be required to
make any payment of Additional Amounts for or on account of: 
 (1) any tax, assessment or other governmental
charge which would not have been imposed but for (i) the existence of any present or former connection between such Holder (or between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, such Holder, if
such Holder is an estate, trust, partnership, limited liability company or corporation) and the Relevant Tax Jurisdiction (other than by reason of the mere ownership of, or receipt of payment under, the Notes), including, without limitation, such
Holder (or such fiduciary, settlor, beneficiary, member, shareholder or possessor) being or having been a citizen or resident thereof or being or having been present or engaged in trade or business therein or having or having had a permanent
establishment therein or (ii) the presentation of a Note (where presentation is required) for payment on a date more than 30 days after (x) the date on which such payment became due and payable or (y) the date on which payment thereof
is duly provided for, whichever occurs later; 
 (2) any estate, inheritance, gift, sales, transfer, personal
property or similar tax, assessment or other governmental charge; 

  
 5 

 (3) any tax, assessment or other governmental charge which is payable
otherwise than by withholding from payment of (or in respect of) principal of, premium, if any, or any interest on, the Notes; 
 (4) any tax, assessment or other governmental charge that is imposed or withheld by reason of the failure by the Holder or the beneficial owner of the Notes to comply with a request of the Payor addressed
to such Holder within 90 days of such request (i) to provide information, documents or other evidence concerning the nationality, residence or identity of such Holder or such beneficial owner or (ii) to make any declaration or other
similar claim or satisfy any information or reporting requirement, which is required or imposed by statute, treaty, regulation or administrative practice of the Relevant Tax Jurisdiction or any political subdivision thereof as a precondition to
exemption from all or part of such tax, assessment or other governmental charge; or 
 (5) any combination of the
above. 
 Additional Amounts also shall not be paid with respect to any payment of the principal of, or any premium or interest
on, any Notes to any Holder who is a fiduciary or partnership or limited liability company or other than the sole beneficial owner of such payment to the extent such payment would be required by the laws of the Relevant Tax Jurisdiction to be
included in the income for tax purposes of a beneficiary or settlor with respect to such fiduciary or a member of such partnership or limited liability company or beneficial owner who would not have been entitled to such Additional Amounts had it
been the Holder of such Notes. 
 (c) Delivery of Documentation. The Payor shall provide the Trustee with the official
acknowledgment of the relevant tax authority (or, if such acknowledgment is not available, a certified copy thereof) evidencing the payment of any withholding taxes by the Payor. Upon written request, the Payor shall make copies of such
documentation available to the Holders of the Notes or the Paying Agent, as applicable. 
 Section 2.5 Redemption for
Changes in Withholding Taxes 
 (a) Redemption for Changes in Withholding Taxes. The Issuer may redeem the Notes,
at its option, at any time, for cash, in whole but not in part, at a Redemption Price equal to 100% of the principal amount thereof, together with any accrued and unpaid interest and Additional Amounts, if any, to, but not including, the date fixed
for redemption, at any time the Payor receives an Opinion of Counsel that as a result of (1) any change in or amendment to the laws or treaties (or any regulations or rulings promulgated under these laws or treaties) of a Relevant Tax
Jurisdiction or any change in the application or official interpretation of such laws, regulations or rulings, (2) any action taken by a taxing authority of a Relevant Tax Jurisdiction which action is generally applied or is taken with respect
to it, or (3) a decision rendered by a court of competent jurisdiction in a Relevant Tax Jurisdiction whether or not such decision was rendered with respect to the Payor, there is a substantial probability that the Payor is or will be required
as of the next Interest Payment Date to pay Additional Amounts and such requirements cannot be avoided by the use of reasonable measures (consistent with practices and interpretations generally followed or in effect at the time such measures could
be taken) then available. 

  
 6 

 (b) Deliverables. If the Issuer elects to redeem the Notes under this
Section 2.5, the Issuer will give written notice of such election at least 30 days but no more than 60 days before the redemption date to the Trustee and the Holders of the Notes. Notwithstanding the foregoing, no such notice of redemption will
be given earlier than 90 days prior to the earliest date on which the Issuer would be obliged to make such payment of Additional Amounts or withholding if a payment in respect of the Notes were then due. 

Section 2.6 No Sinking Fund or Mandatory Redemption. The Notes are not entitled to the benefit of any mandatory redemption
or sinking fund or to redemption or repurchase at the option of the Holders upon a change of control, a change in management, an asset sale or any other specified event. 
 Section 2.7 Guarantee. The Guarantor shall guarantee the Notes on the terms set forth in Article XIII of the Base Indenture. 

ARTICLE III 

MISCELLANEOUS 
 Section 3.1 Relationship with Base Indenture 
 The terms and
provisions contained in the Base Indenture will constitute, and are hereby expressly made, a part of this Supplemental Indenture. However, to the extent any provision of the Base Indenture conflicts with the express provisions of this Supplemental
Indenture, the provisions of this Supplemental Indenture will govern and be controlling unless not permitted by law. 

Section 3.2 Trust Indenture Act of 1939 Controls 
 If any provision of this Supplemental Indenture limits, qualifies or conflicts with another provision which is required to be included in this Supplemental Indenture by the Trust Indenture Act of 1939,
the required provision shall control. If any provision of this Supplemental Indenture modifies or excludes any provision of the Trust Indenture Act of 1939 which may be so modified or excluded, the latter provision shall be deemed to apply to this
Supplemental Indenture as so modified or to be excluded, as the case may be. 
 Section 3.3 Governing Law

 This Supplemental Indenture, the Notes and the Guarantee shall be deemed to be a contract under the laws of the State of
New York, and for all purposes shall be construed in accordance with the laws of such State, except as may otherwise be required by mandatory provisions of law. 

  
 7 

 Section 3.4 Multiple Counterparts 

The parties may sign multiple counterparts of this Supplemental Indenture. Each signed counterpart shall be deemed an original, but all
of them together represent one and the same Supplemental Indenture. 
 Section 3.5 Separability Clause 

If any provision of this Supplemental Indenture or of the Notes, or the application of any such provision to any Person or circumstance,
shall be held to be invalid, illegal or unenforceable, the remainder of this Supplemental Indenture or of the Notes, or the application of such provision to Persons or circumstances other than those as to whom or which it is invalid, illegal or
unenforceable, shall not in any way be affected or impaired thereby and a Holder shall have no claim therefor against any party hereto. 
 Section 3.6 Ratification 
 The Indenture is in all respects ratified
and confirmed. The Base Indenture and this Supplemental Indenture shall be read, taken and construed as one and the same instrument. The Trustee accepts the trusts created by the Base Indenture, as supplemented by this Supplemental Indenture, and
agrees to perform the same upon the terms and conditions of the Indenture. 
 Section 3.7 Headings 

The Section headings in this Supplemental Indenture are for convenience only and shall not affect the construction thereof. 

Section 3.8 Effectiveness 
 The provisions of this Supplemental Indenture shall become effective as of the date hereof. 
 [Remainder of Page Intentionally Left Blank] 

  
 8 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed as of the date first above written. 
  

			
	ARGO GROUP US, INC.,
	as Issuer
		
	By:	 	  

		 	Name:
		 	Title:
	
	 ARGO GROUP INTERNATIONAL HOLDINGS, LTD.,
 as Guarantor

		
	By:	 	  

		 	Name:
		 	Title:
	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,
 as Trustee

		
	By:	 	  

		 	Name:
		 	Title:

 [Supplemental Indenture Signature Page] 

 EXHIBIT A 
 Form of 6.500% Senior Note due 2042 
 [Include the following legend on each Note that is a Global
Note: 
 THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO. UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), A NEW YORK CORPORATION, TO ARGO GROUP US, INC. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO THE NOMINEE OF THE DEPOSITARY OR BY A
NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY] 

 

			
	No. R-[    ]	  	CUSIP No. 040130 205
		  	ISIN No. US0401302056

 ARGO GROUP US, INC. 
 6.500% Senior Notes 
 Due September 15, 2042 

Fully and unconditionally 
 guaranteed by 
 ARGO GROUP INTERNATIONAL HOLDINGS, LTD. 

 

	
	Principal Amount: $[            ]

  
 A-1

			
	Regular Record Date:	  	With respect to each Interest Payment Date, the close of business on the preceding 1st day of March, June, September and December, as the case may be
		
	Original Issue Date:	  	[                    ]
		
	Stated Maturity:	  	September 15, 2042
		
	Interest Payment Dates:	  	The 15th day of March, June, September and December of each year, commencing on
[                    ]
		
	Interest Rate:	  	6.500% per year
		
	Authorized Denomination:	  	$25 or any integral multiples of $25 in addition thereto

 ARGO GROUP US, INC., a Delaware corporation (the “Issuer,” which term includes any successor
corporation under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to [            ], or registered assigns, the principal sum of
[            ] DOLLARS on the Stated Maturity shown above, and to pay interest thereon from the Original Issue Date shown above, or from the most recent Interest Payment Date to which
interest has been paid or duly provided for, on each Interest Payment Date as specified above, commencing on [            ], and on the Stated Maturity at the rate per year shown above
until the principal hereof is paid or made available for payment and on any overdue principal and on any overdue installment of interest to the extent permitted by law. The interest so payable, and punctually paid or duly provided for, on any
Interest Payment Date (other than an Interest Payment Date that is the Stated Maturity or a redemption date) will, as provided in the Indenture, be paid to the Person in whose name this Note is registered at the close of business on the Regular
Record Date as specified above next preceding such Interest Payment Date, provided that any interest payable at Stated Maturity or on a redemption date will be paid to the Person to whom principal is payable. Except as otherwise provided in the
Indenture, any such interest that is not so punctually paid or duly provided for will forthwith cease to be payable to the Holders on such Regular Record Date and may be paid as provided in Section 2.2(d) of the Supplemental Indenture.

 Payments of interest on this Note will include interest accrued to but excluding the respective Interest Payment Dates.
Interest payments for this Note shall be computed and paid on the basis of a 360-day year comprised of twelve 30-day months. 

In any case where any Interest Payment Date, the Stated Maturity or any date fixed for redemption of the Notes shall not be a Business
Day, then (notwithstanding any other provision of the Indenture or this Note), payment of principal, premium, if any, or interest, if any, need not be made on such date, but may be made on the next succeeding Business Day with the same

  
 A-2

 
force and effect as if made on such Interest Payment Date, the Stated Maturity or the date so fixed for redemption or repayment, as the case may be, and no interest shall accrue in respect of the
delay. 
 Payment of principal, premium, if any, and interest on, and any Additional Amounts with respect to, this Note will be
made at the Corporate Trust Office of the Trustee or such other office or agency of the Company as may be designated for such purpose, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of
public and private debts; provided, however, that each installment of interest, premium, if any, and principal on, and any Additional Amounts with respect to, this Note may at the Company’s option be paid in immediately available
funds by wire transfer to an account maintained by the payee located in the United States. 
 The Notes will be unsecured
obligations of the Issuer and will rank equally in right of payment with all other unsecured, senior indebtedness of the Issuer from time to time outstanding. The Notes will rank senior to any subordinated indebtedness of the Issuer. 

ARGO GROUP INTERNATIONAL HOLDINGS, LTD. (the “Guarantor”) has fully and unconditionally guaranteed (the “Guarantee”)
to the Holders and to the Trustee all payment obligations of the Issuer on this Note when due, in accordance with the provisions of the Indenture, as provided below. The Guarantee shall rank equally in right of payment with other unsecured, senior
indebtedness of the Guarantor. The Guarantee will rank senior to any subordinated indebtedness of the Guarantor. 
 REFERENCE IS
HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET FORTH ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE. 

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

  
 A-3

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

 

					
	Dated: [                ]	 	
		 	ARGO GROUP US, INC.
			
		 	By:	 	  

		 		 	Name:
		 		 	Title:

  
 A-4

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

					
		 	 WELLS FARGO BANK, NATIONAL ASSOCIATION
 as Trustee

			
		 	By:	 	  

		 		 	Name:
		 		 	Title: Authorized Signatory
			
	Dated: [                ]	 		 	

  
 A-5

 (Reverse Side of Note) 

This Note is one of a duly authorized issue of Securities of the Issuer issued and issuable in one or more series under a Senior
Indenture (the “Base Indenture”), dated as of September 25, 2012, among Argo Group US, Inc. (the “Issuer”), Argo Group International Holdings, Ltd., as guarantor (the “Guarantor”), and Wells Fargo Bank, National
Association, as trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture with respect to the series of which this Note is a part), as supplemented by a First Supplemental Indenture thereto, dated
as of September 25, 2012 (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), among the Issuer, the Guarantor and the Trustee, to which Indenture and all indentures incidental thereto
reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Guarantor, the Trustee and the Holders of the Securities issued thereunder and of the terms upon which this
Note is, and is to be, authenticated and delivered. This Note is one of the series designated on the face hereof as 6.500% Senior Notes due 2042 (the “Notes”), initially limited in aggregate principal amount to
[            ] DOLLARS ($[            ]). The Issuer may, from time to time, without notice to, or the consent of, the Holders of
the Notes, issue and sell additional Securities of this series (“Additional Notes”) ranking equally and ratably with the Notes in all respects (other than the issue date, and to the extent applicable, issue price, initial date of interest
accrual and initial Interest Payment Date of such Additional Notes), provided that such Additional Notes are fungible with the previously issued Notes for U.S. federal income tax purposes. Any such Additional Notes shall be consolidated and form a
single series with the Notes for all purposes under the Indenture, including voting. Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth in the Indenture. To the extent the terms of this Note
conflict with the terms of the Indenture, the terms of the Indenture shall govern. 
 This Note is exchangeable in whole or from
time to time in part for Notes of this series in definitive registered form only as provided herein and in the Indenture. If (i) at any time the Depositary notifies the Issuer that it is unwilling or unable to continue as Depositary for this
Note, and the Issuer does not appoint a successor Depositary within 90 days after the Issuer receives such notice or becomes aware of such condition, as the case may be, (ii) at any time, the Depositary ceases to be a clearing agency registered
under the Securities Exchange Act of 1934 and any other applicable statute or regulation and the Issuer has not appointed a successor depositary within 90 days after the Issuer learns that the Depositary has ceased to be so registered or
(iii) the Issuer in its sole discretion determines that this Note shall be exchangeable for Securities of this series in definitive registered form and executes and delivers to the Security Registrar a written order of the Issuer providing that
this Note shall be so exchangeable, this Note shall be exchangeable for Notes of this series in definitive registered form, provided that the definitive Notes so issued in exchange for this Note shall be in denominations of $25 or any integral
multiples of $25 in addition thereto, without coupons, and be of like aggregate principal amount and tenor as the portion of this Note to be exchanged. Except as provided above, owners of beneficial interests in this Note will not be entitled to
have Notes registered in their names, will not receive or be entitled to physical delivery of Notes in definitive registered form and will not be considered the holders thereof for any purpose under the Indenture. Neither the Issuer, the Guarantor,
the Trustee, any Paying Agent nor the Security Registrar shall have any responsibility 

  
 A-6

 
or liability for any aspect of records relating to or payments made on account of beneficial ownership interests in this Note, or for maintaining, supervising or reviewing any records relating to
such beneficial ownership interests. 
 If an Event of Default with respect to the Notes shall occur and be continuing, the
principal of the Notes may become or may be declared due and payable in the manner, with the effect and subject to the conditions provided in the Indenture. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders of the Notes under
the Indenture at any time by the Issuer and the Trustee with the consent of the Holders of not less than a majority in aggregate principal amount of the Senior Notes at the time Outstanding. The Indenture also contains provisions permitting the
holders of specified percentages in principal amount of the Notes at the time Outstanding, on behalf of the holders of all Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 
 The Indenture
contains provisions for defeasance at any time of (a) the entire indebtedness of the Issuer pursuant to this Note and (b) restrictive covenants and the related Events of Default, upon compliance by the Issuer with certain conditions set
forth therein, which provisions apply to this Note. 
 The Notes shall not be redeemable prior to September 15, 2017. The
Notes shall be redeemable, for cash, in whole or in part, on or after September 15, 2017, at the option of the Issuer, at any time and from time to time, until the Stated Maturity at a redemption price equal to 100% of the principal amount of
the Notes to be redeemed, plus (i) accrued but unpaid interest on the principal amount of Notes being redeemed to, but not including, the redemption date and (ii) Additional Amounts, if any, (subject to the right of Holders on the
applicable Regular Record Date to receive interest due on the applicable Interest Payment Date). In the case of any partial redemption, selection of the Notes for redemption will be made by the Trustee by such methods as the Trustee shall deem fair
and appropriate. If any Note is to be redeemed in part only, the notice of redemption relating to such Note shall state the portion of the principal amount thereof to be redeemed. A new Note in principal amount equal to the unredeemed portion
thereof will be issued in the name of the Holder thereof upon cancellation of this Note. 
 The Issuer may redeem the Notes, at
its option, at any time, in whole but not in part, at a Redemption Price equal to 100% of the principal amount thereof, together with any accrued and unpaid interest and Additional Amounts, if any, to, but not including, the date fixed for
redemption, at any time the Payor receives an Opinion of Counsel that there is a substantial probability that the Payor is or will be required as of the next Interest Payment Date to pay Additional Amounts as a result of, among other items set forth
in the Supplemental Indenture, certain changes in the laws or interpretations of a Relevant Tax Jurisdiction, and such requirements cannot be avoided by the use of reasonable measures (consistent with practices and interpretations generally followed
or in effect at the time such measures could be taken) then available. 

  
 A-7

 The Notes are not entitled to the benefit of any mandatory redemption or sinking fund or to
redemption or repurchase at the option of the Holders upon a change of control, a change in management, an asset sale or any other specified event. 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and
interest on this Note at the time, place and rate, and in the coin or currency, herein prescribed. 
 As provided in the
Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the Security Register, upon surrender of this Note for registration of transfer at the office or agency of the Issuer for such purpose, duly
endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Issuer or the Security Registrar and duly executed by, the Holder hereof or his/her attorney duly authorized in writing, and thereupon one or more new Notes,
of authorized denominations and of like tenor and for the same aggregate principal amount, will be issued to the designated transferee or transferees. No service charge shall be made for any such exchange or registration of transfer, but the Issuer
will require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior
to due presentment of this Note for registration of transfer, the Issuer, the Trustee, any Person authorized by the Issuer to pay the principal of or any premium or interest or Additional Amounts on, any Securities on behalf of the Issuer
(“Paying Agent”) and the Security Registrar of the Issuer or the Trustee may deem and treat the Person in whose name this Note is registered as the absolute owner hereof for all purposes, whether or not this Note be overdue and
notwithstanding any notice of ownership or writing thereon made by anyone other than the Security Registrar, and neither the Issuer nor the Trustee nor any Paying Agent nor the Security Registrar shall be affected by notice to the contrary.

 The Notes are issuable only in registered form without coupons in denominations of $25 or any integral multiples of $25 in
addition thereto. As provided in the Indenture and subject to certain limitations therein set forth, Notes are exchangeable for a like aggregate principal amount of Notes of a different authorized denomination, as requested by the Holder
surrendering the same upon surrender of the Note or Notes to be exchanged at the office or agency of the Issuer. 
 No recourse
shall be had for payment of the principal of or interest on this Note, or for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture, against any incorporator, as such or against any past, present or
future shareholder, officer or director, as such, of the Issuer or of any successor, either directly or through the Issuer or any successor, under any rule, law, statute or constitutional provision, or by the enforcement of any assessment or by any
legal or equitable proceeding or otherwise, all such liability being expressly waived and released, by the acceptance hereof and as part of the consideration for the issuance hereof. 

  
 A-8

 Unless the certificate of authentication hereon has been executed by the Trustee by manual
signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
 This
Note shall be deemed to be a contract under the laws of the State of New York, and for all purposes shall be construed in accordance with the laws of such state, except as may be required by mandatory provisions of law. 

  
 A-9

 ASSIGNMENT 
 FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 
  

 
  

 
 PLEASE INSERT SOCIAL SECURITY NUMBER OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE 
  

					
		  	 	  	

  
  

 
  
 (Please print or typewrite name and address, 
 including postal zip code, of
assignee) 
 the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints 

 
  
  

 
  

 
 to transfer said Note on the books of the
Trustee, with full power of substitution in the premises. 
  

							
	Dated:	 	  
	  		  	  

		 		  		  	NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within Note in every particular, without alteration or enlargement or any
change whatsoever.

  

					
	  
	  		  	
	Signature Guarantee	  		  	

  
 A-10

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